UNITEDHEALTH GROUP INC

For the period ended Jun 30, 2025. Filed Aug 11, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 11, 2025

UNH$397.62+0.9%Stored close · as of Nov 9, 2026

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Contents

9. Segment Financial Information

Segment Financial Information

The Company’sfour reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx. For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2024 10-K.

The following tables present reportable segment financial information:

	Optum
(in millions)	UnitedHealthcare	Optum Health	Optum Insight	Optum Rx	Optum Eliminations	Optum	Corporate andEliminations	Consolidated
Revenues - unaffiliated customers:
Premiums	$83,019	$4,886	$—	$—	$—	$4,886	$—	$87,905
Products	—	65	44	13,455	—	13,564	—	13,564
Services	2,511	3,846	1,516	1,166	—	6,528	—	9,039
Total revenues - unaffiliated customers	85,530	8,797	1,560	14,621	—	24,978	—	110,508
Total revenues - affiliated customers	—	15,953	3,236	23,790	(1,267)	41,712	(41,712)	—
Investment and other income	573	455	32	48	—	535	—	1,108
Total revenues	$86,103	$25,205	$4,828	$38,459	$(1,267)	$67,225	$(41,712)	$111,616
Total operating costs (a)	$84,028	$24,569	$3,830	$37,018	$(1,267)	$64,150	$(41,712)	$106,466
Earnings from operations	$2,075	$636	$998	$1,441	$—	$3,075	$—	$5,150
Interest expense	—	—	—	—	—	—	(1,027)	(1,027)
Loss on sale of subsidiary and subsidiaries held for sale	(41)	—	—	—	—	—	—	(41)
Earnings before income taxes	$2,034	$636	$998	$1,441	$—	$3,075	$(1,027)	$4,082
Total assets	$129,587	$96,452	$33,716	$61,674	$—	$191,842	$(12,856)	$308,573
Purchases of property, equipment and capitalized software	193	306	289	98	—	693	—	886
Depreciation and Amortization	221	296	351	216	—	863	—	1,084
Revenues - unaffiliated customers:
Premiums	$70,950	$5,947	$—	$—	$—	$5,947	$—	$76,897
Products	—	62	41	12,108	—	12,211	—	12,211
Services	2,388	4,083	1,405	874	—	6,362	—	8,750
Total revenues - unaffiliated customers	73,338	10,092	1,446	12,982	—	24,520	—	97,858
Total revenues - affiliated customers	—	16,576	3,070	19,373	(1,129)	37,890	(37,890)	—
Investment and other income	528	382	27	60	—	469	—	997
Total revenues	$73,866	$27,050	$4,543	$32,415	$(1,129)	$62,879	$(37,890)	$98,855
Total operating costs (a)	$69,862	$25,131	$3,997	$31,009	$(1,129)	$59,008	$(37,890)	$90,980
Earnings from operations	$4,004	$1,919	$546	$1,406	$—	$3,871	$—	$7,875
Interest expense	—	—	—	—	—	—	(985)	(985)
Loss on sale of subsidiary and subsidiaries held for sale	(1,225)	—	—	—	—	—	—	(1,225)
Earnings before income taxes	$2,779	$1,919	$546	$1,406	$—	$3,871	$(985)	$5,665
Total assets	$109,441	$93,858	$34,244	$56,058	$—	$184,160	$(7,545)	$286,056
Purchases of property, equipment and capitalized software	187	230	344	92	—	666	—	853
Depreciation and Amortization	221	277	316	206	—	799	—	1,020

(a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment.

	Optum
(in millions)	UnitedHealthcare	Optum Health	Optum Insight	Optum Rx	Optum Eliminations	Optum	Corporate andEliminations	Consolidated
Revenues - unaffiliated customers:
Premiums	$164,532	$9,907	$—	$—	$—	$9,907	$—	$174,439
Products	—	130	88	26,382	—	26,600	—	26,600
Services	5,087	7,720	3,017	2,187	—	12,924	—	18,011
Total revenues - unaffiliated customers	169,619	17,757	3,105	28,569	—	49,431	—	219,050
Total revenues - affiliated customers	—	31,867	6,298	44,927	(2,453)	80,639	(80,639)	—
Investment and other income	1,101	890	55	95	—	1,040	—	2,141
Total revenues	$170,720	$50,514	$9,458	$73,591	$(2,453)	$131,110	$(80,639)	$221,191
Total operating costs (a)	$163,419	$48,264	$7,499	$70,832	$(2,453)	$124,142	$(80,639)	$206,922
Earnings from operations	$7,301	$2,250	$1,959	$2,759	$—	$6,968	$—	$14,269
Interest expense	—	—	—	—	—	—	(2,025)	(2,025)
Loss on sale of subsidiary and subsidiaries held for sale	(56)	—	—	—	—	—	—	(56)
Earnings before income taxes	$7,245	$2,250	$1,959	$2,759	$—	$6,968	$(2,025)	$12,188
Total assets	$129,587	$96,452	$33,716	$61,674	$—	$191,842	$(12,856)	$308,573
Purchases of property, equipment and capitalized software	389	585	627	183	—	1,395	—	1,784
Depreciation and Amortization	440	583	695	427	—	1,705	—	2,145
Revenues - unaffiliated customers:
Premiums	$143,243	$11,642	$—	$—	$—	$11,642	$—	$154,885
Products	—	121	82	23,917	—	24,120	—	24,120
Services	4,917	8,053	3,107	1,561	—	12,721	—	17,638
Total revenues - unaffiliated customers	148,160	19,816	3,189	25,478	—	48,483	—	196,643
Total revenues - affiliated customers	—	33,193	5,801	37,654	(2,145)	74,503	(74,503)	—
Investment and other income	1,063	772	55	118	—	945	—	2,008
Total revenues	$149,223	$53,781	$9,045	$63,250	$(2,145)	$123,931	$(74,503)	$198,651
Total operating costs (a)	$140,824	$49,963	$8,009	$60,697	$(2,145)	$116,524	$(74,503)	$182,845
Earnings from operations	$8,399	$3,818	$1,036	$2,553	$—	$7,407	$—	$15,806
Interest expense	—	—	—	—	—	—	(1,829)	(1,829)
Loss on sale of subsidiary and subsidiaries held for sale	(8,311)	—	—	—	—	—	—	(8,311)
Earnings before income taxes	$88	$3,818	$1,036	$2,553	$—	$7,407	$(1,829)	$5,666
Total assets	$109,441	$93,858	$34,244	$56,058	$—	$184,160	$(7,545)	$286,056
Purchases of property, equipment and capitalized software	370	468	589	169	—	1,226	—	1,596
Depreciation and Amortization	456	549	626	386	—	1,561	—	2,017

(a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment.

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