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Health Care · NYSE: UNH

UnitedHealth: how the business works

UnitedHealth Group runs the UnitedHealthcare health insurer and the Optum care, data and drug-benefit businesses, with revenue of $447.6 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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UnitedHealth Group Incorporated · Eden Prairie, Minnesota

Updated for Q3 FY2026 · checked

Revenue, FY2025
$447.6B
Earnings from operations, FY2025
$19.0B
Net earnings, FY2025
$12.1B
People with UnitedHealthcare medical coverage, Sep 30, 2026
48.3 million
Employees, Dec 31, 2025
More than 390,000

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

UnitedHealth in 5 points

  1. 1 · What it sells

    UnitedHealth Group sells health coverage through UnitedHealthcare, which covered 48.3 million people at Sep 30, 2026, and care, data and drug-benefit services through Optum, with revenue of $447.6 billion in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, UnitedHealthcare's Medicare & Retirement plans brought in 38.3% of revenue, Optum's outside customers 22.5%, Community & State (Medicaid) 21.1%, Employer & Individual 17.7%, and Optum's investment income 0.4%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, UnitedHealth kept $2.69 as net earnings after one-off Q4 charges including $2.5 billion of restructuring and other costs, while earnings from operations were $4.24 per $100 as reported and $4.85 on its adjusted measure.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    FY2025 earnings from operations were $9.4 billion at UnitedHealthcare, $7.2 billion at Optum Rx and $2.6 billion at Optum Insight, while Optum Health lost $278 million after $1.7 billion of restructuring and other charges.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    The medical care ratio was 88.4% in Q3 FY2026, against 89.9% a year earlier, and it included $610 million of favorable reserve development.

    More: the one thing to watch

Sources: From UnitedHealth's FY2025 10-K, its Q3 FY2026 10-Q and its Q4 FY2025 and Q3 FY2026 earnings releases · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of UnitedHealth's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

UnitedHealth · FY2025

Receipt for every $100

Where $100 of UnitedHealth's money went in FY2025
Medical costs (care paid for members)$70.2
Operating costs$13.3
Cost of products sold (mostly Optum Rx drugs)$11.3
Depreciation and amortization$1.0
Interest and loss on selling subsidiaries$0.9
Income tax$0.4
Noncontrolling holders' share$0.2
Kept as net earnings$2.7
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K: each line ÷ revenue of $447.6 billion × 100. Net earnings of $2.69 per $100 include Q4 FY2025 charges: $2.5 billion of restructuring and other costs and a $799 million reserve on cyberattack loans, partly offset by a $568 million net portfolio gain. Earnings from operations were $4.24 per $100 as reported, and $4.85 on the company's adjusted measure (Cityfort calculation from the FY2025 10-K and the Q4 FY2025 earnings release).

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does UnitedHealth do?

Employers, people, states and the federal government pay UnitedHealth premiums and fees for health coverage, care and drug benefits; most of that goes on members' medical bills, and $2.69 of every $100 that came in during FY2025 was left as net earnings.

  • UnitedHealth Group has two businesses: UnitedHealthcare (health insurance) and Optum (doctors and care, health data and technology, and pharmacy benefits).
  • Premiums from CMS, the federal agency that runs Medicare and Medicaid, were 44% of FY2025 revenue.
Next: Who pays it

03Who pays it

Who pays UnitedHealth?

  • Medicare & Retirement members and CMS

    38%

    of revenue

    Premiums and fees for UnitedHealthcare's Medicare plans: $171.3 billion, 38.3% of FY2025 revenue (Cityfort calculation from the FY2025 10-K). UnitedHealthcare's business figures include its investment income.

  • Optum's outside customers

    23%

    of revenue

    Health plans, employers, care providers and others outside the group that buy Optum's care, data and drug-benefit services: $100.9 billion, 22.5% of revenue.

  • States and CMS for Medicaid

    21%

    of revenue

    Community & State premiums for Medicaid plans: $94.4 billion, 21.1% of revenue. The company does not split this between state and federal money.

  • Employers and individuals

    18%

    of revenue

    Employer & Individual premiums and fees: $79.2 billion, 17.7% of revenue, including $3.3 billion from the global business.

  • Optum investment income

    0%

    of revenue

    Not a customer: Optum's investment and other income of $1.7 billion, 0.4% of revenue.

  • Medicare & Retirement members and CMS38%
  • Optum's outside customers23%
  • States and CMS for Medicaid21%
  • Employers and individuals18%
  • Optum investment income0%

Customer concentration

Premium revenue from CMS, the federal Medicare and Medicaid agency, was 44% of UnitedHealth's FY2025 revenue, against 40% in FY2024 and FY2023. Most of it comes through Medicare & Retirement, the rest through Community & State. No other single customer is disclosed as material.

Largest customer
44%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does UnitedHealth make money?

UnitedHealth keeps a thin slice of $447.6 billion of yearly revenue, so a small change in members' medical costs moves profit a lot.

In FY2025, medical costs took $70.16 of every $100 that came in. The medical care ratio (medical costs as a share of premiums) rose from 83.2% in FY2023 to 89.1% in FY2025. One point of that ratio on FY2025 premiums of $352.2 billion is about $3.5 billion (Cityfort calculation from the FY2025 10-K).

Earnings from operations per $100 of revenue

$8.3$4.2

FY2021 to FY2025

  1. Employers, people, states and CMS pay premiums, set a year ahead
  2. UnitedHealthcare pays members' medical and drug bills
  3. Optum Health, Optum Rx and Optum Insight earn fees for care, drugs and services, much of it from UnitedHealthcare
  4. Medical costs against premiums decide most of the margin
  5. Outside Optum customers add revenue on the same systems
  6. What is left pays interest, dividends, buybacks and acquisitions

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up UnitedHealth?

