Unitedhealth Group Inc 10-Q for FY2026 Q2

Unitedhealth Group Inc (UNH)

10-Q 2026-08-10 For: 2026-06-30

Added on August 10, 2026

About this 10-Q

Unitedhealth Group Inc filed this 10-Q on August 10, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $112.03B; up 0.4% from $111.62B a year earlier
Net income: $5.48B; up 61.0% from net income of $3.41B a year earlier
Diluted EPS: $6.04; up 61.5% from $3.74 a year earlier

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			Page

Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of June 30 , 2026 and December 31, 2025		1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2026 and 2025		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2026 and 2025		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30 , 2026 and 2025		4
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025		6
	Notes to the Condensed Consolidated Financial Statements		7
	1.	Basis of Presentation	7
	2.	Investments	8
	3.	Fair Value	10
	4.	Medical Costs Payable	11
	5.	Short-Term Borrowings and Long-Term Debt	11
	6.	Shareholders’ Equity	11
	7.	Commitments and Contingencies	12
	8.	Held for Sale and Dispositions	13
	9.	Segment Financial Information	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		25
Item 4.	Controls and Procedures		25
Part II. Other Information
Item 1.	Legal Proceedings		26
Item 1A.	Risk Factors		26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		26
Item 5.	Other Information		26
Item 6.	Exhibits		27
Signatures			28


(in millions, except per share data)	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	28,585	$	24,365
Short-term investments	2,883		3,756
Accounts receivable, net	21,573		23,018
Other current receivables, net	24,722		29,697
Prepaid expenses and other current assets	9,097		9,746
Total current assets	86,860		90,582
Long-term investments	57,716		54,251
Property, equipment and capitalized software, net	10,762		10,762
Goodwill	110,645		110,499
Other intangible assets, net	19,749		20,474
Other assets	23,995		23,013
Total assets	$	309,727	$	309,581
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	38,930	$	39,337
Accounts payable and accrued liabilities	39,741		38,032
Short-term borrowings and current maturities of long-term debt	3,827		6,069
Unearned revenues	2,986		3,413
Other current liabilities	26,336		28,046
Total current liabilities	111,820		114,897
Long-term debt, less current maturities	69,501		72,320
Deferred income taxes	2,722		2,421
Other liabilities	19,735		18,245
Total liabilities	203,778		207,883
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,436		1,608
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; 905 and 906 issued and outstanding	9		9
Additional paid-in capital	—		559
Retained earnings	100,957		95,603
Accumulated other comprehensive loss	(2,519)		(2,061)
Nonredeemable noncontrolling interests	6,066		5,980
Total equity	104,513		100,090
Total liabilities, redeemable noncontrolling interests and equity	$	309,727	$	309,581


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2026		2025		2026		2025
Revenues:
Premiums	$	86,956	$	87,905	$	174,517	$	174,439
Products	13,835		13,564		27,085		26,600
Services	10,018		9,039		19,797		18,011
Investment and other income	1,223		1,108		2,354		2,141
Total revenues	112,032		111,616		223,753		221,191
Operating costs:
Medical costs	75,358		78,585		148,847		151,996
Operating costs	14,268		13,778		29,658		27,372
Cost of products sold	13,375		13,019		26,198		25,409
Depreciation and amortization	1,040		1,084		2,069		2,145
Total operating costs	104,041		106,466		206,772		206,922
Earnings from operations	7,991		5,150		16,981		14,269
Interest expense	(962)		(1,027)		(1,917)		(2,025)
Loss on sale of subsidiary and subsidiaries held for sale	(61)		(41)		(133)		(56)
Earnings before income taxes	6,968		4,082		14,931		12,188
Provision for income taxes	(1,298)		(510)		(2,780)		(2,142)
Net earnings	5,670		3,572		12,151		10,046
Earnings attributable to noncontrolling interests	(186)		(166)		(387)		(348)
Net earnings attributable to UnitedHealth Group common shareholders	$	5,484	$	3,406	$	11,764	$	9,698
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	6.06	$	3.76	$	12.98	$	10.66
Diluted	$	6.04	$	3.74	$	12.94	$	10.61
Basic weighted-average number of common shares outstanding	902		907		905		910
Dilutive effect of common share equivalents	4		3		3		4
Diluted weighted-average number of common shares outstanding	906		910		908		914
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	12		13		15		10


