SEC Form 10-Q filed by UnitedHealth Group Incorporated

5/5/26 4:38:11 PM ET

$UNH

Medical Specialities

Health Care

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unh-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

FORM 10-Q

__________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 1-10864

__________________________________________________________

UnitedHealth Group Incorporated

(Exact name of registrant as specified in its charter)

__________________________________________________________

Delaware

41-1321939

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

1 Health Drive

55344

655 New York Avenue NW

20001

Eden Prairie,

Minnesota

Washington,

(Address of principal executive offices)

(Zip Code)

(Address of principal executive offices)

(Zip Code)

(800) 328-5979

(Registrant’s telephone number, including area code)

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

UNH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, there were 908,144,404 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding.

UNITEDHEALTH GROUP

Table of Contents


			Page

Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of March 31 , 202 6 and December 31, 20 25		1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31 , 202 6 and 202 5		2
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31 , 202 6 and 20 25		3
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31 , 202 6 and 20 25		4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 6 and 20 25		5
	Notes to the Condensed Consolidated Financial Statements		6
	1.	Basis of Presentation	6
	2.	Investments	7
	3.	Fair Value	9
	4.	Medical Costs Payable	10
	5.	Short-Term Borrowings and Long-Term Debt	10
	6.	Shareholders’ Equity	11
	7.	Commitments and Contingencies	11
	8.	Held for Sale and Dispositions	12
	9.	Segment Financial Information	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		23
Item 4.	Controls and Procedures		23
Part II. Other Information
Item 1.	Legal Proceedings		24
Item 1A.	Risk Factors		24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		24
Item 5.	Other Information		24
Item 6.	Exhibits		25
Signatures			26

PART I

ITEM 1. FINANCIAL STATEMENTS

UnitedHealth Group

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions, except per share data)	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	28,001	$	24,365
Short-term investments	3,228		3,756
Accounts receivable, net	26,587		23,018
Other current receivables, net	24,588		29,697
Prepaid expenses and other current assets	8,723		9,746
Total current assets	91,127		90,582
Long-term investments	56,788		54,251
Property, equipment and capitalized software, net	10,667		10,762
Goodwill	110,512		110,499
Other intangible assets, net	20,093		20,474
Other assets	23,457		23,013
Total assets	$	312,644	$	309,581
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	39,659	$	39,337
Accounts payable and accrued liabilities	38,631		38,032
Short-term borrowings and current maturities of long-term debt	6,477		6,069
Unearned revenues	3,419		3,413
Other current liabilities	25,938		28,046
Total current liabilities	114,124		114,897
Long-term debt, less current maturities	71,440		72,320
Deferred income taxes	2,864		2,421
Other liabilities	18,897		18,245
Total liabilities	207,325		207,883
Commitments and contingencies (Note 7 )
Redeemable noncontrolling interests	1,424		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; 908 and 906 issued and outstanding	9		9
Additional paid-in capital	556		559
Retained earnings	99,878		95,603
Accumulated other comprehensive loss	(2,562)		(2,061)
Nonredeemable noncontrolling interests	6,014		5,980
Total equity	103,895		100,090
Total liabilities, redeemable noncontrolling interests and equity	$	312,644	$	309,581

See Notes to the Condensed Consolidated Financial Statements


	Three Months Ended March 31,
(in millions, except per share data)	2026		2025
Revenues:
Premiums	$	87,561	$	86,534
Products	13,250		13,036
Services	9,779		8,972
Investment and other income	1,131		1,033
Total revenues	111,721		109,575
Operating costs:
Medical costs	73,489		73,411
Operating costs	15,390		13,594
Cost of products sold	12,823		12,390
Depreciation and amortization	1,029		1,061
Total operating costs	102,731		100,456
Earnings from operations	8,990		9,119
Interest expense	(955)		(998)
Loss on sale of subsidiary and subsidiaries held for sale	(72)		(15)
Earnings before income taxes	7,963		8,106
Provision for income taxes	(1,482)		(1,632)
Net earnings	6,481		6,474
Earnings attributable to noncontrolling interests	(201)		(182)
Net earnings attributable to UnitedHealth Group common shareholders	$	6,280	$	6,292
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	6.92	$	6.90
Diluted	$	6.90	$	6.85
Basic weighted-average number of common shares outstanding	908		912
Dilutive effect of common share equivalents	2		6
Diluted weighted-average number of common shares outstanding	910		918
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	18		6


