UnitedHealth Group Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 27 January 2026: press release. Guidance figures: 21 new. The quarter’s numbers.

Key takeaways

Revenue rose 12% in 2025: Full-year revenues reached $447.6 billion, up $47.3 billion from 2024. Fourth-quarter revenues were $113.2 billion against $100.8 billion a year earlier. Source
$2.8 billion charge hit 2025 earnings: Full-year earnings from operations of $19.0 billion included a $2.8 billion charge. Adjusted earnings from operations were $21.7 billion, excluding that charge. Source
Operating margin fell to 2.7%: UnitedHealthcare earnings from operations were $9.4 billion, a 2.7% margin against 5.2% in 2024. Management cited Biden-era Medicare funding reductions, Inflation Reduction Act effects and medical cost trends. Source
Optum Health swung to a loss: Optum Health revenue fell 3% to $102.0 billion and recorded earnings from operations of $(278) million, against $7.8 billion in 2024. Adjusted earnings were $2.3 billion. Source
Adjusted medical care ratio rose: The adjusted medical care ratio was 88.9% for 2025, compared with 85.5% in 2024. The reported 89.1% included a 20 basis point negative effect from loss contracts in the charge. Source
Medicare cuts and cost trends cited: Management attributed the medical ratio increase to previously disclosed factors: Medicare funding reductions, Inflation Reduction Act changes and accelerating medical cost trends. Source
Operating cash flow $19.7 billion: Cash flows from operations were $19.7 billion, or 1.5 times net income, above expectations because of timing, including 2025 payments expected in 2026. Source

“We confronted challenges directly and finished 2025 as a much stronger company, giving us the momentum to better serve those who count on us and continue to improve our core performance,”
Stephen Hemsley, chief executive officer of UnitedHealth Group

Guidance

Area	Period	Figure	Against last quarter
Consolidated revenues Source	Full year 2026	Greater than $439.0 billion	New
Earnings from operations and operating margin Source	Full year 2026	Greater than $24.0 billion; operating margin 5.5%	New
Net margin Source	Full year 2026	~3.6%	New
Diluted and adjusted EPS Source	Full year 2026	Greater than $17.10 diluted; greater than $17.75 adjusted	New
Net earnings and share count Source	Full year 2026	Net earnings to UNH shareholders greater than $15.6 billion; 910 to 915 million diluted shares	New
Consolidated medical care ratio Source	Full year 2026	88.8% +/- 50 basis points	New
Operating cost ratio Source	Full year 2026	12.8% +/- 50 basis points	New
UnitedHealthcare revenue Source	Full year 2026	More than $335.0 billion	New
UnitedHealthcare membership Source	2026	46.9 million to 47.5 million	New
UnitedHealthcare earnings from operations Source	Full year 2026	Greater than $10.8 billion; margin ~3.2%	New
Optum revenue Source	Full year 2026	More than $257.5 billion	New
Optum earnings from operations Source	Full year 2026	Greater than $13.2 billion; margin ~5.1%	New
Optum Health loss contract amortization Source	Full year 2026	$623 million	New
Optum Rx adjusted scripts Source	Full year 2026	Greater than 1.52 billion	New
Optum Health consumers served Source	2026	~84 million	New
Cash flows from operations Source	Full year 2026	Greater than $18.0 billion	New
Investment and other income, interest expense, D&A Source	Full year 2026	Investment and other income ~$3,900 million; interest expense ~$3,700 million; D&A ~$4,400 million	New
Tax rate Source	Full year 2026	~19.25%	New
Dividends paid Source	Full year 2026	~$8,000 million at current rate	New
Share repurchases Source	Full year 2026	~$2,500 million	New
Capital expenditures Source	Full year 2026	~$3,800 million	New
Long-term debt-to-capital ratio Source	2026	40.0% target

What changed from last quarter

New guidance: Full-year 2026 guidance was issued for revenue, earnings, cash flow and per-share measures. Source
New: Optum Financial Services moved from Optum Health into Optum Insight, with $1,906 million of 2025 revenue reclassified. Source
New: Optum operations were re-baselined under new leaders who refocused on integrated value-based care. Source

Full-year and fourth-quarter results

Revenue rose 12% in 2025: Full-year revenues reached $447.6 billion, up $47.3 billion from 2024. Fourth-quarter revenues were $113.2 billion against $100.8 billion a year earlier. Source
Diluted and adjusted EPS reported: Diluted EPS was $13.23 for 2025 and $0.01 for the fourth quarter. Adjusted EPS was $16.35 for 2025 and $2.11 for the fourth quarter, against $27.66 in 2024. Source
$2.8 billion charge hit 2025 earnings: Full-year earnings from operations of $19.0 billion included a $2.8 billion charge. Adjusted earnings from operations were $21.7 billion, excluding that charge. Source
Charge after tax $1.6 billion: The fourth-quarter charge totaled $1.6 billion net of taxes, or $1.78 per share. The charge is excluded from adjusted earnings and adjusted EPS. Source

UnitedHealthcare segment results

UnitedHealthcare revenue up 16%: UnitedHealthcare revenue rose $46.7 billion, or 16%, to $344.9 billion for 2025. Medicare & Retirement revenue rose 23% and Community & State revenue rose 17%. Source
Operating margin fell to 2.7%: UnitedHealthcare earnings from operations were $9.4 billion, a 2.7% margin against 5.2% in 2024. Management cited Biden-era Medicare funding reductions, Inflation Reduction Act effects and medical cost trends. Source
Employer and individual membership fell: Employer & Individual served 80,000 fewer people. Self-funded growth offset attrition in group fully-insured and individual products; segment revenue was $79.2 billion. Source

“UnitedHealth Group’s 2026 outlook reflects a business delivering durable performance improvement and margin expansion through greater operating discipline and precise execution,”
Wayne DeVeydt, chief financial officer of UnitedHealth Group

Optum segment results

Optum Rx revenue up 16%: Optum Rx revenue rose 16% to $154.7 billion and earnings from operations reached $7.2 billion, up from $5.8 billion. Total Optum revenue grew 7% to $270.6 billion. Source
Optum Health swung to a loss: Optum Health revenue fell 3% to $102.0 billion and recorded earnings from operations of $(278) million, against $7.8 billion in 2024. Adjusted earnings were $2.3 billion. Source
Optum Rx earnings grew on volume: Optum Rx earnings grew on script volume, pharmacy services and operating efficiencies. Adjusted scripts reached 1.66 billion, up from 1.62 billion. Source
Optum Insight earnings lower on launches: Optum Insight revenue rose $660 million, or 4%, to $19.4 billion. Earnings from operations were $2.6 billion, against $3.1 billion in 2024. Source

