← back to rankingUNH · UnitedHealth Group Incorporated
Medical - Healthcare Plans · mkt cap $343.2B · calls: Q1 FY2026 vs Q4 FY2025
67.0 conviction · conf-adj 64
conf 5/10 partial
enthusiasm:27.0 · trend:8 · quantifies:12 · impact:0 · under_radar:0 · credibility:12 · business_impact:8 · disruption:0 · commitment:0 · confirmation:0
Enthusiasm latest 9 / prev 8 (rising)
UNH's AI thesis shifted from broad productivity and modernization claims in Q4 FY2025 to more concrete operating and commercial proof points in Q1 FY2026. Management ties AI to cost reduction, administrative simplification, member/provider experience, Optum Insight growth, and external commercialization. Credibility improved because the latest call adds specific adoption, cost, transaction, client-pipeline, approval-rate, and return metrics, though management still avoids formal long-term margin guidance from AI.
GROUNDED NEXT-FY IMPACT vs CONSENSUS
Grounded on actual base — revenue $447.6B · net income $12.1B · net margin 2.7% · diluted EPS 13.23
These are next-fiscal-year annual uplift estimates, not next-quarter numbers.
Aggregate next-FY est. rev uplift: % · next-FY EPS uplift: 6.55% · vs analysts: inline · priced in: high (model's call-read: medium; verdict above is the hard-data one used for ranking) · confidence: 5/10
| Claim | Figure | Arithmetic | Next-FY Rev % | Next-FY EPS % |
|---|
AI-enabled operating cost reductions ~$1B in 2026
cost | nearly $1.0B | $1.0B x (1-0.21) = $790M after-tax / $12.056B NI = 6.55% EPS (~$0.87 of $13.23 EPS); topline ~0 | | 6.55 |
AI investment ~$1.5B in 2026 (the spend itself)
other | nearly $1.5B | If fully expensed: $1.5B x 0.79 = $1.185B after-tax drag / $12.056B = -9.83% EPS. Net of the $1B savings, standalone 2026 effect ~-3.3% | | -9.83 |
2:1 program return over next few years; payback 12-18mo
cost · soft | 2:1 | $1.5B x 2 = $3.0B gross ($1.5B net) over multiple years; ~half next FY -> ~$0.75B net x 0.79 = $592M / $12.056B ~4.9% EPS. OVERLAPS the $1B savings claim - excluded to avoid double-count | | |
Call center volume -25%, member sat >95%
productivity · soft | -25% | No call-center cost base disclosed; feeds the guided $1B savings rather than additive | | |
Over 80% of member calls leverage AI tools
productivity · soft | >80% | Operational enabler of the cost savings; no standalone $ | | |
PreCheck prior auth 8hr->30s; -68% denials, -88% appeals
productivity · soft | 68%/88% | Admin-cost & rework reduction; no isolable $ base, contributes to $1B savings | | |
Optum Real reduces manual contact costs by 76%
cost · soft | -76% | No contact-cost base disclosed; cannot size in $ | | |
Avery GenAI chatbot to >20M members by year-end
engagement · soft | >20M members | Engagement/service metric; supports cost-to-serve reduction, no incremental revenue figure | | |
73M digital visits Q1, +42% over 2yrs; >80% contacts digital; provider txns +75%
engagement · soft | 73M / +42% / +75% | Volume/engagement; lowers cost-to-serve (feeds $1B), no quantified revenue lift | | |
Optum Insight -> AI-first software (1/3 of $1.5B = ~$500M into products/platform)
revenue · soft | ~$500M invested | Investment allocation, not a disclosed revenue figure; AI-enabled healthcare software = adopter, not selling AI infra | | |
Digital prior-auth 96% first-pass approval; +50 clients in pipeline
revenue · soft | 96% / 50 clients | No revenue-per-client/ACV disclosed; soft revenue optionality | | |
Optum Real transactions 0.5B YTD -> >2.5B full-year
revenue · soft | 0.5B->2.5B txns | Transaction volume with no $/txn disclosed; cannot convert to revenue | | |
EMR consolidation to 3 (from 18) to enable AI
other · soft | 3 EMRs | Pure enabler; no direct financial figure | | |
Assumptions: Tax rate 21%; AI spend treated as opex (expensed in-year). Cost savings flowed straight to net income at after-tax rate; revenue impact of savings ~0. No incremental-margin step-up applied because there is NO hard $ revenue claim to flow. Phasing: only explicitly-2026 figures counted for next-FY; the 2:1 'over the next few years' return treated as multi-year and EXCLUDED from the aggregate to avoid double-counting the $1B savings. UNH is a pure AI adopter — none of the claims sell AI compute/chips/infrastructure, so supplier-side = 0.