	Three Months Ended March 31,
(in millions)	2026		2025
Net earnings	$	6,481	$	6,474
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period	(370)		521
Income tax effect	84		(119)
Total unrealized (losses) gains, net of tax	(286)		402
Gross reclassification adjustment for net realized losses (gains) included in net earnings	5		(10)
Income tax effect	(1)		2
Total reclassification adjustment, net of tax	4		(8)
Foreign currency translation (losses) gains	(59)		88
Reclassification adjustment for translation gains included in net earnings	(160)		—
Total foreign currency translation (losses) gains	(219)		88
Other comprehensive (loss) income	(501)		482
Comprehensive income	5,980		6,956
Comprehensive income attributable to noncontrolling interests	(201)		(182)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	5,779	$	6,774


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended March 31, (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						6,280						167		6,447
Other comprehensive loss								(282)		(219)				(501)
Issuances of common stock, and related tax effects	2	—		89										89
Share-based compensation				353										353
Common share repurchases	—	—		(496)										(496)
Cash dividends paid on common shares ($2.21 per share)						(2,005)								(2,005)
Redeemable noncontrolling interests fair value and other adjustments				51										51
Acquisition and other adjustments of nonredeemable noncontrolling interests												31		31
Distribution to nonredeemable noncontrolling interests												(164)		(164)
Balance at March 31, 2026	908	$	9	$	556	$	99,878	$	(1,360)	$	(1,202)	$	6,014	$	103,895

Balance at January 1, 2025	915	$	9	$	—	$	96,036	$	(2,226)	$	(1,161)	$	5,610	$	98,268
Net earnings						6,292						148		6,440
Other comprehensive income								394		88				482
Issuances of common stock, and related tax effects	1	—		183										183
Share-based compensation				362										362
Common share repurchases	(6)	—		(540)		(2,482)								(3,022)
Cash dividends paid on common shares ($2.10 per share)						(1,912)								(1,912)
Redeemable noncontrolling interests fair value and other adjustments				(5)										(5)
Acquisition and other adjustments of nonredeemable noncontrolling interests												194		194
Distribution to nonredeemable noncontrolling interests												(179)		(179)
Balance at March 31, 2025	910	$	9	$	—	$	97,934	$	(1,832)	$	(1,073)	$	5,773	$	100,811


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2026
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,605	$	—	$	(168)	$	3,437
State and municipal obligations	6,027		14		(262)		5,779
Corporate obligations	28,157		80		(699)		27,538
U.S. agency mortgage-backed securities	10,901		17		(643)		10,275
Non-U.S. agency mortgage-backed securities	3,177		5		(105)		3,077
Total debt securities - available-for-sale	51,867		116		(1,877)		50,106
Debt securities - held-to-maturity:
U.S. government and agency obligations	445		1		(1)		445
State and municipal obligations	26		—		(3)		23
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	474		1		(4)		471
Total debt securities	$	52,341	$	117	$	(1,881)	$	50,577
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


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,334	$	3,316	$	267	$	268
Due after one year through five years	14,106		13,770		186		185
Due after five years through ten years	12,664		12,254		4		4
Due after ten years	7,685		7,414		17		14
U.S. agency mortgage-backed securities	10,901		10,275		—		—
Non-U.S. agency mortgage-backed securities	3,177		3,077		—		—
Total debt securities	$	51,867	$	50,106	$	474	$	471


	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
March 31, 2026
U.S. government and agency obligations	$	1,076	$	(10)	1,959		$	(158)	$	3,035	$	(168)
State and municipal obligations	1,402		(27)		3,418		(235)		4,820		(262)
Corporate obligations	11,495		(130)		9,010		(569)		20,505		(699)
U.S. agency mortgage-backed securities	3,295		(44)		5,195		(599)		8,490		(643)
Non-U.S. agency mortgage-backed securities	1,007		(6)		1,286		(99)		2,293		(105)
Total debt securities - available-for-sale	$	18,275	$	(217)	$	20,868	$	(1,660)	$	39,143	$	(1,877)
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)


(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
March 31, 2026
Cash and cash equivalents	$	21,576		$	6,425		$	—		$	28,001
Debt securities - available-for-sale:
U.S. government and agency obligations	3,261			176			—			3,437
State and municipal obligations	—			5,779			—			5,779
Corporate obligations	—			27,105			433			27,538
U.S. agency mortgage-backed securities	—			10,275			—			10,275
Non-U.S. agency mortgage-backed securities	—			3,077			—			3,077
Total debt securities - available-for-sale	3,261			46,412			433			50,106
Equity securities	1,890			22			65			1,977
Loan receivables	—			—			880			880
Total assets at fair value	$	26,727		$	52,859		$	1,378		$	80,964
Percentage of total assets at fair value	33		%	65		%	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		%


Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 17	$	2.21	$	2,005


(in millions)	South American Businesses		Other Businesses
Assets
Cash and cash equivalents	$	244	$	156
Accounts receivable and other current assets	758		213
Property, equipment and capitalized software	838		180
Goodwill	177		90
Other intangible assets	252		422
Other long-term assets	316		517
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	(1,595)		(557)
Total assets	$	990	$	1,021
Liabilities
Medical costs payable	$	225	$	99
Accounts payable and other current liabilities	366		236
Other long-term liabilities	356		472
Total liabilities	$	947	$	807


			Optum
(in millions)	UnitedHealthcare		Optum Health (b)		Optum Insight (b)		Optum Rx		Optum Eliminations (b)		Optum		Corporate and Eliminations		Consolidated
Three Months Ended March 31, 2026
Revenues - unaffiliated customers:
Premiums	$	82,986	$	4,575	$	—	$	—	$	—	$	4,575	$	—	$	87,561
Products	—		57		45		13,148		—		13,250		—		13,250
Services	2,775		4,235		1,620		1,149		—		7,004		—		9,779
Total revenues - unaffiliated customers	85,761		8,867		1,665		14,297		—		24,829		—		110,590
Total revenues - affiliated customers	—		14,998		3,118		21,398		(1,221)		38,293		(38,293)		—
Investment and other income	504		244		342		41		—		627		—		1,131
Total revenues	$	86,265	$	24,109	$	5,125	$	35,736	$	(1,221)	$	63,749	$	(38,293)	$	111,721
Total operating costs (a)	$	80,571	$	22,968	$	4,162	$	34,544	$	(1,221)	$	60,453	$	(38,293)	$	102,731
Earnings from operations	$	5,694	$	1,141	$	963	$	1,192	$	—	$	3,296	$	—	$	8,990
Interest expense	—		—		—		—		—		—		(955)		(955)
Loss on sale of subsidiary and subsidiaries held for sale	(72)		—		—		—		—		—		—		(72)
Earnings before income taxes	$	5,622	$	1,141	$	963	$	1,192	$	—	$	3,296	$	(955)	$	7,963
Total assets	$	129,027	$	73,620	$	63,099	$	58,495	$	—	$	195,214	$	(11,597)	$	312,644
Purchases of property, equipment and capitalized software	204		184		306		69		—		559		—		763
Depreciation and Amortization	218		246		392		173		—		811		—		1,029
Three Months Ended March 31, 2025
Revenues - unaffiliated customers:
Premiums	$	81,513	$	5,021	$	—	$	—	$	—	$	5,021	$	—	$	86,534
Products	—		65		44		12,927		—		13,036		—		13,036
Services	2,576		3,716		1,659		1,021		—		6,396		—		8,972
Total revenues - unaffiliated customers	84,089		8,802		1,703		13,948		—		24,453		—		108,542
Total revenues - affiliated customers	—		15,810		3,091		21,137		(1,111)		38,927		(38,927)		—
Investment and other income	528		225		233		47		—		505		—		1,033
Total revenues	$	84,617	$	24,837	$	5,027	$	35,132	$	(1,111)	$	63,885	$	(38,927)	$	109,575
Total operating costs (a)	$	79,391	$	23,426	$	3,863	$	33,814	$	(1,111)	$	59,992	$	(38,927)	$	100,456
Earnings from operations	$	5,226	$	1,411	$	1,164	$	1,318	$	—	$	3,893	$	—	$	9,119
Interest expense	—		—		—		—		—		—		(998)		(998)
Loss on sale of subsidiary and subsidiaries held for sale	(15)		—		—		—		—		—		—		(15)
Earnings before income taxes	$	5,211	$	1,411	$	1,164	$	1,318	$	—	$	3,893	$	(998)	$	8,106
Total assets	$	131,902	$	72,000	$	60,192	$	60,379	$	—	$	192,571	$	(14,683)	$	309,790
Purchases of property, equipment and capitalized software	196		264		353		85		—		702		—		898
Depreciation and Amortization	219		255		376		211		—		842		—		1,061


