UNITEDHEALTH GROUP INC 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Page Report of Independent Registered Public Accounting Firm ( PCAOB ID No 34 ) 39 Consolidated Balance Sheets 41 Consolidated Statements of Operations 42 Consolidated Statements of Comprehensive Income 43 Consolidated Statements of Changes in Equity 44 Consolidated Statements of Cash Flows 45 Notes to the Consolidated Financial Statements 46 1. Description of Business 46 2. Basis of Presentation, Use of Estimates and Significant Accounting Policies 46 3. Investments 53 4. Fair Value 55 5. Property, Equipment and Capitalized Software 57 6. Goodwill and Other Intangible Assets 57 7. Medical Costs Payable 59 8. Short-Term Borrowings and Long-Term Debt 60 9. Income Taxes 61 10. Shareholders’ Equity 64 11. Share-Based Compensation 65 12. Commitments and Contingencies 67 1 3 . Business Combinations 68 14. Dispositions and Held for Sale 68 1 5 . Segment Financial Information 70 38 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of UnitedHealth Group Incorporated and Subsidiaries: Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of UnitedHealth Group Incorporated and Subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 2, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the Audit and Finance Committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Medical Care Services Incurred but not Reported (IBNR) - Refer to Notes 2 and 7 to the financial statements. Critical Audit Matter Description Medical costs payable includes estimates of the Company’s obligations for medical care services rendered on behalf of insured consumers, for which claims have either not yet been received or processed. The Company develops estimates for medical care services incurred but not reported (IBNR) using an actuarial model that requires management to exercise certain judgments in developing its estimates. Judgments made by management include medical cost per member per month trend factors and completion factors, which include assumptions over the time from date of service to claim receipt, the impact of actual care activity, and processing cycles. We identified medical care services IBNR as a critical audit matter because it requires significant management assumptions in estimating the liability. This required complex auditor judgment, and an increased extent of effort, including the involvement of actuarial specialists in performing procedures to evaluate the reasonableness of management’s methods, assumptions, and judgments in developing estimates for medical care services IBNR. 39 Table of Contents How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to medical care services IBNR included the following, among others: • We tested the effectiveness of controls over management’s estimate of the IBNR for these services, including controls over the judgments in both the completion factors and the medical cost per member per month trend factors, as well as controls over the claims and membership data used in the estimation process. • We tested the underlying claims and membership data and other information that served as the basis for the actuarial analysis, to test that the inputs to the actuarial estimate were complete and accurate. • With the assistance of actuarial specialists, we evaluated the reasonableness of the actuarial methods and assumptions used by management to estimate IBNR for these services by: – Performing an overlay of the historical claims data used in management’s current year model to the data used in prior periods to validate that there were no material changes to the claims data tested in prior periods. – Developing an independent estimate of the IBNR for these services and comparing our estimate to management’s estimate. – Performing a retrospective review comparing management’s prior year estimate of IBNR to claims processed in 2025 with dates of service in 2024 or prior. / S / DELOITTE & TOUCHE LLP Minneapolis, Minnesota March 2, 2026 We have served as the Company's auditor since 2002. 40 Table of Contents UnitedHealth Group Consolidated Balance Sheets (in millions, except per share data) December 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 24,365 $ 25,312 Short-term investments 3,756 3,801 Accounts receivable, net of allowances of $ 1,208 and $ 985 23,018 22,365 Other current receivables, net of allowances of $ 3,763 and $ 2,864 29,697 26,089 Prepaid expenses and other current assets 9,746 8,212 Total current assets 90,582 85,779 Long-term investments 54,251 52,354 Property, equipment and capitalized software, net of accumulated depreciation and amortization of $ 7,546 and $ 6,971 10,762 10,553 Goodwill 110,499 106,734 Other intangible assets, net of accumulated amortization of $ 7,472 and $ 8,350 20,474 23,268 Other assets 23,013 19,590 Total assets $ 309,581 $ 298,278 Liabilities, redeemable noncontrolling interests and equity Current liabilities: Medical costs payable $ 39,337 $ 34,224 Accounts payable and accrued liabilities 38,032 34,337 Short-term borrowings and current maturities of long-term debt 6,069 4,545 Unearned revenues 3,413 3,317 Other current liabilities 28,046 27,346 Total current liabilities 114,897 103,769 Long-term debt, less current maturities 72,320 72,359 Deferred income taxes 2,421 3,620 Other liabilities 18,245 15,939 Total liabilities 207,883 195,687 Commitments and contingencies (Note 12) Redeemable noncontrolling interests 1,608 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 559 — Retained earnings 95,603 96,036 Accumulated other comprehensive loss ( 2,061 ) ( 3,387 ) Nonredeemable noncontrolling interests 5,980 5,610 Total equity 100,090 98,268 Total liabilities, redeemable noncontrolling interests and equity $ 309,581 $ 298,278 See Notes to the Consolidated Financial Statements 41 Table of Contents UnitedHealth Group Consolidated Statements of Operations For the Years Ended December 31, (in millions, except per share data) 2025 2024 2023 Revenues: Premiums $ 352,229 $ 308,810 $ 290,827 Products 53,380 50,226 42,583 Services 38,038 36,040 34,123 Investment and other income 3,920 5,202 4,089 Total revenues 447,567 400,278 371,622 Operating costs: Medical costs 313,995 264,185 241,894 Operating costs 59,592 53,013 54,628 Cost of products sold 50,655 46,694 38,770 Depreciation and amortization 4,361 4,099 3,972 Total operating costs 428,603 367,991 339,264 Earnings from operations 18,964 32,287 32,358 Interest expense ( 4,002 ) ( 3,906 ) ( 3,246 ) Loss on sale of subsidiary and subsidiaries held for sale ( 265 ) ( 8,310 ) — Earnings before income taxes 14,697 20,071 29,112 Provision for income taxes ( 1,890 ) ( 4,829 ) ( 5,968 ) Net earnings 12,807 15,242 23,144 Earnings attributable to noncontrolling interests ( 751 ) ( 837 ) ( 763 ) Net earnings attributable to UnitedHealth Group common shareholders $ 12,056 $ 14,405 $ 22,381 Earnings per share attributable to UnitedHealth Group common shareholders: Basic $ 13.28 $ 15.64 $ 24.12 Diluted $ 13.23 $ 15.51 $ 23.86 Basic weighted-average number of common shares outstanding 908 921 928 Dilutive effect of common share equivalents 3 8 10 Diluted weighted-average number of common shares outstanding 911 929 938 Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents 12 6 6 See Notes to the Consolidated Financial Statements 42 Table of Contents UnitedHealth Group Consolidated Statements of Comprehensive Income For the Years Ended December 31, (in millions) 2025 2024 2023 Net earnings $ 12,807 $ 15,242 $ 23,144 Other comprehensive income: Gross unrealized gains on investment securities during the period 1,553 29 1,139 Income tax effect ( 364 ) ( 7 ) ( 263 ) Total unrealized gains, net of tax 1,189 22 876 Gross reclassification adjustment for net realized gains included in net earnings ( 53 ) ( 369 ) ( 90 ) Income tax effect 12 92 21 Total reclassification adjustment, net of tax ( 41 ) ( 277 ) ( 69 ) Foreign currency translation gains (losses) 178 ( 319 ) 559 Reclassification adjustment for translation losses included in net earnings — 4,214 — Total foreign currency translation gains 178 3,895 559 Other comprehensive income 1,326 3,640 1,366 Comprehensive income 14,133 18,882 24,510 Comprehensive income attributable to noncontrolling interests ( 751 ) ( 837 ) ( 763 ) Comprehensive income attributable to UnitedHealth Group common shareholders $ 13,382 $ 18,045 $ 23,747 See Notes to the Consolidated Financial Statements 43 Table of Contents UnitedHealth Group Consolidated Statements of Changes in Equity Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Nonredeemable Noncontrolling Interests Total Equity (in millions, except per share data) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains Balance at January 1, 2023 934 $ 9 $ — $ 86,156 $ ( 2,778 ) $ ( 5,615 ) $ 3,678 $ 81,450 Net earnings 22,381 575 22,956 Other comprehensive income 807 559 1,366 Issuances of common stock, and related tax effects 6 — 1,231 1,231 Share-based compensation 1,027 1,027 Common share repurchases ( 16 ) — ( 2,057 ) ( 6,002 ) ( 8,059 ) Cash dividends paid on common shares ($ 7.29 per share) ( 6,761 ) ( 6,761 ) Redeemable noncontrolling interests fair value and other adjustments ( 201 ) ( 201 ) Acquisition and other adjustments of nonredeemable noncontrolling interests 1,928 1,928 Distributions to nonredeemable noncontrolling interests ( 516 ) ( 516 ) Balance at December 31, 2023 924 9 — 95,774 ( 1,971 ) ( 5,056 ) 5,665 94,421 Net earnings 14,405 663 15,068 Other comprehensive (loss) income ( 255 ) 3,895 3,640 Issuances of common stock, and related tax effects 8 — 1,485 1,485 Share-based compensation 963 963 Common share repurchases ( 17 ) — ( 2,395 ) ( 6,610 ) ( 9,005 ) Cash dividends paid on common shares ($ 8.18 per share) ( 7,533 ) ( 7,533 ) Redeemable noncontrolling interests fair value and other adjustments ( 53 ) ( 53 ) Acquisition and other adjustments of nonredeemable noncontrolling interests 26 26 Distributions to nonredeemable noncontrolling interests ( 744 ) ( 744 ) Balance at December 31, 2024 915 9 — 96,036 ( 2,226 ) ( 1,161 ) 5,610 98,268 Net earnings 12,056 677 12,733 Other comprehensive income 1,148 178 1,326 Issuances of common stock, and related tax effects 3 — 649 649 Share-based compensation 979 979 Common share repurchases ( 12 ) — ( 952 ) ( 4,573 ) ( 5,525 ) Cash dividends paid on common shares ($ 8.73 per share) ( 7,916 ) ( 7,916 ) Redeemable noncontrolling interests fair value and other adjustments ( 117 ) ( 117 ) Acquisition and other adjustments of nonredeemable noncontrolling interests 390 390 Distributions to nonredeemable noncontrolling interests ( 697 ) ( 697 ) Balance at December 31, 2025 906 $ 9 $ 559 $ 95,603 $ ( 1,078 ) $ ( 983 ) $ 5,980 $ 100,090 See Notes to the Consolidated Financial Statements 44 Table of Contents UnitedHealth Group Consolidated Statements of Cash Flows For the Years Ended December 31, (in millions) 2025 2024 2023 Operating activities Net earnings $ 12,807 $ 15,242 $ 23,144 Noncash items: Depreciation and amortization 4,361 4,099 3,972 Deferred income taxes ( 1,752 ) ( 296 ) ( 245 ) Share-based compensation 971 1,018 1,059 Loss on sale of subsidiary and subsidiaries held for sale 265 8,310 — Net gains on dispositions and other strategic transactions ( 910 ) ( 3,333 ) ( 489 ) Other, net 1,673 ( 28 ) ( 16 ) Net change in other operating items, net of effects from acquisitions and dispositions: Accounts receivable ( 764 ) ( 1,437 ) ( 3,114 ) Other assets ( 4,606 ) ( 4,140 ) ( 2,444 ) Medical costs payable 5,824 2,503 3,482 Accounts payable and other liabilities 1,665 2,463 3,516 Unearned revenues 163 ( 197 ) 203 Cash flows from operating activities 19,697 24,204 29,068 Investing activities Purchases of investments ( 17,373 ) ( 27,308 ) ( 18,314 ) Sales of investments 9,288 18,514 7,307 Maturities of investments 8,446 9,319 9,230 Cash paid for acquisitions and other transactions, net of cash assumed ( 4,509 ) ( 13,408 ) ( 10,136 ) Purchases of property, equipment and capitalized software ( 3,622 ) ( 3,499 ) ( 3,386 ) Loans to care providers - cyberattack — ( 9,033 ) — Repayments of care provider loans - cyberattack 1,680 4,514 — Cash received from dispositions and other strategic transactions, net 561 2,041 685 Originations and purchases of loans ( 4,795 ) ( 2,477 ) ( 1,664 ) Repayments and maturities of loans 1,980 908 613 Other, net ( 341 ) ( 98 ) 91 Cash flows used for investing activities ( 8,685 ) ( 20,527 ) ( 15,574 ) Financing activities Common share repurchases ( 5,545 ) ( 9,000 ) ( 8,000 ) Cash dividends paid ( 7,916 ) ( 7,533 ) ( 6,761 ) Proceeds from common stock issuances 827 1,846 1,353 Repayments of long-term debt ( 3,050 ) ( 3,000 ) ( 2,125 ) Proceeds from (repayments of) short-term borrowings, net 807 ( 151 ) 11 Proceeds from issuance of long-term debt 2,969 17,811 6,394 Customer funds administered 366 ( 1,560 ) ( 521 ) Purchases of redeemable noncontrolling interests ( 165 ) ( 280 ) ( 730 ) Other, net 63 ( 1,645 ) ( 1,150 ) Cash flows used for financing activities ( 11,644 ) ( 3,512 ) ( 11,529 ) Effect of exchange rate changes on cash and cash equivalents 40 ( 61 ) 97 (Decrease) increase in cash and cash equivalents, including cash within businesses held for sale ( 592 ) 104 2,062 Less: net increase in cash within businesses held for sale ( 355 ) ( 219 ) — Net (decrease) increase in cash and cash equivalents ( 947 ) ( 115 ) 2,062 Cash and cash equivalents, beginning of period 25,312 25,427 23,365 Cash and cash equivalents, end of period $ 24,365 $ 25,312 $ 25,427 Supplemental cash flow disclosures Cash paid for interest $ 4,030 $ 3,594 $ 3,035 Cash paid for income taxes 3,714 4,620 6,078 See Notes to the Consolidated Financial Statements 45 Table of Contents UnitedHealth Group Notes to the Consolidated Financial Statements 1. Description of Business UnitedHealth Group Incorporated (individually and together with its subsidiaries, “UnitedHealth Group” and “the Company”) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. The Company’s two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations the Company is privileged to serve. 