UNITEDHEALTH GROUP INC
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UNH Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Premiums Earned Net | 88,811 | 76,483 | +16.1% |
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| Optum · Unaffiliated Customers | 4,877 | 5,346 | -8.8% |
| UnitedHealthcare · Operating Segments | 83,934 | 71,137 | +18.0% |
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| Premiums Earned Net | 4,877 | 5,346 | -8.8% |
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| Unaffiliated Customers | 88,811 | 76,483 | +16.1% |
| Investment Income Interest And Dividend | 647 | 1,551 | -58.3% |
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| Optum | 143 | 1,008 | -85.8% |
| UnitedHealthcare · Operating Segments | 504 | 543 | -7.2% |
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| Investment Income Interest And Dividend | 111 | 853 | -87.0% |
| Investment Income Interest And Dividend | -1,262 | -1,150 | -9.7% |
| Investment Income Interest And Dividend | -1,188 | -1,072 | -10.8% |
| Revenue | 113,215 | 100,807 | +12.3% |
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| Optum | 70,333 | 65,101 | +8.0% |
| Optum · Affiliated Customers | 44,231 | 38,426 | +15.1% |
| Optum · Unaffiliated Customers | 25,959 | 25,667 | +1.1% |
| UnitedHealthcare · Operating Segments | 86,609 | 73,589 | +17.7% |
| UnitedHealthcare · Operating Segments | 87,113 | 74,132 | +17.5% |
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| Revenue | 9,602 | 9,565 | +0.4% |
| Revenue | -20,898 | -23,031 | +9.3% |
| Revenue | 30,412 | 23,734 | +28.1% |
| Revenue | 36,348 | 34,212 | +6.2% |
| Revenue | -14,319 | -17,790 | +19.5% |
| Revenue | 69,606 | 49,841 | +39.7% |
| Revenue | 54,172 | 56,717 | -4.5% |
| Revenue | 9,829 | 9,870 | -0.4% |
| Revenue | 84,604 | 75,023 | +12.8% |
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| Corporate Non Segment | -44,231 | -38,426 | -15.1% |
| Corporate Non Segment · Affiliated Customers | -44,231 | -38,426 | -15.1% |
| Intersegment Elimination | -1,710 | -1,114 | -53.5% |
| Intersegment Elimination · Affiliated Customers | -1,710 | -1,114 | -53.5% |
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| Unaffiliated Customers | 112,568 | 99,256 | +13.4% |
| Revenue (Q) | — | — | — |
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| Product | 13,484 | 13,475 | +0.1% |
| Product · Optum | 13,484 | 13,475 | +0.1% |
| Product · Unaffiliated Customers | 13,484 | 13,475 | +0.1% |
| Service | 10,273 | 9,298 | +10.5% |
| Service · Optum | 7,598 | 6,846 | +11.0% |
| Service · Unaffiliated Customers | 10,273 | 9,298 | +10.5% |
| Service · UnitedHealthcare | 2,675 | 2,452 | +9.1% |
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| Revenue | 82 | 72 | +13.9% |
| Revenue | -9 | -31 | +71.0% |
| Revenue | 52,734 | 49,570 | +6.4% |
| Revenue | 16,566 | 15,948 | +3.9% |
| Revenue | 5,996 | 6,261 | -4.2% |
| Revenue | 4,563 | 3,425 | +33.2% |
| Policyholder Benefits And Claims Incurred Net | 82,041 | 67,035 | +22.4% |
| Selling, General & Administrative | 16,997 | 12,494 | +36.0% |
| Cost of Revenue | 12,680 | 12,464 | +1.7% |
| Depreciation And Amortization | 1,117 | 1,041 | +7.3% |
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| Optum | 895 | 825 | +8.5% |
| UnitedHealthcare · Operating Segments | 222 | 216 | +2.8% |
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| Depreciation And Amortization | 319 | 291 | +9.6% |
| Depreciation And Amortization | 530 | 462 | +14.7% |
| Depreciation And Amortization | -47 | -39 | -20.5% |
| Total Costs & Expenses | 112,835 | 93,034 | +21.3% |
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| Optum | 70,272 | 60,301 | +16.5% |
| UnitedHealthcare · Operating Segments | 86,794 | 71,159 | +22.0% |
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| Total Costs & Expenses | 28,326 | 23,869 | +18.7% |
| Total Costs & Expenses | -57,116 | -58,059 | +1.6% |
| Total Costs & Expenses | 73,624 | 53,676 | +37.2% |
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| Corporate Non Segment | -44,231 | -38,426 | -15.1% |
| Intersegment Elimination | -1,710 | -1,114 | -53.5% |
| Operating Income | 380 | 7,773 | -95.1% |
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| Optum | 61 | 4,800 | -98.7% |
| UnitedHealthcare · Operating Segments | 319 | 2,973 | -89.3% |
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| Operating Income | -2,783 | 1,791 | -255.4% |
| Operating Income | 119 | -2,882 | +104.1% |
| Operating Income | 4,688 | -143 | +3378.3% |