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Net earnings	$	5,670	$	3,572	$	12,151	$	10,046
Other comprehensive income (loss):
Gross unrealized (losses) gains on investment securities during the period	(28)		327		(398)		848
Income tax effect	7		(75)		91		(194)
Total unrealized (losses) gains, net of tax	(21)		252		(307)		654
Gross reclassification adjustment for net realized losses (gains) included in net earnings	5		(17)		10		(27)
Income tax effect	(1)		4		(2)		6
Total reclassification adjustment, net of tax	4		(13)		8		(21)
Foreign currency translation gains	60		131		1		219
Reclassification adjustment for translation gains included in net earnings	—		—		(160)		—
Total foreign currency translation gains (losses)	60		131		(159)		219
Other comprehensive income (loss)	43		370		(458)		852
Comprehensive income	5,713		3,942		11,693		10,898
Comprehensive income attributable to noncontrolling interests	(186)		(166)		(387)		(348)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	5,527	$	3,776	$	11,306	$	10,550


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended June 30, (in millions)	Shares	Amount						Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at March 31, 2026	908	$	9	$	556	$	99,878	$	(1,360)	$	(1,202)	$	6,014	$	103,895
Net earnings						5,484						168		5,652
Other comprehensive (loss) income								(17)		60				43
Issuances of common stock, and related tax effects	1	—		105										105
Share-based compensation				237										237
Common share repurchases	(4)	—		(914)		(2,318)								(3,232)
Cash dividends paid on common shares ($2.32 per share)						(2,087)								(2,087)
Redeemable noncontrolling interests fair value and other adjustments				16										16
Acquisition and other adjustments of nonredeemable noncontrolling interests												63		63
Distribution to nonredeemable noncontrolling interests												(179)		(179)
Balance at June 30, 2026	905	$	9	$	—	$	100,957	$	(1,377)	$	(1,142)	$	6,066	$	104,513

Balance at March 31, 2025	910	$	9	$	—	$	97,934	$	(1,832)	$	(1,073)	$	5,773	$	100,811
Net earnings						3,406						149		3,555
Other comprehensive income								239		131				370
Issuances of common stock, and related tax effects	1	—		196										196
Share-based compensation				229										229
Common share repurchases	(6)	—		(415)		(2,090)								(2,505)
Cash dividends paid on common shares ($2.21 per share)						(2,000)								(2,000)
Redeemable noncontrolling interests fair value and other adjustments				(10)										(10)
Acquisition and other adjustments of nonredeemable noncontrolling interests												(19)		(19)
Distribution to nonredeemable noncontrolling interests												(158)		(158)
Balance at June 30, 2025	905	$	9	$	—	$	97,250	$	(1,593)	$	(942)	$	5,745	$	100,469


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2026
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,227	$	—	$	(180)	$	3,047
State and municipal obligations	5,752		20		(221)		5,551
Corporate obligations	28,892		72		(703)		28,261
U.S. agency mortgage-backed securities	10,939		13		(684)		10,268
Non-U.S. agency mortgage-backed securities	3,259		4		(105)		3,158
Total debt securities - available-for-sale	52,069		109		(1,893)		50,285
Debt securities - held-to-maturity:
U.S. government and agency obligations	448		—		(2)		446
State and municipal obligations	25		—		(2)		23
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	476		—		(4)		472
Total debt securities	$	52,545	$	109	$	(1,897)	$	50,757
December 31, 2025
Debt securities - available-for-sale:
U.S. government and agency obligations	$	4,086	$	2	$	(156)	$	3,932
State and municipal obligations	6,533		24		(232)		6,325
Corporate obligations	25,927		159		(540)		25,546
U.S. agency mortgage-backed securities	10,284		33		(598)		9,719
Non-U.S. agency mortgage-backed securities	2,748		11		(99)		2,660
Total debt securities - available-for-sale	49,578		229		(1,625)		48,182
Debt securities - held-to-maturity:
U.S. government and agency obligations	461		2		(1)		462
State and municipal obligations	26		—		(2)		24
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	490		2		(3)		489
Total debt securities	$	50,068	$	231	$	(1,628)	$	48,671


