SEC Form 10-Q filed by UnitedHealth Group Incorporated

8/11/25 4:20:29 PM ET

$UNH

Medical Specialities

Health Care

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unh-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

FORM 10-Q

__________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 1-10864

__________________________________________________________

UnitedHealth Group Incorporated

(Exact name of registrant as specified in its charter)

__________________________________________________________

Delaware

41-1321939

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

1 Health Drive

55344

655 New York Avenue NW

20001

Eden Prairie,

Minnesota

Washington,

(Address of principal executive offices)

(Zip Code)

(Address of principal executive offices)

(Zip Code)

(800) 328-5979

(Registrant’s telephone number, including area code)

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

UNH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, there were 905,673,625 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.

UNITEDHEALTH GROUP

Table of Contents


			Page

Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of June 3 0 , 2025 and December 31, 2024		1
	Condensed Consolidated Statements of Operations for the Three and Si x Months Ended June 3 0 , 2025 and 2024		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2025 and 2024		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30 , 2025 and 2024		4
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2025 and 2024		6
	Notes to the Condensed Consolidated Financial Statements		7
	1.	Basis of Presentation	7
	2.	Investments	8
	3.	Fair Value	10
	4.	Medical Costs Payable	11
	5.	Short-Term Borrowings and Long-Term Debt	12
	6.	Dividends	12
	7.	Commitments and Contingencies	12
	8.	Held for Sale	13
	9.	Segment Financial Information	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		25
Item 4.	Controls and Procedures		25
Part II. Other Information
Item 1.	Legal Proceedings		26
Item 1A.	Risk Factors		26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		26
Item 5.	Other Information		26
Item 6.	Exhibits		27
Signatures			28

PART I

ITEM 1. FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except per share data)	June 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	28,596	$	25,312
Short-term investments	3,424		3,801
Accounts receivable, net	24,142		22,365
Other current receivables, net	28,582		26,089
Prepaid expenses and other current assets	8,955		8,212
Total current assets	93,699		85,779
Long-term investments	52,466		52,354
Property, equipment and capitalized software, net	10,923		10,553
Goodwill	107,677		106,734
Other intangible assets, net	22,510		23,268
Other assets	21,298		19,590
Total assets	$	308,573	$	298,278
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	38,427	$	34,224
Accounts payable and accrued liabilities	34,330		34,337
Short-term borrowings and current maturities of long-term debt	5,698		4,545
Unearned revenues	3,032		3,317
Other current liabilities	29,294		27,346
Total current liabilities	110,781		103,769
Long-term debt, less current maturities	73,495		72,359
Deferred income taxes	3,804		3,620
Other liabilities	15,709		15,939
Total liabilities	203,789		195,687
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	4,315		4,323
Equity:
Preferred stock, $0.001 par value - 10 shares authorized; no shares issued or outstanding	—		—
Common stock, $0.01 par value - 3,000 shares authorized; 905 and 915 issued and outstanding	9		9
Retained earnings	97,250		96,036
Accumulated other comprehensive loss	(2,535)		(3,387)
Nonredeemable noncontrolling interests	5,745		5,610
Total equity	100,469		98,268
Total liabilities, redeemable noncontrolling interests and equity	$	308,573	$	298,278

See Notes to the Condensed Consolidated Financial Statements


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2025		2024		2025		2024
Revenues:
Premiums	$	87,905	$	76,897	$	174,439	$	154,885
Products	13,564		12,211		26,600		24,120
Services	9,039		8,750		18,011		17,638
Investment and other income	1,108		997		2,141		2,008
Total revenues	111,616		98,855		221,191		198,651
Operating costs:
Medical costs	78,585		65,458		151,996		131,193
Operating costs	13,778		13,162		27,372		27,239
Cost of products sold	13,019		11,340		25,409		22,396
Depreciation and amortization	1,084		1,020		2,145		2,017
Total operating costs	106,466		90,980		206,922		182,845
Earnings from operations	5,150		7,875		14,269		15,806
Interest expense	(1,027)		(985)		(2,025)		(1,829)
Loss on sale of subsidiary and subsidiaries held for sale	(41)		(1,225)		(56)		(8,311)
Earnings before income taxes	4,082		5,665		12,188		5,666
Provision for income taxes	(510)		(1,244)		(2,142)		(2,466)
Net earnings	3,572		4,421		10,046		3,200
Earnings attributable to noncontrolling interests	(166)		(205)		(348)		(393)
Net earnings attributable to UnitedHealth Group common shareholders	$	3,406	$	4,216	$	9,698	$	2,807
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	3.76	$	4.58	$	10.66	$	3.05
Diluted	$	3.74	$	4.54	$	10.61	$	3.02
Basic weighted-average number of common shares outstanding	907		921		910		921
Dilutive effect of common share equivalents	3		7		4		8
Diluted weighted-average number of common shares outstanding	910		928		914		929
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	13		8		10		7