Top line: No quantifiable AI topline. Every revenue-adjacent claim (Optum Real 0.5B->2.5B transactions, +50 prior-auth clients, 73M digital visits/+42%, provider txns +75%, Avery to >20M members, Optum Insight's AI-first pivot) is given as volume/engagement or investment allocation with NO disclosed dollar revenue, price-per-transaction, or per-client ACV. Cannot convert to a defensible rev_uplift_pct, so est_rev_uplift_pct = null. AI's revenue role here is cost-to-serve and retention, not a new revenue stream.
Bottom line: The one hard, in-year figure is ~$1.0B of 2026 AI-enabled operating cost reductions: $1.0B x 0.79 = $790M after-tax = 6.55% of $12.056B net income (~$0.87 of $13.23 EPS). BUT it costs ~$1.5B of AI spend to achieve it; if fully expensed, that is a $1.185B (-9.83%) drag, so the STANDALONE 2026 net effect is roughly -3.3% EPS. The structural payoff is the 'conservatively 2:1' return ($3.0B gross on $1.5B), much landing in 12-18mo, which turns AI net-accretive by 2027. So: realized AI benefit ~+6.6% EPS, offset near-term by the investment, net accretive on a 2-year view.
Consensus already models a large 2026 recovery (net income $16.78B vs $12.06B actual, +39%; EPS ~$18.38 vs $13.23). The ~$1B AI cost saving (+6.55% EPS) is well within that bridge and is partly offset near-term by the ~$1.5B AI spend, so the AI math does not point clearly above consensus — it is broadly inline and medium priced-in. Estimate rests on one hard figure ($1B savings) amid many soft volume/engagement claims, so confidence is medium.
MODEL CONSENSUS (impact)
partial
Both agree UNH is a pure adopter (supplier=0), no quantifiable AI topline, and one hard figure (~$1B savings). Differ only on whether to headline the savings benefit or the spend drag.
Conflicts reconciled
- est_eps_uplift_pct: X=6.55 (headline AI benefit from $1B savings) vs Y emphasizes -9.83 spend drag -> used 6.55 because method scores cost savings as the uplift and the spend is the cost-to-achieve, captured separately
- rev_uplift_pct on cost claims: X=null vs Y=0 -> used null per 'topline ~0' convention
- priced_in: only X stated -> used medium
| Field | Opus 4.8 | GPT-5.5 |
|---|
| Rev uplift % | – | 0 |
| EPS uplift % | 6.55 | 6.552753815527539 |
| Priced in | medium | high |
| vs analysts | inline | behind |
| Confidence | 6 | 5 |
| Top line | No quantifiable AI topline. Every revenue-adjacent claim (Optum Real 0.5B->2.5B transactions, +50 prior-auth clients, 73M digital visits/+42%, provider txns +75%, Avery to >20M members, Optum Insight's AI-first pivot) is given as volume/engagement or investment allocation with NO disclosed dollar revenue, price-per-transaction, or per-client ACV. Cannot convert to a defensible rev_uplift_pct, so est_rev_uplift_pct = null. AI's revenue role here is cost-to-serve and retention, not a new revenue stream. | No hard AI revenue dollars were disclosed. The 50-client pipeline, 2.5B Optum Real transactions, 20M Avery members, and 73M digital visits lack ACV, price/transaction, ARPU, or conversion data, so calculated adopter revenue uplift is $0 / $447.567B = 0.000%. |
| Bottom line | The one hard, in-year figure is ~$1.0B of 2026 operating cost reductions: $1.0B x 0.79 = $790M after-tax = 6.55% of $12.056B net income (~$0.87 of $13.23 EPS). BUT it costs ~$1.5B of AI spend to achieve it; if fully expensed, that is a $1.185B (-9.83%) drag, so the STANDALONE 2026 net effect is roughly -3.3% EPS. The structural payoff is the 'conservatively 2:1' return ($3.0B gross on $1.5B), much landing in 12-18mo, which turns AI net-accretive by 2027 (mgmt guides 'as much again' invested in 2027). So: realized AI benefit ~+6.6% EPS, offset near-term by the investment, net accretive on a 2-year view. | The hard FY2026 benefit is nearly $1.0B of opex reductions: $1.0B * 79% = $790M after tax, and $790M / $12.056B NI = 6.553% EPS uplift. The disclosed $1.5B AI spend would be a $1.185B after-tax drag, or -9.829% of NI, if incremental and expensed; netting that against the hard $1B savings would be -$395M after tax, or -3.276% EPS, before any additional 2:1-return benefits. |
