SEC Form 10-Q filed by UnitedHealth Group Incorporated

10/28/25 4:09:07 PM ET

$UNH

Medical Specialities

Health Care

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unh-20250930

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 September 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 October 24, 2025, there were 905,838,620 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 September 30, 2025 and December 31, 2024		1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024		4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 .	Business Combinations	14
	10 .	Segment Financial Information	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		26
Item 4.	Controls and Procedures		26
Part II. Other Information
Item 1.	Legal Proceedings		27
Item 1A.	Risk Factors		27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		27
Item 5.	Other Information		27
Item 6.	Exhibits		28
Signatures			29

PART I

ITEM 1. FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except per share data)	September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	27,210	$	25,312
Short-term investments	3,404		3,801
Accounts receivable, net	22,672		22,365
Other current receivables, net	32,762		26,089
Prepaid expenses and other current assets	9,019		8,212
Total current assets	95,067		85,779
Long-term investments	52,996		52,354
Property, equipment and capitalized software, net	11,104		10,553
Goodwill	110,340		106,734
Other intangible assets, net	22,785		23,268
Other assets	22,977		19,590
Total assets	$	315,269	$	298,278
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	40,181	$	34,224
Accounts payable and accrued liabilities	36,033		34,337
Short-term borrowings and current maturities of long-term debt	7,737		4,545
Unearned revenues	3,366		3,317
Other current liabilities	28,209		27,346
Total current liabilities	115,526		103,769
Long-term debt, less current maturities	72,399		72,359
Deferred income taxes	3,162		3,620
Other liabilities	18,369		15,939
Total liabilities	209,456		195,687
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	4,244		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; 906 and 915 issued and outstanding	9		9
Additional paid-in capital	394		—
Retained earnings	97,595		96,036
Accumulated other comprehensive loss	(2,211)		(3,387)
Nonredeemable noncontrolling interests	5,782		5,610
Total equity	101,569		98,268
Total liabilities, redeemable noncontrolling interests and equity	$	315,269	$	298,278

See Notes to the Condensed Consolidated Financial Statements


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2025		2024		2025		2024
Revenues:
Premiums	$	88,979	$	77,442	$	263,418	$	232,327
Products	13,296		12,631		39,896		36,751
Services	9,754		9,104		27,765		26,742
Investment and other income	1,132		1,643		3,273		3,651
Total revenues	113,161		100,820		334,352		299,471
Operating costs:
Medical costs	79,958		65,957		231,954		197,150
Operating costs	15,223		13,280		42,595		40,519
Cost of products sold	12,566		11,834		37,975		34,230
Depreciation and amortization	1,099		1,041		3,244		3,058
Total operating costs	108,846		92,112		315,768		274,957
Earnings from operations	4,315		8,708		18,584		24,514
Interest expense	(1,003)		(1,074)		(3,028)		(2,903)
Loss on sale of subsidiary and subsidiaries held for sale	(83)		(20)		(139)		(8,331)
Earnings before income taxes	3,229		7,614		15,417		13,280
Provision for income taxes	(686)		(1,356)		(2,828)		(3,822)
Net earnings	2,543		6,258		12,589		9,458
Earnings attributable to noncontrolling interests	(195)		(203)		(543)		(596)
Net earnings attributable to UnitedHealth Group common shareholders	$	2,348	$	6,055	$	12,046	$	8,862
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	2.59	$	6.56	$	13.27	$	9.61
Diluted	$	2.59	$	6.51	$	13.21	$	9.53
Basic weighted-average number of common shares outstanding	906		923		908		922
Dilutive effect of common share equivalents	2		7		4		8
Diluted weighted-average number of common shares outstanding	908		930		912		930
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	16		4		12		6