	March 31,		Increase/(Decrease)
(in thousands, except percentages)	2026	2025	2026 vs. 2025
Commercial:
Risk-based	7,725	8,410	(685)	(8)	%
Fee-based	22,340	21,590	750	3
Total Commercial	30,065	30,000	65	—
Medicare Advantage	7,555	8,245	(690)	(8)
Medicaid	7,160	7,570	(410)	(5)
Medicare Supplement (Standardized)	4,270	4,310	(40)	(1)
Total Community and Senior	18,985	20,125	(1,140)	(6)
Total UnitedHealthcare - Medical	49,050	50,125	(1,075)	(2)	%
Supplemental Data:
Medicare Part D stand-alone	2,740	2,835	(95)	(3)	%
South American businesses held for sale	1,160	1,160	—	—	%


	March 31, 2026
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum		Interest Expense Per Annum		Fair Value of Financial Assets		Fair Value of Financial Liabilities
2 %	$	767	$	577	$	(4,388)	$	(8,682)
1	383		288		(2,240)		(4,765)
(1)	(383)		(275)		2,272		5,695
(2)	(767)		(545)		4,547		12,753


For the Month Ended	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under The Plans or Programs
	(in millions)			(in millions)	(in millions)
January 31, 2026	—	$	—	—	21.0
February 28, 2026	—	—		—	21.0
March 31, 2026 (b)	1.7	285.68		1.7	19.3
Total	1.7	$	285.68	1.7


*						Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request.


(in millions, except percentages and per share data)	Three Months Ended March 31,						Increase/ (Decrease)
	2026			2025			2026 vs. 2025
Revenues:
Premiums	$	87,561		$	86,534		$	1,027		1	%
Products	13,250			13,036			214			2
Services	9,779			8,972			807			9
Investment and other income	1,131			1,033			98			9
Total revenues	111,721			109,575			2,146			2
Operating costs:
Medical costs	73,489			73,411			78			—
Operating costs	15,390			13,594			1,796			13
Cost of products sold	12,823			12,390			433			3
Depreciation and amortization	1,029			1,061			(32)			(3)
Total operating costs	102,731			100,456			2,275			2
Earnings from operations	8,990			9,119			(129)			(1)
Interest expense	(955)			(998)			43			(4)
Loss on sale of subsidiary and subsidiaries held for sale	(72)			(15)			(57)			380
Earnings before income taxes	7,963			8,106			(143)			(2)
Provision for income taxes	(1,482)			(1,632)			150			(9)
Net earnings	6,481			6,474			7			—
Earnings attributable to noncontrolling interests	(201)			(182)			(19)			10
Net earnings attributable to UnitedHealth Group common shareholders	$	6,280		$	6,292		$	(12)		—	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	6.90		$	6.85		$	0.05
Medical care ratio (a)	83.9		%	84.8		%	(0.9)		%
Operating cost ratio	13.8			12.4			1.4
Operating margin	8.0			8.3			(0.3)
Tax rate	18.6			20.1			(1.5)
Net earnings margin (b)	5.6			5.7			(0.1)
Return on equity (c)	26.2		%	26.8		%	(0.6)


	Three Months Ended March 31,						Increase/ (Decrease)
(in millions, except percentages)	2026			2025			2026 vs. 2025
Revenues
UnitedHealthcare	$	86,265		$	84,617		$	1,648		2	%
Optum Health (a)	24,109			24,837			(728)			(3)
Optum Insight (a)	5,125			5,027			98			2
Optum Rx	35,736			35,132			604			2
Optum eliminations (a)	(1,221)			(1,111)			(110)			10
Optum	63,749			63,885			(136)			—
Eliminations	(38,293)			(38,927)			634			(2)
Consolidated revenues	$	111,721		$	109,575		$	2,146		2	%
Earnings from operations
UnitedHealthcare	$	5,694		$	5,226		$	468		9	%
Optum Health (a)	1,141			1,411			(270)			(19)
Optum Insight (a)	963			1,164			(201)			(17)
Optum Rx	1,192			1,318			(126)			(10)
Optum	3,296			3,893			(597)			(15)
Consolidated earnings from operations	$	8,990		$	9,119		$	(129)		(1)	%
Operating margin
UnitedHealthcare	6.6		%	6.2		%	0.4		%
Optum Health (a)	4.7			5.7			(1.0)
Optum Insight (a)	18.8			23.2			(4.4)
Optum Rx	3.3			3.8			(0.5)
Optum	5.2			6.1			(0.9)
Consolidated operating margin	8.0		%	8.3		%	(0.3)		%