Medical and operating cost ratios

Adjusted medical care ratio rose: The adjusted medical care ratio was 88.9% for 2025, compared with 85.5% in 2024. The reported 89.1% included a 20 basis point negative effect from loss contracts in the charge. Source
Medicare cuts and cost trends cited: Management attributed the medical ratio increase to previously disclosed factors: Medicare funding reductions, Inflation Reduction Act changes and accelerating medical cost trends. Source
Operating cost ratio flat: The adjusted operating cost ratio was 12.9%, flat against 2024. The reported 13.3% included a negative 40 basis point impact from the one-time charge. Source
Claims payable days fell to 44.1: Days claims payable were 44.1, down from 46.2 in the third quarter and 47.0 at year-end 2024. Management linked the decline to about four days of Part D Inflation Reduction Act effects and claims payment timing. Source

Customers and people served

Medicare Advantage grew 755,000: Medicare Advantage people served, including complex-population programs included in Medicaid, grew by 755,000 in 2025. Medicare & Retirement revenue reached $171.3 billion. Source
UnitedHealthcare served 49.8 million: UnitedHealthcare served 49.8 million people in 2025, up 415,000 year over year. Optum supported more than 123 million consumers across its businesses. Source
Community & State revenue up 17%: Community & State revenue grew 17% to $94.4 billion, driven by people with complex needs and Medicaid rate increases. Source

Cash flow and balance sheet

Operating cash flow $19.7 billion: Cash flows from operations were $19.7 billion, or 1.5 times net income, above expectations because of timing, including 2025 payments expected in 2026. Source
Debt-to-capital ratio 43.9%: Debt-to-capital was 43.9% at December 31, 2025, against 44.1% at the end of the third quarter and 43.9% at year-end 2024. Source
Days sales outstanding 18.8: Days sales outstanding were 18.8, compared with 18.6 in the third quarter and 20.7 in the year-ago quarter. Source

Charges, divestitures and restructuring

Fourth-quarter exits and sales: Fourth-quarter actions from a strategic review included losses on business exits and dispositions, including remaining South American operations, and a gain on one deconsolidation. Source
Workforce and real estate cuts: Restructuring and other charges of $2.5 billion covered real estate rationalization and workforce reductions, plus contract reassessments and equity valuation losses. Source
Final cyberattack costs $799 million: Final direct cyberattack costs of $799 million were part of the charge, which also included a $442 million net portfolio divestiture benefit. Source

Strategy and transparency

Pricing aligned to trends and policy: Management said pricing is being aligned to account for higher medical trends and health care policy changes. Source
Refocus on markets and products: Management listed re-focusing on key markets, products and geographies among its progress steps in the second half of 2025. Source
AI for affordable, accessible care: Management said it will keep embracing new technologies and artificial intelligence to make high-quality care easier to find, simpler to navigate and more affordable. Source

Coming up, as management said on 27 January 2026

More independent reviews under way: After releasing its first independent reviews of business practices, the company said additional reviews and actions are under way. Source

Figures management reported

Figure	Reported
Investment income Source	$3,920 million for full year 2025; $647 million in fourth quarter 2025
Prior-year reserve development Source	$140 million favorable, full year 2025

Risks management discussed

Operational: Some Optum Health contracts are structurally unprofitable and could not be exited for 2026, so a loss contract reserve was set up. Source
Regulatory: Community & State people served fell by 55,000, which management linked largely to the early impact of state eligibility changes. Source
Regulatory: Optum Health reimbursement pressure from Medicare funding reductions and elevated medical cost trends was cited as a continuing factor. Source

Earlier plans management reported on

Ahead: Management said 2025 operating cash flow was higher than anticipated, partly from timing of payments. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Page 1 of 21 UnitedHealth Group Reports 2025 Results and Issues 2026 Outlook

Full Year 2025 Revenues of $447.6 Billion Grew 12% Year-Over-Year; Earnings of $13.23 Per Share; Adjusted Earnings of $16.35 Per Share
Full Year 2026 Revenue Outlook Greater Than $439.0 Billion; Earnings Outlook Greater Than $17.10 Per Share; Adjusted Earnings Greater Than $17.75 Per Share To view this information in a different format, including graphics, published on our website, click here: https://www.unitedhealthgroup.com/content/dam/UHG/PDF/investors/2025/unh-reports-2025-results-and-issues-2026- outlook.pdf. (January 27, 2026) UnitedHealth Group (NYSE: UNH) today reported full year and fourth quarter 2025 results and issued its 2026 outlook. “We confronted challenges directly and finished 2025 as a much stronger company, giving us the momentum to better serve those who count on us and continue to improve our core performance,” said Stephen Hemsley, chief executive officer of UnitedHealth Group. Consolidated revenues for 2025 were $447.6 billion, representing 12% growth year-over-year. Earnings from operations were $19.0 billion and net margin was 2.7%, while cashflows from operations were $19.7 billion, or 1.5x net income. The 2026 outlook was set for more than $439.0 billion in revenues, with earnings from operations greater than $24.0 billion and an adjusted earnings outlook greater than $17.75 per share. 2025 Key Performance Metrics
UnitedHealthcare, which served 49.8 million consumers in 2025, grew revenues 16% to $344.9 billion.
Optum expanded revenues 7% to $270.6 billion and supported more than 123 million consumers across its businesses.
Full year and fourth quarter 2025 net earnings were $13.23 and $0.01 per share.
Full year and fourth quarter 2025 adjusted net earnings were $16.35 and $2.11 per share.
The reported medical care ratio of 89.1% included a 20 basis point negative impact from loss contracts included in the charge, resulting in an adjusted medical care ratio of 88.9%, or an increase of 340 basis points year-over-year.
The operating cost ratio of 13.3% included a negative 40 basis points impact from the one-time charge, resulting in an adjusted operating cost ratio of 12.9%, which was flat year-over-year. In the last six months of 2025, the company laid the foundation for more disciplined and transparent operations, stronger performance and sustained growth throughout 2026 and beyond. Key elements in the company’s mission-focused progress in the second half of 2025 have included:
Re-focusing on key markets, products and geographies.
Aligning pricing discipline to account for higher medical trends and the impact of health care policy changes.
Re-baselining operations at Optum, including new leaders who have refocused and strengthened the commitment to integrated value-based care.

