UnitedHealth Group (UNH) FY2025 results: revenue $447.6 billion, up 11.8% on the year

UnitedHealth Group runs two businesses. UnitedHealthcare sells health insurance, taking a premium and carrying the cost of members' medical care. Optum sells health services to the rest of the system, including care delivery, data and technology, and pharmacy benefits, and it serves other insurers as well as its own sister company. Almost all of it is in the United States.

Four reportable segments

Optum Health, Optum Insight, Optum Rx and UnitedHealthcare, the last covering three markets: Employer & Individual, Medicare & Retirement, and Community & State. On 1 January 2026 the company moved Optum Financial, including Optum Bank, out of Optum Health and into Optum Insight, leaving the segment names unchanged and recasting prior periods from the first quarter of 2026.

UnitedHealthcare

Employer & Individual covers large national employers, public sector employers, mid-sized employers, small businesses and individuals, and provided access to medical services for 29.7 million people at the end of 2025. In risk-based products it takes a monthly premium, typically a fixed rate per person for a year, and carries the medical and administrative cost. Where the employer chooses to fund the health care itself and keep the risk, UnitedHealthcare instead supplies administration: coordinating services, processing transactions and giving access to its contracted network of doctors, hospitals and other providers.

Medicare & Retirement sells to people eligible for Medicare. Under Medicare Advantage it receives a fixed monthly payment per member from the Centers for Medicare & Medicaid Services, varying by where the person lives, by age, gender and institutional status, and by health status, plus in some cases a premium from the member. It served 8.4 million people through Medicare Advantage at the end of 2025. It had 10.4 million people in Medicare Part D prescription drug programmes, of whom 2.8 million were in stand-alone Part D plans and the rest inside Medicare Advantage. Medicare Supplement, which covers the coinsurance and deductible gaps in traditional Medicare, served 4.3 million. Through a home visiting programme, nurse practitioners made 3.1 million clinical preventive home visits in 2025.

Community & State serves state programmes for people who are economically disadvantaged, medically underserved or without employer cover, again for a monthly premium per member from the state. Its customers run Medicaid plans, the Children's Health Insurance Program, dual special needs plans, long-term services and supports and others. At the end of 2025 it was in programmes in 32 states and the District of Columbia serving nearly 7.4 million people, including 1.2 million through Medicaid expansion in 19 states. States pick their health plans through a formal bid or by awarding individual contracts.

Premium revenues from the Centers for Medicare & Medicaid Services were 44 percent of UnitedHealth Group's total consolidated revenues in 2025, most of them generated by UnitedHealthcare Medicare & Retirement.

Optum Health

Care delivery and care management, covering physical, mental, social and financial well-being for 95 million consumers, with more than 100 health payer partners. It delivers primary, specialty and surgical care in clinics, at home and virtually, and helps providers move from being paid per service to being paid on results, what the filing calls value-based care. It is paid three ways: fully accountable arrangements where it takes a monthly premium and assumes responsibility for the health care costs; administrative fees for managing a product or service; and fee-for-service for individual products and treatments. Optum Financial, including Optum Bank, held nearly 26 million consumer accounts at the end of 2025 and charges fees while earning investment and interest income on the funds and loans it manages.

Optum Insight

Data, analytics, research, consulting, technology and managed services, sold to hospital systems, physicians, health plans, state governments running Medicaid, and life sciences companies. Much of it runs over several years, so the segment reports a backlog: about $31.1 billion at the end of 2025, of which $18.3 billion is expected within twelve months and $12.9 billion relates to agreements with other parts of UnitedHealth Group. The equivalent backlog a year earlier was $32.8 billion, including $12.5 billion affiliated.

Optum Rx

Pharmacy care services through a network of roughly 64,000 retail pharmacies, plus home delivery, specialty and community pharmacies, in-home and community infusion, and rare disease and gene therapy support. In 2025 it managed $188 billion of pharmaceutical spending, of which nearly $87 billion was specialty. Its customers are health benefits providers, large national employer plans, unions and trusts, purchasing coalitions and public-sector bodies, reached through direct sales, insurance brokers and health care consultants.

From UnitedHealth Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.