v3.25.4
Segment Financial Information (Notes)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Financial Information [Text Block] 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)UnitedHealthcareOptum HealthOptum InsightOptum RxOptum EliminationsOptumCorporate 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 
Services10,340 16,757 6,187 4,754 — 27,698 — 38,038 
Total revenues - unaffiliated customers342,730 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 income2,173 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 software816 1,237 1,170 399 — 2,806 — 3,622 
Depreciation and amortization883 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 
Services9,791 16,153 6,466 3,630 — 26,249 — 36,040 
Total revenues - unaffiliated customers295,795 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 income2,413 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 software781 1,008 1,291 419 — 2,718 — 3,499 
Depreciation and amortization889 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 
Services10,057 14,109 7,760 2,197 — 24,066 — 34,123 
Total revenues - unaffiliated customers279,109 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 income2,251 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 software866 1,199 974 347 — 2,520 — 3,386 
Depreciation and amortization989 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.