UNITEDHEALTH GROUP INC 10-Q

ITEM 1. FINANCIAL STATEMENTS UnitedHealth Group Condensed Consolidated Balance Sheets (Unaudited) (in millions, except per share data) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 28,585 $ 24,365 Short-term investments 2,883 3,756 Accounts receivable, net 21,573 23,018 Other current receivables, net 24,722 29,697 Prepaid expenses and other current assets 9,097 9,746 Total current assets 86,860 90,582 Long-term investments 57,716 54,251 Property, equipment and capitalized software, net 10,762 10,762 Goodwill 110,645 110,499 Other intangible assets, net 19,749 20,474 Other assets 23,995 23,013 Total assets $ 309,727 $ 309,581 Liabilities, redeemable noncontrolling interests and equity Current liabilities: Medical costs payable $ 38,930 $ 39,337 Accounts payable and accrued liabilities 39,741 38,032 Short-term borrowings and current maturities of long-term debt 3,827 6,069 Unearned revenues 2,986 3,413 Other current liabilities 26,336 28,046 Total current liabilities 111,820 114,897 Long-term debt, less current maturities 69,501 72,320 Deferred income taxes 2,722 2,421 Other liabilities 19,735 18,245 Total liabilities 203,778 207,883 Commitments and contingencies (Note 7) Redeemable noncontrolling interests 1,436 1,608 Equity: Preferred stock, $ 0.001 par value - 10 shares authorized; no shares issued or outstanding — — Common stock, $ 0.01 par value - 3,000 shares authorized; 905 and 906 issued and outstanding 9 9 Additional paid-in capital — 559 Retained earnings 100,957 95,603 Accumulated other comprehensive loss ( 2,519 ) ( 2,061 ) Nonredeemable noncontrolling interests 6,066 5,980 Total equity 104,513 100,090 Total liabilities, redeemable noncontrolling interests and equity $ 309,727 $ 309,581 See Notes to the Condensed Consolidated Financial Statements 1 Table of Contents UnitedHealth Group Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2026 2025 2026 2025 Revenues: Premiums $ 86,956 $ 87,905 $ 174,517 $ 174,439 Products 13,835 13,564 27,085 26,600 Services 10,018 9,039 19,797 18,011 Investment and other income 1,223 1,108 2,354 2,141 Total revenues 112,032 111,616 223,753 221,191 Operating costs: Medical costs 75,358 78,585 148,847 151,996 Operating costs 14,268 13,778 29,658 27,372 Cost of products sold 13,375 13,019 26,198 25,409 Depreciation and amortization 1,040 1,084 2,069 2,145 Total operating costs 104,041 106,466 206,772 206,922 Earnings from operations 7,991 5,150 16,981 14,269 Interest expense ( 962 ) ( 1,027 ) ( 1,917 ) ( 2,025 ) Loss on sale of subsidiary and subsidiaries held for sale ( 61 ) ( 41 ) ( 133 ) ( 56 ) Earnings before income taxes 6,968 4,082 14,931 12,188 Provision for income taxes ( 1,298 ) ( 510 ) ( 2,780 ) ( 2,142 ) Net earnings 5,670 3,572 12,151 10,046 Earnings attributable to noncontrolling interests ( 186 ) ( 166 ) ( 387 ) ( 348 ) Net earnings attributable to UnitedHealth Group common shareholders $ 5,484 $ 3,406 $ 11,764 $ 9,698 Earnings per share attributable to UnitedHealth Group common shareholders: Basic $ 6.06 $ 3.76 $ 12.98 $ 10.66 Diluted $ 6.04 $ 3.74 $ 12.94 $ 10.61 Basic weighted-average number of common shares outstanding 902 907 905 910 Dilutive effect of common share equivalents 4 3 3 4 Diluted weighted-average number of common shares outstanding 906 910 908 914 Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents 12 13 15 10 See Notes to the Condensed Consolidated Financial Statements 2 Table of Contents UnitedHealth Group Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Net earnings $ 5,670 $ 3,572 $ 12,151 $ 10,046 Other comprehensive income (loss): Gross unrealized (losses) gains on investment securities during the period ( 28 ) 327 ( 398 ) 848 Income tax effect 7 ( 75 ) 91 ( 194 ) Total unrealized (losses) gains, net of tax ( 21 ) 252 ( 307 ) 654 Gross reclassification adjustment for net realized losses (gains) included in net earnings 5 ( 17 ) 10 ( 27 ) Income tax effect ( 1 ) 4 ( 2 ) 6 Total reclassification adjustment, net of tax 4 ( 13 ) 8 ( 21 ) Foreign currency translation gains 60 131 1 219 Reclassification adjustment for translation gains included in net earnings — — ( 160 ) — Total