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Net earnings	$	2,543	$	6,258	$	12,589	$	9,458
Other comprehensive income:
Gross unrealized gains on investment securities during the period	535		1,434		1,383		1,069
Income tax effect	(122)		(328)		(316)		(243)
Total unrealized gains, net of tax	413		1,106		1,067		826
Gross reclassification adjustment for net realized gains included in net earnings	(24)		(291)		(51)		(349)
Income tax effect	6		67		12		80
Total reclassification adjustment, net of tax	(18)		(224)		(39)		(269)
Foreign currency translation (losses) gains	(71)		88		148		(197)
Reclassification adjustment for translation losses included in net earnings	—		—		—		4,214
Total foreign currency translation (losses) gains	(71)		88		148		4,017
Other comprehensive income	324		970		1,176		4,574
Comprehensive income	2,867		7,228		13,765		14,032
Comprehensive income attributable to noncontrolling interests	(195)		(203)		(543)		(596)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	2,672	$	7,025	$	13,222	$	13,436


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended September 30, (in millions)	Shares	Amount						Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at June 30, 2025	905	$	9	$	—	$	97,250	$	(1,593)	$	(942)	$	5,745	$	100,469
Net earnings						2,348						167		2,515
Other comprehensive income (loss)								395		(71)				324
Issuances of common stock, and related tax effects	1	—		241										241
Share-based compensation				214										214
Common share repurchases	—	—		1		(1)								—
Cash dividends paid on common shares ($2.21 per share)						(2,002)								(2,002)
Redeemable noncontrolling interests fair value and other adjustments				(62)										(62)
Acquisition and other adjustments of nonredeemable noncontrolling interests												34		34
Distribution to nonredeemable noncontrolling interests												(164)		(164)
Balance at September 30, 2025	906	$	9	$	394	$	97,595	$	(1,198)	$	(1,013)	$	5,782	$	101,569

Balance at June 30, 2024	921	$	9	$	373	$	92,400	$	(2,296)	$	(1,127)	$	5,317	$	94,676
Net earnings						6,055						155		6,210
Other comprehensive income								882		88				970
Issuances of common stock, and related tax effects	4	—		842										842
Share-based compensation				208										208
Common share repurchases	(2)	—		(957)		—								(957)
Cash dividends paid on common shares ($2.10 per share)						(1,937)								(1,937)
Redeemable noncontrolling interests fair value and other adjustments				(5)										(5)
Acquisition and other adjustments of nonredeemable noncontrolling interests												28		28
Distribution to nonredeemable noncontrolling interests												(154)		(154)
Balance at September 30, 2024	923	$	9	$	461	$	96,518	$	(1,414)	$	(1,039)	$	5,346	$	99,881


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,893	$	2	$	(167)	$	3,728
State and municipal obligations	6,747		20		(273)		6,494
Corporate obligations	24,731		156		(578)		24,309
U.S. agency mortgage-backed securities	10,258		25		(651)		9,632
Non-U.S. agency mortgage-backed securities	2,757		11		(109)		2,659
Total debt securities - available-for-sale	48,386		214		(1,778)		46,822
Debt securities - held-to-maturity:
U.S. government and agency obligations	459		1		(1)		459
State and municipal obligations	26		—		(2)		24
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	488		1		(3)		486
Total debt securities	$	48,874	$	215	$	(1,781)	$	47,308
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	$	3,485	$	3,466	$	264	$	264
Due after one year through five years	13,603		13,360		202		202
Due after five years through ten years	11,582		11,243		5		5
Due after ten years	6,701		6,462		17		15
U.S. agency mortgage-backed securities	10,258		9,632		—		—
Non-U.S. agency mortgage-backed securities	2,757		2,659		—		—
Total debt securities	$	48,386	$	46,822	$	488	$	486


	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
September 30, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	525	$	(5)	$	2,561	$	(162)	$	3,086	$	(167)
State and municipal obligations	1,346		(47)		3,825		(226)		5,171		(273)
Corporate obligations	1,610		(16)		11,293		(562)		12,903		(578)
U.S. agency mortgage-backed securities	1,044		(11)		6,434		(640)		7,478		(651)
Non-U.S. agency mortgage-backed securities	188		—		1,471		(109)		1,659		(109)
Total debt securities - available-for-sale	$	4,713	$	(79)	$	25,584	$	(1,699)	$	30,297	$	(1,778)
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
September 30, 2025
Cash and cash equivalents	$	21,305		$	5,905		$	—		$	27,210
Debt securities - available-for-sale:
U.S. government and agency obligations	3,561			167			—			3,728
State and municipal obligations	—			6,494			—			6,494
Corporate obligations	—			23,842			467			24,309
U.S. agency mortgage-backed securities	—			9,632			—			9,632
Non-U.S. agency mortgage-backed securities	—			2,659			—			2,659
Total debt securities - available-for-sale	3,561			42,794			467			46,822
Equity securities	2,023			214			207			2,444
Total assets at fair value	$	26,889		$	48,913		$	674		$	76,476
Percentage of total assets at fair value	35		%	64		%	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
September 23	2.21		2,002