| Interest Expense | -974 | -1,003 | +2.9% |
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| Corporate Non Segment | -974 | -1,003 | +2.9% |
| Loss On Sale Of Subsidiary And Subsidiaries Held For Sale | -126 | 21 | -700.0% |
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| UnitedHealthcare · Operating Segments | -126 | 21 | -700.0% |
| Income Before Taxes | -720 | 6,791 | -110.6% |
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| Optum | 61 | 4,800 | -98.7% |
| UnitedHealthcare · Operating Segments | 193 | 2,994 | -93.6% |
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| Income Before Taxes | -2,783 | 1,791 | -255.4% |
| Income Before Taxes | 119 | -2,882 | +104.1% |
| Income Before Taxes | 4,688 | -143 | +3378.3% |
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| Corporate Non Segment | -974 | -1,003 | +2.9% |
| Income Tax Expense (Benefit) | 938 | -1,007 | +193.1% |
| Net Income | 218 | 5,784 | -96.2% |
| Net Income Loss Attributable To Noncontrolling Interest | -208 | -241 | +13.7% |
| Net Income | 10 | 5,543 | -99.8% |
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| Retained Earnings | 10 | 5,543 | -99.8% |
| EPS (Basic) | 0.01 | 6.03 | -99.8% |
| EPS (Diluted) | 0.02 | 5.98 | -99.7% |
| Wtd Avg Shares (Basic) | 0 | -1 | +100.0% |
| Weighted Average Number Diluted Shares Outstanding Adjustment | -1 | 0 | — |
| Wtd Avg Shares (Diluted) | -1 | -1 | 0.0% |
| Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 0 | — |
| Comprehensive Income | 160 | 4,609 | -96.5% |
| Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 | 82,041 | 67,035 | +22.4% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 24,365 | 25,312 | -3.7% |
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| Parent Company | 303 | 234 | +29.5% |
| Short-Term Investments | 3,756 | 3,801 | -1.2% |
| Accounts Receivable | 23,018 | 22,365 | +2.9% |
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| Products and services [Member] | 9.7 | 9.9 | -2.0% |
| Other Receivables Net Current | 29,697 | 26,089 | +13.8% |
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| Pharmaceutical Manufacturer Rebates Receivable [Member] | 13.6 | 12.5 | +8.8% |
| Prepaid Expenses & Other Current Assets | 9,746 | 8,212 | +18.7% |
| Total Current Assets | 90,582 | 85,779 | +5.6% |
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| Parent Company | 1,836 | 645 | +184.7% |
| Inventory | 3.3 | 3.8 | -13.2% |
| Non-Current Assets | |||
| Long Term Investments | 54,251 | 52,354 | +3.6% |
| Property, Plant & Equipment | 10,762 | 10,553 | +2.0% |
| Goodwill | 110,499 | 106,734 | +3.5% |
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| Optum Health | 42,765 | 38,826 | +10.1% |
| Optum Insight | 18,733 | 18,980 | -1.3% |
| Optum Rx | 21,805 | 21,767 | +0.2% |
| UnitedHealthcare | 27,196 | 27,161 | +0.1% |
| Other Non-Current Assets | 23,013 | 19,590 | +17.5% |
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| Parent Company | 673 | 920 | -26.8% |
| Total Assets | 309,581 | 298,278 | +3.8% |
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| Optum | 198,653 | 190,010 | +4.5% |
| Optum Health · Operating Segments | 100,991 | 96,472 | +4.7% |
| Optum Insight · Operating Segments | 35,400 | 34,452 | +2.8% |
| Optum Rx · Operating Segments | 62,262 | 59,086 | +5.4% |
| UnitedHealthcare · Operating Segments | 124,051 | 119,009 | +4.2% |
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| Parent Company | 209,603 | 187,515 | +11.8% |
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| Corporate Non Segment | -13,123 | -10,741 | -22.2% |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill | 20,474 | 23,268 | -12.0% |
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| Customer Related Intangible Assets | 8,490 | 10,515 | -19.3% |
| Other Intangible Assets | 159 | 666 | -76.1% |
| Trademarks and Technology [Member] | 1,091 | 1,633 | -33.2% |
| Trademarks And Trade Names | 10,734 | 10,454 | +2.7% |
| Current Liabilities | |||
| Liability For Claims And Claims Adjustment Expense | 39,337 | 34,224 | +14.9% |
| Accounts Payable And Accrued Liabilities Current | 38,032 | 34,337 | +10.8% |
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| Parent Company | 2,812 | 1,501 | +87.3% |
| Debt Current | 6,069 | 4,545 | +33.5% |
| Deferred Revenue | 3,413 | 3,317 | +2.9% |
| Other Liabilities Current | 28,046 | 27,346 | +2.6% |
| Total Current Liabilities | 114,897 | 103,769 | +10.7% |
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| Parent Company | 21,438 | 8,544 | +150.9% |
| Commercial Paper (Q) | — | — | — |
