UNITEDHEALTH GROUP INCUNH
UNITEDHEALTH GROUP INC Segments Disclosure
Segment Financial Information
Factors used to determine the Company’s reportable segments include the nature of operating activities, economic characteristics, existence of separate senior management teams and the type of information used by the Company’s chief operating decision maker (CODM), which is the Chief Executive Officer, to evaluate its results of operations. Reportable segments with similar economic characteristics, products and services, customers, distribution methods and operational processes which operate in a similar regulatory environment are combined. The CODM uses consolidated expense information and segment earnings from operations to assess performance and determine allocation of resources.
The following is a description of the types of products and services from which each of the Company’s four reportable segments derives its revenues:
•UnitedHealthcare includes the combined results of operations of UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State. The businesses share significant common assets, including a contracted network of physicians, health care professionals, hospitals and other facilities, information technology and consumer engagement infrastructure and other resources. UnitedHealthcare Employer & Individual offers an array of consumer-oriented health benefit plans and services for employers and individuals. UnitedHealthcare Medicare & Retirement provides health care coverage and health and well-being services to individuals age 50 and older, addressing their unique needs. UnitedHealthcare Community & State provides diversified health care benefits products and services to state programs caring for the economically disadvantaged, the medically underserved and those without the benefit of employer-funded health care coverage.
•Optum Health focuses on care delivery, including value-based care; care management; wellness and consumer engagement and health financial services. Optum Health is building a comprehensive, connected health care delivery and engagement platform by directly providing high-quality care, helping people manage chronic and complex health needs, and proactively engaging consumers in managing their health through in-person, in-home, virtual and digital clinical platforms.
•Optum Insight brings together advanced analytics, technology and health care expertise to deliver integrated services and solutions. Hospital systems, physicians, health plans, governments, life sciences companies and other organizations depend on Optum Insight to help them improve performance, achieve efficiency, reduce costs, meet compliance mandates and modernize their core operating systems to meet the changing needs of the health system.
•Optum Rx offers pharmacy care services and programs, including retail network contracting, home delivery, specialty and community health pharmacy services, infusion, purchasing and clinical capabilities, and develops programs in areas such as step therapy, formulary management, drug adherence and disease and drug therapy management. Optum Rx integrates pharmacy and medical care and is positioned to serve patients with complex clinical needs and consumers looking for a better digital pharmacy experience with transparent pricing.
The Company’s accounting policies for reportable segment operations are consistent with those described in the Summary of Significant Accounting Policies (see Note 2). Transactions between reportable segments principally consist of sales of pharmacy care products and services to UnitedHealthcare customers by Optum Rx; care delivery, care management services and certain product offerings sold to UnitedHealthcare by Optum Health; and health information and technology solutions, consulting and other services sold to UnitedHealthcare by Optum Insight. These transactions are recorded at management’s estimate of fair value. Transactions with affiliated customers are eliminated in consolidation. Assets and liabilities jointly used are assigned to each reportable segment using estimates of pro-rata usage. Cash and investments are assigned so each reportable segment has working capital and/or at least minimum specified levels of regulatory capital.
As a percentage of the Company’s total consolidated revenues, premium revenues from CMS were 44%, 40% and 40% for the years ended December 31, 2025, 2024 and 2023, respectively, most of which were generated by UnitedHealthcare Medicare & Retirement and included in the UnitedHealthcare segment.
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 will now be included in Optum Insight. The Company’s reportable segments will remain unchanged, with prior period segment financial information being recast to conform to the 2026 presentation, beginning with the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026 filed with the SEC.
The following table presents the reportable segment financial information:
| Optum | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | UnitedHealthcare | Optum Health | Optum Insight | Optum Rx | Optum Eliminations | Optum | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiums | $ | 332,390 | $ | 19,839 | $ | — | $ | — | $ | — | $ | 19,839 | $ | — | $ | 352,229 | ||||||||||||||||||||||||||||||||||
| Products | — | 273 | 182 | 52,925 | — | 53,380 | — | 53,380 | ||||||||||||||||||||||||||||||||||||||||||
| Services | 10,340 | 16,757 | 6,187 | 4,754 | — | 27,698 | — | 38,038 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues - unaffiliated customers | 342,730 | 36,869 | 6,369 | 57,679 | — | 100,917 | — | 443,647 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues - affiliated customers | — | 63,615 | 12,948 | 96,873 | (5,480) | 167,956 | (167,956) | — | ||||||||||||||||||||||||||||||||||||||||||
| Investment and other income | 2,173 | 1,473 | 100 | 174 | — | 1,747 | — | 3,920 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 344,903 | $ | 101,957 | $ | 19,417 | $ | 154,726 | $ | (5,480) | $ | 270,620 | $ | (167,956) | $ | 447,567 | ||||||||||||||||||||||||||||||||||
| Total operating costs (a) | $ | 335,478 | $ | 102,235 | $ | 16,793 | $ | 147,533 | $ | (5,480) | $ | 261,081 | $ | (167,956) | $ | 428,603 | ||||||||||||||||||||||||||||||||||
| Earnings from operations | $ | 9,425 | $ | (278) | $ | 2,624 | $ | 7,193 | $ | — | $ | 9,539 | $ | — | $ | 18,964 | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | (4,002) | (4,002) | ||||||||||||||||||||||||||||||||||||||||||
| Loss on sale of subsidiary and subsidiaries held for sale | (265) | — | — | — | — | — | — | (265) | ||||||||||||||||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 9,160 | $ | (278) | $ | 2,624 | $ | 7,193 | $ | — | $ | 9,539 | $ | (4,002) | $ | 14,697 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 124,051 | $ | 100,991 | $ | 35,400 | $ | 62,262 | $ | 198,653 | $ | (13,123) | $ | 309,581 | ||||||||||||||||||||||||||||||||||||
| Purchases of property, equipment and capitalized software | 816 | 1,237 | 1,170 | 399 | — | 2,806 | — | 3,622 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 883 | 1,211 | 1,422 | 845 | — | 3,478 | — | 4,361 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiums | $ | 286,004 | $ | 22,806 | $ | — | $ | — | $ | — | $ | 22,806 | $ | — | $ | 308,810 | ||||||||||||||||||||||||||||||||||
| Products | — | 277 | 174 | 49,775 | — | 50,226 | — | 50,226 | ||||||||||||||||||||||||||||||||||||||||||
| Services | 9,791 | 16,153 | 6,466 | 3,630 | — | 26,249 | — | 36,040 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues - unaffiliated customers | 295,795 | 39,236 | 6,640 | 53,405 | — | 99,281 | — | 395,076 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues - affiliated customers | — | 63,883 | 11,881 | 79,512 | (4,389) | 150,887 | (150,887) | — | ||||||||||||||||||||||||||||||||||||||||||
| Investment and other income | 2,413 | 2,239 | 236 | 314 | — | 2,789 | — | 5,202 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 298,208 | $ | 105,358 | $ | 18,757 | $ | 133,231 | $ | (4,389) | $ | 252,957 | $ | (150,887) | $ | 400,278 | ||||||||||||||||||||||||||||||||||
| Total operating costs (a) | $ | 282,624 | $ | 97,588 | $ | 15,660 | $ | 127,395 | $ | (4,389) | $ | 236,254 | $ | (150,887) | $ | 367,991 | ||||||||||||||||||||||||||||||||||
| Earnings from operations | $ | 15,584 | $ | 7,770 | $ | 3,097 | $ | 5,836 | $ | — | $ | 16,703 | $ | — | $ | 32,287 | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | (3,906) | (3,906) | ||||||||||||||||||||||||||||||||||||||||||
| Loss on sale of subsidiary and subsidiaries held for sale | (8,310) | — | — | — | — | — | — | (8,310) | ||||||||||||||||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 7,274 | $ | 7,770 | $ | 3,097 | $ | 5,836 | $ | — | $ | 16,703 | $ | (3,906) | $ | 20,071 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 119,009 | $ | 96,472 | $ | 34,452 | $ | 59,086 | $ | — | $ | 190,010 | $ | (10,741) | $ | 298,278 | ||||||||||||||||||||||||||||||||||
| Purchases of property, equipment and capitalized software | 781 | 1,008 | 1,291 | 419 | — | 2,718 | — | 3,499 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 889 | 1,123 | 1,294 | 793 | — | 3,210 | — | 4,099 | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues - unaffiliated customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Premiums | $ | 269,052 | $ | 21,775 | $ | — | $ | — | $ | — | $ | 21,775 | $ | — | $ | 290,827 | ||||||||||||||||||||||||||||||||||
| Products | — | 207 | 162 | 42,214 | — | 42,583 | — | 42,583 | ||||||||||||||||||||||||||||||||||||||||||
| Services | 10,057 | 14,109 | 7,760 | 2,197 | — | 24,066 | — | 34,123 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues - unaffiliated customers | 279,109 | 36,091 | 7,922 | 44,411 | — | 88,424 | — | 367,533 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues - affiliated customers | — | 57,696 | 10,896 | 71,484 | (3,703) | 136,373 | (136,373) | — | ||||||||||||||||||||||||||||||||||||||||||
| Investment and other income | 2,251 | 1,532 | 114 | 192 | — | 1,838 | — | 4,089 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 281,360 | $ | 95,319 | $ | 18,932 | $ | 116,087 | $ | (3,703) | $ | 226,635 | $ | (136,373) | $ | 371,622 | ||||||||||||||||||||||||||||||||||
| Total operating costs (a) | $ | 264,945 | $ | 88,759 | $ | 14,664 | $ | 110,972 | $ | (3,703) | $ | 210,692 | $ | (136,373) | $ | 339,264 | ||||||||||||||||||||||||||||||||||
| Earnings from operations | $ | 16,415 | $ | 6,560 | $ | 4,268 | $ | 5,115 | $ | — | $ | 15,943 | $ | — | $ | 32,358 | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | (3,246) | (3,246) | ||||||||||||||||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 16,415 | $ | 6,560 | $ | 4,268 | $ | 5,115 | $ | — | $ | 15,943 | $ | (3,246) | $ | 29,112 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 110,943 | $ | 89,432 | $ | 34,173 | $ | 51,266 | $ | — | $ | 174,871 | $ | (12,094) | $ | 273,720 | ||||||||||||||||||||||||||||||||||
| Purchases of property, equipment and capitalized software | 866 | 1,199 | 974 | 347 | — | 2,520 | — | 3,386 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 989 | 1,058 | 1,229 | 696 | — | 2,983 | — | 3,972 | ||||||||||||||||||||||||||||||||||||||||||
(a) Total operating costs include medical costs, operating costs, cost of products sold and depreciation and amortization, as applicable for each reportable segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 12, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 8, 2017 | |
| 2015 | Feb 9, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.