Page 2 of 21 The company has taken steps to enhance its transparency, including releasing the results of its first independent reviews of business practices, with additional reviews and actions under way. The company completed wide-ranging actions that were included in a fourth quarter charge of $1.6 billion net of taxes, or $1.78 per share. The impacts were largely non-cash and were excluded from adjusted earnings and adjusted earnings per share.

The charge consisted of the following: ($ in millions, except per share data) Impact to 2025 Net Earnings Final Cyberattack Costs $(799) Net Portfolio Divestitures $442 Restructuring and Other $(2,521) Total Impact to Earnings before Income Taxes $(2,878) Income Taxes $1,256 Total Impact to Net Earnings $(1,622) Impact to Diluted Earnings per Share $1.78

Page 3 of 21 UnitedHealth Group 2025 Results Quarterly and Annual Financial Performance Three Months Ended Year Ended December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Revenues $113.2 billion $100.8 billion $113.2 billion $447.6 billion $400.3 billion Earnings from Operations $0.4 billion $7.8 billion $4.3 billion $19.0 billion $32.3 billion Adjusted Earnings from Operations $3.1 billion $8.3 billion $4.3 billion $21.7 billion $34.4 billion Net Margin - 5.5% 2.1% 2.7% 3.6%

UnitedHealth Group’s full year 2025 revenues grew $47.3 billion, or 12% year-over-year, to $447.6 billion.
Full year 2025 earnings from operations of $19.0 billion included the impact of a $2.8 billion charge. This charge reflected the final direct costs associated with cyberattack-related activities, divestitures and business exits, and broader restructuring and other actions including loss contract assessments, real estate rationalization and workforce reductions. The impacts were excluded from adjusted earnings from operations of $21.7 billion.
The full year 2025 adjusted medical care ratio was 88.9% compared to 85.5% in 2024. The year-over-year increase reflects previously disclosed factors, CMS’s Medicare funding reductions and changes from the Inflation Reduction Act combined with accelerating medical cost trends. Medical reserve development was $140 million favorable for full year 2025.
Days claims payable were 44.1 compared to 46.2 in third quarter 2025 and 47.0 at year end 2024. The decline reflected expected impacts from the Inflation Reduction Act on the Part D program of approximately four days year-over-year and the sequential decline was driven by claims payment timing. Days sales outstanding of 18.8 compared to 18.6 in third quarter 2025 and 20.7 in the year ago quarter.
The full year 2025 adjusted operating cost ratio of 12.9% compared to 12.9% in 2024, reflecting operating efficiencies and investments to drive future growth.
Cashflows from operations for the full year were $19.7 billion, or 1.5 times net income, and were higher than anticipated, largely due to the timing of cashflows, including payments received in 2025 that were expected in 2026.
Debt-to-capital ratio was 43.9% as of December 31, 2025, compared to 44.1% in the third quarter 2025 and 43.9% at year end 2024. The company continues to target a long-term debt-to-capital ratio of 40.0% and expects to reach that level in 2026.

Page 4 of 21 UnitedHealthcare 2025 Results UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care. Quarterly and Annual Financial Performance Three Months Ended Year Ended December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Revenues $87.1 billion $74.1 billion $87.1 billion $344.9 billion $298.2 billion Earnings from Operations $0.3 billion $3.0 billion $1.8 billion $9.4 billion $15.6 billion Adjusted Earnings from Operations $0.5 billion $3.0 billion $1.8 billion $9.6 billion $16.2 billion Operating Margin 0.4% 4.0% 2.1% 2.7% 5.2% UnitedHealthcare

UnitedHealthcare full year 2025 revenues of $344.9 billion increased $46.7 billion or 16% year-over-year. UnitedHealthcare served 49.8 million people in 2025, an increase of 415,000 year-over-year.
UnitedHealthcare’s full year 2025 earnings from operations were $9.4 billion compared to $15.6 billion in 2024. Operating margin of 2.7% compared to 5.2% in 2024, primarily due to the effects of the Biden-era Medicare funding reductions and Inflation Reduction Act impacts combined with elevated medical cost trends. UnitedHealthcare Employer & Individual
UnitedHealthcare Employer & Individual full year 2025 revenues were $79.2 billion compared to $78.2 billion in 2024.
The number of people served decreased by 80,000 year-over-year, with growth in employer self-funded offerings more than offset by attrition in both group fully-insured and individual products. UnitedHealthcare Medicare & Retirement
UnitedHealthcare Medicare & Retirement full year 2025 revenues of $171.3 billion grew $31.8 billion, or 23%, year-over- year due to growth in the number of people served and the effects of the Inflation Reduction Act Part D impacts.
Total growth for people served through Medicare Advantage, including programs serving complex populations included in Medicaid, was 755,000 in 2025. UnitedHealthcare Community & State
UnitedHealthcare Community & State full year 2025 revenues of $94.4 billion grew 17% year-over-year, driven by growth in serving people with complex needs and Medicaid rate increases.
People served contracted by 55,000 in 2025 largely due to the early impact of state eligibility changes.

Page 5 of 21 Optum 2025 Results The Optum businesses serve the health care ecosystem, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience. Quarterly and Annual Financial Performance Three Months Ended Year Ended December 31, 2025 December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 Revenues $70.3 billion $65.1 billion $69.2 billion $270.6 billion $253.0 billion Earnings from Operations $0.1 billion $4.8 billion $2.5 billion $9.5 billion $16.7 billion Adjusted Earnings from Operations $2.7 billion $5.2 billion $2.5 billion $12.1 billion $18.2 billion Operating Margin 0.1% 7.4% 3.6% 3.5% 6.6% Optum Health

