What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-10-28 · 108 added, 188 removed, 370 unchanged (44% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

(in millions, except per share data) September 30,

(in millions, except per share data) March 31,

2026 December 31,

40 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions, except per share data) 2026 2025

29 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2026 2025

Net earnings $ 6,481 $ 6,474

Other comprehensive income:

Gross unrealized gains on investment securities during the period 535 1,434 1,383 1,069

Other comprehensive (loss) income:

Gross unrealized (losses) gains on investment securities during the period ( 370 ) 521

Income tax effect 84 ( 119 )

Total unrealized gains, net of tax 413 1,106 1,067 826

Gross reclassification adjustment for net realized gains included in net earnings ( 24 ) ( 291 ) ( 51 ) ( 349 )

Total unrealized (losses) gains, net of tax ( 286 ) 402

Gross reclassification adjustment for net realized losses (gains) included in net earnings 5 ( 10 )

Income tax effect ( 1 ) 2

1 unchanged sentence

Foreign currency translation (losses) gains ( 59 ) 88

Reclassification adjustment for translation losses included in net earnings — — — 4,214

Reclassification adjustment for translation gains included in net earnings ( 160 ) —

Total foreign currency translation (losses) gains ( 219 ) 88

Other comprehensive income 324 970 1,176 4,574

Other comprehensive (loss) income ( 501 ) 482

Comprehensive income 5,980 6,956

5 unchanged sentences

Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Nonredeemable Noncontrolling Interests Total

Three months ended September 30,

(in millions) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains

Balance at June 30, 2025 905 $ 9 $ — $ 97,250 $ ( 1,593 ) $ ( 942 ) $ 5,745 $ 100,469

Net earnings 2,348 167 2,515

Other comprehensive income (loss) 395 ( 71 ) 324

Issuances of common stock, and related tax effects 1 — 241 241

Share-based compensation 214 214

Common share repurchases — — 1 ( 1 ) —

Cash dividends paid on common shares ($ 2.21 per share)

( 2,002 ) ( 2,002 )

Redeemable noncontrolling interests fair value and other adjustments ( 62 ) ( 62 )

Acquisition and other adjustments of nonredeemable noncontrolling interests 34 34

Distribution to nonredeemable noncontrolling interests ( 164 ) ( 164 )

Balance at September 30, 2025 906 $ 9 $ 394 $ 97,595 $ ( 1,198 ) $ ( 1,013 ) $ 5,782 $ 101,569

Balance at June 30, 2024 921 $ 9 $ 373 $ 92,400 $ ( 2,296 ) $ ( 1,127 ) $ 5,317 $ 94,676

Net earnings 6,055 155 6,210

Other comprehensive income 882 88 970

Issuances of common stock, and related tax effects

Share-based compensation

Common share repurchases ( 2 ) — ( 957 ) — ( 957 )

Cash dividends paid on common shares ($ 2.10 per share)

( 1,937 ) ( 1,937 )

Redeemable noncontrolling interests fair value and other adjustments

Acquisition and other adjustments of nonredeemable noncontrolling interests 28 28

Distribution to nonredeemable noncontrolling interests

( 154 ) ( 154 )

Balance at September 30, 2024 923 $ 9 $ 461 $ 96,518 $ ( 1,414 ) $ ( 1,039 ) $ 5,346 $ 99,881

See Notes to the Condensed Consolidated Financial Statements

UnitedHealth Group

Condensed Consolidated Statements of Changes in Equity

Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Nonredeemable Noncontrolling Interests Total

Nine months ended September 30,

Three months ended March 31,

(in millions) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains

1 unchanged sentence

Net earnings 6,280 167 6,447

Other comprehensive income 1,028 148 1,176

Other comprehensive loss ( 282 ) ( 219 ) ( 501 )

Issuances of common stock, and related tax effects 2 — 89 89

6 unchanged sentences

Distribution to nonredeemable noncontrolling interests ( 164 ) ( 164 )

Balance at September 30, 2025 906 $ 9 $ 394 $ 97,595 $ ( 1,198 ) $ ( 1,013 ) $ 5,782 $ 101,569

Balance at March 31, 2026 908 $ 9 $ 556 $ 99,878 $ ( 1,360 ) $ ( 1,202 ) $ 6,014 $ 103,895