  • UnitedHealthcare

    56%

    Health insurance. Earnings from operations were $9.4 billion, a 2.7% margin, down from $15.6 billion in FY2024. Revenue shares here are of $621.0 billion of segment revenue, before $173.4 billion of business between segments is removed (Cityfort calculation from the FY2025 10-K).

    Revenue $344.9B · Operating profit $9.4B

  • Optum Rx

    25%

    Pharmacy benefits. Earnings from operations were $7.2 billion, including a $1.5 billion net gain from Q4 FY2025 portfolio actions, among them a gain on deconsolidating a business.

    Revenue $154.7B · Operating profit $7.2B

  • Optum Health

    16%

    Care delivery. It lost $278 million from operations after $1.7 billion of restructuring and other charges and $821 million of portfolio losses in Q4 FY2025, against $7.8 billion of earnings in FY2024.

    Revenue $102.0B · Operating profit −$278M

  • Optum Insight

    3%

    Data, technology and services. Earnings from operations were $2.6 billion, a 13.5% margin, after the $799 million cyberattack loan reserve. On Jan 1, 2026, Optum Financial moved here from Optum Health; FY2021 to FY2025 figures are as first reported.

    Revenue $19.4B · Operating profit $2.6B

How the mix changed

  • UnitedHealthcare
  • Optum Rx
  • Optum Health
  • Optum Insight

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearUnitedHealthcareOptum RxOptum HealthOptum Insight
FY2021$222.9B$91.3B$54.1B$12.2B
FY2022$249.7B$99.8B$71.2B$14.6B
FY2023$281.4B$116.1B$95.3B$18.9B
FY2024$298.2B$133.2B$105.4B$18.8B
FY2025$344.9B$154.7B$102.0B$19.4B
Sources (3)
Next: How has it done

06The numbers · Consolidated · US$

How has UnitedHealth done?

Revenue

$447.6BFY2025

Revenue rose every year, from $287.6 billion in FY2021 to $447.6 billion in FY2025, and was $112.7 billion in Q3 FY2026, 0.4% lower than a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$287.6B
FY2022$324.2B
FY2023$371.6B
FY2024$400.3B
FY2025$447.6B
Q3 FY2024$100.8B
Q4 FY2024$100.8B
Q1 FY2025$109.6B
Q2 FY2025$111.6B
Q3 FY2025$113.2B
Q4 FY2025$113.2B
Q1 FY2026$111.7B
Q2 FY2026$112.0B
Q3 FY2026$112.7B

Net profit

$12.1BFY2025

Net earnings fell from $22.4 billion in FY2023 to $12.1 billion in FY2025, after an $8.3 billion loss on selling South American units in FY2024 and Q4 FY2025 charges that left that quarter at $10 million.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$17.3B$18.08
FY2022$20.1B$21.18
FY2023$22.4B$23.86
FY2024$14.4B$15.51
FY2025$12.1B$13.23
Q3 FY2024$6.1B$6.51
Q4 FY2024$5.5B$5.98
Q1 FY2025$6.3B$6.85
Q2 FY2025$3.4B$3.74
Q3 FY2025$2.3B$2.59
Q4 FY2025$10M$0.01
Q1 FY2026$6.3B$6.90
Q2 FY2026$5.5B$6.04
Q3 FY2026$4.1B$4.56

Profit kept per $100 of revenue

$2.7FY2025

Net earnings per $100 of revenue fell from $6.0 in FY2023 to $2.7 in FY2025, as the medical care ratio rose from 83.2% to 89.1%.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20216.0%9.4%
FY20226.2%9.8%
FY20236.0%9.8%
FY20243.6%9.1%
FY20252.7%5.2%

Free cash flow

$16.1BFY2025

Free cash flow, a Cityfort calculation from the FY2023 and FY2025 10-Ks (cash from operations minus spending on property, equipment and software), fell from $25.7 billion in FY2023 to $16.1 billion in FY2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$22.3B$2.5B$19.9B
FY2022$26.2B$2.8B$23.4B
FY2023$29.1B$3.4B$25.7B
FY2024$24.2B$3.5B$20.7B
FY2025$19.7B$3.6B$16.1B
See all yearly numbers
UnitedHealth annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$287.6B$27.1B$17.3B$18.08$17.7B$22.3B$2.5B$19.9B
FY2022$324.2B$31.8B$20.1B$21.18$20.6B$26.2B$2.8B$23.4B
FY2023$371.6B$36.3B$22.4B$23.86$23.1B$29.1B$3.4B$25.7B
FY2024$400.3B$36.4B$14.4B$15.51$15.2B$24.2B$3.5B$20.7B
FY2025$447.6B$23.3B$12.1B$13.23$12.8B$19.7B$3.6B$16.1B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31. UnitedHealth's fiscal year matches the calendar year: FY2025 ended Dec 31, 2025, and Q3 FY2026 ended Sep 30, 2026.). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Includes Q4 FY2025 restructuring and other charges of $2.5 billion and a $799 million cyberattack loan reserve. Total net earnings include the share of noncontrolling interests.

Download UnitedHealth's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (8)
Next: What they said, and what happened

07Who runs it

Who runs UnitedHealth, and did they deliver?

  • Stephen J. Hemsley

    Chair and Chief Executive Officer · since 2025

    Became CEO on May 12, 2025, when Andrew Witty stepped down (announced May 13); he was CEO from 2006 to 2017 and was already Chair. His pay: $1 million salary, no cash bonus and a one-time $60 million stock option grant that vests after three years. In February 2026 the option was amended to require him to keep the net shares until May 14, 2030.

  • Wayne DeVeydt

    Chief Financial Officer · since 2025

    CFO since Sep 2, 2025, announced on Jul 31, 2025. He succeeded John Rex.