| Reasoning | Consensus already models a huge 2026 recovery: net income $16.78B vs $12.06B actual = +$4.72B (+39%), EPS $18.38 vs $13.23 (+39%). The $790M after-tax AI saving is only ~17% of that +$4.72B increment, and it was explicitly guided on the call, so analysts almost certainly have it embedded — most of the consensus jump is medical-cost/margin normalization, not AI. There is no quantified revenue surprise to push above consensus. Net: the bottom-line AI benefit is real but small relative to, and largely inside, the consensus recovery -> priced_in medium, inline. | FY2026 consensus revenue is $443.726B, which is -0.858% versus the $447.567B base, while hard AI revenue uplift calculates to 0.000%. FY2026 consensus EPS is $18.37534 versus $13.23, a +38.891% increase. The hard AI EPS uplift from the $1B opex claim is only +6.553%, and net of the explicit $1.5B spend would be -3.276%; therefore consensus already implies far more EPS improvement than the hard AI math supports. |
Rows highlighted where the two models disagreed.
QUANTIFICATIONS
AI-related investment: nearly $1.5 billion (2026, bottomline)
“We remain on track to invest nearly $1.5 billion in AI-related initiatives in 2026.”
AI spend: about $1.5 billion (Q1 FY2026 / 2026, bottomline)
“As we said earlier, we are spending about $1.5 billion in AI across UnitedHealth Group.”
AI investment allocation: 1/3 products and platform; 2/3 processes and functions (2026, both)
“Think about it this way, 1/3 of this is explicitly invested into software products and platform, accelerating Optum Insight's transition of business models into an AI-first software and services firm. The remaining 2/3 is spent across signature end-to-end processes and functions across UnitedHealth Group.”
AI program return: 2:1 (over the next few years, bottomline)
“we expect a return conservatively of 2:1 on these programs over the next few years, many of them paying back within the next 12 to 18 months.”
AI program payback: 12 to 18 months (next 12 to 18 months, bottomline)
“we expect a return conservatively of 2:1 on these programs over the next few years, many of them paying back within the next 12 to 18 months.”
Avery generative AI chatbot rollout: over 20 million members (by the year-end, both)
“You must have noticed we just launched Avery, a generative AI chatbot answering member questions for UnitedHealthcare, which will be expanded to over 20 million members by the year-end.”
Digital visits on AI-powered member platform: 73 million; up 42% (Q1 FY2026; over the last 2 years, both)
“We saw 73 million digital visits in Q1, up 42% over the last 2 years, reflecting sustained and growing engagement with our digital platform.”
Consumer contacts through digital formats: over 80% (Q1 FY2026, bottomline)
“Digital self-service is now the primary way members interact with us, with over 80% of consumer contacts through digital formats and an NPS in the top quartile of the industry.”
Provider digital transaction volume: up 75% year-over-year (Q1 FY2026, bottomline)
“For care providers, digital channels continue to grow, with transaction volumes up 75% year-over-year and about 75% of in-network providers using our portal or API tools.”
Provider portal/API usage: about 75% of in-network providers (Q1 FY2026, bottomline)
“For care providers, digital channels continue to grow, with transaction volumes up 75% year-over-year and about 75% of in-network providers using our portal or API tools.”
AI-enabled self-service call center reduction: 25% (Q1 FY2026, bottomline)
“We started the year by onboarding more than 800 new clients while reducing contact call center volume 25% through enhanced digital and AI-enabled self-service with member satisfaction over 95%.”
AI-enabled self-service satisfaction: over 95% (Q1 FY2026, both)
“We started the year by onboarding more than 800 new clients while reducing contact call center volume 25% through enhanced digital and AI-enabled self-service with member satisfaction over 95%.”
PreCheck Prior Authorization approval time: over 8 hours to under 30 seconds (Q1 FY2026, bottomline)
“Our unique PreCheck Prior Authorization capability reduces prescription approval time from over 8 hours to under 30 seconds and provides a 68% reduction in denial due to missing information and an 88% reduction in appeals, easing interactions for clients, members and providers.”
