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UNH US
Unitedhealth Group Inc
(UNH US)
$418.09
-6.89
1.62%
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$418.14
+0.05
0.01%
(Market Closed · 23:59:58 UTC)
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8-K
1 UnitedHealth Group Reports Third Quarter 2026 Results • Third Quarter 2026 Revenues of $112.7 Billion; Earnings from Operations of $6.6 Billion • Earnings of $4.56 Per Share and Adjusted Earnings of $4.69 Per Share • Cash Flows from Operations Were $5.1 Billion, or 1.2x Net Income • Updated Full Year 2026 Earnings Outlook to At Least $19.50 Per Share; Adjusted Earnings of At Least $20.50 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-third-quarter-2026-results.pdf (October 13, 2026) UnitedHealth Group (NYSE: UNH) today reported third quarter 2026 results and raised guidance for full year 2026. “Our third quarter results reflect the discipline and execution our teams are bringing to every part of our business, as we continue evolving UnitedHealth Group to deliver a simpler, more supportive experience for patients and the clinicians who care for them,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. The company now expects full year 2026 adjusted net earnings of at least $20.50 per share, incorporating experience through the third quarter 2026. Consolidated revenues for the third quarter 2026 were $112.7 billion and earnings from operations were $6.6 billion, with a net margin of 3.6%. Cash flows from operations were $5.1 billion, or 1.2x net income, and the debt-to-capital ratio was 41.7% as of September 30, 2026. UnitedHealth Group’s medical cost ratio was 88.4% for the third quarter 2026, reflecting both medical cost management and pricing discipline, as well as benefit design changes and care delivery enhancements focused on affordability and integrated value-based care. The operating cost ratio of 12.8% in the third quarter 2026 compared to 13.5% in the third quarter 2025, and reflects ongoing investments to modernize operations and streamline administrative processes. Third Quarter 2026 Key Performance Metrics • Third quarter 2026 adjusted net earnings were $4.69 per share. • The medical care ratio was 88.4%, reflecting improved medical cost management, benefit and pricing alignment and care delivery enhancements. MCR was impacted by $610 million of net favorable prior period reserve development related to 2026 dates of service. • The operating cost ratio of 12.8% reflected ongoing investments in operations, consumer and clinician experiences, operational agentification, integrated value-based care and community support. • UnitedHealthcare served 48.3 million consumers, generating revenues of $86.3 billion and earnings of $2.8 billion. • Optum cared for over 120 million patients and consumers and drove revenues of $66.9 billion and earnings of $3.7 billion.2 Continuing to Address America’s Healthcare Challenges with Sustainable Solutions UnitedHealth Group is committed to addressing the issues that make healthcare challenging for the people and clinicians we serve. Continued actions the company has taken to address these challenges include the below, with further commitments expected in 2027. United Health Foundation The United Health Foundation has been refreshed and significantly funded, expanding its priorities to include rural health, maternal and children’s health and behavioral health, among others. • Committed $1 billion to the United Health Foundation to support key initiatives, including improving rural healthcare, strengthening maternal and children’s health and addressing behavioral health challenges. Affordability, Rural Care and Benefits The company is taking steps to increase support and access while decreasing costs for communities served. • Committed to voluntarily eliminating and rebating profits from individual Affordable Care Act coverage offerings in 2026, returning this money directly to approximately 1 million ACA members as Congress works toward longer-term solutions to strengthen the stability and affordability of these plans. • Supporting 1,500 rural hospitals and their associated clinicians by accelerating payments, cutting reimbursement timelines in half and exempting these clinicians from most prior approval requirements. • Announced nationwide coverage expansion for doula care with employer-sponsored plans, with more than 7 million members eligible for coverage by January 2027. • Expanded access to child and family behavioral health coaching, with ~13 million members now eligible to access the coaching program. Approval Reform The company is removing prior approval requirements, standardizing approval processes across the industry, reducing paperwork requirements and increasing transparency into the approval process, making it quicker and simpler for clinicians to treat patients. • Eliminating 30% of current prior approval volume by the end of 2026. • Eliminating nearly two-thirds of prior approval requirements for pediatric care, including waivers for certain procedures performed at leading pediatric hospitals by the end of 2026. • Leading an industrywide effort to standardize prior approval requirements for electronic submissions, with more than 70% of UnitedHealthcare prior approvals expected to be included by the end of 2026. • Publicly reporting prior approval metrics to help clinicians and members better understand the process and our performance. • Expanding eligibility for UnitedHealthcare’s Gold Card status – exempting high-performing clinicians from routine approval requirements entirely – and removing requirements for home health services, eliminating nearly 10% of total UnitedHealthcare prior approval volume. Drug Affordability To combat high prescription drug costs, the company is lowering out-of-pocket costs for patients and bringing greater transparency to pharmacy benefits, setting a new standard for the industry. • Launched the industry’s first fully transparent, fee-based pharmacy care model to bring greater clarity, predictability and affordability by decoupling PBM pricing from drug list prices and prescription volume, aligning incentives with patients and plan sponsors and introducing digital tools that allow consumers to view and compare medication costs upfront. • Committed to 100% pass-through of manufacturer drug rebate discounts to clients by January 1, 2028. • Eliminated 33% of drug reauthorizations – representing 11% of pharmacy prior approvals – for a list of nearly 270 chronic condition medications. • Increased payments to independent and community physicians for brand name drugs, benefiting approximately 2,300 independent and community pharmacies. Governance, Oversight and Transparency Making the health system work better for everyone starts with trust, transparency and accountability. The company is strengthening that foundation by deepening oversight and renewing its leadership culture. • Refreshed leadership roles and re-energizing the company’s culture and commitment to mission. • Created a new Public Responsibility Committee for the Board of Directors, named a new Lead Independent Director and new committee chairs and added a new independent director. • Published comprehensive reviews of its business practices, which included risk assessment operations, care services management and prescription drug discounts, and implemented all recommended improvements from the reviews. • Released an independent review of the HouseCalls program that showed the sampled diagnoses were overwhelmingly supported by medical records, with an error rate nearly three times lower than the rate reported by recent Federal CMS audits.3 UnitedHealth Group Third Quarter 2026 Results Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $112.7 billion $113.2 billion $112.0 billion Earnings from Operations $6.6 billion $4.3 billion $8.0 billion Net Margin 3.6% 2.1% 4.9% • UnitedHealth Group’s third quarter 2026 revenues were $112.7 billion compared to $113.2 billion in the third quarter 2025. • Third quarter 2026 earnings from operations of $6.6 billion compared to $4.3 billion in the year ago quarter, driven by disciplined execution across both UnitedHealthcare and Optum. • The third quarter 2026 medical care ratio was 88.4% compared to 89.9% in the third quarter 2025. The year-over-year decrease was driven by medical cost management initiatives, benefit design changes and pricing discipline, as well as care delivery enhancements focused on affordability and integrated value-based care. Net medical reserve development was $610 million in the quarter related to 2026 dates of service. • Days claims payable were 47.0 compared to 47.0 in the second quarter 2026 and 46.2 in the third quarter 2025. Days sales outstanding of 16.9 compared to 17.7 in the second quarter 2026 and 18.6 in the year ago quarter. • The third quarter 2026 operating cost ratio was 12.8% compared to 13.5% in the third quarter 2025, reflecting realized operating efficiencies partially offset by accelerating investments in technology, processes and people to improve care delivery and consumer and clinician experiences. • Cash flows from operations were $5.1 billion, or 1.2 times net income. • Debt-to-capital ratio was 41.7% as of September 30, 2026, compared to 41.2% in the second quarter 2026. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end. • The company repurchased $5.0 billion of its common stock and paid $6.2 billion in dividends year-to-date.4 UnitedHealthcare Third Quarter 2026 Results UnitedHealthcare provides healthcare benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the healthcare experience and advancing access and affordability by reducing the total cost of care. Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $86.3 billion $87.1 billion $86.0 billion Earnings from Operations $2.8 billion $1.8 billion $3.9 billion Operating Margin 3.3% 2.1% 4.6% UnitedHealthcare • UnitedHealthcare is committed to improving the consumer and clinician experience by expanding access to care and digital support services, simplifying and reducing prior approvals and deepening support for the communities it serves. • UnitedHealthcare third quarter 2026 revenues of $86.3 billion compared to $87.1 billion in the third quarter 2025. UnitedHealthcare served 48.3 million people in the third quarter 2026. • UnitedHealthcare’s third quarter 2026 earnings from operations were $2.8 billion and operating margin was 3.3% compared to $1.8 billion and 2.1% in the third quarter 2025. The year-over-year increase was driven by benefit changes and pricing discipline, combined with medical and operating cost management. UnitedHealthcare Employer & Individual • UnitedHealthcare Employer & Individual third quarter 2026 revenues were $20.2 billion compared to $19.9 billion in the third quarter 2025. • The number of people served contracted by 165,000 in the third quarter 2026 due to employer attrition. UnitedHealthcare Medicare & Retirement • UnitedHealthcare Medicare & Retirement third quarter 2026 revenues were $42.4 billion compared to $43.4 billion in the third quarter 2025 due to changes in membership and product mix. • The 2027 Medicare Advantage Stars results of at least 69% of members in 4+ Star plans were in line with expectations and reflect continued investments in quality and focus on execution. Performance demonstrates excellence across key quality measures, including improvement in 11 out of 12 HEDIS measures and 4 out of 4 Pharmacy measures. • Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 935,000 since year-end 2025.5 UnitedHealthcare Community & State • UnitedHealthcare Community & State third quarter 2026 revenues were $23.7 billion compared to $23.8 billion in the third quarter 2025. • People served contracted by 85,000 in the third quarter 2026 due to ongoing Medicaid eligibility changes.6 Optum Third Quarter 2026 Results The Optum businesses serve participants throughout healthcare, including payers, clinicians and health systems, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer and clinician experience. Quarterly Financial Performance Three Months Ended September 30, 2026 September 30, 2025 June 30, 2026 Revenues $66.9 billion $69.2 billion $65.7 billion Earnings from Operations $3.7 billion $2.5 billion $4.0 billion Operating Margin 5.6% 3.6% 6.2% Optum Health • Optum Health continues to progress in operational enhancements that expand patient access to integrated, quality care resources while modernizing the care experience to allow for greater patient satisfaction and a more engaged clinician experience. • Optum Health’s third quarter 2026 revenues of $22.9 billion decreased 10% year-over-year as a result of fewer value-based care patients served in markets where Optum lacked sufficient value-based care presence to sustain its clinicians. • Third quarter 2026 earnings from operations were $735 million and operating margin was 3.2%, compared to $41 million and 0.2% in the third quarter 2025. The year-over-year increase was driven by strengthened operational discipline and medical cost management initiatives across its value-based care markets. Optum Insight • Optum Insight continues to develop and bring AI-enabled solutions to market that enhance services and reduce administrative burden across the health system, including capabilities that streamline clinical documentation and improve payment accuracy and speed, returning more time to clinicians for care. • Optum Insight reported third quarter 2026 revenues of $5.5 billion, an increase of 3% year-over-year. • Third quarter 2026 earnings from operations were $1.3 billion compared to $920 million in the third quarter 2025. The year-over-year improvement was driven by enhanced product offerings and operational efficiencies. Optum Rx • Optum Rx continues to advance transparent pharmacy pricing while broadening the clinically integrated pharmacy services that patients depend on. • Optum Rx’s third quarter 2026 revenues were $39.9 billion compared to $39.7 billion in the third quarter 2025. • Earnings from operations for the third quarter 2026 were $1.7 billion compared to $1.5 billion in the third quarter 2025, reflecting continued adoption of biosimilars and operational improvements. Adjusted scripts were 393 million compared to 414 million in the year ago quarter due to membership declines within UnitedHealthcare and other customers.7 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a healthcare and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the healthcare experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through October 27, 2026. This earnings release and the Form 8-K dated October 13, 2026, can also be accessed from the Investor Relations page of the company’s website. Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing healthcare laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; our ability to successfully execute initiatives designed to simplify and improve the consumer healthcare experience; our ability to effectively execute our value-based care strategies; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with healthcare payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward- looking statements, except as required by law. Investors: Media:
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GROUP Earnings Release Schedules and Supplementary Information Quarter Ended September 30, 2026 • Condensed Consolidated Statements of Operations • Condensed Consolidated Balance Sheets • Condensed Consolidated Statements of Cash Flows • Revenues by Business - Supplemental Financial Information • Earnings by Business - Supplemental Financial Information • People Served and Performance Metrics - Supplemental Financial Information • Reconciliation of Non-GAAP Financial Measures 8UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Premiums........................................................................................................................... $87,078 $88,979 $261,595 $263,418 Products ............................................................................................................................. 14,293 13,296 41,378 39,896 Services ............................................................................................................................. 10,246 9,754 30,043 27,765 Investment and other income ......................................................................................... 1,077 1,132 3,431 3,273 Total revenues ............................................................................................................. 112,694 113,161 336,447 334,352 Operating costs Medical costs .................................................................................................................... 76,982 79,958 225,829 231,954 Operating costs................................................................................................................. 14,369 15,223 44,027 42,595 Cost of products sold ....................................................................................................... 13,707 12,566 39,905 37,975 Depreciation and amortization ....................................................................................... 1,073 1,099 3,142 3,244 Total operating costs .................................................................................................. 106,131 108,846 312,903 315,768 Earnings from operations ............................................................................................ 6,563 4,315 23,544 18,584 Interest expense ............................................................................................................... (963) (1,003) (2,880) (3,028) Loss on sale of subsidiary and subsidiaries held for sale .......................................... (76) (83) (209) (139) Earnings before income taxes .................................................................................... 5,524 3,229 20,455 15,417 Provision for income taxes .............................................................................................. (1,224) (686) (4,004) (2,828) Net earnings ................................................................................................................... 4,300 2,543 16,451 12,589 Earnings attributable to noncontrolling interests ......................................................... (190) (195) (577) (543) Net earnings attributable to UnitedHealth Group common shareholders ...... $4,110 $2,348 $15,874 $12,046 Diluted earnings per share attributable to UnitedHealth Group common shareholders (a) ...................................................................................................... $4.56 $2.59 $17.50 $13.21 Adjusted earnings per share attributable to UnitedHealth Group common shareholders (b) ...................................................................................................... $4.69 $2.92 $18.30 $14.22 Diluted weighted-average common shares outstanding ............................................ 902 908 906 912 (a) The calculation of diluted earnings per share includes an immaterial reduction to the numerator related to forward share repurchase contracts for the nine months ended September 30, 2026. (b) See page 15 for a reconciliation of non-GAAP measures. 9UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) September 30, 2026 December 31, 2025 Assets Cash and short-term investments ..................................................................................................................................................... $28,549 $28,121 Accounts receivable, net .................................................................................................................................................................... 20,543 23,018 Other current assets ............................................................................................................................................................................ 36,503 39,443 Total current assets ................................................................................................................................................................... 85,595 90,582 Long-term investments ....................................................................................................................................................................... 58,064 54,251 Other long-term assets ....................................................................................................................................................................... 