The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how health insurance providers stocks fared in Q4, starting with UnitedHealth (NYSE: UNH).

Upfront premiums collected by health insurers lead to reliable revenue, but profitability ultimately depends on accurate risk assessments and the ability to control medical costs. Health insurers are also highly sensitive to regulatory changes and economic conditions such as unemployment. Going forward, the industry faces tailwinds from an aging population, increasing demand for personalized healthcare services, and advancements in data analytics to improve cost management. However, continued regulatory scrutiny on pricing practices, the potential for government-led reforms such as expanded public healthcare options, and inflation in medical costs could add volatility to margins. One big debate among investors is the long-term impact of AI and whether it will help underwriting, fraud detection, and claims processing or whether it may wade into ethical grey areas like reinforcing biases and widening disparities in medical care.

The 12 health insurance providers stocks we track reported a slower Q4. As a group, revenues beat analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was in line.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 13.2% since the latest earnings results.

UnitedHealth (NYSE: UNH)

With over 100 million people served across its various businesses and a workforce of more than 400,000, UnitedHealth Group (NYSE: UNH) operates a health insurance business and Optum, a healthcare services division that provides everything from pharmacy benefits to primary care.

UnitedHealth reported revenues of $113.2 billion, up 12.3% year on year. This print was in line with analysts’ expectations, but overall, it was a slower quarter for the company with full-year revenue guidance missing analysts’ expectations significantly and revenue in line with analysts’ estimates.

“We confronted challenges directly and finished 2025 as a much stronger company, giving us the momentum to better serve those who count on us and continue to improve our core performance,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.

Unsurprisingly, the stock is down 22.3% since reporting and currently trades at $273.40.

Is now the time to buy UnitedHealth? Access our full analysis of the earnings results here, it’s free.

Best Q4: Clover Health (NASDAQ: CLOV)

Founded in 2014 to improve healthcare for America's seniors through technology, Clover Health (NASDAQ: CLOV) provides Medicare Advantage plans for seniors with a focus on affordable care and uses its proprietary Clover Assistant software to help physicians manage patient care.

Clover Health reported revenues of $487.7 million, up 44.7% year on year, outperforming analysts’ expectations by 4.4%. The business had a strong quarter with an impressive beat of analysts’ revenue estimates and EPS in line with analysts’ estimates.

Clover Health scored the biggest analyst estimates beat and fastest revenue growth among its peers. The company added 4,577 customers to reach a total of 113,803. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 21.2% since reporting. It currently trades at $1.70.

Is now the time to buy Clover Health? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Molina Healthcare (NYSE: MOH)

Founded in 1980 as a provider for underserved communities in Southern California, Molina Healthcare (NYSE: MOH) provides managed healthcare services primarily to low-income individuals through Medicaid, Medicare, and Marketplace insurance programs across 21 states.

Molina Healthcare reported revenues of $11.38 billion, up 8.3% year on year, exceeding analysts’ expectations by 3.7%. Still, it was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations.

As expected, the stock is down 24% since the results and currently trades at $134.38.

Read our full analysis of Molina Healthcare’s results here.

Centene (NYSE: CNC)

Serving nearly 1 in 15 Americans through its government healthcare programs, Centene (NYSE: CNC) is a healthcare company that manages government-sponsored health insurance programs like Medicaid and Medicare for low-income and complex-needs populations.

Centene reported revenues of $49.73 billion, up 21.9% year on year. This print beat analysts’ expectations by 3%. Zooming out, it was a mixed quarter as it also recorded a solid beat of analysts’ revenue estimates but full-year revenue guidance missing analysts’ expectations.

The company lost 334,600 customers and ended up with a total of 27.63 million. The stock is down 14.2% since reporting and currently trades at $34.25.

Read our full, actionable report on Centene here, it’s free.

Oscar Health (NYSE: OSCR)

Founded in 2012 to simplify the notoriously complex American healthcare system, Oscar Health (NYSE: OSCR) is a technology-focused health insurance company that offers individual and small group health plans through its cloud-native platform.

Oscar Health reported revenues of $2.81 billion, up 17.3% year on year. This number came in 10.2% below analysts' expectations. Aside from that, it was a mixed quarter as it also produced full-year operating income guidance exceeding analysts’ expectations but a significant miss of analysts’ revenue estimates.

Oscar Health pulled off the highest full-year guidance raise but had the weakest performance against analyst estimates among its peers. The stock is down 7.2% since reporting and currently trades at $11.74.

Read our full, actionable report on Oscar Health here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.