PreCheck denial reduction: 68% (Q1 FY2026, bottomline)
“Our unique PreCheck Prior Authorization capability reduces prescription approval time from over 8 hours to under 30 seconds and provides a 68% reduction in denial due to missing information and an 88% reduction in appeals, easing interactions for clients, members and providers.”
PreCheck appeals reduction: 88% (Q1 FY2026, bottomline)
“Our unique PreCheck Prior Authorization capability reduces prescription approval time from over 8 hours to under 30 seconds and provides a 68% reduction in denial due to missing information and an 88% reduction in appeals, easing interactions for clients, members and providers.”
Optum Real manual contact cost reduction: 76% (Q1 FY2026, bottomline)
“Optum Real is helping payers and care providers deal more efficiently with administrative functions such as claim adjudication and coverage validation and can reduce manual contact costs by 76%.”
Digital prior authorization first-submission approval rate: 96% (Q1 FY2026, both)
“And the early results are that prior auths submitted through our software have shown a 96% approval rate on first submissions.”
Digital prior authorization pipeline: another 50 clients (Q1 FY2026, topline)
“We already have a couple of payer clients and provider clients using them, another 50 clients in the pipeline.”
Optum Real transactions: 0.5 billion year-to-date; over 2.5 billion expected (year-to-date and full year 2026, topline)
“Optum Real, an AI-first platform launched a couple of quarters ago, now has 0.5 billion transactions year-to-date and expects to close the year at over 2.5 billion transactions.”
AI-enabled operating cost reductions: nearly $1 billion (2026, bottomline)
“We anticipate operating cost reductions of nearly $1 billion in 2026 many AI enabled and importantly, in higher customer experience and satisfaction at a lower cost.”
Member calls using AI tools: Over 80% (Q4 FY2025 / 2026 outlook, bottomline)
“Over 80% of calls from members leverage AI tools to help answer members' questions faster and more accurately.”
AI investment: nearly $1.5 billion in 2026; as much to follow in 2027 (2026 and 2027, bottomline)
“We're hoping to invest nearly $1.5 billion in 2026 and as much to follow in 2027.”
Strategic EMR consolidation enabling AI: nearly a 100%; down from 18 EMRs (Q4 FY2025, bottomline)
“For example, we now have nearly a 100% of our employee provider groups on one of three strategic electronic medical records. This is down from 18 EMRs in the past few years. This will enable us to more swiftly adopt enhanced workflow tools and AI.”
PAST (realized)
- While early, these capabilities are already improving experiences for consumers and care providers, increasing productivity and reducing administrative burden.
- We started the year by onboarding more than 800 new clients while reducing contact call center volume 25% through enhanced digital and AI-enabled self-service with member satisfaction over 95%.
- Optum Insight AI-first products are already seeing great external traction.
- Our UHC recovery effort is being supported by steady efficiency gains as we advance AI and machine learning capabilities across our businesses.
- Over 80% of calls from members leverage AI tools to help answer members' questions faster and more accurately.
CURRENT (now)
- Optum Insight is seeing increased market interest with its AI-first enterprise approach.
- Member adoption of UHC AI-powered digital tools continues to grow.
- At Optum Insight, new AI-first products continue to gain traction.
- Our enterprise-wide AI ambitions are meaningful and the agenda is in motion.
- We are driving greater operational disciplines in all our business practices, leveraging the use of technology and artificial intelligence broadly, and renewing our commitment to innovation, agility, and accountability.
FORWARD (guidance)
- We remain on track to invest nearly $1.5 billion in AI-related initiatives in 2026.
- Optum Insight has untapped potential in an AI-centric world.
- This is not just a matter of being more productive at what we already do, but a reimagining of how we organize, operate and work going forward.
- We anticipate operating cost reductions of nearly $1 billion in 2026 many AI enabled and importantly, in higher customer experience and satisfaction at a lower cost.
- We're hoping to invest nearly $1.5 billion in 2026 and as much to follow in 2027.
TRACK RECORD — PROMISE vs DELIVERY
72/100 track record delivers 6 calls reviewed
UNH makes relatively few hard-quantified AI promises, but the one clearly judgeable target — AI routing over half of member calls in 2025 — was beaten (80%+ by year-end), and AI-enabled cost/productivity claims have been reaffirmed rather than dropped. Newer 2026 commitments ($1.5B AI spend, ~$1B AI-enabled cost cuts, 30% prior-auth reduction) are credible but still too early to score.