169,123 164,748 Total assets .................................................................................................................................................................................... $312,782 $309,581 Liabilities, redeemable noncontrolling interests and equity Medical costs payable ......................................................................................................................................................................... $39,352 $39,337 Short-term borrowings and current maturities of long-term debt ................................................................................................. 5,617 6,069 Other current liabilities ........................................................................................................................................................................ 70,866 69,491 Total current liabilities ............................................................................................................................................................... 115,835 114,897 Long-term debt, less current maturities ............................................................................................................................................ 68,714 72,320 Other long-term liabilities .................................................................................................................................................................... 22,688 20,666 Redeemable noncontrolling interests ............................................................................................................................................... 1,416 1,608 Equity ..................................................................................................................................................................................................... 104,129 100,090 Total liabilities, redeemable noncontrolling interests and equity ........................................................................................... $312,782 $309,581 10UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Nine Months Ended September 30, 2026 2025 Operating Activities Net earnings ......................................................................................................................................................................................... $16,451 $12,589 Noncash items: Depreciation and amortization ....................................................................................................................................................... 3,142 3,244 Deferred income taxes and other .................................................................................................................................................. 115 (955) Share-based compensation ........................................................................................................................................................... 843 795 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 209 139 Net changes in operating assets and liabilities ............................................................................................................................... 4,327 2,777 Cash flows from operating activities .......................................................................................................................................... 25,087 18,589 Investing Activities (Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases ............... (4,486) 1,657 Purchases of property, equipment and capitalized software ........................................................................................................ (2,421) (2,674) Cash paid for acquisitions and other transactions, net .................................................................................................................. (1,538) (4,436) Repayment of care provider loans - cyberattack ............................................................................................................................ 282 1,543 Other, net .............................................................................................................................................................................................. (655) (2,164) Cash flows used for investing activities .................................................................................................................................... (8,818) (6,074) Financing Activities Common share repurchases .............................................................................................................................................................. (5,031) (5,545) Dividends paid ...................................................................................................................................................................................... (6,170) (5,914) Net change in short-term borrowings and long-term debt ............................................................................................................. (3,075) 2,438 Other, net .............................................................................................................................................................................................. (757) (1,592) Cash flows used for financing activities .................................................................................................................................... (15,033) (10,613) Effect of exchange rate changes on cash and cash equivalents ................................................................................................. (11) 25 Increase in cash and cash equivalents, including cash within businesses held for sale ......................................................... 1,225 1,927 Net change in cash within businesses held for sale ...................................................................................................................... 255 (29) Net increase in cash and cash equivalents ..................................................................................................................................... 1,480 1,898 Cash and cash equivalents, beginning of period ............................................................................................................................ 24,365 25,312 Cash and cash equivalents, end of period ...................................................................................................................................... $25,845 $27,210 11UNITEDHEALTH GROUP REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited) Optum UnitedHealth Group Consolidated (a)UnitedHealthcare Optum Health (c) Optum Insight (c) Optum Rx Total Optum (a) Three Months Ended September 30, 2026 Total revenues ....................................................................... $86,330 $22,910 $5,474 $39,927 $66,883 $112,694 Restructuring and other (2) ................................................. — 35 (14) — 21 21 Adjusted revenues (b) ..................................................... $86,330 $22,945 $5,460 $39,927 $66,904 $112,715 Three Months Ended September 30, 2025 Total revenues ....................................................................... $87,070 $25,422 $5,320 $39,679 $69,177 $113,161 Nine Months Ended September 30, 2026 Total revenues ....................................................................... $258,612 $70,491 $16,001 $113,955 $196,295 $336,447 Restructuring and other (2) ................................................. — 37 (91) (54) (54) Adjusted revenues (b) ..................................................... $258,612 $70,528 $15,910 $113,955 $196,241 $336,393 Nine Months Ended September 30, 2025 Total revenues ....................................................................... $257,790 $74,984 $15,579 $113,270 $200,287 $334,352 UnitedHealthcare Revenues (in millions; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 UnitedHealthcare Employer & Individual - Domestic .............................................................. $19,223 $19,049 $57,477 $57,065 UnitedHealthcare Employer & Individual - Global ................................................................... 985 826 2,841 2,427 UnitedHealthcare Employer & Individual - Total ............................................................... 20,208 19,875 60,318 59,492 UnitedHealthcare Medicare & Retirement ................................................................................ 42,420 43,356 126,892 127,684 UnitedHealthcare Community & State ...................................................................................... 23,702 23,839 71,402 70,614 Total UnitedHealthcare revenues ........................................................................................ $86,330 $87,070 $258,612 $257,790 (a) Optum and consolidated revenues for the three months ended September 30, 2026 and 2025 include Optum eliminations of $1,428 and $1,244; and corporate eliminations of $40,519 and $43,086, respectively. Optum and consolidated revenues for the nine months ended September 30, 2026 and 2025 include Optum eliminations of $4,152 and $3,546; and corporate eliminations of $118,460 and $123,725, respectively. (b) See page 15 for description of non-GAAP measures. (c) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments. 12UNITEDHEALTH GROUP EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited) Optum UnitedHealth Group ConsolidatedUnitedHealthcare Optum Health (b) Optum Insight (b) Optum Rx Total Optum Three Months Ended September 30, 2026 Earnings from operations .......................................................... $2,831 $735 $1,279 $1,718 $3,732 $6,563 Net portfolio divestitures and South American impacts (1) .. (141) (85) 2 — (83) (224) Restructuring and other (2) ....................................................... — (62) (12) — (74) (74) Adjusted earnings from operations (a) ............................. $2,690 $588 $1,269 $1,718 $3,575 $6,265 Operating margin ........................................................................ 3.3 % 3.2 % 23.4 % 4.3 % 5.6 % 5.8 % Adjusted operating margin (a) .................................................. 3.1 % 2.6 % 23.2 % 4.3 % 5.3 % 5.6 % Three Months Ended September 30, 2025 Earnings from operations .......................................................... $1,805 $41 $920 $1,549 $2,510 $4,315 Operating margin ........................................................................ 2.1 % 0.2 % 17.3 % 3.9 % 3.6 % 3.8 % Nine Months Ended September 30, 2026 Earnings from operations .......................................................... $12,467 $3,066 $3,611 $4,400 $11,077 $23,544 Net portfolio divestitures and South American impacts (1) .. (141) 256 (522) (8) (274) (415) Restructuring and other (2) ....................................................... — (248) 327 — 79 79 Adjusted earnings from operations (a) ............................. $12,326 $3,074 $3,416 $4,392 $10,882 $23,208 Operating margin ........................................................................ 4.8 % 4.3 % 22.6 % 3.9 % 5.6 % 7.0 % Adjusted operating margin (a) .................................................. 4.8 % 4.4 % 21.5 % 3.9 % 5.5 % 6.9 % Nine Months Ended September 30, 2025 Earnings from operations .......................................................... $9,106 $1,881 $3,289 $4,308 $9,478 $18,584 Operating margin ........................................................................ 3.5 % 2.5 % 21.1 % 3.8 % 4.7 % 5.6 % (a) See page 15 for description of non-GAAP measures. (b) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments. 13UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025 Commercial: Risk-based ................................................................................. 7,575 7,655 8,165 8,440 Fee-based .................................................................................. 22,180 22,265 21,485 21,490 Total Commercial ................................................................... 29,755 29,920 29,650 29,930 Medicare Advantage .................................................................... 7,605 7,565 8,445 8,435 Medicaid ........................................................................................ 6,695 6,780 7,380 7,460 Medicare Supplement (Standardized) ...................................... 4,245 4,260 4,285 4,300 Total Community and Senior .............................................. 18,545 18,605 20,110 20,195 Total UnitedHealthcare - Medical ....................................... 48,300 48,525 49,760 50,125 Supplemental Data Medicare Part D stand-alone .................................................. 2,690 2,710 2,770 2,795 South American businesses held for sale ............................. 1,140 1,145 1,160 1,160 Optum Performance Metrics September 30, 2026 June 30, 2026 December 31, 2025 September 30, 2025 Optum Health Consumers Served (in millions) (a) .............. 92 93 92 93 Optum Rx Quarterly Adjusted Scripts (in millions) ............... 393 387 424 414 (a) Prior period amounts have been recast to reflect the realignment of Optum Financial. 14UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows: Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share. Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. For the three months ended September 30, 2026, these actions included net gains on businesses held for sale and a gain on an asset sale, partially offset by incremental losses on our remaining South American operations. For the nine months ended September 30, 2026, these actions included a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025 and a gain on an asset sale; partially offset by incremental losses on businesses held for sale, including our remaining South American operations. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items. For the nine months ended September 30, 2026, restructuring and other items included a contribution to the United Health Foundation of $400 million funded by the cash gain on the disposition of an Optum Insight business. For the three and nine months ended September 30, 2026, restructuring and other items included the net decrease in loss contract reserves of $95 million and $282 million and net valuation (losses) gains on equity securities of $(21) million and $39 million, respectively. These items are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Adjusted earnings per share for the projected year ended December 31, 2026 excludes the net expected decrease in loss contract reserves. 15UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, Projected Year Ended December 31, 2026 2025 2026 2025 2026 Net earnings attributable to UnitedHealth Group common shareholders ............................... $4,110 $2,348 $15,874 $12,046 > $17,650 Intangible amortization .................................................................................................................... 373 401 1,053 1,227 ~1,405 Net portfolio divestitures and South American impacts (1) ....................................................... (148) — (206) — ~(205) Restructuring and other (2) ............................................................................................................ (74) — 79 — — Tax effect of adjustments ................................................................................................................ (33) (99) (202) (300) ~(265) Adjusted net earnings attributable to UnitedHealth Group common shareholders ....... $4,228 $2,650 $16,598 $12,973 > $18,585 Diluted earnings per share ............................................................................................................. $4.56 $2.59 $17.50 $13.21 At least $19.50 Intangible amortization per share .................................................................................................. 0.41 0.44 1.16 1.34 ~1.55 Net portfolio divestitures and South American impacts per share .......................................... (0.16) — (0.23) — ~(0.25) Restructuring and other per share ................................................................................................ (0.08) — 0.09 — — Tax effect of adjustments per share .............................................................................................. (0.04) (0.11) (0.22) (0.33) ~(0.30) Adjusted diluted earnings per share ...................................................................................... $4.69 $2.92 $18.30 $14.22 At least $20.50 End Notes (1) Net portfolio divestitures and South American impacts for the three and nine months ended September 30, 2026 includes net impacts of dispositions and businesses held for sale and $76 million and $209 million of incremental losses related to South American businesses held for sale, respectively. For the three and nine months ended September 30, 2025, net impacts of dispositions and South American impacts were not significant. (2) Restructuring and other for the three and nine months ended September 30, 2026 includes net valuation gains and losses on equity securities. For the three and nine months ended September 30, 2025 net valuation gains and losses were not significant. 16
13 Oct
8-K
Regulation FD Disclosure
8 Sep
10-Q
Q2
ended 30 Jun 2026
10 Aug
8-K
Page 1 of 17 UnitedHealth Group Reports Second Quarter 2026 Results • Second Quarter 2026 Revenues of $112.0 Billion; Earnings from Operations of $8.0 Billion • Earnings of $6.04 Per Share and Adjusted Earnings of $6.38 Per Share • Updated Full Year 2026 Earnings Outlook Range to $18.45 to $18.95 Per Share; Adjusted Earnings Range of $19.50 to $20.00 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-second-quarter-2026-results.pdf (July 16, 2026) UnitedHealth Group (NYSE: UNH) today reported second quarter 2026 results and raised guidance for full year 2026. “Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. The company now expects full year 2026 adjusted net earnings between $19.50 to $20.00 per share resulting from performance year-to-date and an improved outlook for the remainder of the year. A table outlining the company’s updated outlook is below, with additional detail on page 7 of this release. Consolidated revenues for the second quarter 2026 were $112.0 billion and earnings from operations were $8.0 billion, with a net margin of 4.9%. Cash flows from operations were $11.1 billion, or 1.9x net income, and the debt-to-capital ratio was 41.2% as of June 30, 2026. UnitedHealth Group’s medical cost ratio was 86.7% for the second quarter 2026, reflecting cost and pricing discipline, as well as mix changes across all benefit offerings. The operating cost ratio of 12.7% in the second quarter 2026 compared to 12.3% in the second quarter 2025, reflecting targeted investments in technology, operations and the community. Over the last year, the company has advanced a broad set of reforms and commitments to improve affordability, transparency and simplicity for care providers and consumers. These actions reflect the company’s deep commitment to helping people live healthier lives and helping make the health system work better for everyone. These actions are outlined in more detail on page 3 of this release. Second Quarter 2026 Key Performance Metrics • Second quarter 2026 adjusted net earnings were $6.38 per share. • The medical care ratio was 86.7% and reflected product design changes, improved medical management and better aligned pricing. MCR was affected by $860 million of net favorable prior period development, with the majority related to 2026 dates of service. • The operating cost ratio of 12.7% included targeted investments in infrastructure, artificial intelligence, care delivery enhancements, consumer experience and community support. • UnitedHealthcare served 48.5 million consumers and reported revenues of $86.0 billion and earnings of $3.9 billion, with operating margins of 4.6%.Page 2 of 17 • Optum supported more than 120 million consumers and generated revenues of $65.7 billion and earnings of $4.0 billion, representing 160 basis points of margin expansion year-over-year. UnitedHealth Group Updated 2026 Full Year Guidance ($ in millions, except per share data) Reported Operating Earnings Adjusted Operating Earnings UnitedHealthcare > $12,000 > $12,000 Optum Health > $2,275 > $2,215 Optum Insight > $4,925 > $4,750 Optum Rx > $6,250 > $6,250 Optum (a) > $13,450 > $13,215 UnitedHealth Group > $25,450 > $25,215 Medical Care Ratio 88.1% ± 25 bps Tax Rate ~18.5% Cash Flows from Operations ~$24,000 Share Repurchase At Least $5,000 Net Earnings to UNH Shareholders > $16,750 Diluted Adjusted (b) Net Earnings per Share $18.45 - $18.95 $19.50 - $20.00 (a) Refer to page 7 of this release for a bridge of Optum