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

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

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

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

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

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

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.

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

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.

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.

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.

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.

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.

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.

												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.