foreign currency translation gains (losses) 60 131 ( 159 ) 219 Other comprehensive income (loss) 43 370 ( 458 ) 852 Comprehensive income 5,713 3,942 11,693 10,898 Comprehensive income attributable to noncontrolling interests ( 186 ) ( 166 ) ( 387 ) ( 348 ) Comprehensive income attributable to UnitedHealth Group common shareholders $ 5,527 $ 3,776 $ 11,306 $ 10,550 See Notes to the Condensed Consolidated Financial Statements 3 Table of Contents UnitedHealth Group Condensed Consolidated Statements of Changes in Equity (Unaudited) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Nonredeemable Noncontrolling Interests Total Equity Three months ended June 30, (in millions) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains Balance at March 31, 2026 908 $ 9 $ 556 $ 99,878 $ ( 1,360 ) $ ( 1,202 ) $ 6,014 $ 103,895 Net earnings 5,484 168 5,652 Other comprehensive (loss) income ( 17 ) 60 43 Issuances of common stock, and related tax effects 1 — 105 105 Share-based compensation 237 237 Common share repurchases ( 4 ) — ( 914 ) ( 2,318 ) ( 3,232 ) Cash dividends paid on common shares ($ 2.32 per share) ( 2,087 ) ( 2,087 ) Redeemable noncontrolling interests fair value and other adjustments 16 16 Acquisition and other adjustments of nonredeemable noncontrolling interests 63 63 Distribution to nonredeemable noncontrolling interests ( 179 ) ( 179 ) Balance at June 30, 2026 905 $ 9 $ — $ 100,957 $ ( 1,377 ) $ ( 1,142 ) $ 6,066 $ 104,513 Balance at March 31, 2025 910 $ 9 $ — $ 97,934 $ ( 1,832 ) $ ( 1,073 ) $ 5,773 $ 100,811 Net earnings 3,406 149 3,555 Other comprehensive income 239 131 370 Issuances of common stock, and related tax effects 1 — 196 196 Share-based compensation 229 229 Common share repurchases ( 6 ) — ( 415 ) ( 2,090 ) ( 2,505 ) Cash dividends paid on common shares ($ 2.21 per share) ( 2,000 ) ( 2,000 ) Redeemable noncontrolling interests fair value and other adjustments ( 10 ) ( 10 ) Acquisition and other adjustments of nonredeemable noncontrolling interests ( 19 ) ( 19 ) Distribution to nonredeemable noncontrolling interests ( 158 ) ( 158 ) Balance at June 30, 2025 905 $ 9 $ — $ 97,250 $ ( 1,593 ) $ ( 942 ) $ 5,745 $ 100,469 See Notes to the Condensed Consolidated Financial Statements 4 Table of Contents UnitedHealth Group Condensed Consolidated Statements of Changes in Equity (Unaudited) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Nonredeemable Noncontrolling Interests Total Equity Six months ended June 30, (in millions) Shares Amount Net Unrealized (Losses) Gains on Investments Foreign Currency Translation (Losses) Gains Balance at January 1, 2026 906 $ 9 $ 559 $ 95,603 $ ( 1,078 ) $ ( 983 ) $ 5,980 $ 100,090 Net earnings 11,764 335 12,099 Other comprehensive loss ( 299 ) ( 159 ) ( 458 ) Issuances of common stock, and related tax effects 3 — 194 194 Share-based compensation 590 590 Common share repurchases ( 4 ) — ( 1,410 ) ( 2,318 ) ( 3,728 ) Cash dividends paid on common shares ($ 4.53 per share) ( 4,092 ) ( 4,092 ) Redeemable noncontrolling interests fair value and other adjustments 67 67 Acquisition and other adjustments of nonredeemable noncontrolling interests 94 94 Distribution to nonredeemable noncontrolling interests ( 343 ) ( 343 ) Balance at June 30, 2026 905 $ 9 $ — $ 100,957 $ ( 1,377 ) $ ( 1,142 ) $ 6,066 $ 104,513 Balance at January 1, 2025 915 $ 9 $ — $ 96,036 $ ( 2,226 ) $ ( 1,161 ) $ 5,610 $ 98,268 Net earnings 9,698 297 9,995 Other comprehensive income 633 219 852 Issuances of common stock, and related tax effects 2 — 379 379 Share-based compensation 591 591 Common share repurchases ( 12 ) — ( 955 ) ( 4,572 ) ( 5,527 ) Cash dividends paid on common shares ($ 4.31 per share) ( 3,912 ) ( 3,912 ) Redeemable noncontrolling interests fair value and other adjustments ( 15 ) ( 15 ) Acquisition and other adjustments of nonredeemable noncontrolling interests 175 175 Distribution to nonredeemable noncontrolling interests ( 337 ) ( 337 ) Balance at June 30, 2025 905 $ 9 $ — $ 97,250 $ ( 1,593 ) $ ( 942 ) $ 5,745 $ 100,469 See Notes to the Condensed Consolidated Financial Statements 5 Table of Contents UnitedHealth Group Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (in