Subtext

UnitedHealth Group Incorporated UNH

SectorHealth Care
Transcripts49
Date range2013-04-18 – 2025-04-17
Calls charted49

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-24-12+0+12+242013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32013 Q1 · Overall: +2.32013 Q2 · Overall: +11.92013 Q3 · Overall: +13.02013 Q4 · Overall: +10.02014 Q1 · Overall: +7.32014 Q2 · Overall: +13.32014 Q3 · Overall: +12.32014 Q4 · Overall: +16.82015 Q1 · Overall: +19.82015 Q2 · Overall: +14.12015 Q3 · Overall: +14.62015 Q4 · Overall: +11.62016 Q1 · Overall: +14.72016 Q2 · Overall: +10.02016 Q3 · Overall: +12.52016 Q4 · Overall: +12.42017 Q1 · Overall: +16.32017 Q2 · Overall: +18.92017 Q3 · Overall: +16.32017 Q4 · Overall: +13.92018 Q1 · Overall: +20.52018 Q2 · Overall: +14.52018 Q3 · Overall: +12.92018 Q4 · Overall: +14.32019 Q1 · Overall: +13.32019 Q2 · Overall: +13.32019 Q3 · Overall: +14.22019 Q4 · Overall: +17.82020 Q1 · Overall: -1.92020 Q2 · Overall: +3.82020 Q3 · Overall: +8.52020 Q4 · Overall: +9.02021 Q1 · Overall: +10.12021 Q2 · Overall: +8.02021 Q3 · Overall: +9.32021 Q4 · Overall: +8.72022 Q1 · Overall: +9.72022 Q2 · Overall: +7.22022 Q3 · Overall: +7.62022 Q4 · Overall: +8.22023 Q1 · Overall: +10.72023 Q2 · Overall: +9.62023 Q3 · Overall: +10.82023 Q4 · Overall: +8.82024 Q1 · Overall: +2.12024 Q2 · Overall: +9.12024 Q3 · Overall: +9.42024 Q4 · Overall: +9.62025 Q1 · Overall: +5.6
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-45-22+0+22+452013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32013 Q2 · CEO: +18.02014 Q1 · CEO: +12.02014 Q2 · CEO: +20.42014 Q3 · CEO: +15.92014 Q4 · CEO: +22.32015 Q1 · CEO: +20.82015 Q2 · CEO: +17.42015 Q3 · CEO: +16.02015 Q4 · CEO: +18.92016 Q1 · CEO: +20.02016 Q2 · CEO: +9.42016 Q3 · CEO: +20.22016 Q4 · CEO: +15.02017 Q1 · CEO: +21.62017 Q2 · CEO: +22.62017 Q3 · CEO: +20.62017 Q4 · CEO: +18.32018 Q1 · CEO: +26.12018 Q2 · CEO: +19.92018 Q3 · CEO: +16.52018 Q4 · CEO: +28.52019 Q2 · CEO: +38.82019 Q3 · CEO: +18.92019 Q4 · CEO: +25.62013 Q2 · CFO: +8.52014 Q1 · CFO: +4.52014 Q2 · CFO: +7.82014 Q3 · CFO: +5.62014 Q4 · CFO: +15.52015 Q1 · CFO: +20.82015 Q2 · CFO: +19.32015 Q3 · CFO: +18.12015 Q4 · CFO: +13.32016 Q1 · CFO: +16.02016 Q2 · CFO: -7.12016 Q3 · CFO: +4.12016 Q4 · CFO: +18.02017 Q1 · CFO: +24.62017 Q2 · CFO: +20.22017 Q3 · CFO: +19.72017 Q4 · CFO: +7.82018 Q1 · CFO: +6.72018 Q2 · CFO: +12.72018 Q3 · CFO: +6.62024 Q1 · CFO: -2.82024 Q2 · CFO: +6.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-56-28+0+28+562013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32013 Q1 · Prepared remarks: +15.22013 Q2 · Prepared remarks: +28.32013 Q3 · Prepared remarks: +48.52013 Q4 · Prepared remarks: +9.62014 Q1 · Prepared remarks: +17.52014 Q2 · Prepared remarks: +30.42014 Q3 · Prepared remarks: +19.42014 Q4 · Prepared remarks: +28.82015 Q1 · Prepared remarks: +25.32015 Q2 · Prepared remarks: +27.32015 Q3 · Prepared remarks: +30.22015 Q4 · Prepared remarks: +31.42016 Q1 · Prepared remarks: +27.02016 Q2 · Prepared remarks: +23.62016 Q3 · Prepared remarks: +32.32016 Q4 · Prepared remarks: +23.42017 Q1 · Prepared remarks: +28.32017 Q2 · Prepared remarks: +34.62017 Q3 · Prepared remarks: +30.22017 Q4 · Prepared remarks: +25.82018 Q1 · Prepared remarks: +32.92018 Q2 · Prepared remarks: +31.12018 Q3 · Prepared remarks: +28.62018 Q4 · Prepared remarks: +33.92019 Q1 · Prepared remarks: +27.52019 Q2 · Prepared remarks: +31.32019 Q3 · Prepared remarks: +28.72019 Q4 · Prepared remarks: +39.62020 Q1 · Prepared remarks: -2.02020 Q2 · Prepared remarks: +4.22020 Q3 · Prepared remarks: +16.22020 Q4 · Prepared remarks: +22.62021 Q1 · Prepared remarks: +23.82021 Q2 · Prepared remarks: +26.72021 Q3 · Prepared remarks: +25.32021 Q4 · Prepared remarks: +20.12022 Q1 · Prepared remarks: +15.52022 Q2 · Prepared remarks: +20.12022 Q3 · Prepared remarks: +7.72022 Q4 · Prepared remarks: +25.72023 Q1 · Prepared remarks: +23.02023 Q2 · Prepared remarks: +20.92023 Q3 · Prepared remarks: +22.02023 Q4 · Prepared remarks: +22.92024 Q1 · Prepared remarks: +7.02024 Q2 · Prepared remarks: +9.62024 Q3 · Prepared remarks: +13.62024 Q4 · Prepared remarks: +18.52025 Q1 · Prepared remarks: +14.62013 Q1 · Q&A responses: +4.62013 Q2 · Q&A responses: +6.72013 Q3 · Q&A responses: +13.62013 Q4 · Q&A responses: +21.22014 Q1 · Q&A responses: +6.32014 Q2 · Q&A responses: +13.72014 Q3 · Q&A responses: +14.82014 Q4 · Q&A responses: +16.22015 Q1 · Q&A responses: +21.32015 Q2 · Q&A responses: +15.42015 Q3 · Q&A responses: +9.82015 Q4 · Q&A responses: +6.12016 Q1 · Q&A responses: +10.02016 Q2 · Q&A responses: +6.62016 Q3 · Q&A responses: +11.72016 Q4 · Q&A responses: +11.82017 Q1 · Q&A responses: +19.02017 Q2 · Q&A responses: +12.92017 Q3 · Q&A responses: +12.72017 Q4 · Q&A responses: +13.02018 Q1 · Q&A responses: +16.42018 Q2 · Q&A responses: +9.12018 Q3 · Q&A responses: +8.12018 Q4 · Q&A responses: +9.32019 Q1 · Q&A responses: +13.52019 Q2 · Q&A responses: +6.72019 Q3 · Q&A responses: +10.42019 Q4 · Q&A responses: +9.22020 Q1 · Q&A responses: -1.22020 Q2 · Q&A responses: +5.02020 Q3 · Q&A responses: +6.32020 Q4 · Q&A responses: +4.42021 Q1 · Q&A responses: +7.82021 Q2 · Q&A responses: +3.72021 Q3 · Q&A responses: +5.52021 Q4 · Q&A responses: +5.42022 Q1 · Q&A responses: +10.22022 Q2 · Q&A responses: +3.62022 Q3 · Q&A responses: +14.62022 Q4 · Q&A responses: +5.42023 Q1 · Q&A responses: +9.22023 Q2 · Q&A responses: +5.52023 Q3 · Q&A responses: +7.52023 Q4 · Q&A responses: +4.72024 Q1 · Q&A responses: +1.22024 Q3 · Q&A responses: +9.62024 Q4 · Q&A responses: +5.62025 Q1 · Q&A responses: +4.3
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.75$18.02$32.292013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32014 Q1: $5.722014 Q2: $5.782014 Q3: $5.972014 Q4: $6.172015 Q1: $6.402015 Q2: $6.672015 Q3: $7.082015 Q4: $7.692016 Q1: $7.982016 Q2: $8.432016 Q3: $8.802016 Q4: $9.502017 Q1: $9.792017 Q2: $10.292017 Q3: $10.612017 Q4: $10.822018 Q1: $12.922018 Q2: $13.462018 Q3: $13.982018 Q4: $14.622019 Q1: $15.142019 Q2: $15.652019 Q3: $16.182019 Q4: $16.462020 Q1: $17.092020 Q2: $17.322020 Q3: $18.022020 Q4: $18.192021 Q1: $18.912021 Q2: $19.972021 Q3: $20.882021 Q4: $21.652022 Q1: $22.382022 Q2: $23.212022 Q3: $24.082022 Q4: $24.962023 Q1: $25.772023 Q2: $26.482023 Q3: $27.132023 Q4: $27.922024 Q1: $28.662024 Q2: $29.322024 Q3: $30.322024 Q4: $29.86