  • Patrick Conway

    Chief Executive Officer, Optum · since 2025

    Named Optum CEO on Apr 29, 2025, effective May 6, 2025.

  • F. William McNabb III

    Lead Independent Director · since 2025

    Lead independent director since August 2025, succeeding Michele Hooper. He is a former chair and CEO of Vanguard.

What they said, and what happened

1 missed · 1 partly delivered · 5 too early to tell

  1. Said on Jan 16, 2025

    UnitedHealth guided on Jan 16, 2025 to 2025 revenue of $450 billion to $455 billion, GAAP EPS of $28.15 to $28.65 and adjusted EPS of $29.50 to $30.00.

    What happened

    The guide was cut on Apr 17, 2025 and suspended on May 13, 2025. FY2025 revenue was $447.6 billion, GAAP EPS $13.23 and adjusted EPS $16.35.

    Missed

  2. Said on Jul 29, 2025

    UnitedHealth guided on Jul 29, 2025 to 2025 GAAP EPS of at least $14.65 and adjusted EPS of at least $16.00; on Oct 28, 2025 it raised these to at least $14.90 and $16.25.

    What happened

    Adjusted EPS was $16.35, above the guide. GAAP EPS was $13.23, below it, after Q4 charges the adjusted measure leaves out.

    Partly delivered

  3. Said on May 13, 2025

    When it changed CEO on May 13, 2025, UnitedHealth said it expects to return to growth in 2026.

    What happened

    In the first nine months of 2026, GAAP EPS was $17.50 against $13.21 a year earlier, and revenue was 0.6% higher. Full-year results are not yet reported.

    Too early to tell

  4. Said on Jan 27, 2026

    UnitedHealth guided on Jan 27, 2026 to 2026 revenue above $439.0 billion, GAAP EPS above $17.10 and adjusted EPS above $17.75.

    What happened

    The EPS guide was raised three times, to at least $19.50 GAAP and at least $20.50 adjusted on Oct 13, 2026.

    Too early to tell

  5. Said on Jan 27, 2026

    Management said on Jan 27, 2026 that it expects operating cost reductions of nearly $1 billion in 2026.

    What happened

    The operating cost ratio was 12.8% in Q3 FY2026, against 13.5% a year earlier. The company has not reported the dollar savings.

    Too early to tell

  6. Said on Jan 27, 2026

    Management said on Jan 27, 2026 that UnitedHealthcare's membership would shrink by 2.3 million to 2.8 million in 2026, including 1.3 million to 1.4 million in Medicare Advantage.

    What happened

    By Sep 30, 2026, membership was down 1.46 million, including 840,000 in Medicare Advantage.

    Too early to tell

  7. Said on Oct 13, 2026

    Management said on Oct 13, 2026 that the debt-to-capital ratio would approach 40% by year-end.

    What happened

    It was 41.7% at Sep 30, 2026.

    Too early to tell
Sources (15)
Next: What could go wrong

08What could go wrong

What could go wrong for UnitedHealth?

  • Pricing

    Medical costs above premiums

    Premiums are set in advance, so higher medical use hurts. The medical care ratio rose from 82.0% in FY2022 to 89.1% in FY2025. The 10-K names failing to estimate, price for and manage medical costs as a risk.

    Watch The medical care ratio each quarter: 88.4% in Q3 FY2026, including $610 million of favorable reserve development.

  • Regulation

    Government programs and payment rates

    CMS premiums were 44% of FY2025 revenue. Funding, risk adjustment, audits of Medicare Advantage payments and star ratings all affect what the company is paid. The Q3 FY2026 10-Q says Medicare Advantage funding continues to be pressured.

    Watch CMS payment rates for 2027 and Medicare Advantage membership: 7.6 million at Sep 30, 2026.

  • Legal

    Investigations and lawsuits

    The company said on Jul 24, 2025 that it had begun complying with formal criminal and civil requests from the DOJ about its Medicare participation. A False Claims Act case on risk adjustment, filed by a whistleblower in 2011 and pursued by the DOJ from Feb 14, 2017, is unresolved, and the IRS has proposed tax adjustments the company disputes.

    Watch The legal note in each 10-Q and 10-K, and any 8-K on the DOJ requests.

  • Technology

    Cyberattacks and data

    The February 2024 Change Healthcare attack led to $9.0 billion of loans to care providers in 2024, $2.2 billion of direct response costs that year and a $799 million loan reserve in Q4 FY2025.

    Watch Cyberattack costs and loan repayments in each 10-Q.

  • Demand

    Medicaid rates and members

    The FY2025 10-K calls some Medicaid rates insufficient and notes eligibility losses and an exit from one state in 2026. Medicaid members fell from 7.4 million at Dec 31, 2025 to 6.7 million at Sep 30, 2026.

    Watch Community & State revenue and Medicaid membership each quarter.

  • Other

    Goodwill write-downs

    Goodwill was $113.0 billion at Sep 30, 2026, 36% of total assets. The 10-K says an impairment could reduce equity and affect credit ratings.

    Watch The goodwill note in each 10-K and 10-Q.

  • Debt

    Debt and credit ratings

    Total debt was $74.3 billion at Sep 30, 2026, and interest cost $4.0 billion in FY2025. Moody's, S&P and Fitch outlooks were stable at Dec 31, 2024 and negative at Sep 30, 2026, as stated by the company. A.M. Best moved from A to A-.

    Watch Debt-to-capital (41.7% at Sep 30, 2026) and any rating change in each 10-Q.

  • Execution

    New leadership

    The CEO changed in May 2025, the Optum CEO in May 2025 and the CFO in September 2025. The 10-K names keeping key employees and succession as a risk.

    Watch Results against the 2026 guide, and further executive changes in 8-Ks.