Reported to Adjusted Operating Earnings. (b) Refer to page 16 of this release for a reconciliation of the non-GAAP measure.Page 3 of 17 Addressing America’s Healthcare Challenges with Sustainable Solutions UnitedHealth Group remains committed to addressing the issues that make health care costly and complicated for the people and providers we serve. Recent actions taken to address these issues include: Governance, Oversight and Transparency Making the health system work better for everyone starts with trust, transparency and accountability. The company is strengthening that foundation by deepening oversight and renewing its leadership culture. • Refreshed leadership roles and re-energizing the company’s culture and commitment to mission. • Created a new Public Responsibility Committee for the Board of Directors, named a new Lead Independent Director and committee chairs and added a new independent director. • Published comprehensive reviews of its business practices, which included risk assessment operations, care services management and prescription drug manufacturer discounts, and implemented all recommended improvements from the reviews. • Released an independent review of the HouseCalls program that showed the sampled diagnoses were overwhelmingly supported by medical records, with an error rate nearly three times lower than the rate reported by CMS’s most recent audits. United Health Foundation The United Health Foundation has been refreshed, expanding its priorities to include rural health, maternal and children's health and behavioral health, among others. • Committed $1 billion to the United Health Foundation to support key initiatives, including improving rural health care, strengthening maternal and children's health and addressing behavioral health challenges. Affordability, Rural Care and Benefits The company is taking steps to increase support and access and decrease costs for all communities served. • Committed to voluntarily eliminating and rebating profits from individual Affordable Care Act coverage offerings in 2026, returning this money directly to approximately 1 million ACA members as Congress works toward longer-term solutions to strengthen the stability and affordability of these plans. • Announced support for 1,500 rural hospitals and their associated providers by accelerating payments, cutting reimbursement timelines in half and exempting these providers from most medical prior approval requirements. • A nationwide coverage expansion for doula care with employer-sponsored plans, with more than 7 million members eligible for coverage by January 2027. Prior Approval Reform The company is removing prior approval requirements, standardizing processes across the industry, cutting back on paperwork and increasing transparency into the prior approval process, making it quicker and simpler for doctors to treat patients. • Eliminating 30% of current prior approval volume by the end of 2026. • Eliminating nearly two-thirds of prior approval requirements for pediatric care, including waivers for certain procedures performed at leading pediatric hospitals by the end of 2026. • Leading an industry-wide effort to standardize prior approval requirements for electronic submissions, with more than 70% of UnitedHealthcare prior approvals expected to be included by the end of 2026. • Publicly reporting prior approval metrics to help care providers and the public better understand the process. • Expanding eligibility for UnitedHealthcare's Gold Card program – exempting high-performing providers from routine approval requirements entirely – and removing requirements for home health services, representing nearly 10% of total UHC prior approval volume. Pharmacy Reform and Drug Affordability To combat high prescription drug costs, the company is lowering out-of-pocket costs for patients and bringing greater transparency to pharmacy benefits, setting a new standard for the industry. • Launched the industry’s first fully transparent, fee-based pharmacy care model to bring greater clarity, predictability and affordability by decoupling PBM pricing from drug list prices and prescription volume, aligning incentives with patients and plan sponsors and introducing digital tools that allow consumers to view and compare medication costs upfront. • Committed to 100% pass-through of manufacturer drug rebate discounts to clients by January 1, 2028. • Eliminated 33% of drug reauthorizations – representing 11% of pharmacy prior approvals – for a list of nearly 270 chronic condition medications. • Increased minimum payments to independent and community physicians for brand name drugs, benefitting approximately 2,300 independent and community pharmacies.Page 4 of 17 UnitedHealth Group Second Quarter 2026 Results Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $112.0 billion $111.6 billion $111.7 billion Earnings from Operations $8.0 billion $5.2 billion $9.0 billion Net Margin 4.9% 3.1% 5.6% • UnitedHealth Group’s second quarter 2026 revenues were $112.0 billion compared to $111.6 billion in the year ago quarter. • Second quarter 2026 earnings from operations of $8.0 billion compared to $5.2 billion in the year ago quarter, driven by strong performance across both UnitedHealthcare and Optum. • The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025. The year-over-year decrease was driven by benefit design and pricing discipline, member mix and medical cost management initiatives. Net medical reserve development was $860 million in the quarter. • Days claims payable were 47.0 compared to 48.6 in the first quarter 2026 and 44.5 in the second quarter 2025. The sequential variation was driven by normal seasonality. Days sales outstanding of 17.7 compared to 21.6 in the first quarter 2026 and 19.9 in the year ago quarter, with the sequential and year-over-year decrease due to payment timing. • The second quarter 2026 operating cost ratio of 12.7% compared to 12.3% in second quarter 2025, reflecting incremental investments in technology, processes and people to improve care delivery and customer experiences and advance community health. • Cash flows from operations were $11.1 billion, or 1.9 times net income, reflecting the timing of a substantial government payment, along with strong earnings performance and disciplined working capital management. • Debt-to-capital ratio was 41.2% as of June 30, 2026, compared to 42.9% in the first quarter 2026 and 44.1% in the second quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end. • The company repurchased $4.0 billion of its common stock through mid-July 2026 and is on track to repurchase at least $5.0 billion for the full year 2026.Page 5 of 17 UnitedHealthcare Second Quarter 2026 Results UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care. Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $86.0 billion $86.1 billion $86.3 billion Earnings from Operations $3.9 billion $2.1 billion $5.7 billion Operating Margin 4.6% 2.4% 6.6% UnitedHealthcare • UnitedHealthcare continues to improve the consumer experience, including by expanding care access and digital services, simplifying prior approvals and offering greater support to rural hospitals and care providers. • UnitedHealthcare second quarter 2026 revenues of $86.0 billion compared to $86.1 billion in the second quarter 2025. UnitedHealthcare served 48.5 million people in the second quarter 2026, down 525,000 sequentially. • UnitedHealthcare’s second quarter 2026 earnings from operations were $3.9 billion and operating margin was 4.6% compared to $2.1 billion and 2.4% in second quarter 2025. The year-over-year increase was driven by medical and operating cost management, pricing discipline and benefit design changes. UnitedHealthcare Employer & Individual • UnitedHealthcare Employer & Individual second quarter 2026 revenues were $20.0 billion compared to $19.8 billion in the second quarter 2025. • The number of people served contracted by 145,000 in the second quarter 2026 due to attrition in employer self-funded and fully-insured products. UnitedHealthcare Medicare & Retirement • UnitedHealthcare Medicare & Retirement second quarter 2026 revenues were $42.4 billion compared to $42.6 billion in the second quarter 2025 due to fewer seniors served. • Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 965,000 since year-end 2025. UnitedHealthcare Community & State • UnitedHealthcare Community & State second quarter 2026 revenues were $23.6 billion compared to $23.7 billion in the second quarter 2025. • People served contracted by 380,000 in the second quarter 2026 primarily due to the planned exit from the Louisiana health plan, as well as ongoing Medicaid eligibility requirements.Page 6 of 17 Optum Second Quarter 2026 Results The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience. Quarterly Financial Performance Three Months Ended June 30, 2026 June 30, 2025 March 31, 2026 Revenues $65.7 billion $67.2 billion $63.7 billion Earnings from Operations $4.0 billion $3.1 billion $3.3 billion Operating Margin 6.2% 4.6% 5.2% Optum Health • Optum Health continues to show steady momentum, with ongoing improvements in access to care and clinical and operational discipline driving better patient outcomes, increased provider satisfaction and cost management savings as the business recenters on its integrated value-based care delivery model. • Optum Health’s second quarter 2026 revenues of $23.5 billion decreased 5% year-over-year due to ~700,000 fewer value- based-care patients served. • Second quarter 2026 earnings from operations were $1.2 billion, representing a 5.1% operating margin. The year-over-year increase was driven by strong operational improvements and medical cost management. Optum Insight • Optum Insight continues to bring AI-enabled products and services to the market, including autonomous coding and digital prior authorization tools, and completed its acquisition of Alegeus on July 2, 2026, expanding the company's consumer- directed healthcare account capabilities. • Optum Insight reported second quarter 2026 revenues of $5.4 billion. • Second quarter 2026 earnings from operations were $1.4 billion compared to $1.2 billion in the second quarter 2025. The year-over-year increase was driven by operational improvements and timing of contracts. Optum Rx • Optum Rx is leading an industry-wide shift toward greater transparency and affordability through a modern pharmacy care model that eliminates spread pricing, replaces volume-based incentives with clearly defined per-member fees and provides full disclosure of manufacturer payments. • Optum Rx’s second quarter 2026 revenues were $38.3 billion compared to $38.5 billion in second quarter 2025. • Earnings from operations for the second quarter 2026 were $1.5 billion compared to $1.4 billion in the second quarter 2025, reflecting specialty generics adoption and continued operational improvements. Adjusted scripts were 387 million compared to 414 million last year due to membership declines within UnitedHealthcare and other customers.Page 7 of 17 UnitedHealth Group 2026 Outlook ($ and weighted-average shares in millions; except per share data) As of January 27, 2026 As of July 16, 2026 Operating Earnings UnitedHealthcare > $10,800 > $12,000 Optum Health > $2,200 > $2,275 Optum Insight > $4,750 > $4,925 Optum Rx > $6,250 > $6,250 Optum > $13,200 > $13,450 UnitedHealth Group > $24,000 > $25,450 Net Earnings to UNH Shareholders > $15,600 > $16,750 Diluted Net Earnings per Share to UNH Shareholders > $17.10 $18.45 - $18.95 Adjusted Earnings per Share (1) > $17.75 $19.50 - $20.00 Medical Care Ratio 88.8% ± 50 bps 88.1% ± 25 bps Tax Rate ~19.25% ~18.5% Cash Flows from Operations > $18,000 ~$24,000 Share Repurchase ~$2,500 At Least $5,000 (1) Refer to page 16 of this release for a reconciliation of non-GAAP measures. Below outlines the 2026 Reported to Adjusted Earnings Bridge for Optum as of July 16, 2026. Optum 2026 Reported to Adjusted Earnings Bridge ($ in millions) Optum Health Optum Insight Optum Rx Total Optum 2026 Reported Operating Earnings Guidance > $2,275 (1) > $4,925 > $6,250 > $13,450 Net Portfolio Divestitures, Restructuring and Other $345 $(175) - $170 Net Change in Third Party Loss Contracts $(405) - - $(405) 2026 Adjusted Operating Earnings > $2,215 > $4,750 > $6,250 > $13,215 Adjusted Operating Earnings as of January 27, 2026 > $1,577 > $4,750 > $6,250 > $12,577 (1) Optum Health includes $405 million of 2026 operating earnings related to the net change in loss contracts reserve, which will be excluded from adjusted operating earnings and adjusted earnings per share.Page 8 of 17 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through July 30, 2026. This earnings release and the Form 8-K dated July 16, 2026, can also be accessed from the Investor Relations page of the company’s website. Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; our ability to successfully execute initiatives designed to simplify and improve the consumer healthcare experience; our ability to effectively execute our value-based care strategies; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward- looking statements, except as required by law. Investors: Media:
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GROUP Earnings Release Schedules and Supplementary Information Quarter Ended June 30, 2026 • Condensed Consolidated Statements of Operations • Condensed Consolidated Balance Sheets • Condensed Consolidated Statements of Cash Flows • Revenues by Business - Supplemental Financial Information • Earnings by Business - Supplemental Financial Information • People Served and Performance Metrics - Supplemental Financial Information • Reconciliation of Non-GAAP Financial Measures Page 9 of 17UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Premiums........................................................................................................................... $86,956 $87,905 $174,517 $174,439 Products ............................................................................................................................. 13,835 13,564 27,085 26,600 Services ............................................................................................................................. 10,018 9,039 19,797 18,011 Investment and other income ......................................................................................... 1,223 1,108 2,354 2,141 Total revenues ............................................................................................................. 112,032 111,616 223,753 221,191 Operating costs Medical costs .................................................................................................................... 75,358 78,585 148,847 151,996 Operating costs................................................................................................................. 14,268 13,778 29,658 27,372 Cost of products sold ....................................................................................................... 13,375 13,019 26,198 25,409 Depreciation and amortization ....................................................................................... 1,040 1,084 2,069 2,145 Total operating costs .................................................................................................. 104,041 106,466 206,772 206,922 Earnings from operations ............................................................................................ 7,991 5,150 16,981 14,269 Interest expense ............................................................................................................... (962) (1,027) (1,917) (2,025) Loss on sale of subsidiary and subsidiaries held for sale .......................................... (61) (41) (133) (56) Earnings before income taxes .................................................................................... 6,968 4,082 14,931 12,188 Provision for income taxes .............................................................................................. (1,298) (510) (2,780) (2,142) Net earnings ................................................................................................................... 5,670 3,572 12,151 10,046 Earnings attributable to noncontrolling interests ......................................................... (186) (166) (387) (348) Net earnings attributable to UnitedHealth Group common shareholders ...... $5,484 $3,406 $11,764 $9,698 Diluted earnings per share attributable to UnitedHealth Group common shareholders (a) ...................................................................................................... $6.04 $3.74 $12.94 $10.61 Adjusted earnings per share attributable to UnitedHealth Group common shareholders (b) ...................................................................................................... $6.38 $4.08 $13.61 $11.29 Diluted weighted-average common shares outstanding ............................................ 906 910 908 914 (a) The calculation of diluted earnings per share includes an immaterial reduction to the numerator related to forward share repurchase contracts for the three months and six months ended June 30, 2026. (b) See page 16 for a reconciliation of non-GAAP measures. Page 10 of 17UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) June 30, 2026 December 31, 2025 Assets Cash and short-term investments ..................................................................................................................................................... $31,468 $28,121 Accounts receivable, net .................................................................................................................................................................... 21,573 23,018 Other current assets ............................................................................................................................................................................ 33,819 39,443 Total current assets ................................................................................................................................................................... 86,860 90,582 Long-term investments ....................................................................................................................................................................... 57,716 54,251 Other long-term assets ....................................................................................................................................................................... 165,151 164,748 Total assets .................................................................................................................................................................................... $309,727 $309,581 Liabilities, redeemable noncontrolling interests and equity Medical costs payable ......................................................................................................................................................................... $38,930 $39,337 Short-term borrowings and current maturities of long-term debt ................................................................................................. 3,827 6,069 Other current liabilities ........................................................................................................................................................................ 69,063 69,491 Total current liabilities ............................................................................................................................................................... 111,820 114,897 Long-term debt, less current maturities ............................................................................................................................................ 69,501 72,320 Other long-term liabilities .................................................................................................................................................................... 22,457 20,666 Redeemable noncontrolling interests ............................................................................................................................................... 1,436 1,608 Equity ..................................................................................................................................................................................................... 