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net earnings	$	3,572	$	4,421	$	10,046	$	3,200
Other comprehensive income:
Gross unrealized gains (losses) on investment securities during the period	327		(75)		848		(365)
Income tax effect	(75)		17		(194)		85
Total unrealized gains (losses), net of tax	252		(58)		654		(280)
Gross reclassification adjustment for net realized gains included in net earnings	(17)		(26)		(27)		(58)
Income tax effect	4		6		6		13
Total reclassification adjustment, net of tax	(13)		(20)		(21)		(45)
Foreign currency translation gains (losses)	131		8		219		(285)
Reclassification adjustment for translation losses included in net earnings	—		86		—		4,214
Total foreign currency translation gains	131		94		219		3,929
Other comprehensive income	370		16		852		3,604
Comprehensive income	3,942		4,437		10,898		6,804
Comprehensive income attributable to noncontrolling interests	(166)		(205)		(348)		(393)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	3,776	$	4,232	$	10,550	$	6,411


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended June 30, (in millions)	Shares	Amount						Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at March 31, 2025	910	$	9	$	—	$	97,934	$	(1,832)	$	(1,073)	$	5,773	$	100,811
Net earnings						3,406						149		3,555
Other comprehensive income								239		131				370
Issuances of common stock, and related tax effects	1	—		196										196
Share-based compensation				229										229
Common share repurchases	(6)	—		(415)		(2,090)								(2,505)
Cash dividends paid on common shares ($2.21 per share)						(2,000)								(2,000)
Redeemable noncontrolling interests fair value and other adjustments				(10)										(10)
Acquisition and other adjustments of nonredeemable noncontrolling interests												(19)		(19)
Distribution to nonredeemable noncontrolling interests												(158)		(158)
Balance at June 30, 2025	905	$	9	$	—	$	97,250	$	(1,593)	$	(942)	$	5,745	$	100,469

Balance at March 31, 2024	920	$	9	$	—	$	90,118	$	(2,218)	$	(1,221)	$	5,682	$	92,370
Net earnings						4,216						158		4,374
Other comprehensive (loss) income								(78)		94				16
Issuances of common stock, and related tax effects	1	—		196										196
Share-based compensation				210										210
Common share repurchases	—	—		3		1								4
Cash dividends paid on common shares ($2.10 per share)						(1,935)								(1,935)
Redeemable noncontrolling interests fair value and other adjustments				(36)										(36)
Acquisition and other adjustments of nonredeemable noncontrolling interests												(338)		(338)
Distribution to nonredeemable noncontrolling interests												(185)		(185)
Balance at June 30, 2024	921	$	9	$	373	$	92,400	$	(2,296)	$	(1,127)	$	5,317	$	94,676