	Available-for-Sale				Held-to-Maturity
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,957	$	2,942	$	280	$	280
Due after one year through five years	14,192		13,816		175		173
Due after five years through ten years	12,802		12,408		4		4
Due after ten years	7,920		7,693		17		15
U.S. agency mortgage-backed securities	10,939		10,268		—		—
Non-U.S. agency mortgage-backed securities	3,259		3,158		—		—
Total debt securities	$	52,069	$	50,285	$	476	$	472


	Less Than 12 Months				12 Months or Greater				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
June 30, 2026
U.S. government and agency obligations	$	1,055	$	(16)	$	1,871	$	(164)	$	2,926	$	(180)
State and municipal obligations	1,063		(12)		3,346		(209)		4,409		(221)
Corporate obligations	13,357		(154)		8,371		(549)		21,728		(703)
U.S. agency mortgage-backed securities	3,585		(64)		5,025		(620)		8,610		(684)
Non-U.S. agency mortgage-backed securities	1,170		(9)		1,174		(96)		2,344		(105)
Total debt securities - available-for-sale	$	20,230	$	(255)	$	19,787	$	(1,638)	$	40,017	$	(1,893)
December 31, 2025
U.S. government and agency obligations	$	500	$	(4)	$	2,339	$	(152)	$	2,839	$	(156)
State and municipal obligations	523		(8)		4,342		(224)		4,865		(232)
Corporate obligations	2,661		(16)		10,399		(524)		13,060		(540)
U.S. agency mortgage-backed securities	346		(1)		6,665		(597)		7,011		(598)
Non-U.S. agency mortgage-backed securities	184		(1)		1,355		(98)		1,539		(99)
Total debt securities - available-for-sale	$	4,214	$	(30)	$	25,100	$	(1,595)	$	29,314	$	(1,625)


(in millions)	Quoted Prices in Active Markets (Level 1)			Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)			Total Fair and Carrying Value
June 30, 2026
Cash and cash equivalents	$	15,784		$	12,801		$	—		$	28,585
Debt securities - available-for-sale:
U.S. government and agency obligations	2,961			86			—			3,047
State and municipal obligations	—			5,551			—			5,551
Corporate obligations	—			27,761			500			28,261
U.S. agency mortgage-backed securities	—			10,268			—			10,268
Non-U.S. agency mortgage-backed securities	—			3,158			—			3,158
Total debt securities - available-for-sale	2,961			46,824			500			50,285
Equity securities	2,130			—			76			2,206
Loan receivables	—			—			799			799
Total assets at fair value	$	20,875		$	59,625		$	1,375		$	81,875
Percentage of total assets at fair value	25		%	73		%	2		%	100		%
December 31, 2025
Cash and cash equivalents	$	19,848		$	4,517		$	—		$	24,365
Debt securities - available-for-sale:
U.S. government and agency obligations	3,778			154			—			3,932
State and municipal obligations	—			6,325			—			6,325
Corporate obligations	—			25,123			423			25,546
U.S. agency mortgage-backed securities	—			9,719			—			9,719
Non-U.S. agency mortgage-backed securities	—			2,660			—			2,660
Total debt securities - available-for-sale	3,778			43,981			423			48,182
Equity securities	2,083			20			67			2,170
Loan receivables	—			—			882			882
Total assets at fair value	$	25,709		$	48,518		$	1,372		$	75,599
Percentage of total assets at fair value	34		%	64		%	2		%	100		%


Payment Date	Amount per Share		Total Amount Paid
			(in millions)
March 17	$	2.21	$	2,005
June 23	2.32		2,087


(in millions)	South American Businesses		Other Businesses
Assets
Cash and cash equivalents	$	296	$	160
Accounts receivable and other current assets	769		177
Property, equipment and capitalized software	877		169
Goodwill	174		88
Other intangible assets	258		395
Other long-term assets	321		484
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	(1,656)		(561)
Total assets	$	1,039	$	912
Liabilities
Medical costs payable	$	230	$	87
Accounts payable and other current liabilities	388		279
Other long-term liabilities	368		364
Total liabilities	$	986	$	730