2. Basis of Presentation, Use of Estimates and Significant Accounting Policies Basis of Presentation The Company has prepared the Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries, including variable interest entities. All significant intercompany accounts and transactions have been eliminated. Use of Estimates These Consolidated Financial Statements include certain amounts based on the Company’s best estimates and judgments. The Company’s most significant estimates relate to estimates and judgments for medical costs payable and goodwill. Certain of these estimates require the application of complex assumptions and judgments, often because they involve matters inherently uncertain and will likely change in subsequent periods. The impact of any change in estimates is included in earnings in the period in which the estimate is adjusted. Net Portfolio Divestitures, Restructuring and Other Actions and Direct Response Costs - Cyberattack Net Portfolio Divestitures In the fourth quarter of 2025, the Company took various actions as a result of a strategic review of the Company’s assets and businesses to operationally advance and scale core businesses and initiatives, including the value-based care business at Optum Health. These actions primarily include losses on business exits and dispositions and other businesses held for sale and a gain on the deconsolidation of a business. As a result of the Company’s portfolio actions, the Company recorded a net gain of $ 568 million, which included a net gain of $ 1.5 billion at Optum Rx, partially offset by losses of $ 821 million and $ 68 million at Optum Health and Optum Insight, respectively. Gains and losses on portfolio actions were recorded within operating costs on the Consolidated Statements of Operations. Restructuring and Other Actions Additionally, in the fourth quarter of 2025 the Company took restructuring and other actions that resulted in a total impact of $ 2.5 billion, which included real estate rationalization and workforce reductions of $ 746 million, contractual reassessments of $ 573 million, the establishment a loss contract reserve related to anticipated future losses in 2026 for certain value-based care businesses of $ 623 million, net valuation losses on equity securities of $ 329 million and the advance funding of the United Health Foundation of $ 250 million. The $ 2.5 billion impact of the restructuring and other actions was a reduction to premium revenue of $ 122 million and investment and other income of $ 397 million, and increased medical costs $ 623 million and operating costs $ 1.4 billion on the Consolidated Statements of Operations. The impacts by reportable segment were $ 153 million, $ 1.7 billion, $ 236 million and $ 389 million, for UnitedHealthcare, Optum Health, Optum Insight and Optum Rx, respectively. Direct Response Costs – Cyberattack To support care providers impacted by the Change Healthcare cyberattack that occurred on February 21, 2024, the Company provided interest-free loans. In the fourth quarter of 2025, the Company increased its reserves for net collection expectations associated with provider loans and other customer balances of $ 799 million, which are primarily within other assets on the Consolidated Balance Sheets and were recorded within operating costs within the Consolidated Statements of Operations. These amounts are included within Optum Insight’s results. 46 Table of Contents Revenues Premiums Premium revenues are primarily derived from risk-based arrangements in which the premium is typically at a fixed rate per individual served for a one-year period, and the Company assumes the economic risk of funding its customers’ health care and related administrative costs. Premium revenues are recognized in the period in which eligible individuals are entitled to receive health care benefits. Health care premium payments received from the Company’s customers in advance of the service period are recorded as unearned revenues. Fully insured commercial products of U.S. health plans, Medicare Advantage and Medicare Prescription Drug Benefit (Medicare Part D) plans with medical loss ratios (MLRs) as calculated under the definitions in the Patient Protection and Affordable Care Act (ACA) and related federal and state regulations and implementing regulation, falling below certain targets are required to rebate ratable portions of their premiums annually. Commercial premiums within the Company’s individual and small group markets are also subject to the ACA risk adjustment program. Medicare Advantage premium revenue includes the impact of the Centers for Medicare & Medicaid Services (CMS) quality bonuses based on plans’ Star rating. Certain of the Company’s Medicaid business is also subject to state minimum MLR rebates. Premium revenues are recognized based on the estimated premiums earned, net of projected rebates, because the Company is able to reasonably estimate the ultimate premiums of these contracts. The Company also records premium revenues for certain value-based care arrangements at its Optum Health care delivery businesses. Under these arrangements, the Company enters into agreements with health plans to stand ready to deliver, integrate, direct and control certain health care services for patients. In exchange, the Company receives a premium that is typically paid on a per-patient per-month basis. The Company considers these value-based care arrangements to represent a single performance obligation where premium revenues are recognized in the period in which health care services are made available. The Company’s Medicare Advantage and Medicare Part D premium revenues are subject to periodic and retroactive adjustments based upon the CMS risk adjustment methodology, which apportions premiums paid to all health plans according to health severity and certain demographic factors. The CMS risk adjustment model provides higher per member payments for enrollees diagnosed with certain conditions and lower payments for enrollees who are healthier. CMS updates the model annually and changes to risk weights, or the condition coefficient, by specific diagnoses can impact premium revenue for a member between years. Under this risk adjustment methodology, CMS calculates the risk adjusted premium payment using diagnosis and encounter data from hospital inpatient, hospital outpatient and physician treatment settings. The Company and health care providers collect, capture and submit the necessary and available data to CMS within prescribed deadlines. The Company estimates risk adjustment premium revenues based upon the data submitted and expected to be submitted to CMS. Risk adjustment data for the Company’s plans are subject to review by the government, including audit by regulators. See Note 12 for additional information regarding these audits. Products and Services For the Company’s Optum Rx pharmacy care services business, the majority of revenues are derived from products sold through a contracted network of retail pharmacies or home delivery, specialty and community health pharmacies. Product revenues include the cost of pharmaceuticals (net of rebates), a negotiated dispensing fee and customer co-payments. Pharmacy products are billed to customers based on the number of transactions occurring during the billing period. Product revenues are recognized when the prescriptions are dispensed. The Company has entered into contracts in which it is primarily obligated to pay its network pharmacy providers for benefits provided to their customers regardless of whether the Company is paid. The Company is also involved in establishing the prices charged by retail pharmacies, determining which drugs will be included in formulary listings and selecting which retail pharmacies will be included in the network offered to plan sponsors’ members and accordingly, product revenues are reported on a gross basis. Services revenue includes a number of services and products sold through Optum. Optum Health’s service revenues include net patient service revenues recorded based upon established billing rates, less allowances for contractual adjustments, and are recognized as services are provided. For its financial services offerings, Optum Health charges fees and earns investment income on managed funds. Optum Insight provides software and information products, advisory consulting arrangements and managed services outsourcing contracts, which may be delivered over several years. Optum Insight revenues are generally recognized over time and measured for each period based on the progress to date as services are performed or made available to customers. Optum Rx provides administrative services, including claims processing, formulary design and management, and clinical services, which are recognized as services revenue as the services are provided. Services revenue also consists of fees derived from services performed for customers who self-insure the health care costs of their employees and employees’ dependents. Under service fee contracts, the Company receives a monthly fixed fee per employee, which is recognized as revenue as the Company performs, or makes available, the applicable services to the customer. The customers retain the risk of financing health care costs for their employees and employees’ dependents, and the 47 Table of Contents Company administers the payment of customer funds to physicians and other health care professionals from customer-funded bank accounts. As the Company has neither the obligation for funding the health care costs, nor the primary responsibility for providing the medical care, the Company does not recognize premium revenue and medical costs for these contracts in its Consolidated Financial Statements. For these fee-based customer arrangements, the Company provides coordination and facilitation of medical services; transaction processing; customer, consumer and care professional services; and access to contracted networks of physicians, hospitals and other health care professionals. These services are performed throughout the contract period. As of December 31, 2025 and 2024, accounts receivables related to products and services were $ 9.7 billion and $ 9.9 billion, respectively. In 2025 and 2024, the Company had no material bad-debt expense arising from contracts with customers and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Balance Sheets as of December 31, 2025 or 2024. For the years ended December 31, 2025, 2024 and 2023, revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price) was not material. As of December 31, 2025, revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts having an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was $ 11.7 billion, of which more than half is expected to be recognized in the next three years . See Note 15 for disaggregation of revenue by segment and type. Medical Costs and Medical Costs Payable The Company’s estimate of medical costs payable represents management’s best estimate of its liability for unpaid medical costs as of December 31, 2025. Each period, the Company re-examines previously established medical costs payable estimates