millions) 2026 2025 Operating activities Net earnings $ 12,151 $ 10,046 Noncash items: Depreciation and amortization 2,069 2,145 Deferred income taxes 411 ( 87 ) Share-based compensation 624 572 Loss on sale of subsidiary and subsidiaries held for sale 133 56 Other, net ( 235 ) 127 Net change in other operating items, net of effects from acquisitions and dispositions: Accounts receivable 1,481 ( 1,681 ) Other assets 3,020 ( 2,143 ) Medical costs payable ( 420 ) 4,371 Accounts payable and other liabilities 1,152 ( 480 ) Unearned revenues ( 422 ) ( 282 ) Cash flows from operating activities 19,964 12,644 Investing activities Purchases of investments ( 10,125 ) ( 8,180 ) Sales of investments 2,664 5,181 Maturities of investments 4,710 4,326 Cash paid for acquisitions and other transactions, net of cash assumed ( 98 ) ( 734 ) Purchases of property, equipment and capitalized software ( 1,562 ) ( 1,784 ) Repayments of care provider loans - cyberattack 197 1,293 Originations and purchases of loans ( 2,745 ) ( 2,225 ) Repayments and maturities of loans 1,424 588 Cash received from dispositions and other strategic transactions, net 1,091 109 Other, net 199 ( 90 ) Cash flows used for investing activities ( 4,245 ) ( 1,516 ) Financing activities Common share repurchases ( 1,646 ) ( 5,545 ) Cash dividends paid ( 4,092 ) ( 3,912 ) Proceeds from common stock issuances 359 581 Repayments of long-term debt ( 2,500 ) — Repayments of short-term borrowings, net ( 2,313 ) ( 1,403 ) Proceeds from issuance of long-term debt — 2,969 Customer funds administered 332 ( 25 ) Other, net ( 1,755 ) ( 513 ) Cash flows used for financing activities ( 11,615 ) ( 7,848 ) Effect of exchange rate changes on cash and cash equivalents ( 3 ) 29 Increase in cash and cash equivalents, including cash within businesses held for sale 4,101 3,309 Less: net change in cash within businesses held for sale 119 ( 25 ) Net increase in cash and cash equivalents 4,220 3,284 Cash and cash equivalents, beginning of period 24,365 25,312 Cash and cash equivalents, end of period $ 28,585 $ 28,596 See Notes to the Condensed Consolidated Financial Statements 6 Table of Contents UnitedHealth Group Notes to the Condensed Consolidated Financial Statements (Unaudited) 1. Basis of Presentation 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. 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, 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. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC), the Company has omitted certain footnote disclosures that would substantially duplicate the disclosures contained in its annual audited Consolidated Financial Statements. Therefore, these Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and the Notes included in Part II, Item 8, “Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC (2025 10-K). The accompanying Condensed Consolidated Financial Statements include all normal recurring adjustments necessary to present the interim financial statements fairly. Use of Estimates These Condensed 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 that are 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. Revenues - Products and Services As of June 30, 2026 and December 31, 2025, accounts receivable related to products and services were $ 9.5 billion and $ 9.7 billion, respectively. As of June 30, 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 $ 10.7 billion, of which more than 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 six months ended June 30, 2026, the Company sold $ 3.2 billion of receivables under the receivables financing facility, of which $ 1.7 billion has been collected from counterparties, with $ 130 million not yet remitted to financial institutions. During the six months ended June 30, 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 and six months ended June 30, 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. For the three and six months ended June 30, 2026, these actions resulted in a net loss of $ 39 million and a net gain of $ 191 million, respectively. For the three and six months ended June 30, 2026, net portfolio divestitures included incremental losses on businesses held for sale, while the year-to-date results also included a net gain on the sales of businesses previously held for sale as of December 31, 2025. By segment, second quarter impacts consisted of net losses of $ 35 million and $ 4 million at Optum Health and Optum Insight, respectively. Year-to-date impacts consisted of gains of $ 524 million and $ 8 million at Optum Insight and Optum Rx, respectively, partially offset by a net loss of $ 341 million at Optum Health. Gains and losses on portfolio actions were recorded within operating costs on the Condensed Consolidated Statements of Operations. 