			Optum
(in millions)	UnitedHealthcare		Optum Health (b)		Optum Insight (b)		Optum Rx		Optum Eliminations (b)		Optum		Corporate and Eliminations		Consolidated
Three Months Ended June 30, 2026
Revenues - unaffiliated customers:
Premiums	$	82,613	$	4,343	$	—	$	—	$	—	$	4,343	$	—	$	86,956
Products	—		62		45		13,728		—		13,835		—		13,835
Services	2,754		4,474		1,517		1,273		—		7,264		—		10,018
Total revenues - unaffiliated customers	85,367		8,879		1,562		15,001		—		25,442		—		110,809
Total revenues - affiliated customers	—		14,353		3,556		23,242		(1,503)		39,648		(39,648)		—
Investment and other income	650		240		284		49		—		573		—		1,223
Total revenues	$	86,017	$	23,472	$	5,402	$	38,292	$	(1,503)	$	65,663	$	(39,648)	$	112,032
Total operating costs (a)	$	82,075	$	22,282	$	4,033	$	36,802	$	(1,503)	$	61,614	$	(39,648)	$	104,041
Earnings from operations	$	3,942	$	1,190	$	1,369	$	1,490	$	—	$	4,049	$	—	$	7,991
Interest expense	—		—		—		—		—		—		(962)		(962)
Loss on sale of subsidiary and subsidiaries held for sale	(61)		—		—		—		—		—		—		(61)
Earnings before income taxes	$	3,881	$	1,190	$	1,369	$	1,490	$	—	$	4,049	$	(962)	$	6,968
Total assets	$	125,495	$	72,716	$	62,875	$	59,656	$	(475)	$	194,772	$	(10,540)	$	309,727
Purchases of property, equipment and capitalized software	207		210		291		91		—		592		—		799
Depreciation and Amortization	176		260		414		190		—		864		—		1,040
Three Months Ended June 30, 2025
Revenues - unaffiliated customers:
Premiums	$	83,019	$	4,886	$	—	$	—	$	—	$	4,886	$	—	$	87,905
Products	—		65		44		13,455		—		13,564		—		13,564
Services	2,511		3,689		1,673		1,166		—		6,528		—		9,039
Total revenues - unaffiliated customers	85,530		8,640		1,717		14,621		—		24,978		—		110,508
Total revenues - affiliated customers	—		15,845		3,268		23,790		(1,191)		41,712		(41,712)		—
Investment and other income	573		240		247		48		—		535		—		1,108
Total revenues	$	86,103	$	24,725	$	5,232	$	38,459	$	(1,191)	$	67,225	$	(41,712)	$	111,616
Total operating costs (a)	$	84,028	$	24,296	$	4,027	$	37,018	$	(1,191)	$	64,150	$	(41,712)	$	106,466
Earnings from operations	$	2,075	$	429	$	1,205	$	1,441	$	—	$	3,075	$	—	$	5,150
Interest expense	—		—		—		—		—		—		(1,027)		(1,027)
Loss on sale of subsidiary and subsidiaries held for sale	(41)		—		—		—		—		—		—		(41)
Earnings before income taxes	$	2,034	$	429	$	1,205	$	1,441	$	—	$	3,075	$	(1,027)	$	4,082
Total assets	$	129,587	$	69,810	$	60,358	$	61,674	$	—	$	191,842	$	(12,856)	$	308,573
Purchases of property, equipment and capitalized software	193		292		303		98		—		693		—		886
Depreciation and Amortization	221		262		385		216		—		863		—		1,084