Sources (10)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose every year from FY2021 to FY2025, reaching $447.6 billion.
  • The 2026 guide went from GAAP EPS above $17.10 in January to at least $19.50 on Oct 13, 2026.
  • Q3 FY2026 net earnings were $4.1 billion, up 75.0% from a year earlier, and the medical care ratio was 88.4% against 89.9%.
  • Optum Insight's operating margin was 23.4% in Q3 FY2026.
  • Fee-based employer members rose from 21.5 million to 22.2 million between Dec 31, 2025 and Sep 30, 2026.

What critics point to

  • Earnings from operations per $100 of revenue fell from $8.3 in FY2021 to $4.2 in FY2025, as the medical care ratio rose to 89.1%.
  • Q3 FY2026 revenue was 0.4% lower than a year earlier, and its medical care ratio included $610 million of favorable reserve development.
  • Moody's, S&P and Fitch outlooks moved from stable to negative between Dec 31, 2024 and Dec 31, 2025, as stated by the company.
  • The company said on Jul 24, 2025 that it had begun complying with formal criminal and civil requests from the DOJ about its Medicare participation.
  • FY2025 adjusted EPS was $16.35 against $13.23 as reported, and the adjusted measure leaves out amortization every year.
Next: What to watch next

10What to watch next

What should you watch next at UnitedHealth?

Next event

Q4 and full-year FY2026 results

Date not announced yet.

  • The medical care ratio

    It was 88.4% in Q3 FY2026. On Jul 16, 2026, the company guided to 88.1%, plus or minus 0.25 points, for full-year 2026.

  • FY2026 results against the guide

    On Oct 13, 2026, the company guided to GAAP EPS of at least $19.50 and adjusted EPS of at least $20.50 for 2026.

  • Membership and the 2027 outlook

    UnitedHealthcare membership was down 1.46 million by Sep 30, 2026, against a 2026 plan of 2.3 to 2.8 million. Management said on Oct 13, 2026 that it would give 2027 details in December.

  • Legal and regulatory updates

    The DOJ requests on Medicare, the 2017 False Claims Act case and the IRS tax notices, in each 10-Q and 10-K.

Next: Key dates

11Key dates

What are the key dates for UnitedHealth?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for UnitedHealth
EventDateSource
2027 outlook detailsManagement said on the Oct 13, 2026 call that it would give 2027 details in December.Not yet statedQ3 FY2026 earnings call prepared remarks (Oct 13, 2026; no Q&A)
Sources (1)
Next: Key facts

12Key facts

Key facts about UnitedHealth

What does UnitedHealth Group do?
UnitedHealth Group Incorporated runs UnitedHealthcare, a health insurer for employers, individuals, Medicare and Medicaid, and Optum, which delivers care, sells health data and technology services and manages drug benefits. UnitedHealthcare covered 48.3 million people at Sep 30, 2026. Revenue was $447.6 billion in FY2025.
How does UnitedHealth Group make money?
UnitedHealth Group's business model is collecting premiums and fees and paying for care: in FY2025, premiums were 78.7% of its $447.6 billion of revenue, products (mostly drugs) 11.9%, services 8.5% and investment and other income 0.9%. Medical costs took $70.16 of every $100 that came in, and $2.69 was left as net earnings.
Who are UnitedHealth Group's customers?
Employers, individuals, state Medicaid programs and the federal government pay UnitedHealth Group. Premiums from CMS, the federal Medicare and Medicaid agency, were 44% of UnitedHealth's revenue in FY2025, up from 40% in FY2024. Optum's outside customers, such as other health plans, paid $100.9 billion, 22.5% of revenue.
Is UnitedHealth Group profitable?
Yes. UnitedHealth Group's net earnings were $12.1 billion in FY2025, down from $22.4 billion in FY2023, and diluted EPS was $13.23. Q4 FY2025 EPS was $0.01 after $2.5 billion of restructuring and other charges. For the four quarters to Sep 30, 2026, net earnings were $15.9 billion (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 earnings releases).
What is UnitedHealth Group's revenue by segment?
In FY2025, UnitedHealth Group's UnitedHealthcare segment had revenue of $344.9 billion, Optum Rx $154.7 billion, Optum Health $102.0 billion and Optum Insight $19.4 billion. Optum sells a lot to UnitedHealthcare, so $173.4 billion of business between segments is removed to reach total revenue of $447.6 billion.
Who owns UnitedHealth Group?
UnitedHealth Group has one class of common stock with one vote per share, and 896.0 million shares on Oct 30, 2026. Directors and executive officers held 0.19% at Apr 2, 2026. The 2026 proxy lists BlackRock with 7.99%, from a filing dated Feb 6, 2024. Filings show Vanguard Capital Management with 7.5% (Mar 31, 2026) and State Street with 5% (Jun 30, 2026).
How much does UnitedHealthcare bring UnitedHealth Group?
UnitedHealthcare, UnitedHealth Group's insurance segment, had FY2025 revenue of $344.9 billion and earnings from operations of $9.4 billion, a 2.7% margin. Medicare & Retirement brought $171.3 billion, Community & State (Medicaid) $94.4 billion and Employer & Individual $79.2 billion.
How much does Optum Rx bring UnitedHealth Group?
Optum Rx, UnitedHealth Group's pharmacy benefit manager, had FY2025 revenue of $154.7 billion and earnings from operations of $7.2 billion, up from $91.3 billion and $4.1 billion in FY2021. It handled 393 million adjusted prescriptions in Q3 FY2026.
How much does Optum Health bring UnitedHealth Group?
Optum Health, UnitedHealth Group's care delivery segment, had FY2025 revenue of $102.0 billion and an operating loss of $278 million, after $1.7 billion of restructuring and other charges. In the first nine months of 2026 it earned $3.07 billion from operations, on the segment grouping used from Jan 1, 2026.
How much does Optum Insight bring UnitedHealth Group?
Optum Insight, UnitedHealth Group's health data, technology and services segment, which includes Change Healthcare, had FY2025 revenue of $19.4 billion and earnings from operations of $2.6 billion, a 13.5% margin. Its Q3 FY2026 operating margin was 23.4%.
Sources (8)
Next: Go deeper

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13What it sells

13What it sells

What does UnitedHealth sell?