7 Table of Contents Restructuring and Other Actions For the three and six months ended June 30, 2026, restructuring and other actions included the net decrease in loss contract reserves of $ 50 million and $ 187 million, respectively, and net valuation gains on equity securities of $ 1 million and $ 60 million, respectively, while the year-to-date results also included a $ 400 million contribution to the United Health Foundation funded by the cash gain on the disposition of an Optum Insight business. By segment, the second quarter impact was $ 51 million at Optum Health. Year-to-date impacts were $ 339 million at Optum Insight, partially offset by $ 186 million at Optum Health. During the three months ended June 30, 2026, these items increased investment and other income by $ 1 million and decreased medical costs by $ 50 million. For the six months ended June 30, 2026, these items increased operating costs by $ 415 million, partially offset by a $ 75 million increase to investment and other income and $ 187 million decrease in medical costs, as reflected on the Condensed Consolidated Statements of Operations. 2. 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 June 30, 2026 Debt securities - available-for-sale: U.S. government and agency obligations $ 3,227 $ — $ ( 180 ) $ 3,047 State and municipal obligations 5,752 20 ( 221 ) 5,551 Corporate obligations 28,892 72 ( 703 ) 28,261 U.S. agency mortgage-backed securities 10,939 13 ( 684 ) 10,268 Non-U.S. agency mortgage-backed securities 3,259 4 ( 105 ) 3,158 Total debt securities - available-for-sale 52,069 109 ( 1,893 ) 50,285 Debt securities - held-to-maturity: U.S. government and agency obligations 448 — ( 2 ) 446 State and municipal obligations 25 — ( 2 ) 23 Corporate obligations 3 — — 3 Total debt securities - held-to-maturity 476 — ( 4 ) 472 Total debt securities $ 52,545 $ 109 $ ( 1,897 ) $ 50,757 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 8 Table of Contents The Company held $ 5.9 billion and $ 5.5 billion of equity securities as of June 30, 2026 and December 31, 2025, 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 a non-recurring basis were $ 3.6 billion and $ 3.3 billion, including cumulative net unrealized gains of $ 976 million and $ 846 million, as of June 30, 2026 and December 31, 2025, respectively. Additionally, the Company’s investments included $ 4.0 billion and $ 3.8 billion of equity method investments primarily in operating businesses in the health care sector as of June 30, 2026 and December 31, 2025, respectively. The allowance for credit losses on held-to-maturity securities at June 30, 2026 and December 31, 2025 was not material. The amortized cost and fair value of debt securities as of June 30, 2026, 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 $ 2,957 $ 2,942 $ 280 $ 280 Due after one year through five years 14,192 13,816 175 173 Due after five years through ten years 12,802 12,408 4 4 Due after ten years 7,920 7,693 17 15 U.S. agency mortgage-backed securities 10,939 10,268 — — Non-U.S. agency mortgage-backed securities 3,259 3,158 — — Total debt securities $ 52,069 $ 50,285 $ 476 $ 472 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 June 30, 2026 U.S. government and agency obligations $ 1,055 $ ( 16 ) $ 1,871 $ ( 164 ) $ 2,926 $ ( 180 ) State and municipal obligations 1,063 ( 12 ) 3,346 ( 209 ) 4,409 ( 221 ) Corporate obligations 13,357 ( 154 ) 8,371 ( 549 ) 21,728 ( 703 ) U.S. agency mortgage-backed securities 3,585 ( 64 ) 5,025 ( 620 ) 8,610 ( 684 ) Non-U.S. agency mortgage-backed securities 1,170 ( 9 ) 1,174 ( 96 ) 2,344 ( 105 ) Total debt securities - available-for-sale $ 20,230 $ ( 255 ) $ 19,787 $ ( 1,638 ) $ 40,017 $ ( 1,893 ) 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 ) The Company’s unrealized losses from debt securities as of June 30, 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. 