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,189	$	3	$	(186)	$	4,006
State and municipal obligations	7,234		7		(375)		6,866
Corporate obligations	24,044		106		(735)		23,415
U.S. agency mortgage-backed securities	10,341		8		(783)		9,566
Non-U.S. agency mortgage-backed securities	2,875		7		(127)		2,755
Total debt securities - available-for-sale	48,683		131		(2,206)		46,608
Debt securities - held-to-maturity:
U.S. government and agency obligations	448		1		(1)		448
State and municipal obligations	26		—		(3)		23
Corporate obligations	19		—		—		19
Total debt securities - held-to-maturity	493		1		(4)		490
Total debt securities	$	49,176	$	132	$	(2,210)	$	47,098
December 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,600	$	1	$	(274)	$	4,327
State and municipal obligations	7,357		2		(375)		6,984
Corporate obligations	24,391		56		(1,140)		23,307
U.S. agency mortgage-backed securities	10,577		1		(994)		9,584
Non-U.S. agency mortgage-backed securities	2,890		2		(175)		2,717
Total debt securities - available-for-sale	49,815		62		(2,958)		46,919
Debt securities - held-to-maturity:
U.S. government and agency obligations	444		—		(2)		442
State and municipal obligations	28		—		(2)		26
Corporate obligations	40		—		—		40
Total debt securities - held-to-maturity	512		—		(4)		508
Total debt securities	$	50,327	$	62	$	(2,962)	$	47,427


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,530	$	3,506	$	319	$	319
Due after one year through five years	14,415		14,106		152		152
Due after five years through ten years	11,983		11,485		5		5
Due after ten years	5,539		5,190		17		14
U.S. agency mortgage-backed securities	10,341		9,566		—		—
Non-U.S. agency mortgage-backed securities	2,875		2,755		—		—
Total debt securities	$	48,683	$	46,608	$	493	$	490


	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
June 30, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,377	$	(21)	$	1,833	$	(165)	$	3,210	$	(186)
State and municipal obligations	2,116		(93)		4,037		(282)		6,153		(375)
Corporate obligations	4,988		(80)		10,214		(655)		15,202		(735)
U.S. agency mortgage-backed securities	3,914		(110)		4,561		(673)		8,475		(783)
Non-U.S. agency mortgage-backed securities	300		(2)		1,636		(125)		1,936		(127)
Total debt securities - available-for-sale	$	12,695	$	(306)	$	22,281	$	(1,900)	$	34,976	$	(2,206)
December 31, 2024
Debt securities - available-for-sale:
U.S. government and agency obligations	$	1,475	$	(51)	$	2,152	$	(223)	$	3,627	$	(274)
State and municipal obligations	2,593		(58)		4,085		(317)		6,678		(375)
Corporate obligations	7,402		(213)		11,449		(927)		18,851		(1,140)
U.S. agency mortgage-backed securities	4,791		(191)		4,674		(803)		9,465		(994)
Non-U.S. agency mortgage-backed securities	416		(5)		1,863		(170)		2,279		(175)
Total debt securities - available-for-sale	$	16,677	$	(518)	$	24,223	$	(2,440)	$	40,900	$	(2,958)


(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
June 30, 2025
Cash and cash equivalents	$	23,299		$	5,297		$	—		$	28,596
Debt securities - available-for-sale:
U.S. government and agency obligations	3,876			130			—			4,006
State and municipal obligations	—			6,866			—			6,866
Corporate obligations	—			22,942			473			23,415
U.S. agency mortgage-backed securities	—			9,566			—			9,566
Non-U.S. agency mortgage-backed securities	—			2,755			—			2,755
Total debt securities - available-for-sale	3,876			42,259			473			46,608
Equity securities	1,879			213			207			2,299
Total assets at fair value	$	29,054		$	47,769		$	680		$	77,503
Percentage of total assets at fair value	37		%	62		%	1		%	100		%
December 31, 2024
Cash and cash equivalents	$	25,248		$	64		$	—		$	25,312
Debt securities - available-for-sale:
U.S. government and agency obligations	4,194			133			—			4,327
State and municipal obligations	—			6,984			—			6,984
Corporate obligations	29			22,841			437			23,307
U.S. agency mortgage-backed securities	—			9,584			—			9,584
Non-U.S. agency mortgage-backed securities	—			2,717			—			2,717
Total debt securities - available-for-sale	4,223			42,259			437			46,919
Equity securities	1,859			24			65			1,948
Total assets at fair value	$	31,330		$	42,347		$	502		$	74,179
Percentage of total assets at fair value	42		%	57		%	1		%	100		%


(in millions, except percentages)	Par Value
4.4%, June 2028	$	500
4.65%, January 2031	750
5.3%, June 2035	1,000
5.95%, June 2055	750


Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 18	$	2.10	$	1,912
June 24	2.21		2,000