based on actual claim submissions and other changes in facts and circumstances. As more complete claim information becomes available, the Company adjusts the amount of the estimates and includes the changes in estimates in medical costs in the period in which the change is identified. Approximately 90 % of claims related to medical care services are known and settled within 90 days from the date of service and substantially all within twelve months. Medical costs and medical costs payable include estimates of the Company’s obligations for medical care services rendered on behalf of consumers, but for which claims have either not yet been received, processed, or paid. The Company develops estimates for medical care services incurred but not reported (IBNR), which includes estimates for claims which have not been received or fully processed, using an actuarial process consistently applied, centrally controlled and automated. The actuarial models consider factors such as time from date of service to claim processing, seasonal variances in medical care consumption, health care professional contract rate changes, care activity and other medical cost trends, membership volume and demographics, the introduction of new technologies, benefit plan changes and business mix changes related to products, customers and geography. In developing its medical costs payable estimates, the Company applies different estimation methods depending on which incurred claims are being estimated. For the most recent two months, the Company estimates claim costs incurred by applying observed medical cost trend factors to the average per member per month medical costs incurred in prior months for which more complete claim data are available, supplemented by a review of near-term completion factors (actuarial estimates, based upon historical experience and analysis of current trends, of the percentage of incurred claims during a given period adjudicated by the Company at the date of estimation). For months prior to the most recent two months, the Company applies the completion factors to actual claims adjudicated-to-date to estimate the expected amount of ultimate incurred claims for those months. The Company establishes premium deficiency reserves on its health benefits business and loss contract reserves on its Optum Health value-based care businesses when it is probable that expected future costs, claim adjustment expenses, and maintenance costs will exceed related future premiums, including expected investment income. For purposes of establishing premium deficiency reserves, contracts are grouped in a manner consistent with the method of acquiring, servicing, and measuring their profitability. For loss contract reserves, contracts are grouped in a manner consistent with the method of establishing premium rates. Reserves recognized in the current period will be released in subsequent periods as actual costs are incurred. 48 Table of Contents Cost of Products Sold The Company’s cost of products sold includes the cost of pharmaceuticals dispensed to unaffiliated customers either directly at its home delivery, specialty and community pharmacy locations, or indirectly through its nationwide network of participating pharmacies. Rebates attributable to unaffiliated clients are accrued as rebates receivable and a reduction of cost of products sold, with a corresponding payable for the amounts of the rebates to be remitted to those unaffiliated clients in accordance with their contracts and recorded in the Consolidated Statements of Operations as a reduction of product revenue. Cost of products sold also includes the cost of personnel to support the Company’s transaction processing services, system sales, maintenance and professional services. Cash, Cash Equivalents and Investments Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less. The fair value of cash and cash equivalents approximates their carrying value because of the short maturity of the instruments. Investments with maturities of less than one year are classified as short-term. Because of regulatory requirements, certain investments are included in long-term investments regardless of their maturity date. The Company classifies these investments as held-to-maturity and reports them at amortized cost. Substantially all other investments are classified as available-for-sale and reported at fair value based on quoted market prices, where available. Equity investments are measured at fair value, with certain exceptions where the Company has elected to measure investments with unobservable inputs at cost, subject to fair value adjustments upon an impairment or a transaction of the same or similar security. Changes in fair value of equity investments are recognized in net earnings. The Company excludes unrealized gains and losses on available-for-sale debt securities from net earnings and reports them as comprehensive income and, net of income tax effects, as a separate component of equity. To calculate realized gains and losses on the sale of debt securities, the Company specifically identifies the cost of each investment sold. The Company evaluates an available-for-sale debt security for credit-related impairment by considering the present value of expected cash flows relative to a security’s amortized cost, the extent to which fair value is less than amortized cost, the financial condition and near-term prospects of the issuer and specific events or circumstances which may influence the operations of the issuer. Credit-related impairments are recorded as an allowance, with an offset to investment and other income. Non-credit related impairments are recorded through other comprehensive income. If the Company intends to sell an impaired security, or will likely be required to sell a security before recovery of the entire amortized cost, the entire impairment is included in net earnings. New information and the passage of time can change these judgments. The Company manages its investment portfolio to limit its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality. Other Current Receivables Other current receivables include amounts due from pharmaceutical manufacturers for rebates and Medicare Part D drug discounts, loans to care providers in response to the Change Healthcare cyberattack, accrued interest and other miscellaneous amounts due to the Company. The Company’s pharmacy care services businesses contract with pharmaceutical manufacturers, some of which provide rebates based on use of the manufacturers’ products by its affiliated and unaffiliated clients. The Company accrues rebates as they are earned by its clients on a monthly basis based on the terms of the applicable contracts, historical data and current estimates. The pharmacy care services businesses bill these rebates to the manufacturers on a monthly or quarterly basis depending on the contractual terms and record rebates attributable to affiliated clients as a reduction to medical costs. The Company generally receives rebates two to five months after billing. As of December 31, 2025 and 2024, total pharmaceutical manufacturer rebates receivable included in other receivables in the Consolidated Balance Sheets amounted to $ 13.6 billion and $ 12.5 billion, respectively. Receivables Financing Facility In 2025, the Company entered into a $ 3.3 billion 364-day uncommitted receivables financing facility under which certain receivables may be sold to financial institutions. The sales of the receivables under the facility are recorded as a reduction to other current receivables on the Consolidated Balance Sheets and classified as an operating cash flow on the Consolidated Statement of Cash Flows. The Company continues to provide collection services related to the transferred receivables. Amounts received but not remitted to financial institutions are recorded as a liability within accounts payable and accrued liabilities on the Consolidated Balance Sheets and classified as a financing cash flow on the Consolidated Statement of Cash Flows. For the year ended December 31, 2025, the Company sold $ 3.0 billion of receivables under the receivables funding facility, and the loss on discounted receivables was immaterial. As of December 31, 2025, the Company collected $ 2.0 billion, of which $ 1.0 billion has not been remitted to financial institutions. 49 Table of Contents Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets included pharmaceutical drug and supplies inventory of $ 3.3 billion and $ 3.8 billion as of December 31, 2025 and 2024, respectively. Property, Equipment and Capitalized Software Property, equipment and capitalized software are stated at cost, net of accumulated depreciation and amortization. Capitalized software consists of certain costs incurred in the development of internal-use software, including external direct costs of materials and services and applicable payroll costs of employees devoted to specific software development. The Company calculates depreciation and amortization using the straight-line method over the estimated useful lives of the assets. The useful lives for property, equipment and capitalized software are: Furniture, fixtures and equipment 3 to 10 years Buildings 35 to 40 years Capitalized software 3 to 5 years Leasehold improvements are depreciated over the shorter of the remaining lease term or their estimated useful economic life. Loan Receivables The majority of the Company’s loan receivables, which are primarily held by Optum Bank, are recorded at the outstanding principal balance, net of an allowance for credit losses and are classified as current or long-term based upon contractual maturities, with the remaining loan receivables held at fair value under the fair value option. The current and long-term portions of loans receivable are included within prepaid expenses and other current assets and other assets on the Consolidated Balance Sheets, respectively. Interest income on current loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding and recognized on a nonaccrual basis when the loan is past due 90 days or more, or where reasonable doubt exists as to the collection of principal or interest. The allowance for credit losses is determined based upon the probability of default and the severity of loss if a default occurs. The probability of default is based upon macroeconomic conditions as well as individual loan characteristics and credit quality indicators, such as loan-to-value, debt service coverage, underlying collateral and credit score. The severity of loss is driven by the type of collateral and its liquidity, including costs associated with liquidation. The Company regularly reviews and updates the credit quality indicators of each loan. Loans are considered impaired and written off against the allowance when it is probable that all amounts due will not be collected. As of December 31, 2025 and 2024, amounts past due over 30 days and loans with low credit quality indicators were immaterial. The Company’s loan portfolio consists of commercial, consumer and syndicated bank loans. Commercial mortgage loans are primarily fixed rate loans, collateralized by high-quality commercial real estate and diversified by property type, location and borrower. Consumer loans are primarily fixed rate loans. Syndicated bank loans are primarily variable rate loans where the Company lends through syndicates that provide financing to a variety of borrowers. A summary of loans outstanding by major category is as follows: (in millions) December 31, 2025 December 31, 2024 Commercial $ 6,095 $ 4,908 Consumer 2,053 990 Syndicated 1,689 1,367 Less: allowance for credit losses ( 95 ) ( 96 ) Total loans receivable, net $ 9,742 $ 7,169 Operating Leases The Company leases facilities and equipment under long-term operating leases which are non-cancelable and expire on various dates. At the lease commencement date, lease right-of-use (ROU) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term, which includes all fixed obligations arising from the lease contract. If an interest rate is not implicit in a lease, the Company utilizes its incremental borrowing rate for a period closely matching the lease term. The Company’s ROU assets are included in other assets, and lease liabilities are included in other current liabilities and other liabilities in the Company’s Consolidated Balance Sheets. 