AI will direct over half (>50%) of consumer calls to the best resource during 2025 — promised Q1 FY2025
delivered By Q4 FY2025/Q1 FY2026 management reported over 80% of member calls leverage AI tools — beat the >50% target
AI-powered claims efficiency tools increase RCM customer productivity by over 20% — promised Q1 FY2025
partial Stated as achieved at launch; later calls cite continued AI-first RCM gains (Optum Real cutting manual contact costs ~76%) but the specific 20% metric was not re-quantified
~$1 billion of 2026 operating cost reductions, many AI-enabled — promised Q4 FY2025
too-early Reaffirmed in Q1 FY2026 with AI-enabled efficiency cited (80%+ calls AI-assisted, call volume down 25% at Optum Rx); full-year 2026 not yet complete
Invest nearly $1.5 billion in AI-related initiatives in 2026 — promised Q1 FY2026
too-early Reaffirmed as on-track in the same quarter; 2026 spend year still in progress
Reduce overall number of medical prior authorizations by 30%+ by end of 2026 — promised Q1 FY2026
too-early Just announced; 95% of PAs now electronic and ~50% processed in real time, but the 30% reduction milestone has not yet arrived
PRICED-IN (REFINED)
HIGH (already in)Est. revisions rising · Fwd P/E 23.2 · EV/Sales 0.9x
AI claim maps to Optuminsight, Optumhealth, Optumrx
Estimate revisions look rising: price targets have stepped up from lastYearAvg 394.64 to lastQuarterAvg 445.13 to lastMonthAvg 458.83, while ratings remain heavily buy-skewed with fewer sell ratings than earlier in 2026. Forward EPS estimates grow from 16.32 to 20.88 over FY2025-FY2027, so consensus is already baking in earnings recovery/growth. A 23.2x forward P/E is rich for a mature healthcare plan company even though EV/Sales is low at 0.9, so rising estimates plus a premium earnings multiple indicate AI-related efficiency or analytics upside in Optuminsight, Optumhealth, and Optumrx is largely already reflected.
COVERAGE — ENTHUSIASM TRAJECTORY + CATALYSTS
4Q4 FY20247Q1 FY20254Q2 FY20253Q3 FY20258Q4 FY20259Q1 FY2026
AI enthusiasm across 6 calls — trend ↗ rising
AI moved from consumer-navigation mentions to quantified call automation, cost reductions, AI-first Optum Insight, and $1.5B planned investment.
RECENT AI CATALYSTS & NEWS
BUSINESS IMPACT - QUALITATIVE MATERIALITY
8/10 qualitative impact material medium-term · mixed evidence
Where AI matters: admin cost, member service, Optum Insight products
AI is already tied to scaled member self-service, call automation, prior-auth/workflow modernization, and roughly $1B of 2026 AI-enabled operating cost reductions against a $1.5B investment program. The upside is material for costs and Optum Insight commercialization, but not yet transformational because revenue conversion and durable margin lift remain only partly quantified.
Caveats: AI savings may be offset by heavy upfront spend and implementation drag; Regulatory and reputational scrutiny around automated prior authorization or claims decisions; Optum Insight AI products may cannibalize lower-tech services before creating equivalent revenue; Operational claims are stronger than disclosed revenue proof
AI DISRUPTION / CANNIBALIZATION RISK two-sided · 3/10
The core health insurance model is durable because it depends on risk pooling, provider networks, regulation, claims scale, and capital, not a labor task that AI simply automates away. The main cannibalization risk is within Optum Insight and administrative services, where AI can compress legacy service work and transaction pricing even as UNH tries to sell the replacement platform.
OPTIONS / MARKET STRUCTURE
option liquidity: good
proxy inputs — dollar-ADV $3.1B · beta 0.646 · px $377.92
source: proxy (no options chain on FMP)
FMP /stable/ exposes no options-chain endpoint on this key, so ATM IV, bid-ask spread and open interest are unavailable. Liquidity below is a PROXY from dollar-ADV, beta and price level (a stand-in for option depth), not measured option-market data.
CONFIRMATION — INSIDERS · 13F · LANGUAGE
Undercutting — insiders selling, institutions trimming, management language 6/10 measured.