Balance at January 1, 2025 915 $ 9 $ — $ 96,036 $ ( 2,226 ) $ ( 1,161 ) $ 5,610 $ 98,268

2 unchanged sentences

Issuances of common stock, and related tax effects

7 — 1,280 1,280

Share-based compensation

3 unchanged sentences

Redeemable noncontrolling interests fair value and other adjustments

( 61 ) ( 61 )

Acquisition and other adjustments of nonredeemable noncontrolling interests 194 194

1 unchanged sentence

( 179 ) ( 179 )

Balance at September 30, 2024 923 $ 9 $ 461 $ 96,518 $ ( 1,414 ) $ ( 1,039 ) $ 5,346 $ 99,881

Balance at March 31, 2025 910 $ 9 $ — $ 97,934 $ ( 1,832 ) $ ( 1,073 ) $ 5,773 $ 100,811

See Notes to the Condensed Consolidated Financial Statements

1 unchanged sentence

Condensed Consolidated Statements of Cash Flows

Nine Months Ended

September 30,

Three Months Ended

(in millions) 2026 2025

20 unchanged sentences

Purchases of property, equipment and capitalized software ( 763 ) ( 898 )

Loans to care providers - cyberattack — ( 8,904 )

Repayments of care provider loans - cyberattack 82 891

Originations and purchases of loans ( 1,215 ) ( 833 )

Repayments and maturities of loans 699 254

Cash received from dispositions and other strategic transactions, net 1,081 21

Other, net 21 ( 24 )

5 unchanged sentences

Repayments of long-term debt ( 1,500 ) —

Proceeds from (repayments of) short-term borrowings, net 1,469 ( 191 )

Proceeds from issuance of long-term debt 2,969 17,811

Proceeds from short-term borrowings, net 1,100 3,911

Customer funds administered 600 1,245

3 unchanged sentences

Increase in cash and cash equivalents, including cash within businesses held for sale 3,466 5,496

net increase in cash within businesses held for sale ( 29 ) ( 254 )

net change in cash within businesses held for sale 170 ( 91 )

Net increase in cash and cash equivalents 3,636 5,405

8 unchanged sentences

The Company has prepared the Condensed Consolidated Financial Statements according to U.S.

Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries.

Generally Accepted Accounting Principles (GAAP) and has included the accounts of UnitedHealth Group and its subsidiaries, including variable interest entities.

Intercompany accounts and transactions have been eliminated.

The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP.

9 unchanged sentences

Revenues - Products and Services

As of September 30, 2025 and December 31, 2024, accounts receivable related to products and services were $ 10.1 billion and $ 9.9 billion, respectively.

As of September 30, 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 $ 11.6 billion, of which approximately half is expected to be recognized in the next three years .

As of March 31, 2026 and December 31, 2025, accounts receivable related to products and services were $ 9.3 billion and $ 9.7 billion, respectively.

As of March 31, 2026, 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 $ 11.0 billion, of which approximately half is expected to be recognized in the next three years .

Receivables Financing Facility

The Company has a $ 3.3 billion 364-day uncommitted receivables financing facility under which certain receivables may be sold to financial institutions.

During the three months ended March 31, 2026, the Company sold $ 585 million of receivables under the receivables financing facility, of which $ 245 million has been collected from counterparties and not yet remitted to financial institutions.

During the three months ended March 31, 2026, the Company also remitted $ 2.0 billion to financial institutions related to receivables sold in 2025.

This was comprised of $ 1.0 billion collected but not remitted in 2025 and an additional $ 1.0 billion collected in 2026.

The loss on discounted receivables was immaterial for the three months ended March 31, 2026.

Net Portfolio Divestitures and Restructuring and Other Actions

Net Portfolio Divestitures

In the fourth quarter of 2025, the Company took various actions as a result of a strategic review of its assets and businesses aimed at advancing and scaling its core operations, including the value-based care business at Optum Health.

In the first quarter of 2026, these actions resulted in a net gain of $ 230 million, reflecting gains on the sales of businesses previously held for sale as of December 31, 2025, partially offset by incremental losses on other businesses held for sale.