50 Table of Contents Goodwill To determine whether goodwill is impaired, annually or more frequently if needed, the Company performs impairment tests. The Company may first assess qualitative factors to determine if it is more likely than not the carrying value of a reporting unit exceeds its estimated fair value. If our qualitative assessment indicates a goodwill impairment is more likely than not, we perform additional quantitative analyses. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. When performing quantitative testing, the Company first estimates the fair values of its reporting units using discounted cash flows. To determine fair values, the Company must make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about operations, capital levels and income taxes), long-term growth rates for determining terminal value, and discount rates. Comparative market multiples are used to corroborate the results of the discounted cash flow test. If the fair value is less than the carrying value of the reporting unit, an impairment is recognized for the difference, up to the carrying amount of goodwill. There was no impairment of goodwill during the years ended December 31, 2025, 2024 and 2023. Intangible Assets The Company’s finite-lived intangible assets are subject to impairment tests when events or circumstances indicate an intangible asset (or asset group) may be impaired. The Company’s indefinite-lived intangible assets are also tested for impairment annually. There were no significant impairments of intangible assets during the years ended December 31, 2025, 2024 and 2023. Other Current Liabilities Other current liabilities include health savings account deposits, accruals for premium rebates payable, the current portion of future policy benefits and customer balances. Deposits The Company, through Optum Bank, holds various deposits, primarily Health Savings Accounts (HSAs) and brokered certificates of deposit (CDs). HSAs have no defined maturities and the carrying value is the amount payable on demand on the reporting date, which approximates fair value and is included within other current liabilities on the Consolidated Balance Sheets. CDs have a stipulated maturity and fixed interest rates. As of December 31, 2025, the majority of the CDs had maturities of less than two years. The current and long-term portions of CDs are included within other current liabilities and other liabilities on the Consolidated Balance Sheets, respectively. As of December 31, 2025 and 2024, the Company had $ 13.9 billion and $ 13.7 billion of HSAs, respectively, and $ 1.6 billion and $ 1.1 billion of CDs, respectively. Policy Acquisition Costs The Company’s short duration health insurance contracts typically have a one-year term and may be canceled by the customer with at least 30 days’ notice. Costs related to the acquisition and renewal of short duration customer contracts are primarily charged to expense as incurred. Variable Interest Entities The Company holds interests in various variable interest entities (“VIEs”), including certain physician practices that require an individual physician to legally own the equity interests as required by certain state laws and regulations. The determination of whether the Company is the primary beneficiary in a VIE, and therefore required to consolidate the VIE, is based on whether the Company has the power to direct the activities that most significantly impact the economic performance of the VIE and if the Company has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company has entered into exclusive management agreements with certain care delivery practices, under which the Company provides non-clinical management services, including operational support, marketing, technology, infrastructure, sourcing and procurement, and other services. The Company concluded its interests in these care delivery practices are variable interests based upon the management agreements and additional support needed in order to fund the operations of the care delivery practices. While all clinical decisions, including but not limited to diagnosis, treatment, and prescribing, are controlled or made by practicing physicians or other licensed professionals consistent with state laws, the Company’s management activities are significant to the economic performance of the practices, and the Company has an obligation to absorb losses and the right to receive the benefits of the results of the care delivery practices. Therefore, the Company is determined to be the primary beneficiary and consolidates these care delivery practices. 51 Table of Contents Redeemable Noncontrolling Interests Redeemable noncontrolling interests in the Company’s subsidiaries whose redemption is outside of the Company’s control are classified as temporary equity. These interests primarily relate to put options on unowned shares, which are typically redeemable at fair value after a certain time period. The Company accretes changes in the redemption value to the earliest redemption date utilizing the interest method. If all interests were currently redeemable, the difference between the carrying value and the estimated redemption value is not material. The following table provides details of the Company's redeemable noncontrolling interests’ activity for the years ended December 31, 2025 and 2024: (in millions) 2025 2024 Redeemable noncontrolling interests, beginning of period $ 4,323 $ 4,498 Net earnings 74 174 Acquisitions 9 33 Redemptions ( 189 ) ( 280 ) Distributions ( 99 ) ( 125 ) Fair value, deconsolidations and other adjustments ( 2,510 ) 23 Redeemable noncontrolling interests, end of period $ 1,608 $ 4,323 Share-Based Compensation The Company recognizes compensation expense for share-based awards, including stock options and restricted stock and restricted stock units (collectively, restricted shares), on a straight-line basis over the related service period (generally the vesting period) of the award, or to an employee’s eligible retirement date under the award agreement, if earlier. Restricted shares vest ratably, primarily over two to four years, and compensation expense related to restricted shares is based on the share price on the date of grant. Stock options vest ratably primarily over four years and may be exercised up to 10 years from the date of grant. Compensation expense related to stock options is based on the fair value at the date of grant, which is estimated on the date of grant using a binomial option-pricing model. Under the Company’s Employee Stock Purchase Plan (ESPP), eligible employees are allowed to purchase the Company’s stock at a discounted price, which is 90% of the market price of the Company’s common stock at the end of the six-month purchase period. Share-based compensation expense for all programs is recognized in operating costs in the Consolidated Statements of Operations. Net Earnings Per Common Share The Company computes basic earnings per common share attributable to UnitedHealth Group common shareholders by dividing net earnings attributable to UnitedHealth Group common shareholders by the weighted-average number of common shares outstanding during the period. The Company determines diluted net earnings per common share attributable to UnitedHealth Group common shareholders using the weighted-average number of common shares outstanding during the period, adjusted for potentially dilutive shares associated with stock options, restricted shares and the ESPP (collectively, common stock equivalents), using the treasury stock method. The treasury stock method assumes a hypothetical issuance of shares to settle the share-based awards, with the assumed proceeds used to purchase common stock at the average market price for the period. Assumed proceeds include the amount the employee must pay upon exercise and the average unrecognized compensation cost. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares. Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Under ASU 2023-09, an entity is required to provide additional income tax disclosures on an annual basis, including disclosure of the disaggregation of income tax expense or benefit from continuing operations by federal, state and local, and foreign taxes; cash paid for income taxes by jurisdiction; and prescribed specific categories to be included within the effective tax rate reconciliation. The Company adopted the standard on a prospective basis and has included the required disclosures in Note 9. The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Consolidated Financial Statements. 52 Table of Contents 3. Investments A summary of debt securities by major security type is as follows: (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2025 Debt securities - available-for-sale: U.S. government and agency obligations $ 4,086 $ 2 $ ( 156 ) $ 3,932 State and municipal obligations 6,533 24 ( 232 ) 6,325 Corporate obligations 25,927 159 ( 540 ) 25,546 U.S. agency mortgage-backed securities 10,284 33 ( 598 ) 9,719 Non-U.S. agency mortgage-backed securities 2,748 11 ( 99 ) 2,660 Total debt securities - available-for-sale 49,578 229 ( 1,625 ) 48,182 Debt securities - held-to-maturity: U.S. government and agency obligations 461 2 ( 1 ) 462 State and municipal obligations 26 — ( 2 ) 24 Corporate obligations 3 — — 3 Total debt securities - held-to-maturity 490 2 ( 3 ) 489 Total debt securities $ 50,068 $ 231 $ ( 1,628 ) $ 48,671 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 Nearly all of the Company’s investments in mortgage-backed securities were rated “Double A” or better as of December 31, 2025. The Company held $ 5.5 billion and $ 4.9 billion of equity securities as of December 31, 2025 and 2024, respectively. The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments. The carrying values of equity securities held at fair value on non-recurring basis were $ 3.3 billion and $ 3.0 billion, including cumulative net unrealized gains of $ 0.8 billion and $ 1.3 billion, as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $( 360 ) million, $ 710 million and $ 276 million, respectively, of unrealized (losses) or gains related to fair value adjustments on equity securities primarily in the Company’s venture portfolio and recorded $( 54 ) million, $ 121 million and $ 44 million, respectively, of investment expenses related to the fair value adjustments. Unrealized gains and losses on equity securities are recorded within investment and other income with associated expenses recorded within operating costs within the Consolidated Statements of Operations. Additionally, the Company’s investments included $ 3.8 billion of equity method investments primarily in operating businesses in the health care sector, as of both December 31, 2025 and 2024. The allowance for credit losses on held-to-maturity securities as of December 31, 2025 and 2024 was not material. 53 Table of Contents The amortized cost and fair value of debt securities as of December 31, 2025, by contractual maturity, were as follows: Available-for-Sale Held-to-Maturity (in millions) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 3,859 $ 3,843 $ 266 $ 266 Due after one year through five years 13,775 13,547 202 203 Due after five years through ten years 11,962 11,670 5 5 Due after ten years 6,950 6,743 17 15 U.S. agency mortgage-backed securities 10,284 9,719 — — Non-U.S. agency mortgage-backed securities 2,748 2,660 — — Total debt securities $ 49,578 $ 48,182 $ 490 $ 489 The fair value of available-for-sale debt securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position were as follows: 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 December 31, 2025 U.S. government and agency obligations $ 500 $ ( 4 ) $ 2,339 $ ( 152 ) $ 2,839 $ ( 156 ) State and municipal obligations 523 ( 8 ) 4,342 ( 224 ) 4,865 ( 232 ) Corporate obligations 2,661 ( 16 ) 10,399 ( 524 ) 13,060 ( 540 ) U.S. agency mortgage-backed securities 346 ( 1 ) 6,665 ( 597 ) 7,011 ( 598 ) Non-U.S. agency mortgage-backed securities 184 ( 1 ) 1,355 ( 98 ) 1,539 ( 99 ) Total debt securities - available-for-sale $ 4,214 $ ( 30 ) $ 25,100 $ ( 1,595 ) $ 29,314 $ ( 1,625 ) December 31, 2024 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 ) The Company’s unrealized losses from all securities as of December 31, 2025 were generated from approximately 24,000 positions out of a total of 41,000 positions. The Company believes it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. The unrealized losses were primarily caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities which impacted the Company’s assessment on collectibility of principal and interest. At each reporting period, the Company evaluates available-for-sale debt securities for any credit-related impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the expected cash flows, the underlying credit quality and credit ratings of the issuers, noting no significant credit deterioration since purchase. As of December 31, 2025, the Company did not have the intent to sell any of the securities in an unrealized loss position. Therefore, the Company believes these losses to be temporary. The allowance for credit losses on available-for-sale debt securities as of December 31, 2025 and 2024 was not material. 