Optum Health’s full year 2025 revenues of $102.0 billion were down 3% year-over-year.
Full year 2025 earnings from operations were $(278) million compared to $7.8 billion in 2024. Adjusted earnings from operations were $2.3 billion in 2025 compared to $7.9 billion in 2024. The year-over-year decline was driven by continued reimbursement pressure due to Medicare funding reductions and elevated medical cost trends. Optum Insight
Optum Insight’s full year 2025 revenues of $19.4 billion were up 4%, or $660 million, year-over-year.
Full year 2025 earnings from operations were $2.6 billion compared to $3.1 billion in 2024. Adjusted earnings from operations in 2025 were $3.7 billion and $4.4 billion a year ago. The 2025 results were impacted by costs related to new product launches and continued investments to support future growth. Optum Rx
Optum Rx’s full year 2025 revenues of $154.7 billion increased 16% year-over-year driven by growth in pharmacy services and volume growth from new and existing clients.
Earnings from operations for full year 2025 were $7.2 billion compared to $5.8 billion in 2024. Adjusted earnings from operations in 2025 were $6.1 billion compared to $5.8 billion a year ago. The increase year-over-year was primarily due to growth in both script volume and pharmacy services, as well as operating efficiencies. Adjusted scripts grew to 1.66 billion, up from 1.62 billion last year.

Page 6 of 21 2026 Guidance

Full Year 2026 Revenue Outlook Greater Than $439.0 Billion
Earnings from Operations Greater Than $24.0 Billion; Operating Margin of 5.5%
Earnings Outlook Greater Than $17.10 Per Share; Adjusted Earnings Greater Than $17.75 Per Share
Cash Flows from Operations Expected to be Greater Than $18.0 Billion UnitedHealth Group’s 2026 outlook is rooted in extensive actions it has taken in the past six months, including renewed operating disciplines and deeper commitment to its mission of helping people live healthier lives and helping the health system work better for everybody. “UnitedHealth Group’s 2026 outlook reflects a business delivering durable performance improvement and margin expansion through greater operating discipline and precise execution,” said Wayne DeVeydt, chief financial officer of UnitedHealth Group. The outlook reflects margin stability and growth across all four operating segments as the company continues to execute its long-term strategy. Among the expectations:
2026 revenues are projected to exceed $439.0 billion, a 2% year-over-year decline reflecting planned right-sizing across the enterprise.
Earnings from operations greater than $24.0 billion and a net margin of ~3.6%, improving from 2025 net margin of 2.7%.
Consolidated medical care ratio is expected to be 88.8% +/- 50 basis points, improving 30 basis points from the 2025 medical care ratio of 89.1% and reflective of repricing efforts across the enterprise.
Operating cost ratio is expected to be 12.8% +/- 50 basis points, reflecting a 10 basis point improvement from the 2025 adjusted operating cost ratio, supported by disciplined cost management and benefits from ongoing productivity initiatives.
Adjusted earnings per share expected to be greater than $17.75. The company will continue to embrace new technologies and artificial intelligence to help make high-quality care easier to find, simpler to navigate, and most importantly, more accessible and affordable. ($ in millions, except per share data) Revenue Operating Earnings UnitedHealthcare > $335,000 > $10,800 Optum > $257,500 > $13,200 (a) Eliminations ~($153,500) - Total UnitedHealth Group > $439,000 > $24,000 Diluted Adjusted (b) Net Earnings per Share > $17.10 > $17.75 (a) Optum Earnings includes $623 million of operating earnings in Optum Health related to the amortization of loss contracts recognized in 2025. (b) Refer to page 18 of this release for a reconciliation of the non-GAAP measure.

Page 7 of 21 2026 Key Performance Expectations

UnitedHealthcare revenues of more than $335.0 billion reflect fewer consumers served, with membership expected to range between 46.9 million to 47.5 million.
Optum revenues of more than $257.5 billion reflect the corresponding membership attrition in Optum Rx and the strategic right-sizing of Optum Health.
UnitedHealthcare earnings from operations of greater than $10.8 billion reflect a ~3.2% margin, or ~40 basis points of margin improvement compared to 2025 adjusted earnings margin of 2.8%.
Optum earnings from operations are expected to be greater than $13.2 billion, or a margin of ~5.1% compared to 2025 margin of 3.5%. Excluding the impact of loss contracts in Optum Health, Optum’s 2026 adjusted operating earnings margin is ~4.9%, or an increase of ~40 basis points year-over-year. Data Elements 2026 Outlook ($ and weighted-average shares in millions; except per share data) Revenue UnitedHealthcare > $335,000 Optum > $257,500 Eliminations ~$(153,500) UnitedHealth Group > $439,000 Operating Earnings UnitedHealthcare > $10,800 Optum > $13,200 UnitedHealth Group > $24,000 Investment and Other Income ~$3,900 Interest Expense ~$3,700 Depreciation and Amortization ~$4,400 Net Earnings to UNH Shareholders > $15,600 Diluted Weighted-Average Shares 910 - 915 Diluted Net Earnings per Share to UNH Shareholders > $17.10 Adjusted Earnings per Share (1) > $17.75 Medical Care Ratio 88.8% ± 50 bps Operating Cost Ratio 12.8% ± 50 bps Operating Margin ~5.5% Tax Rate ~19.25% Cash Flows from Operations > $18,000 Dividends Paid (at current rate) ~$8,000 Share Repurchase ~$2,500 Capital Expenditures ~$3,800 (1) Refer to page 18 of this release for a reconciliation of non-GAAP measures.

Page 8 of 21 UnitedHealthcare 2026 Outlook ($ in millions) Revenues: Employer & Individual > $75,000 Medicare & Retirement > $165,000 Community & State > $95,000 Total UnitedHealthcare Revenue > $335,000 Operating Earnings > $10,800 Operating Margin ~3.2% People Served (in thousands) Growth (Contraction) in People Served Total People Served Commercial Risk (1,400) - (1,300) 6,765 - 6,865 Commercial Fee 550 - 750 22,035 - 22,235 Total Commercial (850) - (550) 28,800 - 29,100 Medicare Advantage (1,200) - (1,150) (1) 7,245 - 7,295 Standardized Medicare Supplement (50) - 0 4,235 - 4,285 Medicaid (715) - (565) 6,665 - 6,815 Total Medical (2,815) - (2,265) 46,945 - 47,495 Stand-Alone Part D Prescription Drug Plans (200) - (100) 2,570 - 2,670 (1) Total 2026 contraction for people served through Medicare Advantage, including programs serving complex populations included in Medicaid, is expected to be (1,400,000) to (1,300,000), consistent with historical presentation.