104,513 100,090 Total liabilities, redeemable noncontrolling interests and equity ........................................................................................... $309,727 $309,581 Page 11 of 17UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Six Months Ended June 30, 2026 2025 Operating Activities Net earnings ......................................................................................................................................................................................... $12,151 $10,046 Noncash items: Depreciation and amortization ....................................................................................................................................................... 2,069 2,145 Deferred income taxes and other .................................................................................................................................................. 176 40 Share-based compensation ........................................................................................................................................................... 624 572 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 133 56 Net changes in operating assets and liabilities ............................................................................................................................... 4,811 (215) Cash flows from operating activities .......................................................................................................................................... 19,964 12,644 Investing Activities (Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases ............... (2,751) 1,327 Purchases of property, equipment and capitalized software ........................................................................................................ (1,562) (1,784) Cash paid for acquisitions and other transactions, net .................................................................................................................. (98) (734) Repayment of care provider loans - cyberattack ............................................................................................................................ 197 1,293 Other, net .............................................................................................................................................................................................. (31) (1,618) Cash flows used for investing activities .................................................................................................................................... (4,245) (1,516) Financing Activities Common share repurchases .............................................................................................................................................................. (1,646) (5,545) Dividends paid ...................................................................................................................................................................................... (4,092) (3,912) Net change in short-term borrowings and long-term debt ............................................................................................................. (4,813) 1,566 Other, net .............................................................................................................................................................................................. (1,064) 43 Cash flows used for financing activities .................................................................................................................................... (11,615) (7,848) Effect of exchange rate changes on cash and cash equivalents ................................................................................................. (3) 29 Increase in cash and cash equivalents, including cash within businesses held for sale ......................................................... 4,101 3,309 Less: net change in cash within businesses held for sale ............................................................................................................ 119 (25) Net increase in cash and cash equivalents ..................................................................................................................................... 4,220 3,284 Cash and cash equivalents, beginning of period ............................................................................................................................ 24,365 25,312 Cash and cash equivalents, end of period ...................................................................................................................................... $28,585 $28,596 Page 12 of 17UNITEDHEALTH GROUP REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited) Optum UnitedHealth Group Consolidated (a)UnitedHealthcare Optum Health (c) Optum Insight (c) Optum Rx Total Optum (a) Three Months Ended June 30, 2026 Total revenues ....................................................................... $86,017 $23,472 $5,402 $38,292 $65,663 $112,032 Restructuring and other (2) ................................................. — (1) — — (1) (1) Adjusted revenues (b) ..................................................... $86,017 $23,471 $5,402 $38,292 $65,662 $112,031 Three Months Ended June 30, 2025 Total revenues ....................................................................... $86,103 $24,725 $5,232 $38,459 $67,225 $111,616 Six Months Ended June 30, 2026 Total revenues ....................................................................... $172,282 $47,581 $10,527 $74,028 $129,412 $223,753 Restructuring and other (2) ................................................. — 2 (77) — (75) (75) Adjusted revenues (b) ..................................................... $172,282 $47,583 $10,450 $74,028 $129,337 $223,678 Six Months Ended June 30, 2025 Total revenues ....................................................................... $170,720 $49,562 $10,259 $73,591 $131,110 $221,191 UnitedHealthcare Revenues (in millions; unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 UnitedHealthcare Employer & Individual - Domestic .............................................................. $19,048 $18,950 $38,254 $38,016 UnitedHealthcare Employer & Individual - Global ................................................................... 944 819 1,856 1,601 UnitedHealthcare Employer & Individual - Total ............................................................... 19,992 19,769 40,110 39,617 UnitedHealthcare Medicare & Retirement ................................................................................ 42,390 42,623 84,472 84,328 UnitedHealthcare Community & State ...................................................................................... 23,635 23,711 47,700 46,775 Total UnitedHealthcare revenues ........................................................................................ $86,017 $86,103 $172,282 $170,720 (a) Optum and consolidated revenues for the three months ended June 30, 2026 and 2025 include Optum eliminations of $1,503 and $1,191; and corporate eliminations of $39,648 and $41,712, respectively. Optum and consolidated revenues for the six months ended June 30, 2026 and 2025 include Optum eliminations of $2,724 and $2,302; and corporate eliminations of $77,941 and $80,639, respectively. (b) See page 16 for description of non-GAAP measures. (c) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments. Page 13 of 17UNITEDHEALTH GROUP EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited) Optum UnitedHealth Group ConsolidatedUnitedHealthcare Optum Health (b) Optum Insight (b) Optum Rx Total Optum Three Months Ended June 30, 2026 Earnings from operations .......................................................... $3,942 $1,190 $1,369 $1,490 $4,049 $7,991 Net portfolio divestitures and South American impacts (1) .. — 35 4 — 39 39 Restructuring and other (2) ....................................................... — (51) — — (51) (51) Adjusted earnings from operations (a) ............................. $3,942 $1,174 $1,373 $1,490 $4,037 $7,979 Operating margin ........................................................................ 4.6 % 5.1 % 25.3 % 3.9 % 6.2 % 7.1 % Adjusted operating margin (a) .................................................. 4.6 % 5.0 % 25.4 % 3.9 % 6.1 % 7.1 % Three Months Ended June 30, 2025 Earnings from operations .......................................................... $2,075 $429 $1,205 $1,441 $3,075 $5,150 Operating margin ........................................................................ 2.4 % 1.7 % 23.0 % 3.7 % 4.6 % 4.6 % Six Months Ended June 30, 2026 Earnings from operations .......................................................... $9,636 $2,331 $2,332 $2,682 $7,345 $16,981 Net portfolio divestitures and South American impacts (1) .. — 341 (524) (8) (191) (191) Restructuring and other (2) ....................................................... — (186) 339 — 153 153 Adjusted earnings from operations (a) ............................. $9,636 $2,486 $2,147 $2,674 $7,307 $16,943 Operating margin ........................................................................ 5.6 % 4.9 % 22.2 % 3.6 % 5.7 % 7.6 % Adjusted operating margin (a) .................................................. 5.6 % 5.2 % 20.5 % 3.6 % 5.6 % 7.6 % Six Months Ended June 30, 2025 Earnings from operations .......................................................... $7,301 $1,840 $2,369 $2,759 $6,968 $14,269 Operating margin ........................................................................ 4.3 % 3.7 % 23.1 % 3.7 % 5.3 % 6.5 % (a) See page 16 for description of non-GAAP measures. (b) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments. Page 14 of 17UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Commercial: Risk-based ................................................................................. 7,655 7,725 8,165 8,440 Fee-based .................................................................................. 22,265 22,340 21,485 21,530 Total Commercial ................................................................... 29,920 30,065 29,650 29,970 Medicare Advantage .................................................................... 7,565 7,555 8,445 8,350 Medicaid ........................................................................................ 6,780 7,160 7,380 7,490 Medicare Supplement (Standardized) ...................................... 4,260 4,270 4,285 4,305 Total Community and Senior .............................................. 18,605 18,985 20,110 20,145 Total UnitedHealthcare - Medical ....................................... 48,525 49,050 49,760 50,115 Supplemental Data Medicare Part D stand-alone .................................................. 2,710 2,740 2,770 2,800 South American businesses held for sale ............................. 1,145 1,160 1,160 1,165 Optum Performance Metrics June 30, 2026 March 31, 2026 December 31, 2025 June 30, 2025 Optum Health Consumers Served (in millions) (a) .............. 93 93 92 95 Optum Rx Quarterly Adjusted Scripts (in millions) ............... 387 383 424 414 (a) Prior period amounts have been recast to reflect the realignment of Optum Financial. Page 15 of 17UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows: Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share. Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. For the three and six months ended June 30, 2026, these actions included net incremental losses on businesses held for sale, including our remaining South American operations. For the six months ended June 30, 2026, these actions also included a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items. For the six months ended June 30, 2026, restructuring and other items included a contribution to the United Health Foundation of $400 million funded by the cash gain on the disposition of an Optum Insight business. For the three and six months ended June 30, 2026, restructuring and other items included the net decrease in loss contract reserves of $50 million and $187 million and net valuation gains on equity securities of $1 million and $60 million, respectively. These items are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Adjusted earnings per share for the projected year ended December 31, 2026 excludes the net expected decrease in loss contract reserves. Page 16 of 17UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, Projected Year Ended December 31, 2026 2025 2026 2025 2026 Net earnings attributable to UnitedHealth Group common shareholders ........................ $5,484 $3,406 $11,764 $9,698 > $16,750 Intangible amortization ............................................................................................................. 346 409 680 826 ~1,345 Net portfolio divestitures and South American impacts (1) ................................................ 100 — (58) — ~(35) Restructuring and other (2) ..................................................................................................... (51) — 153 — ~(50) Tax effect of adjustments ......................................................................................................... (87) (99) (169) (201) ~(285) Adjusted net earnings attributable to UnitedHealth Group common shareholders . $5,792 $3,716 $12,370 $10,323 > $17,725 Diluted earnings per share ...................................................................................................... $6.04 $3.74 $12.94 $10.61 $18.45 to $18.95 Intangible amortization per share ........................................................................................... 0.38 0.45 0.75 0.90 ~1.50 Net portfolio divestitures and South American impacts per share ................................... 0.11 — (0.06) — ~(0.05) Restructuring and other per share ......................................................................................... (0.06) — 0.17 — ~(0.05) Tax effect of adjustments per share ....................................................................................... (0.09) (0.11) (0.19) (0.22) ~(0.35) Adjusted diluted earnings per share ............................................................................... $6.38 $4.08 $13.61 $11.29 $19.50 to $20.00 End Notes (1) Net portfolio divestitures and South American impacts for the three and six months ended June 30, 2026 includes net impacts of dispositions and businesses held for sale and $61 million and $133 million of incremental losses related to South American businesses held for sale, respectively. For the three and six months ended June 30, 2025, net impacts of dispositions and South American impacts were not significant. (2) Restructuring and other for the three and six months ended June 30, 2026 includes net valuation gains on equity securities. For the three and six months ended June 30, 2025 net valuation gains were not significant. Page 17 of 17
16 Jul
8-K
Submission of Matters to a Vote of Security Holders
5 Jun
DEFA14A
Definitive additional materials
15 May
8-K
Regulation FD Disclosure
11 May
10-Q
Q1
ended 31 Mar 2026
5 May
DEFA14A
Definitive additional materials
21 Apr
DEF 14A
Definitive proxy statement
21 Apr
8-K
Page 1 of 16 UnitedHealth Group Reports First Quarter 2026 Results • First Quarter 2026 Revenues of $111.7 Billion Grew 2% Year-over-Year • Earnings of $6.90 Per Share and Adjusted Earnings of $7.23 Per Share • Full Year 2026 Earnings Outlook Raised to Greater Than $17.35 Per Share; Adjusted Earnings of Greater Than $18.25 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2026/unh-reports-first-quarter-2026-results.pdf (April 21, 2026) UnitedHealth Group (NYSE: UNH) today reported first quarter 2026 results, with performance supported by actions taken over the last several quarters. “We are continuing to help simplify and modernize health care for the people and care providers we serve, bringing greater value, affordability, transparency and connectivity,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. The company expects full year 2026 adjusted net earnings of greater than $18.25 per share. Consolidated revenues for the first quarter 2026 were $111.7 billion, with earnings from operations of $9.0 billion. Net margin was 5.6% compared to 5.7% in the year ago quarter. Cash flows from operations were $8.9 billion, or 1.4x net income, and the debt-to-capital ratio was 42.9% as of March 31, 2026. UnitedHealth Group’s medical cost ratio was 83.9% for the first quarter 2026, down 90 basis points from the first quarter 2025. The operating cost ratio of 13.8% in the first quarter 2026 compared to 12.4% in the first quarter 2025, reflecting investments to drive improved consumer and care provider experiences and greater operating efficiencies, as well as investments in its people and the communities it serves. The company continues to build on the initiatives begun in the second half of 2025, strengthening in essential areas including operations, management, technology, consumer and provider experiences, community engagement and corporate governance. Actions included: • Refocusing the organization on U.S. health care, exiting non-U.S. businesses. • Refreshing nearly half of the top 100 leadership roles. • Accelerating simplification and modernization, including substantial artificial intelligence and cybersecurity investments. • Advancing meaningful changes in areas such as data and process interoperability, prior authorization, transparency, pharmacy practices and more. • Creating a Public Responsibility Committee of the Board, naming a Lead Independent Director and new committee chairs, adding a new independent director and accelerating the board recruiting process. • Redoubling community engagement and support through the United Health Foundation. During the quarter, the company entered into an agreement to acquire Alegeus Technologies, a health care technology platform providing benefits administration for consumer-directed healthcare accounts, reflecting the company’s commitment to advancing more flexible, consumer-centered solutions. The acquisition is subject to regulatory review and is expected to close in the back half of 2026 and be earnings neutral to 2026. UnitedHealth Group also completed the sale of the Optum UKPage 2 of 16 business, with $400 million in net proceeds committed to the United Health Foundation, and entered into an arrangement to buy back at least $2 billion of its common stock, which it expects to complete by the end of the second quarter 2026. First Quarter 2026 Key Performance Metrics • First quarter 2026 adjusted net earnings were $7.23 per share. • The medical care ratio of 83.9% included a 20 basis point positive impact from the previously disclosed Optum Health loss contracts reserve. • The operating cost ratio of 13.8% reflected incremental investments in people, processes and technology, including artificial intelligence, to improve performance and support future innovations, modernization, growth and earnings. • UnitedHealthcare served 49.1 million consumers and expanded operating margins by 40 basis points to 6.6% compared to 6.2% in the first quarter 2025. • Optum supported more than 122 million consumers across its businesses, driving revenues of $63.7 billion and earnings of $3.3 billion, reflecting a margin of 5.2%. • Optum Health operating earnings were $1.1 billion. Adjusted operating earnings were $1.3 billion, excluding the impacts related to the third-party loss contracts and restructuring actions disclosed in the fourth quarter 2025.Page 3 of 16 UnitedHealth Group First Quarter 2026 Results Quarterly Financial Performance Three Months Ended March 31, 2026 March 31, 2025 December 31, 2025 Revenues $111.7 billion $109.6 billion $113.2 billion Earnings from Operations $9.0 billion $9.1 billion $0.4 billion Net Margin 5.6% 5.7% - • UnitedHealth Group’s first quarter 2026 revenues were $111.7 billion compared to $109.6 billion in the year ago quarter. • First quarter 2026 earnings from operations of $9.0 billion reflected improved operations and continued investments. • The first quarter 2026 medical care ratio was 83.9% compared to 84.8% in the first quarter 2025. The year-over-year decrease was driven by strong medical cost management and favorable reserve development, partially offset by consistently elevated utilization and unit cost trends. • Days claims payable were 48.6 compared to 44.1 in the fourth quarter 2025 and 45.5 in the first quarter 2025. The sequential variation was driven by seasonality and claims payment timing. Days sales outstanding of 21.6 compared to 18.8 in the fourth quarter 2025 and 22.3 in the year ago quarter, reflecting normal seasonality. • The first quarter 2026 operating cost ratio of 13.8% compared to 12.4% in 2025, reflecting investments in people, processes and technology to drive improved consumer and care provider experiences and greater operating efficiencies. • Cash flows from operations