(in millions)	Businesses Held for Sale
Assets
Cash and cash equivalents	$	244
Accounts receivable and other current assets	674
Property, equipment and capitalized software	719
Goodwill and other intangible assets	442
Other long-term assets	292
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	(1,314)
Total assets	$	1,057
Liabilities
Medical costs payable	$	181
Accounts payable and other current liabilities	368
Other long-term liabilities	436
Total liabilities	$	985


	Three Months Ended June 30,						Increase/ (Decrease)					Six Months Ended June 30,						Increase/ (Decrease)
(in millions, except percentages)	2025			2024			2025 vs. 2024					2025			2024			2025 vs. 2024
Revenues
UnitedHealthcare	$	86,103		$	73,866		$	12,237		17	%	$	170,720		$	149,223		$	21,497		14	%
Optum Health	25,205			27,050			(1,845)			(7)		50,514			53,781			(3,267)			(6)
Optum Insight	4,828			4,543			285			6		9,458			9,045			413			5
Optum Rx	38,459			32,415			6,044			19		73,591			63,250			10,341			16
Optum eliminations	(1,267)			(1,129)			(138)			12		(2,453)			(2,145)			(308)			14
Optum	67,225			62,879			4,346			7		131,110			123,931			7,179			6
Eliminations	(41,712)			(37,890)			(3,822)			10		(80,639)			(74,503)			(6,136)			8
Consolidated revenues	$	111,616		$	98,855		$	12,761		13	%	$	221,191		$	198,651		$	22,540		11	%
Earnings from operations
UnitedHealthcare	$	2,075		$	4,004		$	(1,929)		(48)	%	$	7,301		$	8,399		$	(1,098)		(13)	%
Optum Health	636			1,919			(1,283)			(67)		2,250			3,818			(1,568)			(41)
Optum Insight	998			546			452			83		1,959			1,036			923			89
Optum Rx	1,441			1,406			35			2		2,759			2,553			206			8
Optum	3,075			3,871			(796)			(21)		6,968			7,407			(439)			(6)
Consolidated earnings from operations	$	5,150		$	7,875		$	(2,725)		(35)	%	$	14,269		$	15,806		$	(1,537)		(10)	%
Operating margin
UnitedHealthcare	2.4		%	5.4		%	(3.0)		%			4.3		%	5.6		%	(1.3)		%
Optum Health	2.5			7.1			(4.6)					4.5			7.1			(2.6)
Optum Insight	20.7			12.0			8.7					20.7			11.5			9.2
Optum Rx	3.7			4.3			(0.6)					3.7			4.0			(0.3)
Optum	4.6			6.2			(1.6)					5.3			6.0			(0.7)
Consolidated operating margin	4.6		%	8.0		%	(3.4)		%			6.5		%	8.0		%	(1.5)		%


	Three Months Ended June 30,				Increase/ (Decrease)				Six Months Ended June 30,				Increase/ (Decrease)
(in millions, except percentages)	2025		2024		2025 vs. 2024				2025		2024		2025 vs. 2024
UnitedHealthcare Employer & Individual - Domestic	$	18,950	$	18,646	$	304	2	%	$	38,016	$	36,485	$	1,531	4	%
UnitedHealthcare Employer & Individual - Global	819		591		228		39		1,601		2,123		(522)		(25)
UnitedHealthcare Employer & Individual - Total	19,769		19,237		532		3		39,617		38,608		1,009		3
UnitedHealthcare Medicare & Retirement	42,623		34,904		7,719		22		84,328		70,390		13,938		20
UnitedHealthcare Community & State	23,711		19,725		3,986		20		46,775		40,225		6,550		16
Total UnitedHealthcare revenues	$	86,103	$	73,866	$	12,237	17	%	$	170,720	$	149,223	$	21,497	14	%