Page 9 of 21 Optum 2026 Outlook ($ in millions) Revenues Operating Earnings Operating Margin Optum Health (1) > $91,000 > $2,200 ~2.4% Optum Insight > $21,000 > $4,750 ~22.6% Optum Rx > $150,500 > $6,250 ~4.2% Eliminations ~$(5,000) Total Optum > $257,500 > $13,200 ~5.1% Growth Metrics Optum Health Consumers Served ~84 million Optum Health Fully Accountable Patients ~4.1 million Optum Rx Adjusted Scripts > 1.52 billion Below outlines the 2025 Reported and Adjusted Earnings from Operations, as well as the recast earnings for the reclassification of Optum Financial Services from Optum Health into Optum Insight. 2026 Earnings Guidance assumes Optum Financial Services is classified in Optum Insight and removed from Optum Health guidance. Optum 2025 and 2026 Reported to Adjusted Recast Earnings Bridge ($ in millions) Optum Health Optum Insight Optum Rx Total Optum 2025 Reported Earnings from Operations $(278) $2,624 $7,193 $9,539 Direct Response Costs - Cyberattack - $799 - $799 Net Portfolio Divestitures, Restructuring and Other $1,941 $304 $(1,068) $1,177 Provision for Third Party Loss Contracts $623 - - $623 2025 Adjusted Earnings from Operations $2,286 $3,727 $6,125 $12,138 Optum Financial Services Reclassification (2) $(837) $837 - - 2025 Adjusted Recast Earnings from Operations $1,449 $4,564 $6,125 $12,138 2025 Adjusted Recast Earnings Margin 1.4% 21.7% 4.0% 4.5% 2026 Reported Operating Earnings Guidance > $2,200 (1) > $4,750 > $6,250 > $13,200 Amortization of Third Party Loss Contracts $(623) - - $(623) 2026 Adjusted Operating Earnings > $1,577 > $4,750 > $6,250 > $12,577 2026 Adjusted Operating Earnings Margin ~1.7% ~22.6% ~4.2% ~4.9% (1) Optum Health includes $623 million of 2026 operating earnings related to the amortization of loss contracts associated with 2025 restructuring and other activities, which will be excluded from adjusted operating earnings and adjusted earnings per share. (2) The reclassification of Optum Financial Services from Optum Health into Optum Insight represented $1,906 million in revenue in 2025, inclusive of $289 million of intersegment Optum eliminations.

Page 10 of 21 About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care.

Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn. Earnings Conference Call As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today.

UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through February 10, 2026. This earnings release and the Form 8-K dated January 27, 2026, can also be accessed from the Investor Relations page of the company’s website.

Non-GAAP Financial Information This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Forward-Looking Statements The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws.

Forward-looking statements notice

The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cashflows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.

This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify.

Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward- looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward- looking statements, except as required by law.

Investors: Media: investor_relations@uhg.com uhgmedia@uhg.com

UNITEDHEALTH GROUP Earnings Release Schedules and Supplementary Information Year Ended December 31, 2025

Condensed Consolidated Statements of Operations
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Cash Flows
Revenues by Business - Supplemental Financial Information
Earnings by Business - Supplemental Financial Information
People Served and Performance Metrics - Supplemental Financial Information
Reconciliation of Non-GAAP Financial Measures Page 11 of

UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data; unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Premiums........................................................................................................................... $88,811 $76,483 $352,229 $308,810 Products ............................................................................................................................. 13,484 13,475 53,380 50,226 Services ............................................................................................................................. 10,273 9,298 38,038 36,040 Investment and other income ......................................................................................... 647 1,551 3,920 5,202 Total revenues ............................................................................................................. 113,215 100,807 447,567 400,278 Operating costs Medical costs .................................................................................................................... 82,041 67,035 313,995 264,185 Operating costs................................................................................................................. 16,997 12,494 59,592 53,013 Cost of products sold ....................................................................................................... 12,680 12,464 50,655 46,694 Depreciation and amortization ....................................................................................... 1,117 1,041 4,361 4,099 Total operating costs .................................................................................................. 112,835 93,034 428,603 367,991 Earnings from operations ............................................................................................ 380 7,773 18,964 32,287 Interest expense ............................................................................................................... (974) (1,003) (4,002) (3,906) (Loss) gain on sale of subsidiary and subsidiaries held for sale .............................. (126) 21 (265) (8,310) Earnings before income taxes .................................................................................... (720) 6,791 14,697 20,071 Provision for income taxes .............................................................................................. 938 (1,007) (1,890) (4,829) Net earnings ................................................................................................................... 218 5,784 12,807 15,242 Earnings attributable to noncontrolling interests ......................................................... (208) (241) (751) (837) Net earnings attributable to UnitedHealth Group common shareholders ...... $10 $5,543 $12,056 $14,405 Diluted earnings per share attributable to UnitedHealth Group common shareholders ........................................................................................................... $0.01 $5.98 $13.23 $15.51 Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a) ...................................................................................................... $2.11 $6.81 $16.35 $27.66 Diluted weighted-average common shares outstanding ............................................ 910 927 911 929 (a) See page 18 for a reconciliation of non-GAAP measures. Page 12 of

UNITEDHEALTH GROUP CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) December 31, 2025 December 31, 2024 Assets Cash and short-term investments ..................................................................................................................................................... $28,121 $29,113 Accounts receivable, net .................................................................................................................................................................... 23,018 22,365 Other current assets ............................................................................................................................................................................ 39,443 34,301 Total current assets ................................................................................................................................................................... 90,582 85,779 Long-term investments ....................................................................................................................................................................... 54,251 52,354 Other long-term assets ....................................................................................................................................................................... 164,748 160,145 Total assets .................................................................................................................................................................................... $309,581 $298,278 Liabilities, redeemable noncontrolling interests and equity Medical costs payable ......................................................................................................................................................................... $39,337 $34,224 Short-term borrowings and current maturities of long-term debt ................................................................................................. 6,069 4,545 Other current liabilities ........................................................................................................................................................................ 69,491 65,000 Total current liabilities ............................................................................................................................................................... 114,897 103,769 Long-term debt, less current maturities ............................................................................................................................................ 72,320 72,359 Other long-term liabilities .................................................................................................................................................................... 20,666 19,559 Redeemable noncontrolling interests ............................................................................................................................................... 1,608 4,323 Equity ..................................................................................................................................................................................................... 100,090 98,268 Total liabilities, redeemable noncontrolling interests and equity ........................................................................................... $309,581 $298,278 Page 13 of