were $8.9 billion, or 1.4 times net income, reflecting strong earnings and changes in working capital accounts. • Debt-to-capital ratio was 42.9% as of March 31, 2026, compared to 43.9% in the fourth quarter 2025 and 44.6% in the first quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% and expects to reach that level in the back half of 2026. • The company expects to repurchase at least $2.0 billion of its common stock by the end of the second quarter 2026.Page 4 of 16 UnitedHealthcare First Quarter 2026 Results UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care. Quarterly Financial Performance Three Months Ended March 31, 2026 March 31, 2025 December 31, 2025 Revenues $86.3 billion $84.6 billion $87.1 billion Earnings from Operations $5.7 billion $5.2 billion $0.3 billion Operating Margin 6.6% 6.2% 0.4% UnitedHealthcare • UnitedHealthcare first quarter 2026 revenues of $86.3 billion compared to $84.6 billion in the first quarter 2025. UnitedHealthcare served 49.1 million people in the first quarter 2026 compared to 49.8 million people at year end 2025. • UnitedHealthcare’s first quarter 2026 earnings from operations were $5.7 billion compared to $5.2 billion in the first quarter 2025. Operating margin of 6.6% compared to 6.2% in the first quarter 2025, primarily due to repricing across all lines of business in response to cost trends that remain elevated but in line with expectations. UnitedHealthcare Employer & Individual • UnitedHealthcare Employer & Individual first quarter 2026 revenues were $20.1 billion compared to $19.8 billion in the first quarter 2025. • The number of people served increased by 415,000 in the first quarter 2026, with growth in employer self-funded offerings partially offset by attrition in both group fully-insured and individual products. UnitedHealthcare Medicare & Retirement • UnitedHealthcare Medicare & Retirement first quarter 2026 revenues of $42.1 billion grew 1% year-over-year as a result of trend-driven repricing actions partially offset by attrition in the number of seniors served. • Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, declined by 965,000 in the first quarter 2026. UnitedHealthcare Community & State • UnitedHealthcare Community & State first quarter 2026 revenues of $24.1 billion grew 4% year-over-year, driven primarily by Medicaid rate updates. • People served contracted by 220,000 in the first quarter 2026 primarily due to the early impact of state eligibility changes.Page 5 of 16 Optum First Quarter 2026 Results The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience. Quarterly Financial Performance Three Months Ended March 31, 2026 March 31, 2025 December 31, 2025 Revenues $63.7 billion $63.9 billion $70.3 billion Earnings from Operations $3.3 billion $3.9 billion $0.1 billion Operating Margin 5.2% 6.1% 0.1% Optum Health • Optum Health’s first quarter 2026 revenues of $24.1 billion decreased 3% year-over-year, reflecting fewer value-based care members. • First quarter 2026 earnings from operations were $1.1 billion, representing a 4.7% margin. Adjusted earnings from operations were $1.3 billion, reflecting a margin of 5.4%, excluding the positive impacts of the third-party loss contracts reserve and restructuring actions taken in the fourth quarter 2025. The year-over-year change was driven by continued investments and medical costs that remain elevated, partially offset by operational improvements across the business. Optum Insight • Optum Insight’s first quarter 2026 revenues of $5.1 billion compared to $5.0 billion in the year ago quarter. • First quarter 2026 earnings from operations were $1.0 billion compared to $1.2 billion in the first quarter 2025. The year- over-year decrease was driven by continued investments in people, technology and new products. Optum Rx • Optum Rx’s first quarter 2026 revenues of $35.7 billion increased 2% year-over-year, driven by growth in specialty pharmacy partially offset by UHC membership attrition. • Earnings from operations for the first quarter 2026 were $1.2 billion compared to $1.3 billion in the first quarter 2025. The decrease year-over-year was primarily due to lower volume from membership attrition at UHC and investments in people. Adjusted scripts were 383 million compared to 408 million last year.Page 6 of 16 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through May 5, 2026. This earnings release and the Form 8-K dated April 21, 2026, can also be accessed from the Investor Relations page of the company’s website. Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward- looking statements, except as required by law. Investors: Media:
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GROUP Earnings Release Schedules and Supplementary Information Quarter Ended March 31, 2026 • Condensed Consolidated Statements of Operations • Condensed Consolidated Balance Sheets • Condensed Consolidated Statements of Cash Flows • Revenues by Business - Supplemental Financial Information • Earnings by Business - Supplemental Financial Information • Segment Realignment - Prior Period Financial Information and Performance Metrics • People Served and Performance Metrics - Supplemental Financial Information • Reconciliation of Non-GAAP Financial Measures Page 7 of 16UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended March 31, 2026 2025 Revenues Premiums .............................................................................................................................................................................................. $87,561 $86,534 Products ................................................................................................................................................................................................. 13,250 13,036 Services ................................................................................................................................................................................................. 9,779 8,972 Investment and other income ............................................................................................................................................................. 1,131 1,033 Total revenues ................................................................................................................................................................................. 111,721 109,575 Operating costs Medical costs ........................................................................................................................................................................................ 73,489 73,411 Operating costs .................................................................................................................................................................................... 15,390 13,594 Cost of products sold ........................................................................................................................................................................... 12,823 12,390 Depreciation and amortization ........................................................................................................................................................... 1,029 1,061 Total operating costs ...................................................................................................................................................................... 102,731 100,456 Earnings from operations ................................................................................................................................................................ 8,990 9,119 Interest expense ................................................................................................................................................................................... (955) (998) Loss on sale of subsidiary and subsidiaries held for sale ............................................................................................................. (72) (15) Earnings before income taxes ....................................................................................................................................................... 7,963 8,106 Provision for income taxes ................................................................................................................................................................. (1,482) (1,632) Net earnings ....................................................................................................................................................................................... 6,481 6,474 Earnings attributable to noncontrolling interests ............................................................................................................................. (201) (182) Net earnings attributable to UnitedHealth Group common shareholders .......................................................................... $6,280 $6,292 Diluted earnings per share attributable to UnitedHealth Group common shareholders .............................................. $6.90 $6.85 Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a) ...................................... $7.23 $7.20 Diluted weighted-average common shares outstanding ................................................................................................................ 910 918 (a) See page 15 for a reconciliation of non-GAAP measures. Page 8 of 16UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) March 31, 2026 December 31, 2025 Assets Cash and short-term investments ..................................................................................................................................................... $31,229 $28,121 Accounts receivable, net .................................................................................................................................................................... 26,587 23,018 Other current assets ............................................................................................................................................................................ 33,311 39,443 Total current assets ................................................................................................................................................................... 91,127 90,582 Long-term investments ....................................................................................................................................................................... 56,788 54,251 Other long-term assets ....................................................................................................................................................................... 164,729 164,748 Total assets .................................................................................................................................................................................... $312,644 $309,581 Liabilities, redeemable noncontrolling interests and equity Medical costs payable ......................................................................................................................................................................... $39,659 $39,337 Short-term borrowings and current maturities of long-term debt ................................................................................................. 6,477 6,069 Other current liabilities ........................................................................................................................................................................ 67,988 69,491 Total current liabilities ............................................................................................................................................................... 114,124 114,897 Long-term debt, less current maturities ............................................................................................................................................ 71,440 72,320 Other long-term liabilities .................................................................................................................................................................... 21,761 20,666 Redeemable noncontrolling interests ............................................................................................................................................... 1,424 1,608 Equity ..................................................................................................................................................................................................... 103,895 100,090 Total liabilities, redeemable noncontrolling interests and equity ........................................................................................... $312,644 $309,581 Page 9 of 16UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Three Months Ended March 31, 2026 2025 Operating Activities Net earnings ......................................................................................................................................................................................... $6,481 $6,474 Noncash items: Depreciation and amortization ....................................................................................................................................................... 1,029 1,061 Deferred income taxes and other .................................................................................................................................................. 236 161 Share-based compensation ........................................................................................................................................................... 348 375 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 72 15 Net changes in operating assets and liabilities ............................................................................................................................... 746 (2,630) Cash flows from operating activities .......................................................................................................................................... 8,912 5,456 Investing Activities (Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases ............... (2,352) 1,217 Purchases of property, equipment and capitalized software ........................................................................................................ (763) (898) Cash paid for acquisitions and other transactions, net .................................................................................................................. — (702) Repayment of care provider loans - cyberattack ............................................................................................................................ 82 891 Other, net .............................................................................................................................................................................................. 586 (582) Cash flows used for investing activities .................................................................................................................................... (2,447) (74) Financing Activities Common share repurchases .............................................................................................................................................................. — (3,000) Dividends paid ...................................................................................................................................................................................... (2,005) (1,912) Net change in short-term borrowings and long-term debt ............................................................................................................. (400) 3,911 Other, net .............................................................................................................................................................................................. (587) 1,100 Cash flows (used for) from financing activities ........................................................................................................................ (2,992) 99 Effect of exchange rate changes on cash and cash equivalents ................................................................................................. (7) 15 Increase in cash and cash equivalents, including cash within businesses held for sale ......................................................... 3,466 5,496 Less: change in cash within businesses held for sale ................................................................................................................... 170 (91) Net increase in cash and cash equivalents ..................................................................................................................................... 3,636 5,405 Cash and cash equivalents, beginning of period ............................................................................................................................ 24,365 25,312 Cash and cash equivalents, end of period ...................................................................................................................................... $28,001 $30,717 Page 10 of 16UNITEDHEALTH GROUP REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited) Optum UnitedHealth Group Consolidated (a)UnitedHealthcare Optum Health (c) Optum Insight (c) Optum Rx Total Optum (a) Three Months Ended March 31, 2026 Total revenues ....................................................................... $86,265 $24,109 $5,125 $35,736 $63,749 $111,721 Restructuring and other (2) ................................................. — 3 (77) — (74) (74) Adjusted revenues (b) ..................................................... $86,265 $24,112 $5,048 $35,736 $63,675 $111,647 Three Months Ended March 31, 2025 Total revenues ....................................................................... $84,617 $24,837 $5,027 $35,132 $63,885 $109,575 UnitedHealthcare Revenues (in millions; unaudited) Three Months Ended March 31, 2026 2025 UnitedHealthcare Employer & Individual - Domestic ............................................................................................................................ $19,206 $19,066 UnitedHealthcare Employer & Individual - Global ................................................................................................................................. 912 782 UnitedHealthcare Employer & Individual - Total ............................................................................................................................. 20,118 19,848 UnitedHealthcare Medicare & Retirement .............................................................................................................................................. 42,082 41,705 UnitedHealthcare Community & State .................................................................................................................................................... 24,065 23,064 Total UnitedHealthcare revenues ..................................................................................................................................................... $86,265 $84,617 (a) Optum and consolidated revenues for the three months ended March 31, 2026 and 2025 include Optum eliminations of $1,221 and $1,111; and corporate eliminations of $38,293 and $38,927, respectively. (b) See page 15 for description of non-GAAP measures. (c) Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion. Note: See end notes for further information regarding non-GAAP adjustments. Page 11 of 16UNITEDHEALTH GROUP EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited) Optum UnitedHealth Group ConsolidatedUnitedHealthcare Optum Health (b) Optum Insight (b) Optum Rx Total Optum Three Months Ended March 31, 2026 Earnings from operations .......................................................... $5,694 $1,141 $963 $1,192 $3,296 $8,990 Net portfolio divestitures and South American impacts (1) .. — 306 (528) (8) (230) (230) Restructuring and other (2) ....................................................... — (135) 339 — 204 204 Adjusted earnings from operations (a) ............................. $5,694 $1,312 $774 $1,184 $3,270 $8,964 Operating margin ........................................................................ 6.6 % 4.7 % 18.8 % 3.3 % 5.2 % 8.0 % Adjusted operating margin (a) .................................................. 6.6 % 5.4 % 15.3 % 3.3 % 5.1 % 8.0 % Three Months Ended March 31, 2025 Earnings from operations .......................................................... $5,226 $1,411 $1,164 $1,318 $3,893 $9,119 Operating margin ........................................................................ 