By segment, this included gains of $ 528 million and $ 8 million at Optum Insight and Optum Rx, respectively, partially offset by a net loss of $ 306 million at Optum Health.

Gains and losses on portfolio actions were recorded within operating costs on the Condensed Consolidated Statements of Operations.

Restructuring and Other Actions

In the first quarter of 2026, restructuring and other items included a $ 400 million contribution to the United Health Foundation funded by the cash gain on the disposition of an Optum Insight business.

This was partially offset by a $ 137 million reduction of loss contract reserves established in the fourth quarter of 2025 and $ 59 million of net valuation gains on equity securities.

Restructuring and other actions resulted in an impact of $ 339 million at Optum Insight, partially offset by $ 135 million at Optum Health.

These items increased operating costs by $ 415 million, partially offset by an increase to investment and other income of $ 74 million and decreased medical costs of $ 137 million on the Condensed Consolidated Statements of Operations.

A summary of debt securities by major security type is as follows:

(in millions) Amortized

September 30, 2025

March 31, 2026

Debt securities - available-for-sale:

25 unchanged sentences

Total debt securities $ 50,068 $ 231 $ ( 1,628 ) $ 48,671

The Company held $ 5.6 billion and $ 4.9 billion of equity securities as of September 30, 2025 and December 31, 2024, respectively.

The Company held $ 5.5 billion of equity securities as of March 31, 2026 and December 31, 2025.

The Company’s investments in equity securities primarily consist of venture investments and employee savings plan related investments.

Additionally, the Company’s investments included $ 3.5 billion and $ 3.8 billion of equity method investments primarily in operating businesses in the health care sector as of September 30, 2025 and December 31, 2024, respectively.

The allowance for credit losses on held-to-maturity securities at September 30, 2025 and December 31, 2024 was not material.

The amortized cost and fair value of debt securities as of September 30, 2025, by contractual maturity, were as follows:

The carrying values of equity securities held at fair value on a non-recurring basis were $ 3.5 billion and $ 3.3 billion, including cumulative net unrealized gains of $ 933 million and $ 846 million, as of March 31, 2026 and December 31, 2025, respectively.

Additionally, the Company’s investments included $ 3.9 billion and $ 3.8 billion of equity method investments primarily in operating businesses in the health care sector as of March 31, 2026 and December 31, 2025, respectively.

The allowance for credit losses on held-to-maturity securities at March 31, 2026 and December 31, 2025 was not material.

The amortized cost and fair value of debt securities as of March 31, 2026, by contractual maturity, were as follows:

Available-for-Sale Held-to-Maturity

11 unchanged sentences

(in millions) Fair

September 30, 2025

Debt securities - available-for-sale:

March 31, 2026

government and agency obligations $ 1,076 $ ( 10 ) 1,959 $ ( 158 ) $ 3,035 $ ( 168 )

5 unchanged sentences

December 31, 2025

Debt securities - available-for-sale:

government and agency obligations $ 500 $ ( 4 ) $ 2,339 $ ( 152 ) $ 2,839 $ ( 156 )

4 unchanged sentences

Total debt securities - available-for-sale $ 4,214 $ ( 30 ) $ 25,100 $ ( 1,595 ) $ 29,314 $ ( 1,625 )

The Company’s unrealized losses from debt securities as of September 30, 2025 were generated from approximately 25,000 positions out of a total of 41,000 positions.

The Company’s unrealized losses from debt securities as of March 31, 2026 were generated from approximately 31,000 positions out of a total of 42,000 positions.

The Company believes that it will timely collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value.

2 unchanged sentences

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 September 30, 2025, the Company did not have the intent to sell any of the available-for-sale debt securities in an unrealized loss position.

As of March 31, 2026, the Company did not have the intent to sell any of the available-for-sale debt 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 at September 30, 2025 and December 31, 2024 was not material.

The allowance for credit losses on available-for-sale debt securities at March 31, 2026 and December 31, 2025 was not material.

Certain assets and liabilities are measured at fair value in the Condensed Consolidated Financial Statements or have fair values disclosed in the Notes to the Condensed Consolidated Financial Statements.