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 collectability 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 June 30, 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 June 30, 2026 and December 31, 2025 was not material. 9 Table of Contents 3. Fair Value 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. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 4 of Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” in the 2025 10-K. 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 Condensed 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 June 30, 2026 Cash and cash equivalents $ 15,784 $ 12,801 $ — $ 28,585 Debt securities - available-for-sale: U.S. government and agency obligations 2,961 86 — 3,047 State and municipal obligations — 5,551 — 5,551 Corporate obligations — 27,761 500 28,261 U.S. agency mortgage-backed securities — 10,268 — 10,268 Non-U.S. agency mortgage-backed securities — 3,158 — 3,158 Total debt securities - available-for-sale 2,961 46,824 500 50,285 Equity securities 2,130 — 76 2,206 Loan receivables — — 799 799 Total assets at fair value $ 20,875 $ 59,625 $ 1,375 $ 81,875 Percentage of total assets at fair value 25 % 73 % 2 % 100 % 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 % There were no transfers in or out of Level 3 financial assets or liabilities during the six months ended June 30, 2026 or 2025. 10 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 Condensed 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 June 30, 2026 Debt securities - held-to-maturity $ 449 $ 23 $ — $ 472 $ 476 Loan receivables — 1,718 8,066 9,784 10,029 Long-term debt and other financing obligations — 69,046 — 69,046 73,328 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 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 businesses held for sale as of June 30, 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 six months ended June 30, 2026 or 2025. 4. Medical Costs Payable The following table shows the components of the change in medical costs payable for the six months ended June 30: (in millions) 2026 2025 Medical costs payable, beginning of period $ 39,337 $ 34,224 Reported medical costs: Current year 150,333 152,316 Prior years ( 1,250 ) ( 320 ) Changes in premium deficiency and loss contract reserves ( 236 ) — Total reported medical costs 148,847 151,996 Medical payments: Payments for current year ( 116,846 ) ( 118,793 ) Payments for prior years ( 32,474 ) ( 28,998 ) Total medical payments ( 149,320 ) ( 147,791 ) Change in medical costs payable included within businesses held for sale 66 ( 2 ) Medical costs payable, end of period $ 38,930 $ 38,427 For the six months ended June 30, 2026, prior years’ medical cost reserve development was driven by a favorable respiratory illness season along with various other individually insignificant factors. For the six months ended June 30, 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 $ 26.5 billion and $ 26.7 billion at June 30, 2026 and December 31, 2025, respectively. 5. Short-Term Borrowings and Long-Term Debt As of June 30, 2026, the Company had no commercial paper outstanding. 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. 6. Shareholders’ Equity Dividends In June 2026, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $9.28 compared to $8.84 per share, which the Company had paid since June 2025. 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. 11 Table of Contents The following table provides details of the Company’s 2026 dividend payments: Payment Date Amount per Share Total Amount Paid (in millions) March 17 $ 2.21 $ 2,005 June 23 2.32 2,087 Forward Share Repurchase Contracts During the six months ended June 30, 2026, the Company entered into forward contracts with a counterparty to repurchase up to $ 2.0 billion of its common stock, with settlement on or before July 1, 2026. 