	June 30,		Increase/(Decrease)
(in thousands, except percentages)	2025	2024	2025 vs. 2024
Commercial:
Risk-based	8,440	8,735	(295)	(3)	%
Fee-based	21,530	20,835	695	3
Total Commercial	29,970	29,570	400	1
Medicare Advantage	8,350	7,770	580	7
Medicaid	7,490	7,410	80	1
Medicare Supplement (Standardized)	4,305	4,335	(30)	(1)
Total Community and Senior	20,145	19,515	630	3
Total UnitedHealthcare - Medical	50,115	49,085	1,030	2
Supplemental Data:
Medicare Part D stand-alone	2,800	3,065	(265)	(9)	%
South American businesses held for sale	1,165	1,330	(165)	(12)	%


	Six Months Ended June 30,				Increase/(Decrease)
(in millions)	2025		2024		2025 vs. 2024
Sources of cash:
Cash provided by operating activities	$	12,644	$	7,890	$	4,754
Issuances of short-term borrowings and long-term debt, net of repayments	1,566		12,790		(11,224)
Proceeds from common stock issuances	581		744		(163)
Customer funds administered	—		990		(990)
Repayments of care provider loans - cyberattack	1,293		604		689
Sales and maturities of investments, net of purchases	1,327		—		1,327
Total sources of cash	17,411		23,018		(5,607)
Uses of cash:
Common stock repurchases	(5,545)		(3,072)		(2,473)
Cash paid for acquisitions and other transactions, net of cash assumed	(734)		(3,031)		2,297
Purchases of investments, net of sales of maturities	—		(221)		221
Purchases of property, equipment and capitalized software	(1,784)		(1,596)		(188)
Cash dividends paid	(3,912)		(3,664)		(248)
Loans to care providers - cyberattack	—		(8,100)		8,100
Customer funds administered	(25)		—		(25)
Other	(2,131)		(2,166)		35
Total uses of cash	(14,131)		(21,850)		7,719
Effect of exchange rate changes on cash and cash equivalents	29		(44)		73
Increase in cash and cash equivalents, including cash within businesses held for sale	$	3,309	$	1,124	$	2,185
Less: net increase in cash within businesses held for sale	(25)		(265)		240
Net increase in cash and cash equivalents	$	3,284	$	859	$	2,425


(in millions, except percentages and per share data)	Three Months Ended June 30,						Increase/ (Decrease)					Six Months Ended June 30,						Increase/ (Decrease)
	2025			2024			2025 vs. 2024					2025			2024			2025 vs. 2024
Revenues:
Premiums	$	87,905		$	76,897		$	11,008		14	%	$	174,439		$	154,885		$	19,554		13	%
Products	13,564			12,211			1,353			11		26,600			24,120			2,480			10
Services	9,039			8,750			289			3		18,011			17,638			373			2
Investment and other income	1,108			997			111			11		2,141			2,008			133			7
Total revenues	111,616			98,855			12,761			13		221,191			198,651			22,540			11
Operating costs:
Medical costs	78,585			65,458			13,127			20		151,996			131,193			20,803			16
Operating costs	13,778			13,162			616			5		27,372			27,239			133			—
Cost of products sold	13,019			11,340			1,679			15		25,409			22,396			3,013			13
Depreciation and amortization	1,084			1,020			64			6		2,145			2,017			128			6
Total operating costs	106,466			90,980			15,486			17		206,922			182,845			24,077			13
Earnings from operations	5,150			7,875			(2,725)			(35)		14,269			15,806			(1,537)			(10)
Interest expense	(1,027)			(985)			(42)			4		(2,025)			(1,829)			(196)			11
Loss on sale of subsidiary and subsidiaries held for sale	(41)			(1,225)			1,184			(97)		(56)			(8,311)			8,255			(99)
Earnings before income taxes	4,082			5,665			(1,583)			(28)		12,188			5,666			6,522			115
Provision for income taxes	(510)			(1,244)			734			(59)		(2,142)			(2,466)			324			(13)
Net earnings	3,572			4,421			(849)			(19)		10,046			3,200			6,846			214
Earnings attributable to noncontrolling interests	(166)			(205)			39			(19)		(348)			(393)			45			(11)
Net earnings attributable to UnitedHealth Group common shareholders	$	3,406		$	4,216		$	(810)		(19)	%	$	9,698		$	2,807		$	6,891		245	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	3.74		$	4.54		$	(0.80)				$	10.61		$	3.02		$	7.59
Medical care ratio (a)	89.4		%	85.1		%	4.3		%			87.1		%	84.7		%	2.4		%
Operating cost ratio	12.3			13.3			(1.0)					12.4			13.7			(1.3)
Operating margin	4.6			8.0			(3.4)					6.5			8.0			(1.5)
Tax rate	12.5			22.0			(9.5)					17.6			43.5			(25.9)
Net earnings margin (b)	3.1			4.3			(1.2)					4.4			1.4			3.0
Return on equity (c)	14.4		%	19.2		%	(4.8)					20.6		%	6.4		%	14.2