(in millions)	Businesses Held for Sale
Assets
Cash and cash equivalents	$	248
Accounts receivable and other current assets	682
Property, equipment and capitalized software	743
Goodwill and other intangible assets	460
Other long-term assets	294
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	(1,397)
Total assets	$	1,030
Liabilities
Medical costs payable	$	195
Accounts payable and other current liabilities	377
Other long-term liabilities	407
Total liabilities	$	979


	Three Months Ended September 30,						Increase/ (Decrease)					Nine Months Ended September 30,						Increase/ (Decrease)
(in millions, except percentages)	2025			2024			2025 vs. 2024					2025			2024			2025 vs. 2024
Revenues
UnitedHealthcare	$	87,070		$	74,853		$	12,217		16	%	$	257,790		$	224,076		$	33,714		15	%
Optum Health	25,900			25,917			(17)			—		76,414			79,698			(3,284)			(4)
Optum Insight	4,915			4,931			(16)			—		14,373			13,976			397			3
Optum Rx	39,679			34,207			5,472			16		113,270			97,457			15,813			16
Optum eliminations	(1,317)			(1,130)			(187)			17		(3,770)			(3,275)			(495)			15
Optum	69,177			63,925			5,252			8		200,287			187,856			12,431			7
Eliminations	(43,086)			(37,958)			(5,128)			14		(123,725)			(112,461)			(11,264)			10
Consolidated revenues	$	113,161		$	100,820		$	12,341		12	%	$	334,352		$	299,471		$	34,881		12	%
Earnings from operations
UnitedHealthcare	$	1,805		$	4,212		$	(2,407)		(57)	%	$	9,106		$	12,611		$	(3,505)		(28)	%
Optum Health	255			2,161			(1,906)			(88)		2,505			5,979			(3,474)			(58)
Optum Insight	706			791			(85)			(11)		2,665			1,827			838			46
Optum Rx	1,549			1,544			5			—		4,308			4,097			211			5
Optum	2,510			4,496			(1,986)			(44)		9,478			11,903			(2,425)			(20)
Consolidated earnings from operations	$	4,315		$	8,708		$	(4,393)		(50)	%	$	18,584		$	24,514		$	(5,930)		(24)	%
Operating margin
UnitedHealthcare	2.1		%	5.6		%	(3.5)		%			3.5		%	5.6		%	(2.1)		%
Optum Health	1.0			8.3			(7.3)					3.3			7.5			(4.2)
Optum Insight	14.4			16.0			(1.6)					18.5			13.1			5.4
Optum Rx	3.9			4.5			(0.6)					3.8			4.2			(0.4)
Optum	3.6			7.0			(3.4)					4.7			6.3			(1.6)
Consolidated operating margin	3.8		%	8.6		%	(4.8)		%			5.6		%	8.2		%	(2.6)		%


	Three Months Ended September 30,				Increase/ (Decrease)				Nine Months Ended September 30,				Increase/ (Decrease)
(in millions, except percentages)	2025		2024		2025 vs. 2024				2025		2024		2025 vs. 2024
UnitedHealthcare Employer & Individual - Domestic	$	19,049	$	18,985	$	64	—	%	$	57,065	$	55,470	$	1,595	3	%
UnitedHealthcare Employer & Individual - Global	826		769		57		7		2,427		2,892		(465)		(16)
UnitedHealthcare Employer & Individual - Total	19,875		19,754		121		1		59,492		58,362		1,130		2
UnitedHealthcare Medicare & Retirement	43,356		34,904		8,452		24		127,684		105,294		22,390		21
UnitedHealthcare Community & State	23,839		20,195		3,644		18		70,614		60,420		10,194		17
Total UnitedHealthcare revenues	$	87,070	$	74,853	$	12,217	16	%	$	257,790	$	224,076	$	33,714	15	%