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| Commercial Paper | 2,249 | 1,300 | +73.0% |
| Current Portion of Long-Term Debt (Q) | — | — | — |
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| Parent Company | 5,887 | 4,348 | +35.4% |
| Non-Current Liabilities | |||
| Long-Term Debt | 72,320 | 72,359 | -0.1% |
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| Parent Company | 71,794 | 71,831 | -0.1% |
| Deferred Tax Liabilities | 2,421 | 3,620 | -33.1% |
| Other Non-Current Liabilities | 18,245 | 15,939 | +14.5% |
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| Parent Company | 585 | 77 | +659.7% |
| Total Liabilities | 207,883 | 195,687 | +6.2% |
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| Parent Company | 115,493 | 94,857 | +21.8% |
| Other Liabilities | |||
| Redeemable Noncontrolling Interest Equity Carrying Amount | 1,608 | 4,323 | -62.8% |
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| Redeemable Noncontrolling Interests [Member] | 1,608 | 4,323 | -62.8% |
| Stockholders' Equity | |||
| Common Stock | 9 | 9 | 0.0% |
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| Parent Company | 9 | 9 | 0.0% |
| Additional Paid-In Capital | 559 | — | — |
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| Parent Company | 559 | — | — |
| Retained Earnings | 95,603 | 96,036 | -0.5% |
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| Parent Company | 95,603 | 96,036 | -0.5% |
| Accumulated Other Comprehensive Income | -2,061 | -3,387 | +39.1% |
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| Parent Company | -2,061 | -3,387 | +39.1% |
| Minority Interest | 5,980 | 5,610 | +6.6% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 100,090 | 98,268 | +1.9% |
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| Accumulated Net Unrealized Investment Gain Loss | -1,078 | -2,226 | +51.6% |
| Accumulated Translation Adjustment | -983 | -1,161 | +15.3% |
| Additional Paid In Capital | 559 | — | — |
| Common Stock | 9 | 9 | 0.0% |
| Noncontrolling Interest | 5,980 | 5,610 | +6.6% |
| Retained Earnings | 95,603 | 96,036 | -0.5% |
| Total Liabilities & Equity | 309,581 | 298,278 | +3.8% |
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| Parent Company | 209,603 | 187,515 | +11.8% |
| Total Stockholders' Equity (Q) | — | — | — |
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| Parent Company | 94,110 | 92,658 | +1.6% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Deferred Income Taxes | -733 | -62 | -1082.3% |
| Stock-Based Compensation | 176 | 187 | -5.9% |
| Other Non-Cash Items | 1,609 | 582 | +176.5% |
| Change in Accounts Receivable | -829 | -2,122 | +60.9% |
| Increase Decrease In Other Operating Assets | -1,501 | -1,152 | -30.3% |
| Increase Decrease In Health Care Insurance Liabilities | -354 | 268 | -232.1% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 2,082 | 1,213 | +71.6% |
| Increase Decrease In Deferred Revenue | 107 | -16 | +768.8% |
| Net Cash from Operations | 1,108 | 2,369 | -53.2% |
| Investing Activities | |||
| Payments To Acquire Investments | -4,568 | -7,357 | +37.9% |
| Proceeds From Sale Of Available For Sale Securities Debt | 1,343 | 3,449 | -61.1% |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 1,929 | 2,581 | -25.3% |
| Payments To Acquire Businesses Net Of Cash Acquired | -73 | -1,734 | +95.8% |
| Capital Expenditures | -948 | -912 | -3.9% |
| Repayments Of Care Provider Loans Cyberattack | 137 | 1,325 | -89.7% |
| Other Investing Activities | 1,823 | 1,186 | +53.7% |
| Net Cash from Investing | -2,611 | -1,119 | -133.3% |
| Financing Activities | |||
| Share Repurchases | 0 | -4,972 | +100.0% |
| Payments Of Dividends Common Stock | -2,002 | -1,932 | -3.6% |
| Proceeds From Issuance Of Common Stock | 24 | 235 | -89.8% |
| Repayments Of Long Term Debt | -1,050 | -500 | -110.0% |
| Proceeds From Repayments Of Commercial Paper | -662 | 40 | -1755.0% |
| Proceeds From Issuance Of Long Term Debt | 0 | 0 | — |
| Increase Decrease In Deposits | 2,158 | -501 | +530.7% |
| Proceeds From Payments For Other Financing Activities | 666 | -432 | +254.2% |
| Net Cash from Financing | -1,031 | -8,342 | +87.6% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 15 | -31 | +148.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Disposal Group Including Discontinued Operations | -2,519 | -7,123 | +64.6% |
| Net Change in Cash | -2,845 | -7,088 | +59.9% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 24,365 | 25,312 | -3.7% |
Values in millions USD. Source: SEC EDGAR 10-K filing.