	Three Months Ended March 31,				Increase/(Decrease)
(in millions)	2026		2025		2026 vs. 2025
Sources of cash:
Cash provided by operating activities	$	8,912	$	5,456	$	3,456
Issuances of short-term borrowings and long-term debt, net of repayments	—		3,911		(3,911)
Cash received from dispositions and other strategic transactions, net	1,081		21		1,060
Proceeds from common stock issuances	231		360		(129)
Sales and maturities of investments, net of purchases	—		1,217		(1,217)
Repayments of care provider loans - cyberattack	82		891		(809)
Customer funds administered	600		1,245		(645)
Total sources of cash	10,906		13,101		(2,195)
Uses of cash:
Cash dividends paid	(2,005)		(1,912)		(93)
Common stock repurchases	—		(3,000)		3,000
Repayments of short-term borrowings and long-term debt, net of issuances	(400)		—		(400)
Cash paid for acquisitions and other transactions, net of cash assumed	—		(702)		702
Purchases of investments, net of sales and maturities	(2,352)		—		(2,352)
Purchases of property, equipment and capitalized software	(763)		(898)		135
Originations and purchases of loans, net of repayments and maturities	(516)		(579)		63
Other	(1,397)		(529)		(868)
Total uses of cash	(7,433)		(7,620)		187
Effect of exchange rate changes on cash and cash equivalents	(7)		15		(22)
Increase in cash and cash equivalents, including cash within businesses held for sale	$	3,466	$	5,496	$	(2,030)
Less: net increase in cash within businesses held for sale	170		(91)		261
Net increase in cash and cash equivalents	$	3,636	$	5,405	$	(1,769)


3.1						Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A/A filed on July 1, 2015)
3.2						Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective Novem ber 6 , 202 5 (incorporated by reference to Exhibit 3.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on November 1 3, 2025 )
4.1						Amended and Restated Indenture, dated as of April 27, 2023, between UnitedHealth Group Incorporated and Wilmington Trust Company, as successor trustee (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 28, 2023)
4.2						Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008)
4.3						Supplemental Indenture, dated as of April 18, 2023, between UnitedHealth Group Incorporated and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2038 (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 24, 2023)
31.1						Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).

Date	Price Target	Rating	Analyst
6/4/2026	$450.00	Neutral → Buy	BofA Securities
4/27/2026		Hold → Buy	Erste Group
4/22/2026	$400.00	Hold → Buy	Argus
4/7/2026	$300.00	Reduce → Hold	HSBC Securities
4/1/2026	$330.00	Mkt Perform → Outperform	Raymond James
10/29/2025	$333.00	Buy → Hold	Deutsche Bank
10/14/2025	$406.00	Buy	Goldman
7/31/2025	$198.00	Neutral → Underperform	Robert W. Baird

SEC Form 10-Q filed by UnitedHealth Group Incorporated

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for $UNH

$UNH Analyst Ratings

UnitedHealth upgraded by BofA Securities with a new price target

UnitedHealth upgraded by Erste Group

UnitedHealth upgraded by Argus with a new price target

$UNH SEC Filings

SEC Form DEFA14A filed by UnitedHealth Group Incorporated

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

SEC Form 10-Q filed by UnitedHealth Group Incorporated

$UNH Press Releases

UnitedHealth Group Updates on Annual Shareholder Meeting, Board Actions

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UnitedHealthcare Community Plan of D.C. Earns NCQA LTSS Distinction

$UNH Insider Trading

EVP & Chief Legal Officer Zaetta Christopher R covered exercise/tax liability with 134 shares, decreasing direct ownership by 0.80% to 16,582 units (SEC Form 4)

Chief Executive Officer, Optum Conway Patrick Hugh covered exercise/tax liability with 204 shares, decreasing direct ownership by 1% to 17,601 units (SEC Form 4)

Chief Executive Officer, Optum Conway Patrick Hugh sold $284,000 worth of shares (800 units at $355.00), decreasing direct ownership by 4% to 17,805 units (SEC Form 4)

$UNH Insider Purchases

President & CFO Rex John F bought $4,999,919 worth of shares (17,175 units at $291.12), increasing direct ownership by 9% to 203,796 units (SEC Form 4)

CEO, UHG Hemsley Stephen J bought $25,019,019 worth of shares (86,700 units at $288.57), increasing direct ownership by 15% to 679,493 units (SEC Form 4)

Director Flynn Timothy Patrick bought $491,786 worth of shares (1,533 units at $320.80) (SEC Form 4)

$UNH Financials

UnitedHealth Group Updates on Annual Shareholder Meeting, Board Actions

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$UNH Large Ownership Changes

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

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

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

$UNH Leadership Updates

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

Charlie Baker Joins UnitedHealth Group's Board of Directors

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