	September 30,		Increase/(Decrease)
(in thousands, except percentages)	2025	2024	2025 vs. 2024
Commercial:
Risk-based	8,440	8,900	(460)	(5)	%
Fee-based	21,490	20,830	660	3
Total Commercial	29,930	29,730	200	1
Medicare Advantage	8,435	7,810	625	8
Medicaid	7,460	7,450	10	—
Medicare Supplement (Standardized)	4,300	4,340	(40)	(1)
Total Community and Senior	20,195	19,600	595	3
Total UnitedHealthcare - Medical	50,125	49,330	795	2	%
Supplemental Data:
Medicare Part D stand-alone	2,795	3,055	(260)	(9)	%
South American businesses held for sale	1,160	1,335	(175)	(13)	%


	Nine Months Ended September 30,				Increase/(Decrease)
(in millions)	2025		2024		2025 vs. 2024
Sources of cash:
Cash provided by operating activities	$	18,589	$	21,835	$	(3,246)
Issuances of short-term borrowings and long-term debt, net of repayments	2,438		15,120		(12,682)
Proceeds from common stock issuances	803		1,611		(808)
Sales and maturities of investments, net of purchases	1,657		1,852		(195)
Repayments of care provider loans - cyberattack	1,543		3,189		(1,646)
Total sources of cash	25,030		43,607		(18,577)
Uses of cash:
Common stock repurchases	(5,545)		(4,028)		(1,517)
Cash paid for acquisitions and other transactions, net of cash assumed	(4,436)		(11,674)		7,238
Purchases of property, equipment and capitalized software	(2,674)		(2,587)		(87)
Cash dividends paid	(5,914)		(5,601)		(313)
Loans to care providers - cyberattack	—		(8,904)		8,904
Customer funds administered	(1,792)		(1,059)		(733)
Other	(2,767)		(2,497)		(270)
Total uses of cash	(23,128)		(36,350)		13,222
Effect of exchange rate changes on cash and cash equivalents	25		(30)		55
Increase in cash and cash equivalents, including cash within businesses held for sale	$	1,927	$	7,227	$	(5,300)
Less: net increase in cash within businesses held for sale	(29)		(254)		225
Net increase in cash and cash equivalents	$	1,898	$	6,973	$	(5,075)


(in millions, except percentages and per share data)	Three Months Ended September 30,						Increase/ (Decrease)					Nine Months Ended September 30,						Increase/ (Decrease)
	2025			2024			2025 vs. 2024					2025			2024			2025 vs. 2024
Revenues:
Premiums	$	88,979		$	77,442		$	11,537		15	%	$	263,418		$	232,327		$	31,091		13	%
Products	13,296			12,631			665			5		39,896			36,751			3,145			9
Services	9,754			9,104			650			7		27,765			26,742			1,023			4
Investment and other income	1,132			1,643			(511)			(31)		3,273			3,651			(378)			(10)
Total revenues	113,161			100,820			12,341			12		334,352			299,471			34,881			12
Operating costs:
Medical costs	79,958			65,957			14,001			21		231,954			197,150			34,804			18
Operating costs	15,223			13,280			1,943			15		42,595			40,519			2,076			5
Cost of products sold	12,566			11,834			732			6		37,975			34,230			3,745			11
Depreciation and amortization	1,099			1,041			58			6		3,244			3,058			186			6
Total operating costs	108,846			92,112			16,734			18		315,768			274,957			40,811			15
Earnings from operations	4,315			8,708			(4,393)			(50)		18,584			24,514			(5,930)			(24)
Interest expense	(1,003)			(1,074)			71			(7)		(3,028)			(2,903)			(125)			4
Loss on sale of subsidiary and subsidiaries held for sale	(83)			(20)			(63)			315		(139)			(8,331)			8,192			(98)
Earnings before income taxes	3,229			7,614			(4,385)			(58)		15,417			13,280			2,137			16
Provision for income taxes	(686)			(1,356)			670			(49)		(2,828)			(3,822)			994			(26)
Net earnings	2,543			6,258			(3,715)			(59)		12,589			9,458			3,131			33
Earnings attributable to noncontrolling interests	(195)			(203)			8			(4)		(543)			(596)			53			(9)
Net earnings attributable to UnitedHealth Group common shareholders	$	2,348		$	6,055		$	(3,707)		(61)	%	$	12,046		$	8,862		$	3,184		36	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	2.59		$	6.51		$	(3.92)				$	13.21		$	9.53		$	3.68
Medical care ratio (a)	89.9		%	85.2		%	4.7		%			88.1		%	84.9		%	3.2		%
Operating cost ratio	13.5			13.2			0.3					12.7			13.5			(0.8)
Operating margin	3.8			8.6			(4.8)					5.6			8.2			(2.6)
Tax rate	21.2			17.8			3.4					18.3			28.8			(10.5)
Net earnings margin (b)	2.1			6.0			(3.9)					3.6			3.0			0.6
Return on equity (c)	9.9		%	26.3		%	(16.4)					17.0		%	13.2		%	3.8