6.2 % 5.7 % 23.2 % 3.8 % 6.1 % 8.3 % (a) See page 15 for description of non-GAAP measures. (b) Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion. Note: See end notes for further information regarding non-GAAP adjustments. Page 12 of 16UNITEDHEALTH GROUP SEGMENT REALIGNMENT - PRIOR PERIOD FINANCIAL INFORMATION AND PERFORMANCE METRICS (in millions, except percentages) (unaudited) Optum Financial Segment Realignment On January 1, 2026, we realigned certain of our businesses to respond to changes in the markets we serve and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health, is now included in Optum Insight. Our reportable segments remain unchanged and prior period segment financial information has been recast to conform to the 2026 presentation. There was no impact to the results of UnitedHealthcare, Optum Rx or Optum as result of the realignment of Optum Financial. The below tables provide a summary of the recasted segment information and Optum Health consumers served for the comparative prior periods. Three Months Ended Year Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 December 31, 2024 Revenues: Optum Health .......................................................................... $24,837 $24,725 $25,422 $25,067 $100,051 $103,516 Optum Insight ......................................................................... 5,027 5,232 5,320 5,455 21,034 20,356 Optum Rx ................................................................................ 35,132 38,459 39,679 41,456 154,726 133,231 Optum Eliminations ................................................................ (1,111) (1,191) (1,244) (1,645) (5,191) (4,146) Optum ................................................................................. $63,885 $67,225 $69,177 $70,333 $270,620 $252,957 Earnings from Operations: Optum Health .......................................................................... $1,411 $429 $41 $(2,996) $(1,115) $6,902 Optum Insight ......................................................................... 1,164 1,205 920 172 3,461 3,965 Optum Rx ................................................................................ 1,318 1,441 1,549 2,885 7,193 5,836 Optum ................................................................................. $3,893 $3,075 $2,510 $61 $9,539 $16,703 Operating Margin: Optum Health .......................................................................... 5.7 % 1.7 % 0.2 % (12.0) % (1.1) % 6.7 % Optum Insight ......................................................................... 23.2 23.0 17.3 3.2 16.5 19.5 Optum Rx ................................................................................ 3.8 3.7 3.9 7.0 4.6 4.4 Optum ................................................................................. 6.1 4.6 3.6 0.1 3.5 6.6 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Optum Health Consumers Served (in millions) ................................................................................ 95 95 93 92 Page 13 of 16UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served March 31, 2026 December 31, 2025 March 31, 2025 Commercial: Risk-based ......................................................................................................................... 7,725 8,165 8,410 Fee-based .......................................................................................................................... 22,340 21,485 21,590 Total Commercial ........................................................................................................... 30,065 29,650 30,000 Medicare Advantage ............................................................................................................ 7,555 8,445 8,245 Medicaid ................................................................................................................................ 7,160 7,380 7,570 Medicare Supplement (Standardized) .............................................................................. 4,270 4,285 4,310 Total Community and Senior ...................................................................................... 18,985 20,110 20,125 Total UnitedHealthcare - Medical ............................................................................... 49,050 49,760 50,125 Supplemental Data Medicare Part D stand-alone .......................................................................................... 2,740 2,770 2,835 South American businesses held for sale ..................................................................... 1,160 1,160 1,160 Optum Performance Metrics March 31, 2026 December 31, 2025 March 31, 2025 Optum Health Consumers Served (in millions) (a) ........................................................... 93 92 95 Optum Rx Quarterly Adjusted Scripts (in millions) ........................................................... 383 424 408 (a) Prior period amounts have been recast to reflect the realignment of Optum Financial. See page 13 for further discussion. Page 14 of 16UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows: Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share. Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations and adjusted operating margin exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts relate to the actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses aimed at advancing and scaling our operations, including our value-based care business at Optum Health. In the first quarter of 2026, these actions resulted in a net gain on the sales of businesses previously classified as held for sale as of December 31, 2025 and net incremental losses on other businesses held for sale, including our remaining South American operations. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin and adjusted revenues exclude restructuring and other items. In the first quarter of 2026, restructuring and other items included a contribution to the United Health Foundation ($400 million) funded by the cash gain on the disposition of an Optum Insight business. This was partially offset by the reduction of loss contract reserves established in the fourth quarter of 2025 ($137 million) and net valuation gains on equity securities ($59 million). These items are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Adjusted earnings per share for the projected year ended December 31, 2026 excludes the expected reduction of loss contracts reserves of $402 million in addition to the $137 million recognized in the first quarter of 2026. Page 15 of 16UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended March 31, Projected Year Ended December 31, 2026 2025 2026 Net earnings attributable to UnitedHealth Group common shareholders .......................................................................... $6,280 $6,292 > $15,800 Intangible amortization ............................................................................................................................................................... 334 417 ~1,325 Net portfolio divestitures and South American impacts (1) .................................................................................................. (158) — ~(60) Restructuring and other (2) ....................................................................................................................................................... 204 — ~(200) Tax effect of adjustments ........................................................................................................................................................... (82) (102) ~(255) Adjusted net earnings attributable to UnitedHealth Group common shareholders ................................................... $6,578 $6,607 > $16,610 Diluted earnings per share ........................................................................................................................................................ $6.90 $6.85 > $17.35 Intangible amortization per share ............................................................................................................................................. 0.37 0.46 ~1.45 Net portfolio divestitures and South American impacts per share ..................................................................................... (0.17) — ~(0.05) Restructuring and other per share ........................................................................................................................................... 0.22 — ~(0.20) Tax effect of adjustments per share ......................................................................................................................................... (0.09) (0.11) ~(0.30) Adjusted diluted earnings per share ................................................................................................................................. $7.23 $7.20 > $18.25 End Notes (1) Net portfolio divestitures and South American impacts for the three months ended March 31, 2026 includes net gains on dispositions and businesses held for sale and $72 million of incremental losses related to South American businesses held for sale. For the three months ended March 31, 2025, net gains on dispositions and South American impacts were not significant. (2) Restructuring and other for the three months ended March 31, 2026 includes net valuation gains on equity securities. For the three months ended March 31, 2025 net valuation gains were not significant. Page 16 of 16
21 Apr
8-K
Regulation FD Disclosure
9 Mar
S-3ASR
Automatic shelf registration statement (S-3)
2 Mar
8-K
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
2 Mar
10-K
FY 2025
ended 31 Dec 2025
2 Mar
8-K
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
25 Feb
8-K
Page 1 of 21 UnitedHealth Group Reports 2025 Results and Issues 2026 Outlook • Full Year 2025 Revenues of $447.6 Billion Grew 12% Year-Over-Year; Earnings of $13.23 Per Share; Adjusted Earnings of $16.35 Per Share • Full Year 2026 Revenue Outlook Greater Than $439.0 Billion; Earnings Outlook Greater Than $17.10 Per Share; Adjusted Earnings Greater Than $17.75 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2025/unh-reports-2025-results-and-issues-2026- outlook.pdf. (January 27, 2026) UnitedHealth Group (NYSE: UNH) today reported full year and fourth quarter 2025 results and issued its 2026 outlook. “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. Consolidated revenues for 2025 were $447.6 billion, representing 12% growth year-over-year. Earnings from operations were $19.0 billion and net margin was 2.7%, while cash flows from operations were $19.7 billion, or 1.5x net income. The 2026 outlook was set for more than $439.0 billion in revenues, with earnings from operations greater than $24.0 billion and an adjusted earnings outlook greater than $17.75 per share. 2025 Key Performance Metrics • UnitedHealthcare, which served 49.8 million consumers in 2025, grew revenues 16% to $344.9 billion. • Optum expanded revenues 7% to $270.6 billion and supported more than 123 million consumers across its businesses. • Full year and fourth quarter 2025 net earnings were $13.23 and $0.01 per share. • Full year and fourth quarter 2025 adjusted net earnings were $16.35 and $2.11 per share. • The reported medical care ratio of 89.1% included a 20 basis point negative impact from loss contracts included in the charge, resulting in an adjusted medical care ratio of 88.9%, or an increase of 340 basis points year-over-year. • The operating cost ratio of 13.3% included a negative 40 basis points impact from the one-time charge, resulting in an adjusted operating cost ratio of 12.9%, which was flat year-over-year. In the last six months of 2025, the company laid the foundation for more disciplined and transparent operations, stronger performance and sustained growth throughout 2026 and beyond. Key elements in the company’s mission-focused progress in the second half of 2025 have included: • Re-focusing on key markets, products and geographies. • Aligning pricing discipline to account for higher medical trends and the impact of health care policy changes. • Re-baselining operations at Optum, including new leaders who have refocused and strengthened the commitment to integrated value-based care.Page 2 of 21 The company has taken steps to enhance its transparency, including releasing the results of its first independent reviews of business practices, with additional reviews and actions under way. The company completed wide-ranging actions that were included in a fourth quarter charge of $1.6 billion net of taxes, or $1.78 per share. The impacts were largely non-cash and were excluded from adjusted earnings and adjusted earnings per share. The charge consisted of the following: ($ in millions, except per share data) Impact to 2025 Net Earnings Final Cyberattack Costs $(799) Net Portfolio Divestitures $442 Restructuring and Other $(2,521) Total Impact to Earnings before Income Taxes $(2,878) Income Taxes $1,256 Total Impact to Net Earnings $(1,622) Impact to Diluted Earnings per Share $1.78Page 3 of 21 UnitedHealth Group 2025 Results Quarterly and Annual Financial Performance Three Months Ended Year Ended December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Revenues $113.2 billion $100.8 billion $113.2 billion $447.6 billion $400.3 billion Earnings from Operations $0.4 billion $7.8 billion $4.3 billion $19.0 billion $32.3 billion Adjusted Earnings from Operations $3.1 billion $8.3 billion $4.3 billion $21.7 billion $34.4 billion Net Margin - 5.5% 2.1% 2.7% 3.6% • UnitedHealth Group’s full year 2025 revenues grew $47.3 billion, or 12% year-over-year, to $447.6 billion. • Full year 2025 earnings from operations of $19.0 billion included the impact of a $2.8 billion charge. This charge reflected the final direct costs associated with cyberattack-related activities, divestitures and business exits, and broader restructuring and other actions including loss contract assessments, real estate rationalization and workforce reductions. The impacts were excluded from adjusted earnings from operations of $21.7 billion. • The full year 2025 adjusted medical care ratio was 88.9% compared to 85.5% in 2024. The year-over-year increase reflects previously disclosed factors, CMS’s Medicare funding reductions and changes from the Inflation Reduction Act combined with accelerating medical cost trends. Medical reserve development was $140 million favorable for full year 2025. • Days claims payable were 44.1 compared to 46.2 in third quarter 2025 and 47.0 at year end 2024. The decline reflected expected impacts from the Inflation Reduction Act on the Part D program of approximately four days year-over-year and the sequential decline was driven by claims payment timing. Days sales outstanding of 18.8 compared to 18.6 in third quarter 2025 and 20.7 in the year ago quarter. • The full year 2025 adjusted operating cost ratio of 12.9% compared to 12.9% in 2024, reflecting operating efficiencies and investments to drive future growth. • Cash flows from operations for the full year were $19.7 billion, or 1.5 times net income, and were higher than anticipated, largely due to the timing of cash flows, including payments received in 2025 that were expected in 2026. • Debt-to-capital ratio was 43.9% as of December 31, 2025, compared to 44.1% in the third quarter 2025 and 43.9% at year end 2024. The company continues to target a long-term debt-to-capital ratio of 40.0% and expects to reach that level in 2026.Page 4 of 21 UnitedHealthcare 2025 Results UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care. Quarterly and Annual Financial Performance Three Months Ended Year Ended December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Revenues $87.1 billion $74.1 billion $87.1 billion $344.9 billion $298.2 billion Earnings from Operations $0.3 billion $3.0 billion $1.8 billion $9.4 billion $15.6 billion Adjusted Earnings from Operations $0.5 billion $3.0 billion $1.8 billion $9.6 billion $16.2 billion Operating Margin 0.4% 4.0% 2.1% 2.7% 5.2% UnitedHealthcare • UnitedHealthcare full year 2025 revenues of $344.9 billion increased $46.7 billion or 16% year-over-year. UnitedHealthcare served 49.8 million people in 2025, an increase of 415,000 year-over-year. • UnitedHealthcare’s full year 2025 earnings from operations were $9.4 billion compared to $15.6 billion in 2024. Operating margin of 2.7% compared to 5.2% in 2024, primarily due to the effects of the Biden-era Medicare funding reductions and Inflation Reduction Act impacts combined with elevated medical cost trends. UnitedHealthcare Employer & Individual • UnitedHealthcare Employer & Individual full year 2025 revenues were $79.2 billion compared to $78.2 billion in 2024. • The number of people served decreased by 80,000 year-over-year, with growth in employer self-funded offerings more than offset by attrition in both group fully-insured and individual products. UnitedHealthcare Medicare & Retirement • UnitedHealthcare Medicare & Retirement full year 2025 revenues of $171.3 billion grew $31.8 billion, or 23%, year-over- year due to growth in the number of people served and the effects of the Inflation Reduction Act Part D impacts. • Total growth for people served through Medicare Advantage, including programs serving complex populations included in Medicaid, was 755,000 in 2025. UnitedHealthcare Community & State • UnitedHealthcare Community & State full year 2025 revenues of $94.4 billion grew 17% year-over-year, driven by growth in serving people with complex needs and Medicaid rate increases. • People served contracted by 55,000 in 2025 largely due to the early impact of state eligibility changes.Page 5 of 21 Optum 2025 Results The Optum businesses serve the health care ecosystem, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience. Quarterly and Annual Financial Performance Three Months Ended Year Ended December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Revenues $70.3 billion $65.1 billion $69.2 billion $270.6 billion $253.0 billion Earnings from Operations $0.1 billion $4.8 billion $2.5 billion $9.5 billion $16.7 billion Adjusted Earnings from Operations $2.7 billion $5.2 billion $2.5 billion $12.1 billion $18.2 billion Operating Margin 0.1% 7.4% 3.6% 3.5% 6.6% Optum Health • Optum Health’s full year 2025 revenues of $102.0 billion were down 3% year-over-year. • Full year 2025 earnings from operations were $(278) million compared to $7.8 billion in 2024. Adjusted earnings from operations were $2.3 billion in 2025 compared to $7.9 billion in 2024. The year-over-year decline was driven by continued reimbursement pressure due to Medicare funding reductions and elevated medical cost trends. Optum Insight • Optum Insight’s full year 2025 revenues of $19.4 billion were up 4%, or $660 million, year-over-year. • Full year 2025 earnings from operations were $2.6 billion compared to $3.1 billion in 2024. Adjusted earnings from operations in 2025 were $3.7 billion and $4.4 billion a year ago. The 2025 results were impacted by costs related to new product launches and continued investments to support future growth. Optum Rx • Optum Rx’s full year 2025 revenues of $154.7 billion increased 16% year-over-year driven by growth in pharmacy services and volume growth from new and existing clients. • Earnings from operations for full year 2025 were $7.2 billion compared to $5.8 billion in 2024. Adjusted earnings from operations in 2025 were $6.1 billion compared to $5.8 billion a year ago. The increase year-over-year was primarily due to growth in both script volume and pharmacy services, as well as operating efficiencies. Adjusted scripts grew to 1.66 billion, up from 1.62 billion last year.Page 6 of 21 2026 Guidance • Full Year 2026 Revenue Outlook Greater Than $439.0 Billion • Earnings from Operations Greater Than $24.0 Billion; Operating Margin of 5.5% • Earnings Outlook Greater Than $17.10 Per Share; Adjusted Earnings Greater Than $17.75 Per Share • Cash Flows from Operations Expected to be Greater Than $18.0 Billion UnitedHealth Group’s 2026 outlook is rooted in extensive actions it has taken in the past six months, including renewed operating disciplines and deeper commitment to its mission of helping people live healthier lives and helping the health system work better for everybody. “UnitedHealth Group’s 2026 outlook reflects a business delivering durable performance improvement and margin expansion through greater operating discipline and precise execution,” said Wayne DeVeydt, chief financial officer of UnitedHealth Group. The outlook reflects margin stability and growth across all four