Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill, by reportable segment, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | UnitedHealthcare | | Optum Health | | Optum Insight | | Optum Rx | | Consolidated |
| Balance at January 1, 2024 | | $ | 27,878 | | | $ | 37,079 | | | $ | 19,307 | | | $ | 19,468 | | | $ | 103,732 | |
| Acquisitions | | — | | | 2,071 | | | — | | | 2,305 | | | 4,376 | |
| Dispositions, foreign currency effects and other adjustments, net | | (717) | | | (324) | | | (327) | | | (6) | | | (1,374) | |
| Balance at December 31, 2024 | | 27,161 | | | 38,826 | | | 18,980 | | | 21,767 | | | 106,734 | |
| Acquisitions | | — | | | 4,011 | | | — | | | 284 | | | 4,295 | |
| Dispositions, foreign currency effects and other adjustments, net | | 35 | | | (72) | | | (247) | | | (246) | | | (530) | |
| Balance at December 31, 2025 | | $ | 27,196 | | | $ | 42,765 | | | $ | 18,733 | | | $ | 21,805 | | | $ | 110,499 | |
The gross carrying value, accumulated amortization and net carrying value of other intangible assets were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | December 31, 2025 | | December 31, 2024 |
| (in millions) | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value |
| Customer-related | | $ | 14,456 | | | $ | (5,966) | | | $ | 8,490 | | | $ | 17,190 | | | $ | (6,675) | | | $ | 10,515 | |
| Trademarks and technology | | 2,356 | | | (1,265) | | | 1,091 | | | 2,917 | | | (1,284) | | | 1,633 | |
| Trade names, trademarks, operating licenses and certificates and other indefinite-lived | | 10,734 | | | — | | | 10,734 | | | 10,454 | | | — | | | 10,454 | |
| Other | | 400 | | | (241) | | | 159 | | | 1,057 | | | (391) | | | 666 | |
| Total | | $ | 27,946 | | | $ | (7,472) | | | $ | 20,474 | | | $ | 31,618 | | | $ | (8,350) | | | $ | 23,268 | |
The fair values and weighted-average useful lives assigned to intangible assets as a result of transactions completed during years ended: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2025 | | 2024 |
| (in millions, except years) | | Fair Value | | Weighted-Average Useful Life | | Fair Value | | Weighted-Average Useful Life |
| Customer-related | | $ | 14 | | | 8 years | | $ | 1,258 | | | 12 years |
| Trademarks and technology | | 21 | | | 3 years | | 527 | | | 6 years |
| Other | | 75 | | | 9 years | | 22 | | | 8 years |
| Total finite-lived | | $ | 110 | | | 8 years | | $ | 1,807 | | | 10 years |
| Total indefinite-lived - trade names, trademarks, operating licenses and certificates and other | | 415 | | | | | 8,795 | | | |
| Total intangible assets | | $ | 525 | | | | | $ | 10,602 | | | |
Estimated full year amortization expense relating to intangible assets for each of the next five years ending December 31 is as follows: | | | | | | | | |
| (in millions) | | |
| 2026 | | $ | 1,340 | |
| 2027 | | 1,257 | |
| 2028 | | 1,178 | |
| 2029 | | 1,047 | |
| 2030 | | 926 | |
Amortization expense relating to intangible assets for the years ended December 31, 2025, 2024 and 2023 was $1.7 billion, $1.7 billion and $1.6 billion, respectively.
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.