54 Table of Contents 4. Fair Value Certain assets and liabilities are measured at fair value in the Consolidated Financial Statements or have fair values disclosed in the Notes to the Consolidated Financial Statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement is categorized in its entirety based on the lowest level input which is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The fair value hierarchy is summarized as follows: Level 1 — Quoted prices (unadjusted) for identical assets/liabilities in active markets. Level 2 — Other observable inputs, either directly or indirectly, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in inactive markets (e.g., few transactions, limited information, noncurrent prices, high variability over time); • Inputs other than quoted prices observable for the asset/liability (e.g., interest rates, yield curves, implied volatilities, credit spreads); and • Inputs corroborated by other observable market data. Level 3 — Unobservable inputs cannot be corroborated by observable market data. There were no transfers in or out of Level 3 financial assets or liabilities during the years ended December 31, 2025 or 2024. Nonfinancial assets and liabilities or financial assets and liabilities measured at fair value on a nonrecurring basis are subject to fair value adjustments only in certain circumstances, such as when the Company records an impairment. The Company holds equity securities without readily determinable fair values, primarily related to the Company’s venture portfolio, and an equity method stake from the deconsolidation of a business in 2025, which are classified as Level 3 and measured on a nonrecurring basis. The fair values of these securities are typically based upon transactions of the same or similar security or unobservable amounts, with estimated value derived using valuation approaches such as discounted cash flow analyses, market comparable analyses and consideration of Company-specific information, market conditions and third-party indications.The assets and liabilities within businesses held for sale as of December 31, 2025 were measured at the lower of carrying value or fair value less cost to sell. Fair value is measured based upon unobservable amounts, such as estimated selling price derived from Company-specific information, market conditions and third-party indications. There were no other significant fair value adjustments for these assets and liabilities recorded during the years ended December 31, 2025, 2024 or 2023. The following methods and assumptions were used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument included in the tables below: Cash and Cash Equivalents. The carrying value of cash and cash equivalents approximates fair value as maturities are less than three months. Fair values of cash equivalent instruments which do not trade on a regular basis in active markets are classified as Level 2. Debt and Equity Securities. Fair values of debt securities and equity securities reported at fair value on a recurring basis are based on quoted market prices, where available. The Company obtains one price for each security primarily from a third-party pricing service (pricing service), which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, and, if necessary, makes adjustments through the reporting date based upon available observable market information. For securities not actively traded, the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs currently observable in the markets for similar securities. Inputs often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and nonbinding broker quotes. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to prices reported by a secondary pricing source, such as its custodian, its investment consultant and third-party investment advisors. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and reviews of fair value methodology documentation provided by independent pricing services have not historically resulted in adjustment to the prices obtained from the pricing service. Fair values of debt securities which do not trade on a regular basis in active markets but are priced using other observable inputs are classified as Level 2. 55 Table of Contents Fair value estimates for Level 1 and Level 2 equity securities reported at fair value on a recurring basis are based on quoted market prices for actively traded equity securities and/or other market data for the same or comparable instruments and transactions in establishing the prices. The fair values of Level 3 investments in corporate bonds, which are not a significant portion of our investments, are estimated using valuation techniques relying heavily on management assumptions and qualitative observations. Throughout the procedures discussed above in relation to the Company’s processes for validating third-party pricing information, the Company validates the understanding of assumptions and inputs used in security pricing and determines the proper classification in the hierarchy based on such understanding. Loan Receivables. The fair values of loan receivables which do not trade on a regular basis in active markets but are priced using other observable inputs are classified as Level 2. The fair values of Level 3 loans receivables are estimated using valuation techniques relying heavily on management assumptions and qualitative observations. Long-Term Debt. The fair values of the Company’s long-term debt are estimated and classified using the same methodologies as the Company’s investments in debt securities. The following table presents a summary of fair value measurements by level and carrying values for items measured at fair value on a recurring basis in the Consolidated Balance Sheets: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair and Carrying Value December 31, 2025 Cash and cash equivalents $ 19,848 $ 4,517 $ — $ 24,365 Debt securities - available-for-sale: U.S. government and agency obligations 3,778 154 — 3,932 State and municipal obligations — 6,325 — 6,325 Corporate obligations — 25,123 423 25,546 U.S. agency mortgage-backed securities — 9,719 — 9,719 Non-U.S. agency mortgage-backed securities — 2,660 — 2,660 Total debt securities - available-for-sale 3,778 43,981 423 48,182 Equity securities 2,083 20 67 2,170 Loan receivables — — 882 882 Total assets at fair value $ 25,709 $ 48,518 $ 1,372 $ 75,599 Percentage of total assets at fair value 34 % 64 % 2 % 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 Loan receivables — — 293 293 Total assets at fair value $ 31,330 $ 42,347 $ 795 $ 74,472 Percentage of total assets at fair value 42 % 57 % 1 % 100 % 56 Table of Contents The following table presents a summary of fair value measurements by level and carrying values for certain financial instruments not measured at fair value on a recurring basis in the Consolidated Balance Sheets: (in millions) Quoted Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Fair Value Total Carrying Value December 31, 2025 Debt securities - held-to-maturity $ 463 $ 26 $ — $ 489 $ 490 Loan receivables — 1,700 6,923 8,623 8,860 Long-term debt and other financing obligations — 72,143 — 72,143 76,140 December 31, 2024 Debt securities - held-to-maturity $ 482 $ 26 $ — $ 508 $ 512 Loan receivables — 1,413 5,101 6,514 6,876 Long-term debt and other financing obligations — 70,565 — 70,565 75,604 The carrying amounts reported on the Consolidated Balance Sheets for other current financial assets and liabilities approximate fair value because of their short-term nature. These assets and liabilities are not listed in the table above. 5. Property, Equipment and Capitalized Software A summary of property, equipment and capitalized software is as follows: (in millions) December 31, 2025 December 31, 2024 Land and improvements $ 387 $ 364 Buildings and improvements 4,087 4,215 Computer equipment 2,279 2,267 Furniture and fixtures 1,708 1,694 Less accumulated depreciation ( 3,719 ) ( 3,645 ) Property and equipment, net 4,742 4,895 Capitalized software 9,847 8,984 Less accumulated amortization ( 3,827 ) ( 3,326 ) Capitalized software, net 6,020 5,658 Total property, equipment and capitalized software, net $ 10,762 $ 10,553 Depreciation expense for property and equipment for the years ended December 31, 2025, 2024 and 2023 was $ 1.0 billion, $ 1.0 billion, and $ 1.1 billion, respectively. Amortization expense for capitalized software for the years ended December 31, 2025, 2024 and 2023 was $ 1.7 billion, $ 1.4 billion and $ 1.2 billion, respectively. 6. Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill, by reportable segment, were as follows: (in millions) UnitedHealthcare Optum Health Optum Insight Optum Rx Consolidated Balance at January 1, 2024 $ 27,878 $ 37,079 $ 19,307 $ 19,468 $ 103,732 Acquisitions — 2,071 — 2,305 4,376 Dispositions, foreign currency effects and other adjustments, net ( 717 ) ( 324 ) ( 327 ) ( 6 ) ( 1,374 ) Balance at December 31, 2024 27,161 38,826 18,980 21,767 106,734 Acquisitions — 4,011 — 284 4,295 Dispositions, foreign currency effects and other adjustments, net 35 ( 72 ) ( 247 ) ( 246 ) ( 530 ) Balance at December 31, 2025 $ 27,196 $ 42,765 $ 18,733 $ 21,805 $ 110,499 57 Table of Contents The gross carrying value, accumulated amortization and net carrying value of other intangible assets were as follows: December 31, 2025 December 31, 2024 (in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related $ 14,456 $ ( 5,966 ) $ 8,490 $ 17,190 $ ( 6,675 ) $ 10,515 Trademarks and technology 2,356 ( 1,265 ) 1,091 2,917 ( 1,284 ) 1,633 Trade names, trademarks, operating licenses and certificates and other indefinite-lived 10,734 — 10,734 10,454 — 10,454 Other 400 ( 241 ) 159 1,057 ( 391 ) 666 Total $ 27,946 $ ( 7,472 ) $ 20,474 $ 31,618 $ ( 8,350 ) $ 23,268 The fair values and weighted-average useful lives assigned to intangible assets as a result of transactions completed during years ended: 2025 2024 (in millions, except years) Fair Value Weighted-Average Useful Life Fair Value Weighted-Average Useful Life Customer-related $ 14 8 years $ 1,258 12 years Trademarks and technology 21 3 years 527 6 years Other 75 9 years 22 8 years Total finite-lived $ 110 8 years $ 1,807 10 years Total indefinite-lived - trade names, trademarks, operating licenses and certificates and other 415 8,795 Total intangible assets $ 525 $ 10,602 Estimated full year amortization expense relating to intangible assets for each of the next five years ending December 31 is as follows: (in millions) 2026 $ 1,340 2027 1,257 2028 1,178 2029 1,047 2030 926 Amortization expense relating to intangible assets for the years ended December 31, 2025, 2024 and 2023 was $ 1.7 billion, $ 1.7 billion and $ 1.6 billion, respectively. 