UNITEDHEALTH GROUP INC Stock Compensation Disclosure
| Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||||||||||||||
| (in millions) | (in years) | (in millions) | ||||||||||||||||||||||||
| Outstanding at beginning of period | 17 | $ | 370 | |||||||||||||||||||||||
| Granted | 5 | 389 | ||||||||||||||||||||||||
| Exercised | (3) | 215 | ||||||||||||||||||||||||
| Forfeited | (1) | 491 | ||||||||||||||||||||||||
| Outstanding at end of period | 18 | 391 | 5.6 | $ | 546 | |||||||||||||||||||||
| Exercisable at end of period | 11 | 336 | 4.0 | 505 | ||||||||||||||||||||||
| Vested and expected to vest, end of period | 18 | 390 | 5.5 | 542 | ||||||||||||||||||||||
| (shares in millions) | Shares | Weighted-Average Grant Date Fair Value per Share | ||||||||||||
| Nonvested at beginning of period | 4 | $ | 489 | |||||||||||
| Granted | 3 | 421 | ||||||||||||
| Vested | (2) | 503 | ||||||||||||
| Nonvested at end of period | 5 | 441 | ||||||||||||
| (in millions, except per share amounts) | For the Years Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Stock Options | ||||||||||||||||||||
| Weighted-average grant date fair value of shares granted, per share | $ | 110 | $ | 138 | $ | 134 | ||||||||||||||
| Total intrinsic value of stock options exercised | 616 | 1,886 | 1,325 | |||||||||||||||||
| Restricted Shares | ||||||||||||||||||||
| Weighted-average grant date fair value of shares granted, per share | 421 | 523 | 493 | |||||||||||||||||
| Total fair value of restricted shares vested | 553 | 690 | 803 | |||||||||||||||||
| Employee Stock Purchase Plan | ||||||||||||||||||||
| Number of shares purchased | 1 | 1 | 1 | |||||||||||||||||
| Share-Based Compensation Items | ||||||||||||||||||||
| Share-based compensation expense, before tax | $ | 971 | $ | 1,018 | $ | 1,059 | ||||||||||||||
| Share-based compensation expense, net of tax effects | 865 | 896 | 937 | |||||||||||||||||
| Income tax benefit realized from share-based award exercises | 130 | 216 | 231 | |||||||||||||||||
| (in millions, except years) | December 31, 2025 | |||||||
| Unrecognized compensation expense related to share awards | $ | 1,333 | ||||||
| Weighted-average years to recognize compensation expense | 1.3 | |||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Risk-free interest rate | 3.7% - 4.3% | 3.6% - 4.4% | 3.8% - 4.6% | |||||||||||||||||
| Expected volatility | 25.1% - 33.5% | 25.5% - 30.7% | 29.7% - 30.6% | |||||||||||||||||
| Expected dividend yield | 1.7% - 3.5% | 1.4% - 1.5% | 1.3% - 1.5% | |||||||||||||||||
| Forfeiture rate | 5.0% | 5.0% | 5.0% | |||||||||||||||||
| Expected life in years | 4.8 | 4.6 | 4.6 | |||||||||||||||||
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 Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.