UNITEDHEALTH GROUP INC

For the period ended Sep 30, 2025. Filed Oct 28, 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.

Sep 30, 2025 · Filed Oct 28, 2025

UNH$405.12+1.9%Stored close · as of Nov 10, 2026

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Contents

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	$83,924	$5,055	$—	$—	$—	$5,055	$—	$88,979
Products	—	61	45	13,190	—	13,296	—	13,296
Services	2,578	4,394	1,539	1,243	—	7,176	—	9,754
Total revenues - unaffiliated customers	86,502	9,510	1,584	14,433	—	25,527	—	112,029
Total revenues - affiliated customers	—	15,918	3,290	25,195	(1,317)	43,086	(43,086)	—
Investment and other income	568	472	41	51	—	564	—	1,132
Total revenues	$87,070	$25,900	$4,915	$39,679	$(1,317)	$69,177	$(43,086)	$113,161
Total operating costs (a)	$85,265	$25,645	$4,209	$38,130	$(1,317)	$66,667	$(43,086)	$108,846
Earnings from operations	$1,805	$255	$706	$1,549	$—	$2,510	$—	$4,315
Interest expense	—	—	—	—	—	—	(1,003)	(1,003)
Loss on sale of subsidiary and subsidiaries held for sale	(83)	—	—	—	—	—	—	(83)
Earnings before income taxes	$1,722	$255	$706	$1,549	$—	$2,510	$(1,003)	$3,229
Total assets	$130,492	$100,895	$33,846	$62,528	$—	$197,269	$(12,492)	$315,269
Purchases of property, equipment and capitalized software	238	282	267	103	—	652	—	890
Depreciation and Amortization	221	309	359	210	—	878	—	1,099
Revenues - unaffiliated customers:
Premiums	$71,624	$5,818	$—	$—	$—	$5,818	$—	$77,442
Products	—	84	41	12,506	—	12,631	—	12,631
Services	2,422	3,953	1,700	1,029	—	6,682	—	9,104
Total revenues - unaffiliated customers	74,046	9,855	1,741	13,535	—	25,131	—	99,177
Total revenues - affiliated customers	—	15,448	3,086	20,554	(1,130)	37,958	(37,958)	—
Investment and other income	807	614	104	118	—	836	—	1,643
Total revenues	$74,853	$25,917	$4,931	$34,207	$(1,130)	$63,925	$(37,958)	$100,820
Total operating costs (a)	$70,641	$23,756	$4,140	$32,663	$(1,130)	$59,429	$(37,958)	$92,112
Earnings from operations	$4,212	$2,161	$791	$1,544	$—	$4,496	$—	$8,708
Interest expense	—	—	—	—	—	—	(1,074)	(1,074)
Loss on sale of subsidiary and subsidiaries held for sale	(20)	—	—	—	—	—	—	(20)
Earnings before income taxes	$4,192	$2,161	$791	$1,544	$—	$4,496	$(1,074)	$7,614
Total assets	$120,760	$95,482	$34,666	$57,031	$—	$187,179	$(8,630)	$299,309
Purchases of property, equipment and capitalized software	211	256	398	126	—	780	—	991
Depreciation and Amortization	217	283	332	209	—	824	—	1,041

(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	$248,456	$14,962	$—	$—	$—	$14,962	$—	$263,418
Products	—	191	133	39,572	—	39,896	—	39,896
Services	7,665	12,114	4,556	3,430	—	20,100	—	27,765
Total revenues - unaffiliated customers	256,121	27,267	4,689	43,002	—	74,958	—	331,079
Total revenues - affiliated customers	—	47,785	9,588	70,122	(3,770)	123,725	(123,725)	—
Investment and other income	1,669	1,362	96	146	—	1,604	—	3,273
Total revenues	$257,790	$76,414	$14,373	$113,270	$(3,770)	$200,287	$(123,725)	$334,352
Total operating costs (a)	$248,684	$73,909	$11,708	$108,962	$(3,770)	$190,809	$(123,725)	$315,768
Earnings from operations	$9,106	$2,505	$2,665	$4,308	$—	$9,478	$—	$18,584
Interest expense	—	—	—	—	—	—	(3,028)	(3,028)
Loss on sale of subsidiary and subsidiaries held for sale	(139)	—	—	—	—	—	—	(139)
Earnings before income taxes	$8,967	$2,505	$2,665	$4,308	$—	$9,478	$(3,028)	$15,417
Total assets	$130,492	$100,895	$33,846	$62,528	$—	$197,269	$(12,492)	$315,269
Purchases of property, equipment and capitalized software	626	867	895	286	—	2,048	—	2,674
Depreciation and Amortization	661	892	1,054	637	—	2,583	—	3,244
Revenues - unaffiliated customers:
Premiums	$214,867	$17,460	$—	$—	$—	$17,460	$—	$232,327
Products	—	205	123	36,423	—	36,751	—	36,751
Services	7,339	12,006	4,807	2,590	—	19,403	—	26,742
Total revenues - unaffiliated customers	222,206	29,671	4,930	39,013	—	73,614	—	295,820
Total revenues - affiliated customers	—	48,641	8,887	58,208	(3,275)	112,461	(112,461)	—
Investment and other income	1,870	1,386	159	236	—	1,781	—	3,651
Total revenues	$224,076	$79,698	$13,976	$97,457	$(3,275)	$187,856	$(112,461)	$299,471
Total operating costs (a)	$211,465	$73,719	$12,149	$93,360	$(3,275)	$175,953	$(112,461)	$274,957
Earnings from operations	$12,611	$5,979	$1,827	$4,097	$—	$11,903	$—	$24,514
Interest expense	—	—	—	—	—	—	(2,903)	(2,903)
Loss on sale of subsidiary and subsidiaries held for sale	(8,331)	—	—	—	—	—	—	(8,331)
Earnings before income taxes	$4,280	$5,979	$1,827	$4,097	$—	$11,903	$(2,903)	$13,280
Total assets	$120,760	$95,482	$34,666	$57,031	$—	$187,179	$(8,630)	$299,309
Purchases of property, equipment and capitalized software	581	724	987	295	—	2,006	—	2,587
Depreciation and Amortization	673	832	958	595	—	2,385	—	3,058

(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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