UNITEDHEALTH GROUP INC
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
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Business Combinations
- Business Combinations
During the year ended December 31, 2025, the Company completed several business combinations for total consideration of $4.8 billion.
Acquired assets (liabilities) at acquisition date were as follows:
| (in millions) | |
|---|---|
| Cash and cash equivalents | $305 |
| Accounts receivable and other current assets | 811 |
| Property, equipment and other long-term assets | 247 |
| Other intangible assets | 525 |
| Total identifiable assets acquired | 1,888 |
| Medical costs payable | (32) |
| Accounts payable and other current liabilities | (536) |
| Other long-term liabilities | (355) |
| Total identifiable liabilities acquired | (923) |
| Total net identifiable assets | 965 |
| Goodwill | 4,295 |
| Nonredeemable noncontrolling interests | (425) |
| Net assets acquired | $4,835 |
The majority of goodwill is not deductible for income tax purposes. The preliminary purchase price allocations for the various business combinations are subject to adjustment as valuation analyses, primarily related to intangible assets and contingent liabilities, are finalized.
The results of operations and financial condition of acquired entities have been included in the Company’s consolidated results and the results of the corresponding operating segment as of the date of acquisition. For the year ended December 31, 2025, the acquired entities’ impact on revenues and net earnings was not material.
Unaudited pro forma revenues and net earnings for the years ended December 31, 2025 and 2024, as if the business combinations had occurred on January 1, 2024, were immaterial for both periods.
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