UNITEDHEALTH GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions; unaudited) Year Ended December 31, 2025 2024 Operating Activities Net earnings ......................................................................................................................................................................................... $12,807 $15,242 Noncash items: Depreciation and amortization ....................................................................................................................................................... 4,361 4,099 Deferred income taxes and other .................................................................................................................................................. (989) (3,657) Share-based compensation ........................................................................................................................................................... 971 1,018 Loss on sale of subsidiary and subsidiaries held for sale .......................................................................................................... 265 8,310 Net changes in operating assets and liabilities ............................................................................................................................... 2,282 (808) Cashflows from operating activities .......................................................................................................................................... 19,697 24,204 Investing Activities Sales and maturities of investments, net of purchases ................................................................................................................. 361 525 Purchases of property, equipment and capitalized software ........................................................................................................ (3,622) (3,499) Cash paid for acquisitions and other transactions, net .................................................................................................................. (4,509) (13,408) Loans to care providers - cyberattack .............................................................................................................................................. - (9,033) Repayment of care provider loans - cyberattack ............................................................................................................................ 1,680 4,514 Other, net .............................................................................................................................................................................................. (2,595) 374 Cashflows used for investing activities .................................................................................................................................... (8,685) (20,527) Financing Activities Common share repurchases .............................................................................................................................................................. (5,545) (9,000) Dividends paid ...................................................................................................................................................................................... (7,916) (7,533) Net change in short-term borrowings and long-term debt ............................................................................................................. 726 14,660 Other, net .............................................................................................................................................................................................. 1,091 (1,639) Cashflows used for financing activities .................................................................................................................................... (11,644) (3,512) Effect of exchange rate changes on cash and cash equivalents ................................................................................................. 40 (61) (Decrease) increase in cash and cash equivalents, including cash within businesses held for sale ..................................... (592) 104 Less: cash within businesses held for sale ...................................................................................................................................... (355) (219) Net decrease in cash and cash equivalents .................................................................................................................................... (947) (115) Cash and cash equivalents, beginning of period ............................................................................................................................ 25,312 25,427 Cash and cash equivalents, end of period ...................................................................................................................................... $24,365 $25,312 Page 14 of

UNITEDHEALTH GROUP REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions; unaudited) Optum UnitedHealth Group Consolidated (a)UnitedHealthcare Optum Health Optum Insight Optum Rx Total Optum (a) Three Months Ended December 31, 2025 Total revenues .................................................................................. $87,113 $25,543 $5,044 $41,456 $70,333 $113,215 Restructuring and other (2) ............................................................ - 473 26 20 519 519 Adjusted revenues (b) ............................................................... $87,113 $26,016 $5,070 $41,476 $70,852 $113,734 Three Months Ended December 31, 2024 Total revenues .................................................................................. $74,132 $25,660 $4,781 $35,774 $65,101 $100,807 Year Ended December 31, 2025 Total revenues .................................................................................. $344,903 $101,957 $19,417 $154,726 $270,620 $447,567 Restructuring and other (2) ............................................................ - 473 26 20 519 519 Adjusted revenues (b) ............................................................... $344,903 $102,430 $19,443 $154,746 $271,139 $448,086 Year Ended December 31, 2024 Total revenues .................................................................................. $298,208 $105,358 $18,757 $133,231 $252,957 $400,278 Net portfolio divestitures and South American impacts ............. 220 - - - - 220 Adjusted revenues (b) ............................................................... $298,428 $105,358 $18,757 $133,231 $252,957 $400,498 UnitedHealthcare Revenues (in millions; unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 UnitedHealthcare Employer & Individual - Domestic ............................................................................ $18,875 $19,019 $75,940 $74,489 UnitedHealthcare Employer & Individual - Global ................................................................................. 861 775 3,288 3,667 UnitedHealthcare Employer & Individual - Total ............................................................................ 19,736 19,794 79,228 78,156 UnitedHealthcare Medicare & Retirement .............................................................................................. 43,601 34,188 171,285 139,482 UnitedHealthcare Community & State .................................................................................................... 23,776 20,150 94,390 80,570 Total UnitedHealthcare revenues ..................................................................................................... $87,113 $74,132 $344,903 $298,208 (a) Optum and consolidated revenues for the three months ended December 31, 2025 and 2024 include Optum eliminations of $1,710 and $1,114; and corporate eliminations of $44,231 and $38,426, respectively. Optum and consolidated revenues for the year ended December 31, 2025 and 2024 include Optum eliminations of $5,480 and $4,389; and corporate eliminations of $167,956 and $150,887, respectively. (b) See page 18 for description of non-GAAP measures. Note: See end notes for further information regarding non-GAAP adjustments.