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 six months ended June 30, 2026, the counterparty completed the purchase of 6.4 million shares at an average price of $ 312.73 per share. As of June 30, 2026, the Company had a liability of $ 2.0 billion related to the settlement of the forward contracts, which was paid on July 1, 2026 . The calculation of basic and diluted earnings per share includes an immaterial reduction to net earnings attributable to UnitedHealth Group common shareholders for undistributed earnings attributable to the shares held by the counterparty for both the three months and six months ended June 30, 2026. 7. Commitments and Contingencies Pending Acquisitions In the first quarter of 2026, the Company entered into an agreement to acquire a company in the health care sector for $ 3.0 billion. On July 2, 2026, the Company completed the acquisition for $ 1.5 billion in cash, with the remaining $ 1.5 billion payable within one year. 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 (IRS), 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 has also been responding to subpoenas, information requests and investigations 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 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. 12 Table of Contents 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. Income Taxes - Internal Revenue Service Exams On March 6, 2026, the Company 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. The Company disagrees with the IRS’s proposed adjustments, believes its tax positions are properly supported, and intends to vigorously contest the position taken by the IRS and pursue all available administrative and judicial remedies. As of June 30, 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. 8. 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 groups as of June 30, 2026, were as follows: (in millions) South American Businesses Other Businesses Assets Cash and cash equivalents $ 296 $ 160 Accounts receivable and other current assets 769 177 Property, equipment and capitalized software 877 169 Goodwill 174 88 Other intangible assets 258 395 Other long-term assets 321 484 Remeasurement of assets of businesses held for sale to fair value less cost to sell (1) ( 1,656 ) ( 561 ) Total assets $ 1,039 $ 912 Liabilities Medical costs payable $ 230 $ 87 Accounts payable and other current liabilities 388 279 Other long-term liabilities 368 364 Total liabilities $ 986 $ 730 (1) Includes the effect of $ 893 million of cumulative foreign currency translation losses and $ 273 million of noncontrolling interests for the South American businesses held for sale. During the six months ended June 30, 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 $ 445 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. 13 Table of Contents 9. 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 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. 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 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: Optum (in millions) UnitedHealthcare Optum Health (b) Optum Insight (b) Optum Rx Optum Eliminations (b) Optum Corporate and Eliminations Consolidated Three Months Ended June 30, 2026 Revenues - unaffiliated customers: Premiums $ 82,613 $ 4,343 $ — $ — $ — $ 4,343 $ — $ 86,956 Products — 62 45 13,728 — 13,835 — 13,835 Services 2,754 4,474 1,517 1,273 — 7,264 — 10,018 Total revenues - unaffiliated customers 85,367 8,879 1,562 15,001 — 25,442 — 110,809 Total revenues - affiliated customers — 14,353 3,556 23,242 ( 1,503 ) 39,648 ( 39,648 ) — Investment and other income 650 240 284 49 — 573 — 1,223 Total revenues $ 86,017 $ 23,472 $ 5,402 $ 38,292 $ ( 1,503 ) $ 65,663 $ ( 39,648 ) $ 112,032 Total operating costs (a) $ 82,075 $ 22,282 $ 4,033 $ 36,802 $ ( 1,503 ) $ 61,614 $ ( 39,648 ) $ 104,041 Earnings from operations $ 3,942 $ 1,190 $ 1,369 $ 1,490 $ — $ 4,049 $ — $ 7,991 Interest expense — — — — — — ( 962 ) ( 962 ) Loss on sale of subsidiary and subsidiaries held for sale ( 61 ) — — — — — — ( 61 ) Earnings before income taxes $ 3,881 $ 1,190 $ 1,369 $ 1,490 $ — $ 4,049 $ ( 962 ) $ 6,968 Total assets $ 125,495 $ 72,716 $ 62,875 $ 59,656 $ ( 475 ) $ 194,772 $ ( 10,540 ) $ 309,727 Purchases of property, equipment and capitalized software 207 210 291 91 — 592 — 799 Depreciation and Amortization 176 260 414 190 — 864 — 1,040 Three Months Ended June 30, 2025 Revenues - unaffiliated customers: Premiums $ 83,019 $ 4,886 $ — $ — $ — $ 4,886 $ — $ 87,905 Products — 65 44 13,455 — 13,564 — 13,564 Services 2,511 3,689 1,673 1,166 — 6,528 — 9,039 Total revenues - unaffiliated customers 85,530 8,640 1,717 14,621 — 24,978 — 110,508 Total revenues - affiliated customers — 15,845 3,268 23,790 ( 1,191 ) 41,712 ( 41,712 ) — Investment and other income 573 240 247 48 — 535 — 1,108 Total revenues $ 86,103 $ 24,725 $ 5,232 $ 38,459 $ ( 1,191 ) $ 67,225 $ ( 41,712 ) $ 111,616 Total operating costs (a) $ 84,028 $ 24,296 $ 4,027 $ 37,018 $ ( 1,191 ) $ 64,150 $ ( 41,712 ) $ 106,466 Earnings from operations $ 2,075 $ 429 $ 1,205 $ 1,441 $ — $ 3,075 $ — $ 5,150 Interest expense — — — — — — ( 1,027 ) ( 1,027 ) Loss on sale of subsidiary and subsidiaries held for sale ( 41 ) — — — — — — ( 41 ) Earnings before income taxes $ 2,034 $ 429 $ 1,205 $ 1,441 $ — $ 3,075 $ ( 1,027 ) $ 4,082 Total assets $ 129,587 $ 69,810 $ 60,358 $ 61,674 $ — $ 191,842 $ ( 12,856 ) $ 308,573 Purchases of property, equipment and capitalized software 193 292 303 98 — 693 — 886 Depreciation and Amortization 221 262 385 216 — 863 — 1,084 (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. 14 Table of Contents Optum (in millions) UnitedHealthcare Optum Health (b) Optum Insight (b) Optum Rx Optum Eliminations (b) Optum Corporate and Eliminations Consolidated Six Months Ended June 30, 2026 Revenues - unaffiliated customers: Premiums $ 165,599 $ 8,918 $ — $ — $ — $ 8,918 $ — $ 174,517 Products — 119 90 26,876 — 27,085 — 27,085 Services 5,529 8,709 3,137 2,422 — 14,268 — 19,797 Total revenues - unaffiliated customers 171,128 17,746 3,227 29,298 — 50,271 — 221,399 Total revenues - affiliated customers — 29,351 6,674 44,640 ( 2,724 ) 77,941 ( 77,941 ) — Investment and other income 1,154 484 626 90 — 1,200 — 2,354 Total revenues $ 172,282 $ 47,581 $ 10,527 $ 74,028 $ ( 2,724 ) $ 129,412 $ ( 77,941 ) $ 223,753 Total operating costs (a) $ 162,646 $ 45,250 $ 8,195 $ 71,346 $ ( 2,724 ) $ 122,067 $ ( 77,941 ) $ 206,772 Earnings from operations $ 9,636 $ 2,331 $ 2,332 $ 2,682 $ — $ 7,345 $ — $ 16,981 Interest expense — — — — — — ( 1,917 ) ( 1,917 ) Loss on sale of subsidiary and subsidiaries held for sale ( 133 ) — — — — — — ( 133 ) Earnings before income taxes $ 9,503 $ 2,331 $ 2,332 $ 2,682 $ — $ 7,345 $ ( 1,917 ) $ 14,931 Total assets $ 125,495 $ 72,716 $ 62,875 $ 59,656 $ ( 475 ) $ 194,772 $ ( 10,540 ) $ 309,727 Purchases of property, equipment and capitalized software 411 394 597 160 — 1,151 — 1,562 Depreciation and Amortization 394 506 806 363 — 1,675 — 2,069 Six Months Ended June 30, 2025 Revenues - unaffiliated customers: Premiums $ 164,532 $ 9,907 $ — $ — $ — $ 9,907 $ — $ 174,439 Products — 130 88 26,382 — 26,600 — 26,600 Services 5,087 7,405 3,332 2,187 — 12,924 — 18,011 Total revenues - unaffiliated customers 169,619 17,442 3,420 28,569 — 49,431 — 219,050 Total revenues - affiliated customers — 31,655 6,359 44,927 ( 2,302 ) 80,639 ( 80,639 ) — Investment and other income 1,101 465 480 95 — 1,040 — 2,141 Total revenues $ 170,720 $ 49,562 $ 10,259 $ 73,591 $ ( 2,302 ) $ 131,110 $ ( 80,639 ) $ 221,191 Total operating costs (a) $ 163,419 $ 47,722 $ 7,890 $ 70,832 $ ( 2,302 ) $ 124,142 $ ( 80,639 ) $ 206,922 Earnings from operations $ 7,301 $ 1,840 $ 2,369 $ 2,759 $ — $ 6,968 $ — $ 14,269 Interest expense — — — — — — ( 2,025 ) ( 2,025 ) Loss on sale of subsidiary and subsidiaries held for sale ( 56 ) — — — — — — ( 56 ) Earnings before income taxes $ 7,245 $ 1,840 $ 2,369 $ 2,759 $ — $ 6,968 $ ( 2,025 ) $ 12,188 Total assets $ 129,587 $ 69,810 $ 60,358 $ 61,674 $ — $ 191,842 $ ( 12,856 ) $ 308,573 Purchases of property, equipment and capitalized software 389 556 656 183 — 1,395 — 1,784 Depreciation and Amortization 440 517 761 427 — 1,705 — 2,145 (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. 15 Table of Contents