UnitedHealth sells health coverage through UnitedHealthcare: members or their sponsors pay premiums, and the company pays their medical bills. Through Optum it also runs doctors' practices and care services, sells health data and technology, and manages drug benefits.

  • Medicare & Retirement ($171.3B revenue, FY2025)

    UnitedHealthcare plans for people on Medicare: Medicare Advantage (8.4 million people at Dec 31, 2025), Medicare Supplement and Part D drug plans, with 10.4 million in Part D programs.

  • Community & State ($94.4B)

    Medicaid plans run for states, for people with low incomes or disabilities. They covered 7.4 million people at Dec 31, 2025 and 6.7 million at Sep 30, 2026.

  • Employer & Individual ($79.2B)

    Plans for employers and individuals. In risk-based plans UnitedHealthcare pays the claims (8.2 million people at Dec 31, 2025). In fee-based plans the employer pays the claims and UnitedHealthcare runs the plan for a fee (21.5 million).

  • Optum Health ($102.0B)

    Care delivery: doctors, clinics and other care services. The FY2025 10-K says it served about 95 million consumers and works with more than 100 payer partners.

  • Optum Rx ($154.7B)

    A pharmacy benefit manager (PBM): it runs drug coverage for health plans and employers, processes prescription claims and sells drugs. It handled 424 million adjusted prescriptions in Q4 FY2025.

  • Optum Insight ($19.4B)

    Health data, technology and services, including Change Healthcare. From Jan 1, 2026 it also holds Optum Financial, including Optum Bank.

What it does

  • Does: Collects premiums from members, employers and governments, and pays members' medical claims from them
  • Does: Runs health plans for self-funded employers for a fee, without taking the claim cost
  • Does: Employs clinicians and delivers care through Optum Health: nearly 165,000 clinical professionals at Dec 31, 2025
  • Does: Manages drug benefits and fills prescriptions through Optum Rx

What it does not do

  • Does not: Does not add segment revenue up to the total: Optum sold $168.0 billion of services and drugs to UnitedHealthcare in FY2025, and that is removed
  • Does not: No longer runs its Brazil business: it completed the sale on Feb 6, 2024
  • Does not: Does not name its competitors in its FY2025 10-K
Sources (4)
14How the money flows

14How the money flows · FY2025

How does money flow through UnitedHealth?

Money in

  • Premiums$352.2B
  • Products (mostly drugs)$53.4B
  • Services$38.0B
  • Investment and other income$3.9B

The company

UnitedHealth

$447.6B came in

Money out

  • Medical costs (care paid for members)$314.0B
  • Operating costs$59.6B
  • Cost of products sold$50.7B
  • Depreciation and amortization$4.4B
  • Interest and loss on selling subsidiaries$4.3B
  • Income tax and noncontrolling holders' share$2.6B
  • Net earnings attributable to UnitedHealth$12.1B
  1. Members, employers, states and CMS paid UnitedHealth $447.6 billion of revenue in FY2025, including $352.2 billion of premiums.
  2. Paying members' medical bills took $314.0 billion, 89.1% of premiums.
  3. Running the business took $59.6 billion, and the drugs and other products it sold cost $50.7 billion.
  4. Depreciation and amortization took $4.4 billion, leaving $19.0 billion of earnings from operations. Interest and a loss on selling subsidiaries took $4.3 billion.
  5. Tax took $1.9 billion, and owners of part-owned units took $751 million. UnitedHealth's shareholders were left with $12.1 billion.
Sources (1)
15What it needs to run

15What it needs to run

What does UnitedHealth need to run?

  • People

    More than 390,000 employees at Dec 31, 2025, including nearly 165,000 clinical professionals.

  • Government contracts

    Medicare Advantage and Part D plans run under contracts with CMS, and Medicaid plans under state contracts. CMS premiums were 44% of FY2025 revenue.

  • Capital in regulated insurers

    Regulators set capital levels for the insurance subsidiaries and limit the cash they can pass up to the parent. Of $25.8 billion of cash at Sep 30, 2026, $1.2 billion was available for general corporate use.

  • Technology and data

    Spending on property, equipment and capitalized software was $3.6 billion in FY2025. Optum Insight, which includes Change Healthcare, sells data and technology services.

Sources (2)
16Where growth could come from

16Where growth could come from

Where could UnitedHealth's growth come from?

UnitedHealth said on Oct 13, 2026 that it expects 2026 GAAP EPS of at least $19.50 and adjusted EPS of at least $20.50. On Jan 27, 2026 it had guided to 2026 revenue above $439.0 billion. On the Oct 13, 2026 call, management repeated a long-term EPS growth target of 13% to 16% a year.
Management statement, Oct 13, 2026. Reported as a statement, not our forecast.

  • Medical costs against premiums

    Working

    Medical care ratio 88.4%, Q3 FY2026

    The ratio was 88.4% in Q3 FY2026, against 89.9% a year earlier, and included $610 million of favorable reserve development. On Jul 16, 2026, the company guided to 88.1%, plus or minus 0.25 points, for full-year 2026.

    Status: Working, on track against what the company said.