7 unchanged sentences

Fair and Carrying

September 30, 2025

March 31, 2026

Cash and cash equivalents $ 21,576 $ 6,425 $ — $ 28,001

7 unchanged sentences

Equity securities 1,890 22 65 1,977

Loan receivables — — 880 880

Total assets at fair value $ 26,727 $ 52,859 $ 1,378 $ 80,964

10 unchanged sentences

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 %

There were no transfers in or out of Level 3 financial assets or liabilities during the nine months ended September 30, 2025 or 2024.

There were no transfers in or out of Level 3 financial assets or liabilities during the three months ended March 31, 2026 or 2025.

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 Condensed Consolidated Balance Sheets:

4 unchanged sentences

Value Total Carrying Value

September 30, 2025

March 31, 2026

Debt securities - held-to-maturity $ 447 $ 24 $ — $ 471 $ 474

Loan receivables — 1,750 7,484 9,234 9,415

Long-term debt and other financing obligations — 69,323 — 69,323 74,537

1 unchanged sentence

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

Nonfinancial assets and liabilities or financial assets and liabilities that are 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 assets and liabilities within our South American operations held for sale as of September 30, 2025 were measured at the lower of carrying value or fair value less cost to sell.

The assets and liabilities within businesses held for sale as of March 31, 2026 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 significant fair value adjustments for assets and liabilities recorded during the nine months ended September 30, 2025 or 2024.

There were no significant fair value adjustments for assets and liabilities recorded during the three months ended March 31, 2026 or 2025.

Medical Costs Payable

The following table shows the components of the change in medical costs payable for the nine months ended September 30:

The following table shows the components of the change in medical costs payable for the three months ended March 31:

(in millions) 2026 2025

Medical costs payable, beginning of period $ 39,337 $ 34,224

Acquisitions (dispositions), net 20 ( 755 )

Reported medical costs:

1 unchanged sentence

Prior years ( 1,050 ) ( 320 )

Changes in premium deficiency and loss contract reserves ( 187 ) —

Total reported medical costs 73,489 73,411

3 unchanged sentences

Total medical payments ( 73,226 ) ( 70,496 )

increase in medical costs payable included within businesses held for sale ( 16 ) ( 200 )

Change in medical costs payable included within businesses held for sale 59 ( 3 )

Medical costs payable, end of period $ 39,659 $ 37,136

For the nine months ended September 30, 2025 and 2024, prior years’ medical cost reserve development included no individual factors that were significant.

Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $ 27.8 billion and $ 23.7 billion at September 30, 2025 and December 31, 2024, respectively.

For the three months ended March 31, 2026, prior years’ medical cost reserve development was driven by a favorable respiratory illness season along with various other individually insignificant factors.

For the three months ended March 31, 2025, prior years’ medical cost reserve development did not include any individually significant factors.

Medical costs payable included reserves for claims incurred by consumers but not yet reported to the Company of $ 27.6 billion and $ 26.7 billion at March 31, 2026 and December 31, 2025, respectively.

Short-Term Borrowings and Long-Term Debt

In June 2025, the Company issued $ 3.0 billion of senior unsecured notes consisting of the following:

(in millions, except percentages) Par Value

4.4 %, June 2028

4.65 %, January 2031

5.3 %, June 2035

5.95 %, June 2055

As of September 30, 2025, the Company had $ 2.9 billion of commercial paper outstanding, with a weighted-average annual interest rate of 4.2 %.

As of March 31, 2026, the Company had $ 3.4 billion of commercial paper outstanding, with a weighted-average annual interest rate of 3.7 %.

For more information on the Company’s short-term borrowings, debt covenants and long-term debt, see Note 8 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2025 10-K.

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 of Directors and may be adjusted as business needs or market conditions change.

The following table provides details of the Company’s dividend payments during the nine months ended September 30, 2025:

Shareholders’ Equity

The following table provides details of the Company’s 2026 dividend payments:

Payment Date Amount per Share Total Amount Paid

1 unchanged sentence

March 17 $ 2.21 $ 2,005

June 24 2.21 2,000

September 23 2.21 2,002

Forward Share Repurchase Contracts

During the three months ended March 31, 2026, the Company entered into forward contracts with a counterparty to repurchase up to $ 2.0 billion of its common stock, with expected settlement on or before July 1, 2026.