58 Table of Contents 7. Medical Costs Payable The following table shows the components of the change in medical costs payable for the years ended December 31: (in millions) 2025 2024 2023 Medical costs payable, beginning of period $ 34,224 $ 32,395 $ 29,056 Acquisitions (dispositions), net 32 ( 755 ) 1 Reported medical costs: Current year 313,463 264,885 242,734 Prior years ( 140 ) ( 700 ) ( 840 ) Premium deficiency and loss contracts reserves 672 — — Total reported medical costs 313,995 264,185 241,894 Medical payments: Payments for current year ( 277,135 ) ( 231,890 ) ( 211,380 ) Payments for prior years ( 31,290 ) ( 29,532 ) ( 27,176 ) Total medical payments ( 308,425 ) ( 261,422 ) ( 238,556 ) Less: increase in medical costs payable included within businesses held for sale ( 489 ) ( 179 ) — Medical costs payable, end of period $ 39,337 $ 34,224 $ 32,395 For the years ended December 31, 2025, 2024 and 2023, prior years’ medical cost reserve development included no individual factors that were significant. Medical costs payable included IBNR of $ 26.7 billion and $ 23.7 billion at December 31, 2025 and 2024, respectively. Substantially all of the IBNR balance as of December 31, 2025 relates to the current year. The following is information about incurred and paid medical cost development as of December 31, 2025: Net Incurred Medical Costs (in millions) For the Years Ended December 31, Year 2024 2025 2024 $ 264,885 $ 264,550 2025 313,463 Changes in premium deficiency and loss contracts reserves 672 Total $ 578,685 Net Cumulative Medical Payments (in millions) For the Years Ended December 31, Year 2024 2025 2024 $ ( 231,890 ) $ ( 262,318 ) 2025 ( 277,135 ) Total ( 539,453 ) Net remaining outstanding liabilities prior to 2024 562 Acquisitions 32 Increase in medical costs payable included within businesses held for sale ( 489 ) Total medical costs payable $ 39,337 59 Table of Contents 8. Short-Term Borrowings and Long-Term Debt Short-term borrowings and senior unsecured long-term debt consisted of commercial paper and notes as follows: Carrying Value as of December 31, Carrying Value as of December 31, (in millions, except percentages) 2025 2024 (continued) 2025 2024 Commercial paper $ 2,249 $ 1,300 $ 850 5.8 %, Mar 2036 839 838 $ 2,000 3.75 %, Jul 2025 — 1,999 $ 500 6.5 %, Jun 2037 492 492 $ 750 5.15 % Oct 2025 — 749 $ 650 6.625 %, Nov 2037 641 641 $ 300 3.7 %, Dec 2025 — 300 $ 1,100 6.875 %, Feb 2038 1,080 1,079 $ 500 1.25 %, Jan 2026 500 499 $ 1,250 3.5 %, Aug 2039 1,243 1,243 $ 1,000 3.1 %, Mar 2026 1,000 999 $ 1,000 2.75 %, May 2040 972 970 $ 1,000 1.15 %, May 2026 989 953 $ 300 5.7 %, Oct 2040 297 296 $ 650 4.75 %, Jul 2026 649 648 $ 350 5.95 %, Feb 2041 346 346 $ 500 floating rate, Jul 2026 500 499 $ 1,500 3.05 %, May 2041 1,485 1,485 $ 750 3.45 %, Jan 2027 749 749 $ 600 4.625 %, Nov 2041 591 590 $ 500 4.6 %, Apr 2027 498 496 $ 502 4.375 %, Mar 2042 487 487 $ 625 3.375 %, Apr 2027 624 623 $ 625 3.95 %, Oct 2042 611 610 $ 600 3.7 %, May 2027 599 598 $ 750 4.25 %, Mar 2043 737 737 $ 950 2.95 %, Oct 2027 947 946 $ 1,500 5.5 %, Jul 2044 1,476 1,475 $ 1,000 5.25 %, Feb 2028 1,010 998 $ 2,000 4.75 %, Jul 2045 1,977 1,976 $ 1,150 3.85 %, Jun 2028 1,148 1,147 $ 750 4.2 %, Jan 2047 740 739 $ 500 4.40 % Jun 2028 498 — $ 725 4.25 %, Apr 2047 718 718 $ 850 3.875 %, Dec 2028 847 847 $ 950 3.75 %, Oct 2047 936 935 $ 1,250 4.25 %, Jan 2029 1,250 1,221 $ 1,350 4.25 %, Jun 2048 1,332 1,332 $ 400 4.7 %, Apr 2029 406 398 $ 1,100 4.45 %, Dec 2048 1,088 1,087 $ 900 4 %, May 2029 882 854 $ 1,250 3.7 %, Aug 2049 1,237 1,237 $ 1,000 2.875 %, Aug 2029 943 902 $ 1,250 2.9 %, May 2050 1,213 1,212 $ 1,250 4.8 %, Jan 2030 1,257 1,225 $ 2,000 3.25 %, May 2051 1,973 1,972 $ 1,250 5.3 %, Feb 2030 1,272 1,243 $ 2,000 4.75 %, May 2052 1,967 1,966 $ 1,250 2 %, May 2030 1,242 1,240 $ 2,000 5.875 %, Feb 2053 1,968 1,968 $ 750 4.65 % Jan 2031 745 — $ 2,000 5.05 %, Apr 2053 1,970 1,969 $ 1,000 4.9 %, Apr 2031 1,010 982 $ 1,750 5.375 %, Apr 2054 1,730 1,729 $ 1,500 2.3 %, May 2031 1,340 1,271 $ 2,750 5.625 %, Jul 2054 2,724 2,724 $ 1,500 4.95 %, Jan 2032 1,490 1,489 $ 750 5.95 %, June 2055 735 — $ 1,500 4.2 %, May 2032 1,428 1,372 $ 1,250 3.875 %, Aug 2059 1,229 1,229 $ 2,000 5.35 %, Feb 2033 2,024 1,966 $ 1,000 3.125 %, May 2060 967 967 $ 1,500 4.5 %, Apr 2033 1,460 1,410 $ 1,000 4.95 %, May 2062 982 981 $ 1,250 5 %, Apr 2034 1,250 1,214 $ 1,500 6.05 %, Feb 2063 1,466 1,466 $ 2,000 5.15 %, Jul 2034 2,015 1,959 $ 1,750 5.2 %, Apr 2063 1,710 1,710 $ 1,000 5.3 %, June 2035 992 — $ 1,100 5.5 %, Apr 2064 1,086 1,085 $ 1,000 4.625 %, Jul 2035 1,001 971 $ 1,850 5.75 %, Jul 2064 1,822 1,822 Total short-term borrowings and long-term debt $ 77,681 $ 76,180 The Company’s long-term debt obligations also included $ 708 million and $ 724 million of other financing obligations, of which $ 182 million and $ 197 million were current as of December 31, 2025 and 2024, respectively. 60 Table of Contents Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows: (in millions) 2026 $ 6,082 2027 3,530 2028 3,605 2029 3,655 2030 3,855 Thereafter 58,657 Short-Term Borrowings Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of December 31, 2025, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 3.8 %. The Company has $ 7.0 billion five -year, $ 7.0 billion three -year and $ 7.0 billion 364 -day revolving bank credit facilities with 26 banks, which mature in November 2030, November 2028 and November 2026, respectively. These facilities provide full liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 31, 2025, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on one-month term Secured Overnight Financing Rate (SOFR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of December 31, 2025, annual interest rates would have ranged from 4.2 % to 6.8 %. Debt Covenants As of December 31, 2025, the Company was in compliance with the various covenants under its bank credit facilities. 9. Income Taxes The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year, excluding any deferred income tax assets and liabilities of acquired businesses. The components of income before income taxes, based upon tax jurisdiction, for the years ended December 31 are as follows: (in millions) 2025 2024 2023 Income before income taxes: Domestic $ 14,893 $ 28,264 $ 29,210 Foreign ( 196 ) ( 8,193 ) ( 98 ) Total income before income taxes $ 14,697 $ 20,071 $ 29,112 The components of the provision for income taxes for the years ended December 31 are as follows: (in millions) 2025 2024 2023 Current Provision: Federal $ 1,381 $ 3,453 $ 4,418 State and local 598 416 716 Foreign 1,663 1,256 1,079 Total current provision 3,642 5,125 6,213 Deferred Benefit: Federal ( 1,149 ) ( 621 ) 34 State and local ( 227 ) 18 2 Foreign ( 376 ) 307 ( 281 ) Total deferred benefit ( 1,752 ) ( 296 ) ( 245 ) Total provision for income taxes $ 1,890 $ 4,829 $ 5,968 61 Table of Contents The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes and the effective tax rate for the year ended December 31, 2025 is as follows: (in millions, except percentages) 2025 Tax provision at the U.S. federal statutory rate $ 3,086 21.0 % Foreign tax effects (a) ( 789 ) ( 5.3 ) State income taxes, net of federal benefit (b) 151 1.0 Nontaxable or nondeductible items (c) ( 547 ) ( 3.7 ) Other, net ( 11 ) ( 0.1 ) Provision for income taxes $ 1,890 12.9 % (a) Comprised primarily of tax rate differential in Ireland and tax attributes in Luxembourg. (b) State taxes in California, Florida, New York and Massachusetts contributed to the majority of the tax effect in this category. (c) Comprised primarily of tax impacts of net portfolio divestitures. The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes and the effective tax rate for the years ended December 31 are as follows: (in millions, except percentages) 2024 2023 Tax provision at the U.S. federal statutory rate $ 4,215 21.0 % $ 6,114 21.0 % State income taxes, net of federal benefit 343 1.7 567 2.0 Share-based awards - excess tax benefit ( 96 ) ( 0.5 ) ( 75 ) ( 0.3 ) Non-deductible compensation 171 0.9 174 0.6 Foreign rate differential ( 369 ) ( 1.8 ) ( 442 ) ( 1.5 ) Tax effect of dispositions and other strategic transactions 1,215 6.1 ( 29 ) ( 0.1 ) Other, net ( 650 ) ( 3.3 ) ( 341 ) ( 1.2 ) Provision for income taxes $ 4,829 24.1 % $ 5,968 20.5 % Taxes Paid A summary of total taxes paid for the year ended December 31, 2025 is as follows: (in millions) 2025 Domestic: State and local premium taxes $ 2,371 Payroll and other taxes 2,062 Federal income taxes 1,209 State and local income taxes 316 Total domestic taxes paid $ 5,958 Domestic taxes paid as a percentage of total taxes paid 73 % Foreign: Income taxes (a) $ 2,189 Other taxes 40 Total foreign taxes paid $ 2,229 Foreign taxes paid as a percentage of total taxes paid 27 % Total taxes paid $ 8,187 (a) Comprised p rimarily of taxes paid to Ireland. 62 Table of Contents Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The components of deferred income tax assets and liabilities as of December 31 are as follows: (in millions) 2025 2024 Deferred income tax assets: Accrued expenses and allowances $ 1,282 $ 1,055 U.S. federal and state net operating loss carryforwards 566 442 Share-based compensation 210 189 Nondeductible liabilities 355 343 Lease liability 850 846 Unrecognized tax benefits 430 358 Net unrealized losses on investments 326 669 Other-domestic 291 239 Other-non-U.S. 275 80 Subtotal 4,585 4,221 Less: valuation allowances ( 478 ) ( 397 ) Total deferred income tax assets 4,107 3,824 Deferred income tax liabilities: U.S. federal and state intangible assets ( 4,347 ) ( 4,479 ) Capitalized software ( 152 ) ( 288 ) Depreciation and amortization ( 435 ) ( 400 ) Prepaid expenses ( 333 ) ( 374 ) Outside basis in partnerships ( 402 ) ( 960 ) Lease right-of-use asset ( 800 ) ( 833 ) Other-non-U.S. ( 59 ) ( 110 ) Total deferred income tax liabilities ( 6,528 ) ( 7,444 ) Net deferred income tax liabilities $ ( 2,421 ) $ ( 3,620 ) Valuation allowances are provided when it is considered more likely than not deferred tax assets will not be realized. The valuation allowances primarily relate to future tax benefits on certain federal, state and non-U.S. net operating loss carryforwards. Substantially all of the federal net operating loss carryforwards have indefinite carryforward periods; state net operating loss carryforwards expire beginning in 2026 through 2045, with some having an indefinite carryforward period. Additionally, as of December 31, 2025 and 2024, the Company has historical non-U.S. net operating loss carryforwards for which a deferred tax asset and valuation allowance of $5.2 billion and $4.1 billion, respectively, are not established because realization of the loss carryforwards is remote. As of December 31, 2025, except for subsidiaries held for sale, the Company’s undistributed earnings from non-U.S. subsidiaries are intended to be indefinitely reinvested in non-U.S. operations, and therefore no U.S. deferred taxes have been recorded. Taxes payable on the remittance of such earnings would be minimal. A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31 is as follows: (in millions) 2025 2024 2023 Gross unrecognized tax benefits, beginning of period $ 4,123 $ 3,716 $ 3,081 Gross increases: Current year tax positions 926 578 782 Prior year tax positions 583 10 97 Gross decreases: Prior year tax positions ( 6 ) ( 121 ) ( 212 ) Statute of limitations lapses and settlements ( 5 ) ( 60 ) ( 32 ) Gross unrecognized tax benefits, end of period $ 5,621 $ 4,123 $ 3,716 63 Table of Contents The Company classifies net interest and penalties associated with uncertain income tax positions as income taxes within its Consolidated Statements of Operations. During the years ended December 31, 2025, 2024 and 2023, the Company recognized $ 104 million, $ 210 million and $ 177 million of net interest and penalties, respectively. The Company had $ 741 million and $ 637 million of accrued interest and penalties for uncertain tax positions as of December 31, 2025 and 2024, respectively. These amounts are not included in the reconciliation above. As of December 31, 2025, there were $ 2.8 billion of unrecognized tax benefits which, if recognized, would affect the effective tax rate. The Company currently files income tax returns in the United States, various states and localities and non-U.S. jurisdictions. The U.S. Internal Revenue Service (IRS) has completed exams on the consolidated income tax returns for fiscal years 2016 and prior. The Company’s 2017 through 2023 tax years are under exam by the IRS, with the 2017 through 2020 tax years under the IRS’s Compliance Assurance Process. The Company is no longer subject to state income tax examinations prior to the 2015 tax year. The Company is subject to examination in non-U.S. jurisdictions for years 2015 and forward. 