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UNITEDHEALTH GROUP EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION (in millions, except percentages; unaudited) Optum UnitedHealth Group ConsolidatedUnitedHealthcare Optum Health Optum Insight Optum Rx Total Optum Three Months Ended December 31, 2025 Earnings (loss) from operations ........................................................... $319 ($2,783) ($41) $2,885 $61 $380 Direct response costs - cyberattack .................................................... - - 799 - 799 799 Net portfolio divestitures and South American impacts (1) ............. - 821 68 (1,457) (568) (568) Restructuring and other (2) .................................................................. 153 1,743 236 389 2,368 2,521 Adjusted earnings from operations (a) ....................................... $472 ($219) $1,062 $1,817 $2,660 $3,132 Operating margin ................................................................................... 0.4 % (10.9) % (0.8) % 7.0 % 0.1 % 0.3 % Adjusted operating margin (a) .............................................................. 0.5 % (0.8) % 20.9 % 4.4 % 3.8 % 2.8 % Three Months Ended December 31, 2024 Earnings from operations ...................................................................... $2,973 $1,791 $1,270 $1,739 $4,800 $7,773 Direct response costs - cyberattack .................................................... 9 - 420 - 420 429 Net portfolio divestitures and South American impacts (1) ............. 55 - - - - 55 Adjusted earnings from operations (a) ....................................... $3,037 $1,791 $1,690 $1,739 $5,220 $8,257 Operating margin ................................................................................... 4.0 % 7.0 % 26.6 % 4.9 % 7.4 % 7.7 % Adjusted operating margin (a) .............................................................. 4.1 % 7.0 % 35.3 % 4.9 % 8.0 % 8.2 % Year Ended December 31, 2025 Earnings (loss) from operations ........................................................... $9,425 ($278) $2,624 $7,193 $9,539 $18,964 Direct response costs - cyberattack .................................................... - - 799 - 799 799 Net portfolio divestitures and South American impacts (1) ............. - 821 68 (1,457) (568) (568) Restructuring and other (2) .................................................................. 153 1,743 236 389 2,368 2,521 Adjusted earnings from operations (a) ....................................... $9,578 $2,286 $3,727 $6,125 $12,138 $21,716 Operating margin ................................................................................... 2.7 % (0.3) % 13.5 % 4.6 % 3.5 % 4.2 % Adjusted operating margin (a) .............................................................. 2.8 % 2.2 % 19.2 % 4.0 % 4.5 % 4.8 % Year Ended December 31, 2024 Earnings from operations ...................................................................... $15,584 $7,770 $3,097 $5,836 $16,703 $32,287 Direct response costs - cyberattack ................................................... 494 160 1,296 - 1,456 1,950 Net portfolio divestitures and South American impacts (1) ............. 170 - - - - 170 Adjusted earnings from operations (a) ....................................... $16,248 $7,930 $4,393 $5,836 $18,159 $34,407 Operating margin ................................................................................... 5.2 % 7.4 % 16.5 % 4.4 % 6.6 % 8.1 % Adjusted operating margin (a) .............................................................. 5.4 % 7.5 % 23.4 % 4.4 % 7.2 % 8.6 % (a) See page 18 for description of non-GAAP measures. Note: See end notes for further information regarding non-GAAP adjustments. Page 16 of

UNITEDHEALTH GROUP PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION (unaudited) UnitedHealthcare Customer Profile (in thousands) People Served December 31, 2025 September 30, 2025 December 31, 2024 Commercial: Risk-based ......................................................................................................................... 8,165 8,440 8,845 Fee-based .......................................................................................................................... 21,485 21,490 20,885 Total Commercial ........................................................................................................... 29,650 29,930 29,730 Medicare Advantage ............................................................................................................ 8,445 8,435 7,845 Medicaid ................................................................................................................................ 7,380 7,460 7,435 Medicare Supplement (Standardized) .............................................................................. 4,285 4,300 4,335 Total Community and Senior ...................................................................................... 20,110 20,195 19,615 Total UnitedHealthcare - Medical ............................................................................... 49,760 50,125 49,345 Supplemental Data Medicare Part D stand-alone .......................................................................................... 2,770 2,795 3,050 South American businesses held for sale ..................................................................... 1,160 1,160 1,330 Optum Performance Metrics December 31, 2025 September 30, 2025 December 31, 2024 Optum Health Consumers Served (in millions) ................................................................. 95 96 100 Optum Insight Contract Backlog (in billions) ..................................................................... $31.1 $32.1 $32.8 Optum Rx Quarterly Adjusted Scripts (in millions) ........................................................... 424 414 422 Page 17 of

UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Use of Non-GAAP Financial Measures Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted revenues, adjusted net margin, adjusted medical care ratio and adjusted operating cost ratio are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Adjustments made to these measures are as follows: Intangible Amortization: Adjusted net earnings per share excludes intangible amortization from the relevant GAAP measure.

As amortization fluctuates based on the size and timing of the company’s acquisition activity, management believes this exclusion provides a more useful comparison of the company’s underlying business performance and trends from period to period. While intangible assets contribute to the Company’s revenue generation, the intangible amortization is not directly related. Therefore, the related revenues are included in adjusted earnings per share.

Direct Response Costs - Cyberattack: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted net margin and adjusted operating cost ratio exclude cyberattack direct response costs. Management believes the exclusion of costs incurred to investigate and remediate the attack, other direct and incremental costs incurred as a result of the cyberattack and incremental costs for accommodations to support care providers presents a more useful comparison of the Company’s underlying business performance and trends from period to period. In the fourth quarter of 2025, the Company increased its reserves for net collection expectations associated with provider loans and other customer balances.

Net Portfolio Divestitures and South American Impacts: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted revenues, adjusted net margin and adjusted operating cost ratio exclude net portfolio divestitures and South American impacts. Net portfolio divestitures and South American impacts includes actions taken by management in the fourth quarter of 2025 as a result of a strategic review of our assets and businesses to operationally advance and scale our core businesses and initiatives, including our value-based care business at Optum Health. These actions primarily include losses on business exits and dispositions, including our remaining South American operations and other businesses held for sale, and a gain on the deconsolidation of a business.

Portfolio divestitures are not representative of the Company's underlying business and management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. For the three months and year ended December 31, 2024, net portfolio divestitures and South American impacts includes the amounts previously reported as South American impacts. Adjusted net earnings per share and adjusted net margin exclude the loss on the sale of our Brazilian operations completed on February 6, 2024, the loss on our remaining South American operations classified as held for sale and certain other non-recurring matters impacting our South American operations.

Adjusted earnings from operations, adjusted operating margin, adjusted revenues and adjusted operating cost ratio exclude the effects of certain non-recurring matters impacting our South American operations. These matters are not representative of the Company’s underlying business performance and therefore management believes the exclusion presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Restructuring and Other: Adjusted net earnings per share, adjusted earnings from operations, adjusted operating margin, adjusted revenues, adjusted net margin, adjusted medical care ratio and adjusted operating cost ratio exclude restructuring and other items.

Restructuring and other includes real estate rationalization and workforce reductions ($746 million), the establishment of a loss contract reserve related to third party contractual relationships within the Optum portfolio that are structurally unprofitable and that we could not exit for 2026 ($623 million), contract reassessments ($573 million), net valuation losses on equity securities ($329 million) and the advance funding of the United Health Foundation ($250 million). As the restructuring initiative is more broad in scope and scale than on-going cost management activities and as the other items are not representative of the Company's underlying business, management believes that the exclusion of these items presents a more useful comparison of the Company’s underlying business performance and trends from period to period. Adjusted earnings per share for the projected year ended December 31, 2026 excludes the amortization of loss contracts of $623 million.