For completed contracts, a liability is established within other current liabilities on the Condensed Consolidated Balance Sheets with a corresponding reduction to additional paid-in-capital for the fair market value of the shares repurchased on the date the contract is completed.

During the three months ended March 31, 2026, the counterparty completed the purchase of 1.7 million shares at an average price of $ 285.68 per share and the Company recorded a liability of $ 500 million at contract completion.

The counterparty purchase periods for the remaining forward contracts will be completed in the second quarter of 2026.

Commitments and Contingencies

Pending Acquisitions

As of March 31, 2026, the Company had entered into agreements to acquire companies in the health care sector, subject to regulatory approval and customary closing conditions, the majority of which are expected to close in the second half of 2026.

The total anticipated capital required for these acquisitions was approximately $ 3.0 billion.

Legal Matters

13 unchanged sentences

Congressional committees, the U.S.

Department of Justice (DOJ), the SEC, the Internal Revenue Service, the U.S.

Department of Justice (DOJ), the SEC, the Internal Revenue Service (IRS), the U.S.

Drug Enforcement Administration, the U.S.

10 unchanged sentences

The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.

Held for Sale

The Company’s planned sale of its remaining South American operations continues to progress and is now expected to close in the second half of 2026, subject to regulatory and other customary closing conditions.

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 Sheet, respectively.

The assets and liabilities of the held for sale disposal group as of September 30, 2025, were as follows:

(in millions) Businesses

Held for Sale

Income Taxes - Internal Revenue Service Exams

On March 6, 2026, we received Notices of Proposed Adjustment (“NOPAs”) from the IRS for transactions undertaken during the 2017 through 2020 tax years involving intercompany transfer pricing with a foreign subsidiary.

The IRS is seeking to significantly increase taxable income for each of the applicable periods and could also seek similar adjustments for subsequent years after 2020.

We disagree with the IRS’s proposed adjustments, believe that our tax positions are properly supported, and intend to vigorously contest the position taken by the IRS and pursue all available administrative and judicial remedies.

As of March 31, 2026, the Company believes its reserves for uncertain tax positions are adequate based on current available information.

For more information on the Company’s income taxes see Note 9 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2025 10-K.

Held for Sale and Dispositions

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 Condensed 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 are classified as held for sale.

Losses related to these actions are included within operating costs on the Condensed Consolidated Statements of Operations.

The assets and liabilities of the held for sale disposal group as of March 31, 2026, were as follows:

(in millions) South American Businesses Other Businesses

Cash and cash equivalents $ 244 $ 156

1 unchanged sentence

Property, equipment and capitalized software 838 180

Goodwill and other intangible assets 460

Goodwill 177 90

Other intangible assets 252 422

Other long-term assets 316 517

Remeasurement of assets of businesses held for sale to fair value less cost to sell (1)

( 1,595 ) ( 557 )

Total assets $ 990 $ 1,021

3 unchanged sentences

Total liabilities $ 947 $ 807

(1) Includes the effect of $ 985 million of cumulative foreign currency translation losses and $ 269 million of noncontrolling interests.

Business Combinations

During the nine months ended September 30, 2025, the Company completed several business combinations for total consideration of $ 4.7 billion.

Acquired assets (liabilities) at acquisition date were:

(in millions)

Cash and cash equivalents $ 305

Accounts receivable and other current assets 554

Property, equipment and other long-term assets 454

Other intangible assets 864

Total identifiable assets acquired 2,177

Medical costs payable ( 20 )

Accounts payable and other current liabilities ( 496 )

Other long-term liabilities ( 364 )

Total identifiable liabilities acquired ( 880 )

Total net identifiable assets 1,297

Goodwill 3,705

Nonredeemable noncontrolling interests ( 244 )

Net assets acquired $ 4,758

The majority of goodwill is not deductible for income tax purposes.

Goodwill attributable to Optum Health from the business combinations completed was $ 3.4 billion.

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 acquisition date fair values and weighted-average useful lives assigned to intangible assets were:

(in millions, except years) Fair Value Weighted-Average Useful Life

Acquired finite-lived intangible assets:

Customer-related $ 33 9 years

Trademarks and technology 21 2 years

Other 61 9 years

Total acquired finite-lived intangible assets 115 8 years

Total acquired indefinite-lived intangible assets - operating licenses and certificates 749

Total acquired intangible assets $ 864

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.