Forward P/E

11.8917.7723.652013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32014 Q1: 13.992014 Q2: 13.722014 Q3: 14.572014 Q4: 16.072015 Q1: 18.742015 Q2: 17.972015 Q3: 17.102015 Q4: 15.452016 Q1: 15.652016 Q2: 16.282016 Q3: 15.182016 Q4: 16.832017 Q1: 17.542017 Q2: 17.732017 Q3: 18.702017 Q4: 20.732018 Q1: 17.442018 Q2: 18.792018 Q3: 18.982018 Q4: 17.122019 Q1: 16.662019 Q2: 15.982019 Q3: 14.252019 Q4: 17.792020 Q1: 12.702020 Q2: 16.892020 Q3: 17.012020 Q4: 18.662021 Q1: 18.622021 Q2: 19.892021 Q3: 20.002021 Q4: 22.842022 Q1: 22.262022 Q2: 20.002022 Q3: 21.172022 Q4: 21.572023 Q1: 18.062023 Q2: 17.372023 Q3: 17.692023 Q4: 19.662024 Q1: 17.032024 Q2: 16.412024 Q3: 19.152024 Q4: 16.74

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q2 tone ↓ -5.6 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↓ -3.0 fwd EPS ↑ +0.61 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -4.7 fwd EPS ↑ +0.45 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.6 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -2.3 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -6.0 fwd EPS ↑ +0.53 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -19.6 fwd EPS ↑ +0.63 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -2.1 fwd EPS ↑ +1.06 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -2.4 fwd EPS ↑ +0.83 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -6.7 fwd EPS ↑ +0.74 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-17+5.6——View →
2024 Q42025-01-16+9.6$29.8616.7View →
2024 Q32024-10-15+9.4$30.3219.1View →
2024 Q22024-07-16+9.1$29.3216.4View →
2024 Q12024-04-16+2.1$28.6617.0View →
2023 Q42024-01-12+8.8$27.9219.7View →
2023 Q32023-10-13+10.8$27.1317.7View →
2023 Q22023-07-14+9.6$26.4817.4View →