  • Fewer, repriced members

    Working

    1.46 million fewer members, Dec 31, 2025 to Sep 30, 2026

    On Jan 27, 2026, management said UnitedHealthcare's membership would shrink by 2.3 to 2.8 million in 2026. By Sep 30, 2026, it was down 1.46 million, to 48.3 million. Medicare Advantage fell by 840,000 and Medicaid by 685,000.

    Status: Working, on track against what the company said.

  • Optum Health's recovery

    Mixed

    $735 million earnings from operations, Q3 FY2026

    Optum Health earned $735 million from operations in Q3 FY2026, a 3.2% margin, against $41 million a year earlier. Its revenue fell from $25.4 billion to $22.9 billion over the same period. Both figures use the 2026 segment grouping.

    Status: Mixed, partly on track.

  • Optum Rx outside clients

    Mixed

    393 million adjusted prescriptions, Q3 FY2026

    Optum Rx revenue was $39.9 billion in Q3 FY2026, against $39.7 billion a year earlier, while adjusted prescriptions fell from 414 million to 393 million. Management said on Oct 13, 2026 that over 50% of Optum Rx membership is outside UnitedHealthcare.

    Status: Mixed, partly on track.

  • Medicare star ratings

    Early

    About 75% of members in 4-star plans, management's aim

    Management said on Oct 13, 2026 that it expects to approach 75% of members in plans rated 4 stars or more as it moves through 2027 into 2028. It cited an industry average of 70%. Star ratings decide Medicare bonus payments.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (7)
17The company's own measures (non-GAAP)

17The company's own measures · FY2022 to FY2025, and Q3 FY2026 (quarter ended Sep 30, 2026)

What do UnitedHealth's own measures show?

Adjusted (non-GAAP) figures are UnitedHealth's own measures, shown next to the official (GAAP) number and never added together. They leave out amortization of acquired intangibles every year ($1.6 billion in FY2025), a cost that recurs. FY2025 adjusted earnings from operations were $4.85 per $100 of revenue, against $4.24 reported. The EBITDA and free cash flow in "The numbers" are Cityfort calculations from the FY2023 and FY2025 10-Ks and the Q3 FY2025 to Q3 FY2026 earnings releases, not UnitedHealth's measures.

  • Official (GAAP): Diluted EPS, FY2025

    $13.23

    Company's own measure: Adjusted EPS, FY2025

    $16.35

    UnitedHealth leaves out $1.6 billion of intangible amortization, $2.5 billion of restructuring and other charges and $799 million of cyberattack costs, and takes out a $442 million net gain from portfolio sales and South American items, all before tax.

  • Official (GAAP): Earnings from operations, FY2025

    $19.0B

    Company's own measure: Adjusted earnings from operations, FY2025

    $21.7B

    Same definition, before interest and tax. By segment: UnitedHealthcare $9.6 billion, Optum Rx $6.1 billion, Optum Insight $3.7 billion and Optum Health $2.3 billion.

  • Official (GAAP): Diluted EPS, FY2024

    $15.51

    Company's own measure: Adjusted EPS, FY2024

    $27.66

    Leaves out $8.5 billion of South American impacts, including the Brazil sale loss, $2.2 billion of direct cyberattack response costs and $1.7 billion of amortization. It keeps $867 million of business disruption from the cyberattack.

  • Official (GAAP): Diluted EPS, FY2022

    $21.18

    Company's own measure: Adjusted EPS, FY2022

    $22.19

    Mainly leaves out intangible amortization, which the company excludes every year.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $4.56

    Company's own measure: Adjusted EPS, Q3 FY2026

    $4.69

    Same definition. A year earlier, adjusted EPS was $2.92 and diluted EPS $2.59.

  • Official (GAAP): Medical costs, Q3 FY2026

    76,982.0%

    Company's own measure: Medical care ratio, Q3 FY2026

    88.4%

    The company's measure: medical costs ÷ premiums ($87.1 billion in the quarter). It was 89.9% a year earlier, 89.1% for FY2025 and 85.5% for FY2024.

  • Official (GAAP): Total debt, Sep 30, 2026

    74,331.0%

    Company's own measure: Debt-to-capital ratio, Sep 30, 2026

    41.7%

    As stated by the company; the company said on Oct 13, 2026 that it targets about 40% by year-end. It was 44.1% a year earlier.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (8)
18Financial strength and debt

18Financial strength · Sep 30, 2026

How much debt does UnitedHealth have?

At Sep 30, 2026, UnitedHealth's debt exceeded its cash by $48.5 billion (Cityfort calculation from the Q3 FY2026 10-Q). That is about 1.9 times the $26.2 billion of cash from operations in the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 earnings releases). The company stated a debt-to-capital ratio of 41.7%, and the company said on Oct 13, 2026 that it targets about 40% by year-end.
  • Total debt$74.3B
  • Cash and investments$25.8B
  • Net debt (debt minus cash)$48.5B
  • Net worth (shareholders' money)$98.1B
Debt to equity
0.76×
$ of debt for every $1 of shareholders' money
  • Debt includes commercial paper and current maturities, not operating leases. It fell from $78.4 billion at Dec 31, 2025.
  • Cash here leaves out $2.7 billion of short-term investments at Sep 30, 2026. Of the $25.8 billion of cash at that date, $1.2 billion was available for general corporate use.
  • Net worth is UnitedHealth shareholders' equity; total equity including noncontrolling interests was $104.1 billion.
  • Goodwill was $113.0 billion, 36% of total assets of $312.8 billion at Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 10-Q).
  • The company has three $7.0 billion bank credit lines with 26 banks.
Sources (4)
19Who owns it

19Who owns it · ownership as of Apr 2, 2026

Who owns UnitedHealth?