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UNITEDHEALTH GROUP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share data; unaudited) Adjusted Net Earnings Per Share Three Months Ended December 31, Year Ended December 31, Projected Year Ended December 31, 2025 2024 2025 2024 2026 Net earnings attributable to UnitedHealth Group common shareholders ........................... $10 $5,543 $12,056 $14,405 > $15,600 Intangible amortization ................................................................................................................ 386 423 1,613 1,665 ~1,325 Direct response costs - cyberattack ......................................................................................... 799 513 799 2,223 - Net portfolio divestitures and South American impacts (1) ................................................... (442) 24 (442) 8,459 ~68 Restructuring and other (2) ........................................................................................................ 2,521 - 2,521 - ~(623) Tax effect of adjustments ............................................................................................................ (1,350) (192) (1,650) (1,053) ~(190) Adjusted net earnings attributable to UnitedHealth Group common shareholders .... $1,924 $6,311 $14,897 $25,699 > $16,180 Diluted earnings per share ......................................................................................................... $0.01 $5.98 $13.23 $15.51 > $17.10 Intangible amortization per share .............................................................................................. 0.42 0.46 1.77 1.79 ~1.45 Direct response costs - cyberattack per share ....................................................................... 0.88 0.55 0.88 2.39 - Net portfolio divestitures and South American impacts per share ...................................... (0.49) 0.03 (0.49) 9.11 ~0.05 Restructuring and other per share ............................................................................................ 2.77 - 2.77 - ~(0.65) Tax effect of adjustments per share .......................................................................................... (1.48) (0.21) (1.81) (1.14) ~(0.20) Adjusted diluted earnings per share .................................................................................. $2.11 $6.81 $16.35 $27.66 > $17.75 Note: See end notes for further information regarding non-GAAP adjustments. Page 19 of

Adjusted Net Margin Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Consolidated revenues ............................................................................................................................................ $113,215 $100,807 $447,567 $400,278 Net portfolio divestitures and South American impacts ...................................................................................... - - - 220 Restructuring and other (2) ...................................................................................................................................... 519 - 519 - Adjusted consolidated revenues ..................................................................................................................... $113,734 $100,807 $448,086 $400,498 Net earnings attributable to UnitedHealth Group common shareholders ........................................................ $10 $5,543 $12,056 $14,405 Direct response costs - cyberattack ....................................................................................................................... 799 513 799 2,223 Net portfolio divestitures and South American impacts (1) ................................................................................ (442) 24 (442) 8,459 Restructuring and other (2) ...................................................................................................................................... 2,521 - 2,521 - Tax effect of adjustments ......................................................................................................................................... (1,256) (89) (1,256) (645) Adjusted net earnings attributable to UnitedHealth Group common shareholders for direct response costs, net portfolio divestitures and South American impacts and restructuring and other .............................................................................................................................................................. $1,632 $5,991 $13,678 $24,442 Net margin attributable to UnitedHealth Group common shareholders ........................................................... - % 5.5 % 2.7 % 3.6 % Adjusted net margin attributable to UnitedHealth Group common shareholders for direct response costs, net portfolio divestitures and South American impacts and restructuring and other ................... 1.4 % 5.9 % 3.1 % 6.1 % Adjusted Medical Care Ratio Three Months Ended December 31, 2025 Year Ended December 31, 2025 Premium revenues ..................................................................................................................................................... $88,811 $352,229 Restructuring and other ............................................................................................................................................. 122 122 Adjusted premium revenues ..................................................................................................................................... $88,933 $352,351 Medical costs .............................................................................................................................................................. $82,041 $313,995 Restructuring and other ............................................................................................................................................. (623) (623) Adjusted medical costs ......................................................................................................................................... $81,418 $313,372 Medical care ratio ....................................................................................................................................................... 92.4 % 89.1 % Adjusted medical care ratio ...................................................................................................................................... 91.5 % 88.9 % Note: See end notes for further information regarding non-GAAP adjustments. Page 20 of

Adjusted Operating Cost Ratio Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Consolidated revenues ............................................................................................................................... $113,215 $100,807 $447,567 $400,278 Net portfolio divestitures and South American impacts ......................................................................... - - - 220 Restructuring and other (2) ........................................................................................................................ 519 - 519 - Adjusted consolidated revenues ........................................................................................................... $113,734 $100,807 $448,086 $400,498 Operating costs ............................................................................................................................................ $16,997 $12,494 $59,592 $53,013 Direct response costs - cyberattack .......................................................................................................... (799) (420) (799) (1,315) Net portfolio divestitures and South American impacts (1) ................................................................... 568 (55) 568 50 Restructuring and other (2) ........................................................................................................................ (1,380) - (1,380) - Adjusted operating costs ........................................................................................................................ $15,386 $12,019 $57,981 $51,748 Operating cost ratio ..................................................................................................................................... 15.0 % 12.4 % 13.3 % 13.2 % Adjusted operating cost ratio ..................................................................................................................... 13.5 % 11.9 % 12.9 % 12.9 % Note: See end notes for further information regarding non-GAAP adjustments. End Notes (1) Net portfolio divestitures and South American impacts for the three months and year ended December 31, 2025 include net gains on dispositions and businesses held for sale and $126 million of South American impacts. Net disposition gains for the three months ended December 31, 2024 were $2.5 billion, with $1.1 billion, $0.6 billion and $0.8 billion related to UnitedHealthcare, Optum Health and Optum Insight, respectively, and had tax impacts of $347 million.

Net disposition gains for the year ended December 31, 2024 were $3.3 billion, with $1.1 billion, $1.4 billion and $0.8 billion at UnitedHealthcare, Optum Health and Optum Insight, respectively, and had tax impacts of $395 million. For the nine months ended September 30, 2025, net disposition gains were not significant. Adjusted amounts for the current year exclude significant gains and losses on dispositions and businesses held for sale, in the aggregate, and significant amounts will be excluded in future periods. (2) Other actions for the three months and year ended December 31, 2025 include net valuation losses on equity securities.

Net valuation gains on equity securities for the three months and year ended December 31, 2024 were $401 million and $589 million, with tax effects of $117 million and $171 million, respectively. For the nine months ended September 30, 2025 net valuation gains were not significant. Adjusted amounts for the current year exclude significant valuation gains and losses on equity securities, in the aggregate, and significant amounts will be excluded in future periods.

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