UnitedHealth stock fell about 20% today after the company warned it expects revenue to drop in 2026. This would be the first annual decline in over 30 years. They guided for 2026 revenue of roughly $439 billion, missing the $454 billion analysts expected. While they see profits growing, the top line is shrinking due to regulatory pressure and significant membership losses in their Medicare Advantage business. They expect to lose up to 1.4 million members. Q4 results were also messy with net income plunging due to restructuring charges. The sell-off dragged down peers like Humana as investors worry about the managed-care sector.