INSIDERS selling 1 open-market sell(s) vs 0 buy(s) — net distribution
INSTITUTIONS (13F) trimming as of 2026-03-31: 194 new / 471 closed positions; 1364 increased / 1404 reduced; institutional ownership -0.39pp; -268 net 13F holders
MGMT LANGUAGE 6/10 measured Real ownership and spend target, but framed as early, potential-driven, with limited hard business impact quantified.
commit “We are investing in AI-enabled modernization.”
commit “these capabilities are already improving experiences for consumers and care providers, increasing productivity and reducing administrative burden.”
commit “We remain on track to invest nearly $1.5 billion in AI-related initiatives in 2026.”
VERBATIM AI QUOTES
“Optum Insight is seeing increased market interest with its AI-first enterprise approach.”
— Stephen Hemsley, Q1 FY2026
“We are investing in AI-enabled modernization. While early, these capabilities are already improving experiences for consumers and care providers, increasing productivity and reducing administrative burden.”
— Stephen Hemsley, Q1 FY2026
“We remain on track to invest nearly $1.5 billion in AI-related initiatives in 2026.”
— Stephen Hemsley, Q1 FY2026
“Member adoption of UHC AI-powered digital tools continues to grow.”
— Timothy Noel, Q1 FY2026
“We are rapidly scaling self-service digital scheduling, including AI-enabled tools that guide patients to the right appointment in the right setting at the right time for them.”
— Patrick Conway, Q1 FY2026
“At Optum Insight, new AI-first products continue to gain traction.”
— Patrick Conway, Q1 FY2026
“Optum Real is helping payers and care providers deal more efficiently with administrative functions such as claim adjudication and coverage validation and can reduce manual contact costs by 76%.”
— Patrick Conway, Q1 FY2026
“Our enterprise-wide AI ambitions are meaningful and the agenda is in motion.”
— Stephen Hemsley, Q1 FY2026
“As we said earlier, we are spending about $1.5 billion in AI across UnitedHealth Group.”
— Sandeep Dadlani, Q1 FY2026
“Optum Insight AI-first products are already seeing great external traction.”
— Sandeep Dadlani, Q1 FY2026
“We are driving greater operational disciplines in all our business practices, leveraging the use of technology and artificial intelligence broadly, and renewing our commitment to innovation, agility, and accountability.”
— Stephen Hemsley, Q4 FY2025
“Our UHC recovery effort is being supported by steady efficiency gains as we advance AI and machine learning capabilities across our businesses.”
— Timothy Noel, Q4 FY2025
“We anticipate operating cost reductions of nearly $1 billion in 2026 many AI enabled and importantly, in higher customer experience and satisfaction at a lower cost.”
— Timothy Noel, Q4 FY2025
“Principally through broad based AI first new product innovation, strengthening Optum's care provider market offerings.”
— Patrick Conway, Q4 FY2025
“The second is the urgent thoughtful application of modern intelligent technologies.”
— Stephen Hemsley, Q4 FY2025
“We're hoping to invest nearly $1.5 billion in 2026 and as much to follow in 2027.”
— Stephen Hemsley, Q4 FY2025
ANALYST QUESTIONS ON AI
Q (Q1 FY2026, Ann Hynes): I just want to focus on AI. I know it sounds like you're doing a lot of investment. Can you share some maybe targets you have on how you think AI will -- from the cost side, maybe like SG&A, do you have a target internally, how you think it could save? And then just also on the revenue side with Optum Insight, do you think your investment in AI could like structurally shift the growth rate of that segment?
A: As we said earlier, we are spending about $1.5 billion in AI across UnitedHealth Group. Think about it this way, 1/3 of this is explicitly invested into software products and platform, accelerating Optum Insight's transition of business models into an AI-first software and services firm. The remaining 2/3 is spent across signature end-to-end processes and functions across UnitedHealth Group.
Q (Q1 FY2026, Erin Wilson Wright): I wanted to just follow up on the AI and automation front. And what should we, though, expect in terms of these savings accelerating in 2027, '28? I guess, should we anticipate that the cost and contributions or how do we weigh the cost and then contributions of some of the efficiency gains there? And how could this accelerate or even drive upside to the long-term target margins across the different segments?
A: So we aren't giving any guidance with respect to the compounding effect, if you will, of these kinds of changes across the business. But I will comment and reinforce something Sandeep said, and that is, we're really deploying it kind of across the enterprise, looking at our large core processes with an idea of modernizing those and then, ultimately, taking those to the outside marketplace.