Through September 30, 2025, acquired entities’ impact on revenues and net earnings was not material.

Unaudited pro forma revenues and net earnings for the nine months ended September 30, 2025 and 2024, as if the business combinations had occurred on January 1, 2024, were immaterial for both periods.

(1) Includes the effect of $ 927 million of cumulative foreign currency translation losses and $ 279 million of noncontrolling interests for the South American businesses held for sale.

During the three months ended March 31, 2026, the Company completed dispositions of businesses that were classified as held for sale in the fourth quarter of 2025 for $ 1.1 billion of cash.

The businesses held assets of $ 1.2 billion, liabilities of $ 442 million and had cumulative foreign currency translation gains of $ 160 million.

As a result of the dispositions, the Company recorded a net gain of $ 211 million, which was included within operating costs on the Condensed Consolidated Statements of Operations, with a gain of $ 525 million at Optum Insight and an incremental loss of $ 314 million at Optum Health.

The Company contributed $ 400 million of the proceeds from the disposition within Optum Insight to the United Health Foundation.

Segment Financial Information

The Company’s four reportable segments are UnitedHealthcare, Optum Health, Optum Insight and Optum Rx.

For more information on the Company’s segments, see Part I, Item I, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2024 10-K.

For more information on the Company’s segments, see Part I, Item 1, “Business” and Note 14 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2025 10-K.

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 is now included in Optum Insight.

The Company’s reportable segments remain unchanged, with prior period segment financial information recast to conform to the 2026 presentation.

The following tables present reportable segment financial information:

(in millions) UnitedHealthcare Optum Health Optum Insight Optum Rx Optum Eliminations Optum Corporate and

Eliminations Consolidated

Three Months Ended September 30, 2025

Revenues - unaffiliated customers:

Premiums $ 83,924 $ 5,055 $ — $ — $ — $ 5,055 $ — $ 88,979

Products — 61 45 13,190 — 13,296 — 13,296

Services 2,578 4,394 1,539 1,243 — 7,176 — 9,754

Total revenues - unaffiliated customers

86,502 9,510 1,584 14,433 — 25,527 — 112,029

Total revenues - affiliated customers

— 15,918 3,290 25,195 ( 1,317 ) 43,086 ( 43,086 ) —

Investment and other income

568 472 41 51 — 564 — 1,132

Total revenues $ 87,070 $ 25,900 $ 4,915 $ 39,679 $ ( 1,317 ) $ 69,177 $ ( 43,086 ) $ 113,161

Total operating costs (a) $ 85,265 $ 25,645 $ 4,209 $ 38,130 $ ( 1,317 ) $ 66,667 $ ( 43,086 ) $ 108,846

Earnings from operations $ 1,805 $ 255 $ 706 $ 1,549 $ — $ 2,510 $ — $ 4,315

Interest expense — — — — — — ( 1,003 ) ( 1,003 )

Loss on sale of subsidiary and subsidiaries held for sale ( 83 ) — — — — — — ( 83 )

Earnings before income taxes

$ 1,722 $ 255 $ 706 $ 1,549 $ — $ 2,510 $ ( 1,003 ) $ 3,229

Total assets $ 130,492 $ 100,895 $ 33,846 $ 62,528 $ — $ 197,269 $ ( 12,492 ) $ 315,269

Purchases of property, equipment and capitalized software 238 282 267 103 — 652 — 890

Depreciation and Amortization 221 309 359 210 — 878 — 1,099

Three Months Ended September 30, 2024

Revenues - unaffiliated customers:

Premiums $ 71,624 $ 5,818 $ — $ — $ — $ 5,818 $ — $ 77,442

Products — 84 41 12,506 — 12,631 — 12,631

Services 2,422 3,953 1,700 1,029 — 6,682 — 9,104

Total revenues - unaffiliated customers

74,046 9,855 1,741 13,535 — 25,131 — 99,177

Total revenues - affiliated customers

— 15,448 3,086 20,554 ( 1,130 ) 37,958 ( 37,958 ) —

Investment and other income

807 614 104 118 — 836 — 1,643

Total revenues $ 74,853 $ 25,917 $ 4,931 $ 34,207 $ ( 1,130 ) $ 63,925 $ ( 37,958 ) $ 100,820