operating segments as the company continues to execute its long-term strategy. Among the expectations: • 2026 revenues are projected to exceed $439.0 billion, a 2% year-over-year decline reflecting planned right-sizing across the enterprise. • Earnings from operations greater than $24.0 billion and a net margin of ~3.6%, improving from 2025 net margin of 2.7%. • Consolidated medical care ratio is expected to be 88.8% +/- 50 basis points, improving 30 basis points from the 2025 medical care ratio of 89.1% and reflective of repricing efforts across the enterprise. • Operating cost ratio is expected to be 12.8% +/- 50 basis points, reflecting a 10 basis point improvement from the 2025 adjusted operating cost ratio, supported by disciplined cost management and benefits from ongoing productivity initiatives. • Adjusted earnings per share expected to be greater than $17.75. The company will continue to embrace new technologies and artificial intelligence to help make high-quality care easier to find, simpler to navigate, and most importantly, more accessible and affordable. ($ in millions, except per share data) Revenue Operating Earnings UnitedHealthcare > $335,000 > $10,800 Optum > $257,500 > $13,200 (a) Eliminations ~($153,500) - Total UnitedHealth Group > $439,000 > $24,000 Diluted Adjusted (b) Net Earnings per Share > $17.10 > $17.75 (a) Optum Earnings includes $623 million of operating earnings in Optum Health related to the amortization of loss contracts recognized in 2025. (b) Refer to page 18 of this release for a reconciliation of the non-GAAP measure.Page 7 of 21 2026 Key Performance Expectations • UnitedHealthcare revenues of more than $335.0 billion reflect fewer consumers served, with membership expected to range between 46.9 million to 47.5 million. • Optum revenues of more than $257.5 billion reflect the corresponding membership attrition in Optum Rx and the strategic right-sizing of Optum Health. • UnitedHealthcare earnings from operations of greater than $10.8 billion reflect a ~3.2% margin, or ~40 basis points of margin improvement compared to 2025 adjusted earnings margin of 2.8%. • Optum earnings from operations are expected to be greater than $13.2 billion, or a margin of ~5.1% compared to 2025 margin of 3.5%. Excluding the impact of loss contracts in Optum Health, Optum’s 2026 adjusted operating earnings margin is ~4.9%, or an increase of ~40 basis points year-over-year. Data Elements 2026 Outlook ($ and weighted-average shares in millions; except per share data) Revenue UnitedHealthcare > $335,000 Optum > $257,500 Eliminations ~$(153,500) UnitedHealth Group > $439,000 Operating Earnings UnitedHealthcare > $10,800 Optum > $13,200 UnitedHealth Group > $24,000 Investment and Other Income ~$3,900 Interest Expense ~$3,700 Depreciation and Amortization ~$4,400 Net Earnings to UNH Shareholders > $15,600 Diluted Weighted-Average Shares 910 – 915 Diluted Net Earnings per Share to UNH Shareholders > $17.10 Adjusted Earnings per Share (1) > $17.75 Medical Care Ratio 88.8% ± 50 bps Operating Cost Ratio 12.8% ± 50 bps Operating Margin ~5.5% Tax Rate ~19.25% Cash Flows from Operations > $18,000 Dividends Paid (at current rate) ~$8,000 Share Repurchase ~$2,500 Capital Expenditures ~$3,800 (1) Refer to page 18 of this release for a reconciliation of non-GAAP measures.Page 8 of 21 UnitedHealthcare 2026 Outlook ($ in millions) Revenues: Employer & Individual > $75,000 Medicare & Retirement > $165,000 Community & State > $95,000 Total UnitedHealthcare Revenue > $335,000 Operating Earnings > $10,800 Operating Margin ~3.2% People Served (in thousands) Growth (Contraction) in People Served Total People Served Commercial Risk (1,400) – (1,300) 6,765 – 6,865 Commercial Fee 550 – 750 22,035 – 22,235 Total Commercial (850) – (550) 28,800 – 29,100 Medicare Advantage (1,200) – (1,150) (1) 7,245 – 7,295 Standardized Medicare Supplement (50) – 0 4,235 – 4,285 Medicaid (715) – (565) 6,665 – 6,815 Total Medical (2,815) – (2,265) 46,945 – 47,495 Stand-Alone Part D Prescription Drug Plans (200) – (100) 2,570 – 2,670 (1) Total 2026 contraction for people served through Medicare Advantage, including programs serving complex populations included in Medicaid, is expected to be (1,400,000) to (1,300,000), consistent with historical presentation.Page 9 of 21 Optum 2026 Outlook ($ in millions) Revenues Operating Earnings Operating Margin Optum Health (1) > $91,000 > $2,200 ~2.4% Optum Insight > $21,000 > $4,750 ~22.6% Optum Rx > $150,500 > $6,250 ~4.2% Eliminations ~$(5,000) Total Optum > $257,500 > $13,200 ~5.1% Growth Metrics Optum Health Consumers Served ~84 million Optum Health Fully Accountable Patients ~4.1 million Optum Rx Adjusted Scripts > 1.52 billion Below outlines the 2025 Reported and Adjusted Earnings from Operations, as well as the recast earnings for the reclassification of Optum Financial Services from Optum Health into Optum Insight. 2026 Earnings Guidance assumes Optum Financial Services is classified in Optum Insight and removed from Optum Health guidance. Optum 2025 and 2026 Reported to Adjusted Recast Earnings Bridge ($ in millions) Optum Health Optum Insight Optum Rx Total Optum 2025 Reported Earnings from Operations $(278) $2,624 $7,193 $9,539 Direct Response Costs – Cyberattack - $799 - $799 Net Portfolio Divestitures, Restructuring and Other $1,941 $304 $(1,068) $1,177 Provision for Third Party Loss Contracts $623 - - $623 2025 Adjusted Earnings from Operations $2,286 $3,727 $6,125 $12,138 Optum Financial Services Reclassification (2) $(837) $837 - - 2025 Adjusted Recast Earnings from Operations $1,449 $4,564 $6,125 $12,138 2025 Adjusted Recast Earnings Margin 1.4% 21.7% 4.0% 4.5% 2026 Reported Operating Earnings Guidance > $2,200 (1) > $4,750 > $6,250 > $13,200 Amortization of Third Party Loss Contracts $(623) - - $(623) 2026 Adjusted Operating Earnings > $1,577 > $4,750 > $6,250 > $12,577 2026 Adjusted Operating Earnings Margin ~1.7% ~22.6% ~4.2% ~4.9% (1) Optum Health includes $623 million of 2026 operating earnings related to the amortization of loss contracts associated with 2025 restructuring and other activities, which will be excluded from adjusted operating earnings and adjusted earnings per share. (2) The reclassification of Optum Financial Services from Optum Health into Optum Insight represented $1,906 million in revenue in 2025, inclusive of $289 million of intersegment Optum eliminations.Page 10 of 21 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through February 10, 2026. This earnings release and the Form 8-K dated January 27, 2026, can also be accessed from the Investor Relations page of the company’s website. Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock. This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward- looking statements, except as required by law. Investors: Media:
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GROUP Earnings Release Schedules and Supplementary Information Year Ended December 31, 2025 • Condensed Consolidated Statements of Operations • Condensed Consolidated Balance Sheets • Condensed Consolidated Statements of Cash Flows • Revenues by Business - Supplemental Financial Information • Earnings by Business - Supplemental Financial Information • People Served and Performance Metrics - Supplemental Financial Information • Reconciliation of Non-GAAP Financial Measures Page 11 of 21UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Premiums........................................................................................................................... $88,811 $76,483 $352,229 $308,810 Products ............................................................................................................................. 13,484 13,475 53,380 50,226 Services ............................................................................................................................. 10,273 9,298 38,038 36,040 Investment and other income ......................................................................................... 647 1,551 3,920 5,202 Total revenues ............................................................................................................. 113,215 100,807 447,567 400,278 Operating costs Medical costs .................................................................................................................... 82,041 67,035 313,995 264,185 Operating costs................................................................................................................. 16,997 12,494 59,592 53,013 Cost of products sold ....................................................................................................... 12,680 12,464 50,655 46,694 Depreciation and amortization ....................................................................................... 1,117 1,041 4,361 4,099 Total operating costs .................................................................................................. 112,835 93,034 428,603 367,991 Earnings from operations ............................................................................................ 380 7,773 18,964 32,287 Interest expense ............................................................................................................... (974) (1,003) (4,002) (3,906) (Loss) gain on sale of subsidiary and subsidiaries held for sale .............................. (126) 21 (265) (8,310) Earnings before income taxes .................................................................................... (720) 6,791 14,697 20,071 Provision for income taxes .............................................................................................. 938 (1,007) (1,890) (4,829) Net earnings ................................................................................................................... 218 5,784 12,807 15,242 Earnings attributable to noncontrolling interests ......................................................... (208) (241) (751) (837) Net earnings attributable to UnitedHealth Group common shareholders ...... $10 $5,543 $12,056 $14,405 Diluted earnings per share attributable to UnitedHealth Group common shareholders ........................................................................................................... $0.01 $5.98 $13.23 $15.51 Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a) ...................................................................................................... $2.11 $6.81 $16.35 $27.66 Diluted weighted-average common shares outstanding ............................................ 910 927 911 929 (a) See page 18 for a reconciliation of non-GAAP measures. Page 12 of 21UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) December 31, 2025 December 31, 2024 Assets Cash and short-term investments ..................................................................................................................................................... $28,121 $29,113 Accounts receivable, net .................................................................................................................................................................... 23,018 22,365 Other current assets ............................................................................................................................................................................ 39,443 34,301 Total current assets ................................................................................................................................................................... 90,582 85,779 Long-term investments ....................................................................................................................................................................... 54,251 52,354 Other long-term assets ....................................................................................................................................................................... 164,748 160,145 Total assets .................................................................................................................................................................................... $309,581 $298,278 Liabilities, redeemable noncontrolling interests and equity Medical costs payable ......................................................................................................................................................................... $39,337 $34,224 Short-term borrowings and current maturities of long-term debt ................................................................................................. 6,069 4,545 Other current liabilities ........................................................................................................................................................................ 69,491 65,000 Total current liabilities ............................................................................................................................................................... 114,897 103,769 Long-term debt, less current maturities ............................................................................................................................................ 72,320 72,359 Other long-term liabilities .................................................................................................................................................................... 20,666 19,559 Redeemable noncontrolling interests ............................................................................................................................................... 1,608 4,323 Equity ..................................................................................................................................................................................................... 100,090 98,268 Total liabilities, redeemable noncontrolling interests and equity ........................................................................................... $309,581 $298,278 Page 13 of 21UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Year Ended December 31, 2025 2024 Operating Activities Net earnings ......................................................................................................................................................................................... $12,807 $15,242 Noncash items: Depreciation and amortization ....................................................................................................................................................... 4,361 4,099 Deferred income taxes and other .................................................................................................................................................. (989) (3,657) Share-based compensation ........................................................................................................................................................... 971 1,018 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 265 8,310 Net changes in operating assets and liabilities ............................................................................................................................... 2,282 (808) Cash flows from operating activities .......................................................................................................................................... 19,697 24,204 Investing Activities Sales and maturities of investments, net of purchases ................................................................................................................. 361 525 Purchases of property, equipment and capitalized software ........................................................................................................ (3,622) (3,499) Cash paid for acquisitions and other transactions, net .................................................................................................................. (4,509) (13,408) Loans to care providers - cyberattack .............................................................................................................................................. — (9,033) Repayment of care provider loans - cyberattack ............................................................................................................................ 1,680 4,514 Other, net .............................................................................................................................................................................................. (2,595) 374 Cash flows used for investing activities .................................................................................................................................... (8,685) (20,527) Financing Activities Common share repurchases .............................................................................................................................................................. (5,545) (9,000) Dividends paid ...................................................................................................................................................................................... (7,916) (7,533) Net change in short-term borrowings and long-term debt ............................................................................................................. 726 14,660 Other, net .............................................................................................................................................................................................. 1,091 (1,639) Cash flows used for financing activities .................................................................................................................................... (11,644) (3,512) Effect of exchange rate changes on cash and cash equivalents ................................................................................................. 40 (61) (Decrease) increase in cash and cash equivalents, including cash within businesses held for sale ..................................... (592) 104 Less: cash within businesses held for sale ...................................................................................................................................... (355) (219) Net decrease in cash and cash equivalents .................................................................................................................................... (947) (115) Cash and cash equivalents, beginning of period ............................................................................................................................ 25,312 25,427 Cash and cash equivalents, end of period ...................................................................................................................................... $24,365 $25,312 Page 14 of 21UNITEDHEALTH GROUP REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited) Optum UnitedHealth Group Consolidated (a)UnitedHealthcare Optum Health Optum Insight Optum Rx Total Optum (a) Three Months Ended December 31, 2025 Total revenues .................................................................................. $87,113 $25,543 $5,044 $41,456 $70,333 $113,215 Restructuring and other (2) ............................................................ — 473 26 20 519 519 Adjusted revenues (b) ............................................................... $87,113 $26,016 $5,070 $41,476 $70,852 $113,734 Three Months Ended December 31, 2024 Total revenues .................................................................................. $74,132 $25,660 $4,781 $35,774 $65,101 $100,807 Year Ended December 31, 2025 Total revenues .................................................................................. $344,903 $101,957 $19,417 $154,726 $270,620 $447,567 Restructuring and other (2) ............................................................ — 473 26 20 519 519 Adjusted revenues (b) ............................................................... $344,903 $102,430 $19,443 $154,746 $271,139 $448,086 Year Ended December 31, 2024 Total revenues .................................................................................. $298,208 $105,358 $18,757 $133,231 $252,957 $400,278 Net portfolio divestitures and South American impacts ............. 220 — — — — 220 Adjusted revenues (b) ............................................................... $298,428 $105,358 $18,757 $133,231 $252,957 $400,498 UnitedHealthcare Revenues (in millions; unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 UnitedHealthcare Employer & Individual - Domestic ............................................................................ $18,875 $19,019 $75,940 $74,489 UnitedHealthcare Employer & Individual - Global ................................................................................. 861 775 3,288 3,667 UnitedHealthcare Employer & Individual - Total ............................................................................ 19,736 19,794 79,228 78,156 UnitedHealthcare Medicare & Retirement .............................................................................................. 43,601 34,188 171,285 139,482 UnitedHealthcare Community & State .................................................................................................... 23,776 20,150 94,390 80,570 Total UnitedHealthcare revenues ..................................................................................................... $87,113 $74,132 $344,903 $298,208 (a) Optum and consolidated revenues for the three months ended December 31, 2025 and 2024 include Optum eliminations of $1,710 and $1,114; and corporate eliminations of $44,231 and $38,426, respectively. Optum and consolidated revenues for the year ended December 31, 2025 and 2024 include Optum eliminations of $5,480 and $4,389; and corporate eliminations of $167,956 and $150,887, respectively. (b) See page 18 for description of non-GAAP measures. Note: See end notes for further information regarding non-GAAP adjustments. Page 15 of 21UNITEDHEALTH GROUP EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited) Optum UnitedHealth Group ConsolidatedUnitedHealthcare Optum Health Optum Insight Optum Rx Total Optum Three Months Ended December 31, 2025 Earnings (loss) from operations ........................................................... $319 ($2,783) ($41) $2,885 $61 $380 Direct response costs - cyberattack .................................................... — — 799 — 799 799 Net portfolio divestitures and South American impacts (1) ............. — 821 68 (1,457) (568) (568) Restructuring and other (2) .................................................................. 153 1,743 236 389 2,368 2,521 Adjusted earnings from operations (a) ....................................... $472 ($219) $1,062 $1,817 $2,660 $3,132 Operating margin ................................................................................... 0.4 % (10.9) % (0.8) % 7.0 % 0.1 % 0.3 % Adjusted operating margin (a) .............................................................. 0.5 % (0.8) % 20.9 % 4.4 % 3.8 % 2.8 % Three Months Ended December 31, 2024 Earnings from operations ...................................................................... $2,973 $1,791 $1,270 $1,739 $4,800 $7,773 Direct response costs - cyberattack .................................................... 9 — 420 — 420 429 Net portfolio divestitures and South American impacts (1) ............. 55 — — — — 55 Adjusted earnings from operations (a) ....................................... $3,037 $1,791 $1,690 $1,739 $5,220 $8,257 Operating margin ................................................................................... 4.0 % 7.0 % 26.6 % 4.9 % 7.4 % 7.7 % Adjusted operating margin (a) .............................................................. 4.1 % 7.0 % 35.3 % 4.9 % 8.0 % 8.2 % Year Ended December 31, 2025 Earnings (loss) from operations ........................................................... $9,425 ($278) $2,624 $7,193 $9,539 $18,964 Direct response costs - cyberattack .................................................... — — 799 — 799 799 Net portfolio divestitures and South American impacts (1) ............. — 821 68 (1,457) (568) (568) Restructuring and other (2) .................................................................. 153 1,743 236 389 2,368 2,521 Adjusted earnings from operations (a) ....................................... $9,578 $2,286 $3,727 $6,125 $12,138 $21,716 Operating margin ................................................................................... 2.7 % (0.3) % 13.5 % 4.6 % 3.5 % 4.2 % Adjusted operating margin (a) .............................................................. 2.8 % 2.2 % 19.2 % 4.0 % 4.5 % 4.8 % Year Ended December 31, 2024 Earnings from operations ...................................................................... $15,584 $7,770 $3,097 $5,836 $16,703 $32,287 Direct response costs - cyberattack ................................................... 494 160 1,296 — 1,456 1,950 Net portfolio divestitures and South American impacts (1) ............. 170 — — — — 170 Adjusted earnings from operations (a) ....................................... $16,248 $7,930 $4,393 $5,836 $18,159 $34,407 Operating margin ................................................................................... 5.2 % 7.4 % 16.5 % 4.4 % 6.6 % 8.1 % Adjusted operating margin (a) .............................................................. 5.4 % 7.5 % 23.4 % 4.4 % 7.2 % 8.6 % (a) See page 18 for description of non-GAAP measures. Note: See end notes for further information regarding non-GAAP adjustments. Page 16 of 21UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served December 31, 2025 September 30, 2025 December 31, 2024 Commercial: Risk-based ......................................................................................................................... 8,165 8,440 8,845 Fee-based .......................................................................................................................... 21,485 21,490 20,885 Total Commercial ........................................................................................................... 29,650 29,930 29,730 Medicare Advantage ............................................................................................................ 8,445 8,435 7,845 Medicaid ................................................................................................................................ 7,380 7,460 7,435 Medicare Supplement (Standardized) .............................................................................. 4,285 4,300 4,335 Total Community and Senior ...................................................................................... 20,110 20,195 19,615 Total UnitedHealthcare - Medical ............................................................................... 49,760 50,125 49,345 Supplemental Data Medicare Part D stand-alone .......................................................................................... 2,770 2,795 3,050 South American businesses held for sale ..................................................................... 1,160 1,160 1,330 Optum Performance Metrics December 31, 2025 September 30, 2025 December 31, 2024 Optum Health Consumers Served (in millions) ................................................................. 95 96 100 Optum Insight Contract Backlog (in billions) ..................................................................... $31.1 $32.1 $32.8 Optum Rx Quarterly Adjusted Scripts (in millions) ........................................................... 424 414 422 Page 17 of 21UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted revenues, adjusted net margin, adjusted medical care ratio and adjusted operating cost ratio are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows: Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure. As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share. Direct Response Costs - Cyberattack: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted net margin and adjusted operating cost ratio exclude cyberattack direct response costs. Management believes the exclusion of costs incurred to investigate and remediate the attack, other direct and incremental costs incurred as a result of the cyberattack and incremental costs for accommodations to support care providers presents a more useful comparison of the Company’s underlying business performance and trends from period to period. In the fourth quarter of 2025, the Company increased its reserves for net collection expectations associated with provider loans and other customer balances. Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted revenues, adjusted net margin and adjusted operating cost ratio exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts includes actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses to operationally advance and scale our core businesses and initiatives, including our value-based care business at Optum Health. These actions primarily include losses on business exits and dispositions, including our remaining South American operations and other businesses held for sale, and a gain on the deconsolidation of a business. Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. For the three months and year ended December 31, 2024, net portfolio divestitures and South American impacts includes the amounts previously reported as South American impacts. Adjusted net earnings per share and adjusted net margin exclude the loss on the sale of our Brazilian operations completed on February 6, 2024, the loss on our remaining South American operations classified as held for sale and certain other non-recurring matters impacting our South American operations. Adjusted earnings from operations, adjusted operating margin, adjusted revenues and adjusted operating cost ratio exclude the effects of certain non-recurring matters impacting our South American operations. These matters are not representative of the Company’s underlying business performance and therefore management believes the exclusion presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted revenues, adjusted net margin, adjusted medical care ratio and adjusted operating cost ratio exclude restructuring and other items. Restructuring and other includes real estate rationalization and workforce reductions ($746 million), the establishment of a loss contract reserve related to third party contractual relationships within the Optum portfolio that are structurally unprofitable and that we could not exit for 2026 ($623 million), contract reassessments ($573 million), net valuation losses on equity securities ($329 million) and the advance funding of the United Health Foundation ($250 million). As the restructuring initiative is more broad in scope and scale than on-going cost management activities and as the other items are not representative of the Company's underlying business, management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Adjusted earnings per share for the projected year ended December 31, 2026 excludes the amortization of loss contracts of $623 million. Page 18 of 21UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended December 31, Year Ended December 31, Projected Year Ended December 31, 2025 2024 2025 2024 2026 Net earnings attributable to UnitedHealth Group common shareholders ........................... $10 $5,543 $12,056 $14,405 > $15,600 Intangible amortization ................................................................................................................ 386 423 1,613 1,665 ~1,325 Direct response costs - cyberattack ......................................................................................... 799 513 799 2,223 — Net portfolio divestitures and South American impacts (1) ................................................... (442) 24 (442) 8,459 ~68 Restructuring and other (2) ........................................................................................................ 2,521 — 2,521 — ~(623) Tax effect of adjustments ............................................................................................................ (1,350) (192) (1,650) (1,053) ~(190) Adjusted net earnings attributable to UnitedHealth Group common shareholders .... $1,924 $6,311 $14,897 $25,699 > $16,180 Diluted earnings per share ......................................................................................................... $0.01 $5.98 $13.23 $15.51 > $17.10 Intangible amortization per share .............................................................................................. 0.42 0.46 1.77 1.79 ~1.45 Direct response costs - cyberattack per share ....................................................................... 0.88 0.55 0.88 2.39 — Net portfolio divestitures and South American impacts per share ...................................... (0.49) 0.03 (0.49) 9.11 ~0.05 Restructuring and other per share ............................................................................................ 2.77 — 2.77 — ~(0.65) Tax effect of adjustments per share .......................................................................................... (1.48) (0.21) (1.81) (1.14) ~(0.20) Adjusted diluted earnings per share .................................................................................. $2.11 $6.81 $16.35 $27.66 > $17.75 Note: See end notes for further information regarding non-GAAP adjustments. Page 19 of 21Adjusted Net Margin Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Consolidated revenues ............................................................................................................................................ $113,215 $100,807 $447,567 $400,278 Net portfolio divestitures and South American impacts ...................................................................................... — — — 220 Restructuring and other (2) ...................................................................................................................................... 519 — 519 — Adjusted consolidated revenues ..................................................................................................................... $113,734 $100,807 $448,086 $400,498 Net earnings attributable to UnitedHealth Group common shareholders ........................................................ $10 $5,543 $12,056 $14,405 Direct response costs - cyberattack ....................................................................................................................... 799 513 799 2,223 Net portfolio divestitures and South American impacts (1) ................................................................................ (442) 24 (442) 8,459 Restructuring and other (2) ...................................................................................................................................... 2,521 — 2,521 — Tax effect of adjustments ......................................................................................................................................... (1,256) (89) (1,256) (645) Adjusted net earnings attributable to UnitedHealth Group common shareholders for direct response costs, net portfolio divestitures and South American impacts and restructuring and other .............................................................................................................................................................. $1,632 $5,991 $13,678 $24,442 Net margin attributable to UnitedHealth Group common shareholders ........................................................... — % 5.5 % 2.7 % 3.6 % Adjusted net margin attributable to UnitedHealth Group common shareholders for direct response costs, net portfolio divestitures and South American impacts and restructuring and other ................... 1.4 % 5.9 % 3.1 % 6.1 % Adjusted Medical Care Ratio Three Months Ended December 31, 2025 Year Ended December 31, 2025 Premium revenues ..................................................................................................................................................... $88,811 $352,229 Restructuring and other ............................................................................................................................................. 122 122 Adjusted premium revenues ..................................................................................................................................... $88,933 $352,351 Medical costs .............................................................................................................................................................. $82,041 $313,995 Restructuring and other ............................................................................................................................................. (623) (623) Adjusted medical costs ......................................................................................................................................... $81,418 $313,372 Medical care ratio ....................................................................................................................................................... 92.4 % 89.1 % Adjusted medical care ratio ...................................................................................................................................... 91.5 % 88.9 % Note: See end notes for further information regarding non-GAAP adjustments. Page 20 of 21Adjusted Operating Cost Ratio Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Consolidated revenues ............................................................................................................................... $113,215 $100,807 $447,567 $400,278 Net portfolio divestitures and South American impacts ......................................................................... — — — 220 Restructuring and other (2) ........................................................................................................................ 519 — 519 — Adjusted consolidated revenues ........................................................................................................... $113,734 $100,807 $448,086 $400,498 Operating costs ............................................................................................................................................ $16,997 $12,494 $59,592 $53,013 Direct response costs - cyberattack .......................................................................................................... (799) (420) (799) (1,315) Net portfolio divestitures and South American impacts (1) ................................................................... 568 (55) 568 50 Restructuring and other (2) ........................................................................................................................ (1,380) — (1,380) — Adjusted operating costs ........................................................................................................................ $15,386 $12,019 $57,981 $51,748 Operating cost ratio ..................................................................................................................................... 15.0 % 12.4 % 13.3 % 13.2 % Adjusted operating cost ratio ..................................................................................................................... 13.5 % 11.9 % 12.9 % 12.9 % Note: See end notes for further information regarding non-GAAP adjustments. End Notes (1) Net portfolio divestitures and South American impacts for the three months and year ended December 31, 2025 include net gains on dispositions and businesses held for sale and $126 million of South American impacts. Net disposition gains for the three months ended December 31, 2024 were $2.5 billion, with $1.1 billion, $0.6 billion and $0.8 billion related to UnitedHealthcare, Optum Health and Optum Insight, respectively, and had tax impacts of $347 million. Net disposition gains for the year ended December 31, 2024 were $3.3 billion, with $1.1 billion, $1.4 billion and $0.8 billion at UnitedHealthcare, Optum Health and Optum Insight, respectively, and had tax impacts of $395 million. For the nine months ended September 30, 2025, net disposition gains were not significant. Adjusted amounts for the current year exclude significant gains and losses on dispositions and businesses held for sale, in the aggregate, and significant amounts will be excluded in future periods. (2) Other actions for the three months and year ended December 31, 2025 include net valuation losses on equity securities. Net valuation gains on equity securities for the three months and year ended December 31, 2024 were $401 million and $589 million, with tax effects of $117 million and $171 million, respectively. For the nine months ended September 30, 2025 net valuation gains were not significant. Adjusted amounts for the current year exclude significant valuation gains and losses on equity securities, in the aggregate, and significant amounts will be excluded in future periods. Page 21 of 21
27 Jan
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12 Jan
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
21 Nov 2025
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Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
13 Nov 2025
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