UnitedHealth has one class of common stock with one vote per share. Its 16 directors, executive officers and nominees held 1,708,073 shares at Apr 2, 2026, about 0.19% as stated in the 2026 proxy. CEO Stephen Hemsley held 1,335,742, including shares in trusts and charitable foundations. Holder rows have different dates and are never added together.
Officers and directors (as a group), shares
0.2%
Share classes
UnitedHealth share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (Shares outstanding on Oct 30, 2026 (10-Q cover). The proxy's record date of Apr 2, 2026 counted 908.2 million. No preferred stock is issued.)8961–––Yes
Holders of 5% or more
UnitedHealth holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.8.0%–Feb 6, 2024S16From the 2026 proxy, which uses a Schedule 13G/A filed Feb 6, 2024: 72,595,811 shares.
Vanguard Capital Management LLC7.5%–Mar 31, 2026S16, S18, S19, S20Schedule 13G filed Apr 30, 2026: 68,122,483 shares. The proxy lists The Vanguard Group with 10.11%, from a May 2025 filing. The Vanguard Group then reported on Mar 27, 2026 that after an internal realignment it no longer reports these holdings. That is a change in reporting, as filed, not a stated sale.
State Street Corporation5.0%–Jun 30, 2026S21Schedule 13G filed Aug 7, 2026: 45,684,412 shares.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (7)
20What it does with profit

20What it does with profit

What does UnitedHealth do with its profit?

In FY2025, dividends ($7.9 billion) and buybacks ($5.5 billion) came to 112% of net earnings (Cityfort calculation from the FY2025 10-K). The annual dividend rate rose to $9.28 a share in June 2026. In the first nine months of 2026, UnitedHealth paid $6.2 billion of dividends and $5.0 billion for its own shares. In November 2026, the board added 50 million shares to the buyback authorization.

Dividend per share

$8.73FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$5.60–
FY2022$6.40–
FY2023$7.29–
FY2024$8.18–
FY2025$8.73–

  • Buyback · Dec 31, 2021

    FY2021: paid $5.0 billion for its own shares.

    $5.0B

  • Buyback · Dec 31, 2022

    FY2022: paid $7.0 billion for its own shares.

    $7.0B

  • Buyback · Dec 31, 2023

    FY2023: paid $8.0 billion for its own shares.

    $8.0B

  • Buyback · Dec 31, 2024

    FY2024: paid $9.0 billion for its own shares.

    $9.0B

  • Buyback · Dec 31, 2025

    FY2025: paid $5.5 billion for its own shares.

    $5.5B

Sources (2)
21Governance signals

21Governance signals

What do UnitedHealth's governance filings show?

Auditor
Deloitte & Touche LLP, since 2002
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy describes a written policy: transactions over $120,000 with directors, executive officers or 5% holders are prohibited unless the board's Governance Committee approves or ratifies them. Its related-person section names no such transactions.
Credit rating
Moody's, S&P, Fitch and A.M. Best (as stated by UnitedHealth) A2 / A+ / A / A- (Negative (Moody's, S&P, Fitch), stable (A.M. Best)), Sep 30, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • regulatory

    Department of Justice requests on Medicare

    UnitedHealth disclosed on Jul 24, 2025 that it is complying with formal criminal and civil requests from the Department of Justice about its participation in Medicare. The filings collected give no later update on these requests.

  • regulatory

    False Claims Act case on Medicare risk adjustment

    A Department of Justice case about Medicare Advantage risk adjustment has run since 2017. In March 2025 a court-appointed Special Master recommended judgment for the company, and in April 2025 the DOJ asked the court to reject that. The company says it cannot estimate the outcome.

  • regulatory

    IRS proposed tax adjustments

    On Mar 6, 2026, the IRS issued notices of proposed adjustment on 2017 to 2020 transfer pricing with a foreign subsidiary. The company says it disagrees.

  • other

    Change Healthcare cyberattack

    On Feb 21, 2024, the company found a cyberattack on Change Healthcare by what it called a suspected nation-state associated actor. It lent care providers $9.0 billion interest-free in 2024 and recorded a $799 million reserve on those loans in Q4 FY2025.

  • other

    Chair and CEO are the same person

    Stephen Hemsley has been Chair and CEO since May 2025. The board says it does not intend to keep the roles combined indefinitely. An independent-chair shareholder proposal got 20.24% support on Jun 1, 2026 and failed.

  • other

    Pay votes and leadership changes

    Shareholders backed executive pay with 60% at the 2025 meeting and 82.74% on Jun 1, 2026. The CEO, Optum CEO and CFO all changed in 2025, and Scott Gottlieb, a former FDA commissioner, joined the board in November 2025. The 2023 to 2025 long-term incentive plan paid 0%.

  • shares as collateral

    UnitedHealth stock as loan collateral

    The insider trading policy bars directors and executive officers from hedging UnitedHealth stock or using it as collateral for loans. The 2026 proxy discloses no such arrangements.

  • disclosure

    What UnitedHealth does not report

    It gives no revenue by customer other than CMS, no split of Medicaid money between states and the federal government, and no Optum Rx client names. It did not name the business it bought on Jul 2, 2026 for $3.0 billion. It has not published FY2025 segment totals on the 2026 grouping, and it posts call remarks without the question-and-answer part.

Sources (13)
22What the market paid

22What the market paid · price as of Nov 5, 2026

What did the market pay for UnitedHealth on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: $395.72, the close shown in Nasdaq's historical price table for UnitedHealth; the shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. Times 896.0 million shares (Oct 30, 2026), that is a market value of about $354.6 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 22.6 on diluted EPS of $17.51 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 earnings releases). That EPS includes Q4 FY2025 at $0.01 after restructuring and other charges. Price to book is 3.61 on UnitedHealth shareholders' equity of $98.1 billion at Sep 30, 2026. The $9.28 annual dividend rate set in June 2026 is 2.35% of this price.