	June 30, 2025
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum		Interest Expense Per Annum		Fair Value of Financial Assets		Fair Value of Financial Liabilities
2 %	$	734	$	542	$	(4,202)	$	(9,288)
1	367		271		(2,150)		(5,058)
(1)	(367)		(256)		2,202		6,107
(2)	(734)		(510)		4,416		13,549


For the Month Ended	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under The Plans or Programs
	(in millions)			(in millions)	(in millions)
April 30, 2025	3.8	$	445.39	3.8	23.3
May 31, 2025	2.3	341.68		2.3	21.0
June 30, 2025	—	—		—	21.0
Total	6.1	$	407.06	6.1


3.1						Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A/A filed on July 1, 2015)
3.2						Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective February 23, 2021 (incorporated by reference to Exhibit 3.2 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on February 26, 2021)
4.1						Amended and Restated Indenture, dated as of April 27, 2023, between UnitedHealth Group Incorporated and Wilmington Trust Company, as successor trustee (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 28, 2023)
4.2						Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008)
4.3						Supplemental Indenture, dated as of April 18, 2023, between UnitedHealth Group Incorporated and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2038 (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 24, 2023)
*10.1						Employment Agreeme nt, effective as of May 12, 2025, between United HealthC are Services, Inc. and Stephen Hemsely
31.1						Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).


*						Denotes management contracts and compensation plans in which certain directors and named executive officers participate and which are being filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K.
**						Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request.

Date	Price Target	Rating	Analyst
7/31/2025	$198.00	Neutral → Underperform	Robert W. Baird
7/30/2025	$400.00 → $325.00	Outperform	Oppenheimer
6/11/2025	$312.00	Outperform → Neutral	Robert W. Baird
5/21/2025	$270.00	Hold → Reduce	HSBC Securities
5/19/2025	$308.00	Buy → Hold	TD Cowen
5/14/2025		Strong Buy → Mkt Perform	Raymond James
5/14/2025	$350.00	Buy → Neutral	BofA Securities
4/22/2025	$490.00	Buy → Hold	HSBC Securities

SEC Form 10-Q filed by UnitedHealth Group Incorporated

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Recent Analyst Ratings for $UNH

$UNH Analyst Ratings

UnitedHealth downgraded by Robert W. Baird with a new price target

Oppenheimer reiterated coverage on UnitedHealth with a new price target

UnitedHealth downgraded by Robert W. Baird with a new price target

$UNH Insider Purchases

President & CFO Rex John F bought $4,999,919 worth of shares (17,175 units at $291.12), increasing direct ownership by 9% to 203,796 units (SEC Form 4)

CEO, UHG Hemsley Stephen J bought $25,019,019 worth of shares (86,700 units at $288.57), increasing direct ownership by 15% to 679,493 units (SEC Form 4)

Director Flynn Timothy Patrick bought $491,786 worth of shares (1,533 units at $320.80) (SEC Form 4)

$UNH Press Releases

Twilio Set to Join S&P MidCap 400

UnitedHealth Group Board Authorizes Payment of Quarterly Dividend

UnitedHealth Group Announces Changes to Leadership Team

$UNH Insider Trading

CEO, UHG Hemsley Stephen J was granted 198 shares, increasing direct ownership by 0.05% to 374,606 units (SEC Form 4)

Director Hooper Michele J was granted 173 shares, increasing direct ownership by 0.43% to 40,479 units (SEC Form 4)

Director Flynn Timothy Patrick was granted 288 shares, increasing direct ownership by 3% to 9,477 units (SEC Form 4)

$UNH SEC Filings

SEC Form S-8 filed by UnitedHealth Group Incorporated