10. Shareholders' Equity Regulatory Capital and Dividend Restrictions The Company’s regulated insurance and HMO subsidiaries are subject to regulations and standards in their respective jurisdictions. These standards, among other things, require these subsidiaries to maintain specified levels of statutory capital, as defined by each jurisdiction, and restrict the timing and amount of dividends and other distributions which may be paid to their parent companies. In the United States, most of these state regulations and standards are generally consistent with model regulations established by the NAIC. These standards generally permit dividends to be paid from statutory unassigned surplus of the regulated subsidiary and are limited based on the regulated subsidiary’s level of statutory net income and statutory capital and surplus. These dividends are referred to as “ordinary dividends” and generally may be paid without prior regulatory approval. If the dividend, together with other dividends paid within the preceding twelve months, exceeds a specified statutory limit or is paid from sources other than earned surplus, it is generally considered an “extraordinary dividend” and must receive prior regulatory approval. For the year ended December 31, 2025, the Company’s domestic insurance and HMO subsidiaries received capital infusions from its parent companies, net of dividends, of $ 535 million. Dividends paid by the subsidiaries to their parent companies included $ 893 million of extraordinary dividends. For the year ended December 31, 2024, the Company’s domestic insurance and HMO subsidiaries paid their parent companies dividends, net of capital infusions, of $ 9.2 billion, including $ 2.6 billion of extraordinary dividends. The Company's financially regulated subsidiaries had estimated aggregate statutory capital and surplus of $ 43.1 billion as of December 31, 2025. The estimated statutory capital and surplus necessary to satisfy regulatory requirements of the Company's financially regulated subsidiaries was approximately $ 23.2 billion as of December 31, 2025. In 2025, the Company entered into various agreements with reinsurers that could limit the Company’s risk of loss under certain circumstances, thus reducing its capital and surplus requirements. These agreements do not qualify for reinsurance accounting and are therefore accounted for under deposit accounting. Optum Bank must meet minimum capital requirements of the FDIC under the capital adequacy rules to which it is subject. At December 31, 2025, the Company believes Optum Bank met the FDIC requirements to be considered “Well Capitalized.” Share Repurchase Program Under its Board of Directors’ authorization, the Company maintains a share repurchase program. The objectives of the share repurchase program are to optimize the Company’s capital structure and cost of capital, thereby improving returns to shareholders, as well as to offset the dilutive impact of share-based awards. Repurchases may be made from time to time in open market purchases or other types of transactions (including prepaid or structured share repurchase programs), subject to certain restrictions. In June 2024, the Board of Directors amended the Company’s share repurchase program to authorize the repurchase of up to 35 million shares of its common stock, in addition to all remaining shares authorized to be repurchased under the Board’s 2018 renewal of the program. The Board of Directors from time to time may further amend the share repurchase program in order to increase the authorized number of shares which may be repurchased under the program. 64 Table of Contents A summary of common share repurchases for the years ended December 31, 2025 and 2024 is as follows: Years Ended December 31, (in millions, except per share data) 2025 2024 Common share repurchases, shares 12 17 Common share repurchases, average price per share $ 454.82 $ 529.85 Common share repurchases, aggregate cost $ 5,482 $ 8,942 Board authorized shares remaining 21 33 Dividends In June 2025, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $8.84 compared to $8.40 per share, which the Company had paid since June 2024. Declaration and payment of future quarterly dividends is at the discretion of the Board and may be adjusted as business needs or market conditions change. The following table provides details of the Company’s 2025 dividend payments: 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 December 16 2.21 2,002 11. Share-Based Compensation The Company’s outstanding share-based awards consist mainly of non-qualified stock options and restricted shares. As of December 31, 2025, the Company had 39 million shares available for future grants of share-based awards under the 2020 Stock Incentive Plan. As of December 31, 2025, there were 15 million shares of common stock available for issuance under the ESPP. Stock Options Stock option activity for the year ended December 31, 2025 is summarized in the table below: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (in millions) (in years) (in millions) Outstanding at beginning of period 17 $ 370 Granted 5 389 Exercised ( 3 ) 215 Forfeited ( 1 ) 491 Outstanding at end of period 18 391 5.6 $ 546 Exercisable at end of period 11 336 4.0 505 Vested and expected to vest, end of period 18 390 5.5 542 Restricted Shares Restricted share activity for the year ended December 31, 2025 is summarized in the table below: (shares in millions) Shares Weighted-Average Grant Date Fair Value per Share Nonvested at beginning of period 4 $ 489 Granted 3 421 Vested ( 2 ) 503 Nonvested at end of period 5 441 65 Table of Contents Other Share-Based Compensation Data (in millions, except per share amounts) For the Years Ended December 31, 2025 2024 2023 Stock Options Weighted-average grant date fair value of shares granted, per share $ 110 $ 138 $ 134 Total intrinsic value of stock options exercised 616 1,886 1,325 Restricted Shares Weighted-average grant date fair value of shares granted, per share 421 523 493 Total fair value of restricted shares vested 553 690 803 Employee Stock Purchase Plan Number of shares purchased 1 1 1 Share-Based Compensation Items Share-based compensation expense, before tax $ 971 $ 1,018 $ 1,059 Share-based compensation expense, net of tax effects 865 896 937 Income tax benefit realized from share-based award exercises 130 216 231 (in millions, except years) December 31, 2025 Unrecognized compensation expense related to share awards $ 1,333 Weighted-average years to recognize compensation expense 1.3 Share-Based Compensation Recognition and Estimates The principal assumptions the Company used in calculating grant-date fair value for stock options were as follows: For the Years Ended December 31, 2025 2024 2023 Risk-free interest rate 3.7 % - 4.3 % 3.6 % - 4.4 % 3.8 % - 4.6 % Expected volatility 25.1 % - 33.5 % 25.5 % - 30.7 % 29.7 % - 30.6 % Expected dividend yield 1.7 % - 3.5 % 1.4 % - 1.5 % 1.3 % - 1.5 % Forfeiture rate 5.0 % 5.0 % 5.0 % Expected life in years 4.8 4.6 4.6 Risk-free interest rates are based on U.S. Treasury yields in effect at the time of grant. Expected volatilities are based on the historical volatility of the Company’s common stock and the implied volatility from exchange-traded options on the Company’s common stock. Expected dividend yields are based on the per share cash dividend paid by the Company. The Company uses historical data to estimate option exercises and forfeitures within the valuation model. The expected lives of options granted represent the periods of time the awards granted are expected to be outstanding based on historical exercise patterns. Other Employee Benefit Plans The Company offers various defined contribution retirement savings plans for its domestic employees. Compensation expense related to these plans was $ 850 million, $ 853 million and $ 804 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, the Company maintains non-qualified, deferred compensation plans, which allow certain members of senior management and executives to defer portions of their salary or bonus. The deferrals are recorded within long-term investments with an approximately equal amount in other liabilities in the Consolidated Balance Sheets. The total deferrals are distributable based upon termination of employment or other periods, as elected under each plan and were $ 2.2 billion and $ 2.1 billion as of December 31, 2025 and 2024, respectively. 66 Table of Contents 12. Commitments and Contingencies Leases Operating lease costs, including immaterial variable and short-term lease costs, were $ 1.6 billion, $ 1.4 billion and $ 1.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Cash payments made on the Company’s operating lease liabilities were $ 1.1 billion for the years ended December 31, 2025, 2024 and 2023, respectively, which were classified within operating activities in the Consolidated Statements of Cash Flows. As of December 31, 2025, the Company’s weighted-average remaining lease term and weighted-average discount rate for its operating leases were 9.2 years and 5.0 %, respectively. As of December 31, 2025, future minimum annual lease payments under all non-cancelable operating leases were as follows: (in millions) Future Minimum Lease Payments 2026 $ 1,052 2027 916 2028 740 2029 637 2030 552 Thereafter 2,665 Total future minimum lease payments 6,562 Less: imputed interest ( 1,391 ) Less: future minimum lease payments included within businesses held for sale ( 556 ) Total $ 4,615 Other Commitments The Company provides guarantees related to its service level under certain contracts. If minimum standards are not met, the Company may be financially at risk up to a stated percentage of the contracted fee or a stated dollar amount. None of the amounts accrued, paid or charged to income for service level guarantees were material as of December 31, 2025, 2024 or 2023. The Company has entered into certain transactions that include various put and call options on unconsolidated businesses. As of December 31, 2025 the estimated obligation under these arrangements if they were currently redeemable was $ 4.8 billion. The Company does not have any material potential required repurchases in the next twelve months. Legal Matters The Company is frequently made party to a variety of legal actions and regulatory inquiries, including class actions and suits brought by members, care providers, consumer advocacy organizations, customers, shareholders and regulators, relating to the Company’s businesses, including management and administration of health benefit plans and other services. These matters include medical malpractice, employment, intellectual property, antitrust, privacy and contract claims and claims related to health care benefits coverage and other business practices. The Company records liabilities for its estimates of probable costs resulting from these matters where appropriate. Estimates of costs resulting from legal and regulatory matters involving the Company are inherently difficult to predict, particularly where the matters: involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or represent a shift in regulatory policy; involve a large number of claimants or regulatory bodies; are in the early stages of the proceedings; or could result in a change in business practices. Accordingly, the Company is often unable to estimate the losses or ranges of losses for those matters where there is a reasonable possibility or it is probable a loss may be incurred. Government Investigations, Audits and Reviews The Company has been involved or is currently involved in various governmental investigations, audits and reviews. These include routine, regular and special investigations, audits and reviews by the Centers for Medicare and Medicaid Services (CMS), state insurance and health and welfare departments, state attorneys general, the Office of the Inspector General (OIG), the Office of Personnel Management, the Office for Civil Rights, the Government Accountability Office, the Federal Trade Commission, U.S. Congressional committees, the U.S. Department of Justice (DOJ), the SEC, the Internal Revenue Service, the U.S. Drug Enforcement Administration, the U.S. Department of Labor, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the Defense Contract Audit Agency, the Food and Drug Administration and other governmental authorities. Similarly, the Company’s international businesses are also subject to investigations, audits and reviews by applicable foreign governments. The Company responds on a regular basis to subpoenas, information requests, inquiries, investigations and other processes from governmental entities. The Company can provide no assurance as to the scope and outcome of these matters and no assurance as to whether its business, financial condition or results of operations will 67 Table of Contents be materially adversely affected. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS and OIG have selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans. On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011. The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act. In March 2025, a Special Master appointed by the court issued a report recommending that the court enter summary judgment in the Company’s favor on all remaining claims. In April 2025, the DOJ filed a motion asking the court to reject the Special Master’s report. The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status. 13. 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. 