Total operating costs (a) $ 70,641 $ 23,756 $ 4,140 $ 32,663 $ ( 1,130 ) $ 59,429 $ ( 37,958 ) $ 92,112

Earnings from operations $ 4,212 $ 2,161 $ 791 $ 1,544 $ — $ 4,496 $ — $ 8,708

Interest expense — — — — — — ( 1,074 ) ( 1,074 )

Loss on sale of subsidiary and subsidiaries held for sale ( 20 ) — — — — — — ( 20 )

Earnings before income taxes

$ 4,192 $ 2,161 $ 791 $ 1,544 $ — $ 4,496 $ ( 1,074 ) $ 7,614

Total assets $ 120,760 $ 95,482 $ 34,666 $ 57,031 $ — $ 187,179 $ ( 8,630 ) $ 299,309

Purchases of property, equipment and capitalized software 211 256 398 126 — 780 — 991

Depreciation and Amortization 217 283 332 209 — 824 — 1,041

(a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment.

(in millions) UnitedHealthcare Optum Health Optum Insight Optum Rx Optum Eliminations Optum Corporate and

(in millions) UnitedHealthcare Optum

Health (b) Optum

Insight (b) Optum

Rx Optum Eliminations (b) Optum Corporate and

Eliminations Consolidated

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Revenues - unaffiliated customers:

3 unchanged sentences

Total revenues - unaffiliated customers 85,761 8,867 1,665 14,297 — 24,829 — 110,590

256,121 27,267 4,689 43,002 — 74,958 — 331,079

Total revenues - affiliated customers — 14,998 3,118 21,398 ( 1,221 ) 38,293 ( 38,293 ) —

— 47,785 9,588 70,122 ( 3,770 ) 123,725 ( 123,725 ) —

Investment and other income 504 244 342 41 — 627 — 1,131

1,669 1,362 96 146 — 1,604 — 3,273

Total revenues $ 86,265 $ 24,109 $ 5,125 $ 35,736 $ ( 1,221 ) $ 63,749 $ ( 38,293 ) $ 111,721

4 unchanged sentences

Earnings before income taxes $ 5,622 $ 1,141 $ 963 $ 1,192 $ — $ 3,296 $ ( 955 ) $ 7,963

$ 8,967 $ 2,505 $ 2,665 $ 4,308 $ — $ 9,478 $ ( 3,028 ) $ 15,417

Total assets $ 129,027 $ 73,620 $ 63,099 $ 58,495 $ — $ 195,214 $ ( 11,597 ) $ 312,644

1 unchanged sentence

Depreciation and Amortization 218 246 392 173 — 811 — 1,029

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Revenues - unaffiliated customers:

3 unchanged sentences

Total revenues - unaffiliated customers 84,089 8,802 1,703 13,948 — 24,453 — 108,542

222,206 29,671 4,930 39,013 — 73,614 — 295,820

Total revenues - affiliated customers — 15,810 3,091 21,137 ( 1,111 ) 38,927 ( 38,927 ) —

— 48,641 8,887 58,208 ( 3,275 ) 112,461 ( 112,461 ) —

Investment and other income 528 225 233 47 — 505 — 1,033

1,870 1,386 159 236 — 1,781 — 3,651

Total revenues $ 84,617 $ 24,837 $ 5,027 $ 35,132 $ ( 1,111 ) $ 63,885 $ ( 38,927 ) $ 109,575

4 unchanged sentences

Earnings before income taxes $ 5,211 $ 1,411 $ 1,164 $ 1,318 $ — $ 3,893 $ ( 998 ) $ 8,106

$ 4,280 $ 5,979 $ 1,827 $ 4,097 $ — $ 11,903 $ ( 2,903 ) $ 13,280

Total assets $ 131,902 $ 72,000 $ 60,192 $ 60,379 $ — $ 192,571 $ ( 14,683 ) $ 309,790

2 unchanged sentences

(a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment.

(b) Prior period amounts have been recast to reflect the realignment of Optum Financial.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements