
(in millions, except per share data)	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	303	$	234
Other current assets	1,533		411
Total current assets	1,836		645
Equity in net assets of subsidiaries	206,415		179,888
Long-term notes receivable from subsidiaries	679		6,062
Other assets	673		920
Total assets	$	209,603	$	187,515

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	2,812	$	1,501
Intercompany payable, net	10,236		679
Short-term notes payable to subsidiaries	2,503		2,016
Short-term borrowings and current maturities of long-term debt	5,887		4,348
Total current liabilities	21,438		8,544
Long-term debt, less current maturities	71,794		71,831
Long-term notes payable to subsidiaries	21,676		14,405
Other liabilities	585		77
Total liabilities	115,493		94,857
Commitments and contingencies (Note 4)
Shareholders’ 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; 906 and 915 issued and outstanding	9		9
Additional paid-in capital	559		—
Retained earnings	95,603		96,036
Accumulated other comprehensive loss	(2,061)		(3,387)
Total UnitedHealth Group shareholders’ equity	94,110		92,658
Total liabilities and shareholders’ equity	$	209,603	$	187,515


	For the Years Ended December 31,
(in millions)	2025		2024		2023
Revenues:
Investment and other income	$	154	$	368	$	312
Total revenues	154		368		312
Operating costs:
Operating costs	10		108		35
Interest expense	4,780		4,544		3,469
Total operating costs	4,790		4,652		3,504
Loss before income taxes	(4,636)		(4,284)		(3,192)
Benefit for income taxes	974		1,032		654
Loss of parent company	(3,662)		(3,252)		(2,538)
Equity in undistributed income of subsidiaries	15,718		17,657		24,919
Net earnings	12,056		14,405		22,381
Other comprehensive income	1,326		3,640		1,366
Comprehensive income	$	13,382	$	18,045	$	23,747


	For the Years Ended December 31,
(in millions)	2025		2024		2023
Operating activities
Cash flows from operating activities	$	13,311	$	4,852	$	17,443
Investing activities
Issuances of notes to subsidiaries	(3,901)		(349)		(41)
Repayments of notes to subsidiaries	8,655		225		817
Cash paid for acquisitions and other transactions	(4,648)		(13,750)		(8,144)
Return of capital to parent company	901		21		639
Capital contributions to subsidiaries	(6,822)		—		(2,472)
Cash received from dispositions, net	458		2,444		624
Other, net	—		30		286
Cash flows used for investing activities	(5,357)		(11,379)		(8,291)
Financing activities
Common stock repurchases	(5,545)		(9,000)		(8,000)
Proceeds from common stock issuances	827		1,846		1,353
Cash dividends paid	(7,916)		(7,533)		(6,761)
Proceeds from (repayments of) short-term borrowings, net	807		(151)		11
Proceeds from issuance of long-term debt	2,969		17,811		6,394
Repayments of long-term debt	(3,050)		(3,000)		(2,125)
(Repayments of) proceeds from short-term notes from subsidiaries, net	(677)		(7,966)		1,188
Proceeds from long-term notes from subsidiaries	7,162		14,396		—
Repayments of long-term notes from subsidiaries	(2,120)		(28)		—
Other, net	(342)		(390)		(702)
Cash flows (used for) from financing activities	(7,885)		5,985		(8,642)
Increase (decrease) in cash and cash equivalents	69		(542)		510
Cash and cash equivalents, beginning of period	234		776		266
Cash and cash equivalents, end of period	$	303	$	234	$	776

Supplemental cash flow disclosures
Cash paid for interest	$	4,817	$	4,241	$	3,257
Cash paid for income taxes	1,119		2,450		4,426

UnitedHealth Group’s parent company financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements included in this Form 10-K. The accounting policies for the registrant are the same as those described in Note 2 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.”

Dividends, Capital Distributions and Contributions. Cash dividends received from subsidiaries and included in Cash Flows from Operating Activities in the Condensed Statements of Cash Flows were $6.8 billion, $19.3 billion and $18.5 billion in 2025, 2024 and 2023, respectively. The parent company received $901 million, $21 million and $639 million in cash as a return of capital during 2025, 2024 and 2023, respectively. Cash contributions to the parent company’s subsidiaries were $6.8 billion and $2.5 billion in 2025 and 2023, respectively, with no cash contributions in 2024. Additionally, in 2025, the parent company made $5.1 billion of non-cash contributions in the form of intercompany receivables to its subsidiaries.

Discussion of short-term borrowings and long-term debt can be found in Note 8 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.” Long-term debt obligations of the parent company do not include other financing obligations at subsidiaries which totaled $708 million and $724 million at December 31, 2025 and 2024, respectively.

UnitedHealth Group’s parent company had short-term notes payable to subsidiaries of $2.5 billion and $2.0 billion as of December 31, 2025 and 2024, respectively, which included on-demand features. UnitedHealth Group’s parent company had long-term notes payable to subsidiaries of $21.7 billion and $14.4 billion as of December 31, 2025 and 2024, respectively. For the year ended December 31, 2025, the Company converted $2.9 billion of short-term intercompany payables to long-term notes payables.

Certain subsidiaries are guaranteed by UnitedHealth Group’s parent company in the event of insolvency. UnitedHealth Group’s parent company also provides guarantees related to its service level under certain contracts. None of the amounts accrued, paid or charged to income for service level guarantees were material as of December 31, 2025, 2024 or 2023.