	September 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 %	$	728	$	576	$	(4,249)	$	(9,525)
1	364		288		(2,170)		(5,160)
(1)	(364)		(273)		2,210		6,284
(2)	(728)		(544)		4,421		13,949


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 Agreement, effective as of September 2, 2025, between United HealthCare Services, Inc. and Wayne S. DeVeydt (incorporated by reference to Exhibit 10.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on July 31, 2025).
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
10/29/2025	$333.00	Buy → Hold	Deutsche Bank
10/14/2025	$406.00	Buy	Goldman
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

SEC Form 10-Q filed by UnitedHealth Group Incorporated

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for $UNH

$UNH Press Releases

UnitedHealth Group Reports Third Quarter 2025 Results and Raises Full Year 2025 Earnings Outlook

UnitedHealthcare's 2026 Medicare Advantage Plans Deliver Value, Access and Consumer Choice

Plus Therapeutics Announces National Coverage Agreement with UnitedHealthcare Insurance Company for CNSide® Cerebrospinal Fluid Assay for Metastatic CNS Cancer

$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 SEC Filings

SEC Form 10-Q filed by UnitedHealth Group Incorporated

UnitedHealth Group Incorporated filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

Amendment: UnitedHealth Group Incorporated filed SEC Form 8-K: Regulation FD Disclosure

$UNH Analyst Ratings

UnitedHealth downgraded by Deutsche Bank with a new price target

Goldman initiated coverage on UnitedHealth with a new price target

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

$UNH Insider Trading

Director Garcia Paul R was granted 260 shares, increasing direct ownership by 9% to 3,021 units (SEC Form 4)

Director Mcnabb Frederick William Iii was granted 289 shares, increasing direct ownership by 2% to 14,341 units (SEC Form 4)

Director Gil Kristen was granted 162 shares, increasing direct ownership by 9% to 1,900 units (SEC Form 4)

$UNH Financials

UnitedHealth Group Reports Third Quarter 2025 Results and Raises Full Year 2025 Earnings Outlook

AM Best Downgrades Credit Ratings of UnitedHealth Group Incorporated and Its Subsidiaries; Revises Outlooks to Stable

UnitedHealth Group Board Authorizes Payment of Quarterly Dividend

$UNH Leadership Updates

Twilio Set to Join S&P MidCap 400

UnitedHealth Group Investors: Please contact the Portnoy Law Firm to recover your losses. July 7, 2025 Deadline to file Lead Plaintiff Motion.

Charlie Baker Joins UnitedHealth Group's Board of Directors

$UNH Large Ownership Changes

SEC Form SC 13G/A filed by UnitedHealth Group Incorporated (Amendment)

SEC Form SC 13G/A filed by UnitedHealth Group Incorporated (Amendment)

SEC Form SC 13G/A filed by UnitedHealth Group Incorporated (Amendment)

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