Share price
$395.72
Market value (market cap)
$354.6B
P/E
22.6×
P/B
3.6×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 896 million ($395.72 × 896 million shares ≈ $354.6B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)

Source: Nasdaq historical price table for UNH (NYSE-listed), close Nov 5, 2026; Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 FY2026 earnings release (Form 8-K, Exhibit 99.1, Oct 13, 2026) and 1 more

Sources (8)
23How it got here

23How it got here

How did UnitedHealth get here?

  1. 2024

    Business-model change

    Brazil business sold

    The sale closed on Feb 6, 2024. FY2024 carried an $8.3 billion loss on selling subsidiaries, including $7.1 billion on Brazil, of which $4.1 billion was currency translation.

  2. 2024

    Crisis

    Change Healthcare cyberattack

    Found on Feb 21, 2024. UnitedHealth lent care providers $9.0 billion interest-free that year.

  3. 2025

    Crisis

    Guidance cut, CEO change, outlook suspended

    The 2025 adjusted EPS guide was cut on Apr 17, 2025. On May 12, Andrew Witty stepped down and Chair Stephen Hemsley became CEO; the change was announced and the 2025 outlook suspended on May 13.

  4. 2025

    Crisis

    Department of Justice requests disclosed

    On Jul 24, 2025, the company said it is complying with formal criminal and civil requests about its Medicare participation.

  5. 2025

    Milestone

    Outlook reinstated, new CFO

    On Jul 29, 2025, the company guided to 2025 adjusted EPS of at least $16.00. Wayne DeVeydt became CFO on Sep 2, 2025.

  6. 2025

    Crisis

    Q4 charges

    Q4 FY2025 carried $2.5 billion of restructuring and other charges and a $799 million cyberattack loan reserve. Q4 EPS was $0.01.

  7. 2026

    Business-model change

    Segments regrouped

    On Jan 1, 2026, Optum Financial, including Optum Bank, moved from Optum Health to Optum Insight.

  8. 2026

    Milestone

    $3.0 billion acquisition

    On Jul 2, 2026, the company completed an acquisition for $3.0 billion: $1.5 billion in cash and $1.5 billion payable within a year. The 10-Q does not name the business.

  9. 2026

    Milestone

    2026 outlook raised three times

    The 2026 adjusted EPS guide went from above $17.75 on Jan 27 to at least $20.50 on Oct 13, 2026.

Sources (11)

24Sources and changes

Where every number on this page comes from

Sources (31 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2024
  4. S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2026
  5. S6Q3 FY2026 earnings release (Form 8-K, Exhibit 99.1, Oct 13, 2026) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
  6. S7Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1, Jul 16, 2026) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
  7. S8Q1 FY2026 earnings release (Form 8-K, Exhibit 99.1, Apr 21, 2026) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  8. S9Q4 and full-year FY2025 earnings release (Form 8-K, Exhibit 99.1, Jan 27, 2026) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
  9. S10Q3 FY2025 earnings release (Form 8-K, Exhibit 99.1, Oct 28, 2025) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2025
  10. S11Q2 FY2025 earnings release (Form 8-K, Exhibit 99.1, Jul 29, 2025) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2025
  11. S12Q1 FY2025 earnings release (Form 8-K, Exhibit 99.1, Apr 17, 2025) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Apr 17, 2025
  12. S13Q4 and full-year FY2024 earnings release (Form 8-K, Exhibit 99.1, Jan 16, 2025) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jan 16, 2025
  13. S14Q3 FY2024 earnings release (Form 8-K, Exhibit 99.1, Oct 15, 2024) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2024
  14. S15Q4 and full-year FY2022 earnings release (Form 8-K, Exhibit 99.1, Jan 13, 2023) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2023
  15. S162026 proxy statement (DEF 14A) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  16. S17Form 8-K, Item 5.07: 2026 annual meeting vote results · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jun 5, 2026
  17. S18Schedule 13G/A, The Vanguard Group (event Apr 30, 2025) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  18. S19Schedule 13G/A, The Vanguard Group (event Mar 13, 2026: no longer reports beneficial ownership) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  19. S20Schedule 13G, Vanguard Capital Management LLC (event Mar 31, 2026) · Vanguard Capital Management LLC (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  20. S21Schedule 13G, State Street Corporation (event Jun 30, 2026) · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  21. S22Form 8-K, Item 1.05: Change Healthcare cybersecurity incident · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2024
  22. S23Form 8-K, Items 5.02 and 7.01: CEO transition, 2025 outlook suspended (with Exhibit 99.1) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2025
  23. S24Form 8-K, Item 8.01: Department of Justice criminal and civil requests on Medicare participation · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2025
  24. S25Form 8-K, Item 5.02: CFO appointment (Exhibit 99.1, Jul 31, 2025) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
  25. S26Form 8-K, Item 5.02: Optum CEO appointment · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
  26. S27Form 8-K, Item 5.02: Scott Gottlieb appointed director · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Nov 21, 2025
  27. S28Form 8-K, Item 5.02: CEO stock option amended (holding requirement) · UnitedHealth Group Incorporated (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  28. S29Q3 FY2026 earnings call prepared remarks (Oct 13, 2026; no Q&A) · UnitedHealth Group Incorporated (investor relations) · Tier 1: company or exchange filing · Oct 13, 2026
  29. S30Q4 FY2025 earnings call prepared remarks (Jan 27, 2026; no Q&A) · UnitedHealth Group Incorporated (investor relations) · Tier 1: company or exchange filing · Jan 27, 2026
  30. S31Nasdaq historical price table for UNH (NYSE-listed), close Nov 5, 2026 · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
  31. S32EDGAR company submissions for UnitedHealth Group (CIK 0000731766) · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.