14. Dispositions and Held for Sale 2025 Dispositions and Held for Sale In the fourth quarter of 2025, the Company entered into an agreement to sell its remaining South American operations, which is expected to close in the second half of 2026, subject to regulatory and other customary closing conditions. Losses related to this transaction are included within loss on sale of subsidiary and subsidiaries held for sale on the Consolidated Statements of Operations as they relate to the strategic exit of South American markets and include significant losses related to foreign currency translation effects. The Company initiated various other dispositions in the fourth quarter of 2025, which were classified as held for sale as of December 31, 2025. Losses related to these actions were $ 950 million and were included within operating costs on the Consolidated Statements of Operations. 68 Table of Contents Assets and liabilities held for sale have been included within prepaid expenses and other current assets and other current liabilities on the Condensed Consolidated Balance Sheets, respectively. The assets and liabilities of the held for sale disposal groups as of December 31, 2025, were as follows: (in millions) South American Businesses Other Businesses Assets Cash and cash equivalents $ 253 $ 317 Accounts receivable and other current assets 747 515 Property, equipment and capitalized software 819 292 Goodwill 176 434 Other intangible assets 257 803 Other long-term assets 320 346 Remeasurement of assets of businesses held for sale to fair value less cost to sell (1) ( 1,523 ) ( 950 ) Total assets $ 1,049 $ 1,757 Liabilities Medical costs payable $ 205 $ 463 Accounts payable and other current liabilities 408 301 Other long-term liabilities 362 407 Total liabilities $ 975 $ 1,171 (1) Includes the effect of $ 891 million of cumulative foreign currency translation losses and $ 275 million of noncontrolling interests for the South American businesses held for sale. 2025 Deconsolidation of Business Due to changes in governance rights, the Company deconsolidated a business that had net assets and redeemable noncontrolling interests with carrying values of $ 1.4 billion and $ 2.6 billion, respectively. As a result of the deconsolidation, the Company recorded an equity method investment of $ 575 million and recognized a gain of $ 1.7 billion, which was included within operating costs on the Consolidated Statements of Operations. 2024 Dispositions and Held for Sale During the year ended December 31, 2024, the Company completed or initiated various business portfolio refinement and asset disposition activities. The Company recorded a loss of $ 7.1 billion related to the sale of its Brazil operations, of which $ 4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss, and a loss of $ 1.2 billion related to the reclassification of the Company’s remaining South American operations as held for sale, of which $ 855 million related to the impact of cumulative foreign currency translation losses. As a result of continued portfolio refinement, the Company sold other businesses and assets and entered into strategic transactions. These transactions resulted in total consideration received of $ 3.0 billion and an additional $ 1.9 billion of equity method investments related to the valuation of our retained interests in certain transactions. The carrying value for these transactions was $ 1.0 billion, primarily related to goodwill. The gains from business portfolio refinement, including strategic transactions, were recorded within operating costs in the Consolidated Statements of Operations and contributed about 80 basis points ($ 3.3 billion) to the operating cost ratio, nearly half ($ 1.4 billion) related to Optum Health with the remainder split between UnitedHealthcare ($ 1.1 billion) and Optum Insight ($ 800 million). Certain transactions also included various put and call options, which were valued at $ 630 million and included in other liabilities on the Consolidated Balance Sheets. 69 Table of Contents 15. Segment Financial Information Factors used to determine the Company’s reportable segments include the nature of operating activities, economic characteristics, existence of separate senior management teams and the type of information used by the Company’s chief operating decision maker (CODM), which is the Chief Executive Officer, to evaluate its results of operations. Reportable segments with similar economic characteristics, products and services, customers, distribution methods and operational processes which operate in a similar regulatory environment are combined. The CODM uses consolidated expense information and segment earnings from operations to assess performance and determine allocation of resources. The following is a description of the types of products and services from which each of the Company’s four reportable segments derives its revenues: • UnitedHealthcare includes the combined results of operations of UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State. The businesses share significant common assets, including a contracted network of physicians, health care professionals, hospitals and other facilities, information technology and consumer engagement infrastructure and other resources. UnitedHealthcare Employer & Individual offers an array of consumer-oriented health benefit plans and services for employers and individuals. UnitedHealthcare Medicare & Retirement provides health care coverage and health and well-being services to individuals age 50 and older, addressing their unique needs. UnitedHealthcare Community & State provides diversified health care benefits products and services to state programs caring for the economically disadvantaged, the medically underserved and those without the benefit of employer-funded health care coverage. • Optum Health focuses on care delivery, including value-based care; care management; wellness and consumer engagement and health financial services. Optum Health is building a comprehensive, connected health care delivery and engagement platform by directly providing high-quality care, helping people manage chronic and complex health needs, and proactively engaging consumers in managing their health through in-person, in-home, virtual and digital clinical platforms. • Optum Insight brings together advanced analytics, technology and health care expertise to deliver integrated services and solutions. Hospital systems, physicians, health plans, governments, life sciences companies and other organizations depend on Optum Insight to help them improve performance, achieve efficiency, reduce costs, meet compliance mandates and modernize their core operating systems to meet the changing needs of the health system. • Optum Rx offers pharmacy care services and programs, including retail network contracting, home delivery, specialty and community health pharmacy services, infusion, purchasing and clinical capabilities, and develops programs in areas such as step therapy, formulary management, drug adherence and disease and drug therapy management. Optum Rx integrates pharmacy and medical care and is positioned to serve patients with complex clinical needs and consumers looking for a better digital pharmacy experience with transparent pricing. The Company’s accounting policies for reportable segment operations are consistent with those described in the Summary of Significant Accounting Policies (see Note 2 ). Transactions between reportable segments principally consist of sales of pharmacy care products and services to UnitedHealthcare customers by Optum Rx; care delivery, care management services and certain product offerings sold to UnitedHealthcare by Optum Health; and health information and technology solutions, consulting and other services sold to UnitedHealthcare by Optum Insight. These transactions are recorded at management’s estimate of fair value. Transactions with affiliated customers are eliminated in consolidation. Assets and liabilities jointly used are assigned to each reportable segment using estimates of pro-rata usage. Cash and investments are assigned so each reportable segment has working capital and/or at least minimum specified levels of regulatory capital. As a percentage of the Company’s total consolidated revenues, premium revenues from CMS were 44 %, 40 % and 40 % for the years ended December 31, 2025, 2024 and 2023, respectively, most of which were generated by UnitedHealthcare Medicare & Retirement and included in the UnitedHealthcare segment. 2026 Business Realignment On January 1, 2026, the Company realigned certain businesses to respond to changes in the markets it serves and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health will now be included in Optum Insight. The Company’s reportable segments will remain unchanged, with prior period segment financial information being recast to conform to the 2026 presentation, beginning with the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026 filed with the SEC. 70 Table of Contents The following table presents the reportable segment financial information: Optum (in millions) UnitedHealthcare Optum Health Optum Insight Optum Rx Optum Eliminations Optum Corporate and Eliminations Consolidated 2025 Revenues - unaffiliated customers: Premiums $ 332,390 $ 19,839 $ — $ — $ — $ 19,839 $ — $ 352,229 Products — 273 182 52,925 — 53,380 — 53,380 Services 10,340 16,757 6,187 4,754 — 27,698 — 38,038 Total revenues - unaffiliated customers 342,730 36,869 6,369 57,679 — 100,917 — 443,647 Total revenues - affiliated customers — 63,615 12,948 96,873 ( 5,480 ) 167,956 ( 167,956 ) — Investment and other income 2,173 1,473 100 174 — 1,747 — 3,920 Total revenues $ 344,903 $ 101,957 $ 19,417 $ 154,726 $ ( 5,480 ) $ 270,620 $ ( 167,956 ) $ 447,567 Total operating costs (a) $ 335,478 $ 102,235 $ 16,793 $ 147,533 $ ( 5,480 ) $ 261,081 $ ( 167,956 ) $ 428,603 Earnings from operations $ 9,425 $ ( 278 ) $ 2,624 $ 7,193 $ — $ 9,539 $ — $ 18,964 Interest expense — — — — — — ( 4,002 ) ( 4,002 ) Loss on sale of subsidiary and subsidiaries held for sale ( 265 ) — — — — — — ( 265 ) Earnings before income taxes $ 9,160 $ ( 278 ) $ 2,624 $ 7,193 $ — $ 9,539 $ ( 4,002 ) $ 14,697 Total assets $ 124,051 $ 100,991 $ 35,400 $ 62,262 $ 198,653 $ ( 13,123 ) $ 309,581 Purchases of property, equipment and capitalized software 816 1,237 1,170 399 — 2,806 — 3,622 Depreciation and amortization 883 1,211 1,422 845 — 3,478 — 4,361 2024 Revenues - unaffiliated customers: Premiums $ 286,004 $ 22,806 $ — $ — $ — $ 22,806 $ — $ 308,810 Products — 277 174 49,775 — 50,226 — 50,226 Services 9,791 16,153 6,466 3,630 — 26,249 — 36,040 Total revenues - unaffiliated customers 295,795 39,236 6,640 53,405 — 99,281 — 395,076 Total revenues - affiliated customers — 63,883 11,881 79,512 ( 4,389 ) 150,887 ( 150,887 ) — Investment and other income 2,413 2,239 236 314 — 2,789 — 5,202 Total revenues $ 298,208 $ 105,358 $ 18,757 $ 133,231 $ ( 4,389 ) $ 252,957 $ ( 150,887 ) $ 400,278 Total operating costs (a) $ 282,624 $ 97,588 $ 15,660 $ 127,395 $ ( 4,389 ) $ 236,254 $ ( 150,887 ) $ 367,991 Earnings from operations $ 15,584 $ 7,770 $ 3,097 $ 5,836 $ — $ 16,703 $ — $ 32,287 Interest expense — — — — — — ( 3,906 ) ( 3,906 ) Loss on sale of subsidiary and subsidiaries held for sale ( 8,310 ) — — — — — — ( 8,310 ) Earnings before income taxes $ 7,274 $ 7,770 $ 3,097 $ 5,836 $ — $ 16,703 $ ( 3,906 ) $ 20,071 Total assets $ 119,009 $ 96,472 $ 34,452 $ 59,086 $ — $ 190,010 $ ( 10,741 ) $ 298,278 Purchases of property, equipment and capitalized software 781 1,008 1,291 419 — 2,718 — 3,499 Depreciation and amortization 889 1,123 1,294 793 — 3,210 — 4,099 2023 Revenues - unaffiliated customers: Premiums $ 269,052 $ 21,775 $ — $ — $ — $ 21,775 $ — $ 290,827 Products — 207 162 42,214 — 42,583 — 42,583 Services 10,057 14,109 7,760 2,197 — 24,066 — 34,123 Total revenues - unaffiliated customers 279,109 36,091 7,922 44,411 — 88,424 — 367,533 Total revenues - affiliated customers — 57,696 10,896 71,484 ( 3,703 ) 136,373 ( 136,373 ) — Investment and other income 2,251 1,532 114 192 — 1,838 — 4,089 Total revenues $ 281,360 $ 95,319 $ 18,932 $ 116,087 $ ( 3,703 ) $ 226,635 $ ( 136,373 ) $ 371,622 Total operating costs (a) $ 264,945 $ 88,759 $ 14,664 $ 110,972 $ ( 3,703 ) $ 210,692 $ ( 136,373 ) $ 339,264 Earnings from operations $ 16,415 $ 6,560 $ 4,268 $ 5,115 $ — $ 15,943 $ — $ 32,358 Interest expense — — — — — — ( 3,246 ) ( 3,246 ) Earnings before income taxes $ 16,415 $ 6,560 $ 4,268 $ 5,115 $ — $ 15,943 $ ( 3,246 ) $ 29,112 Total assets $ 110,943 $ 89,432 $ 34,173 $ 51,266 $ — $ 174,871 $ ( 12,094 ) $ 273,720 Purchases of property, equipment and capitalized software 866 1,199 974 347 — 2,520 — 3,386 Depreciation and amortization 989 1,058 1,229 696 — 2,983 — 3,972 (a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment. 71 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.