(in millions, except percentages and per share data)	Three Months Ended June 30,						Increase/ (Decrease)					Six Months Ended June 30,						Increase/ (Decrease)
	2026			2025			2026 vs. 2025					2026			2025			2026 vs. 2025
Revenues:
Premiums	$	86,956		$	87,905		$	(949)		(1)	%	$	174,517		$	174,439		$	78		—	%
Products	13,835			13,564			271			2		27,085			26,600			485			2
Services	10,018			9,039			979			11		19,797			18,011			1,786			10
Investment and other income	1,223			1,108			115			10		2,354			2,141			213			10
Total revenues	112,032			111,616			416			—		223,753			221,191			2,562			1
Operating costs:
Medical costs	75,358			78,585			(3,227)			(4)		148,847			151,996			(3,149)			(2)
Operating costs	14,268			13,778			490			4		29,658			27,372			2,286			8
Cost of products sold	13,375			13,019			356			3		26,198			25,409			789			3
Depreciation and amortization	1,040			1,084			(44)			(4)		2,069			2,145			(76)			(4)
Total operating costs	104,041			106,466			(2,425)			(2)		206,772			206,922			(150)			—
Earnings from operations	7,991			5,150			2,841			55		16,981			14,269			2,712			19
Interest expense	(962)			(1,027)			65			(6)		(1,917)			(2,025)			108			(5)
Loss on sale of subsidiary and subsidiaries held for sale	(61)			(41)			(20)			49		(133)			(56)			(77)			138
Earnings before income taxes	6,968			4,082			2,886			71		14,931			12,188			2,743			23
Provision for income taxes	(1,298)			(510)			(788)			155		(2,780)			(2,142)			(638)			30
Net earnings	5,670			3,572			2,098			59		12,151			10,046			2,105			21
Earnings attributable to noncontrolling interests	(186)			(166)			(20)			12		(387)			(348)			(39)			11
Net earnings attributable to UnitedHealth Group common shareholders	$	5,484		$	3,406		$	2,078		61	%	$	11,764		$	9,698		$	2,066		21	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	6.04		$	3.74		$	2.30				$	12.94		$	10.61		$	2.33
Medical care ratio (a)	86.7		%	89.4		%	(2.7)		%			85.3		%	87.1		%	(1.8)		%
Operating cost ratio	12.7			12.3			0.4					13.3			12.4			0.9
Operating margin	7.1			4.6			2.5					7.6			6.5			1.1
Tax rate	18.6			12.5			6.1					18.6			17.6			1.0
Net earnings margin (b)	4.9			3.1			1.8					5.3			4.4			0.9
Return on equity (c)	22.3		%	14.4		%	7.9					24.3		%	20.6		%	3.7


	June 30,		Increase/(Decrease)
(in thousands, except percentages)	2026	2025	2026 vs. 2025
Commercial:
Risk-based	7,655	8,440	(785)	(9)	%
Fee-based	22,265	21,530	735	3
Total Commercial	29,920	29,970	(50)	—
Medicare Advantage	7,565	8,350	(785)	(9)
Medicaid	6,780	7,490	(710)	(9)
Medicare Supplement (Standardized)	4,260	4,305	(45)	(1)
Total Community and Senior	18,605	20,145	(1,540)	(8)
Total UnitedHealthcare - Medical	48,525	50,115	(1,590)	(3)	%
Supplemental Data:
Medicare Part D stand-alone	2,710	2,800	(90)	(3)	%
South American businesses held for sale	1,145	1,165	(20)	(2)	%


	Six Months Ended June 30,				Increase/(Decrease)
(in millions)	2026		2025		2026 vs. 2025
Sources of cash:
Cash provided by operating activities	$	19,964	$	12,644	$	7,320
Issuances of short-term borrowings and long-term debt, net of repayments	—		1,566		(1,566)
Cash received from dispositions and other strategic transactions, net	1,091		109		982
Proceeds from common stock issuances	359		581		(222)
Sales and maturities of investments, net of purchases	—		1,327		(1,327)
Repayments of care provider loans - cyberattack	197		1,293		(1,096)
Customer funds administered	332		—		332
Other	199		—		199
Total sources of cash	22,142		17,520		4,622
Uses of cash:
Cash dividends paid	(4,092)		(3,912)		(180)
Common stock repurchases	(1,646)		(5,545)		3,899
Repayments of short-term borrowings and long-term debt, net of issuances	(4,813)		—		(4,813)
Cash paid for acquisitions and other transactions, net of cash assumed	(98)		(734)		636
Purchases of investments, net of sales and maturities	(2,751)		—		(2,751)
Purchases of property, equipment and capitalized software	(1,562)		(1,784)		222
Originations and purchases of loans, net of repayments and maturities	(1,321)		(1,637)		316
Customer funds administered	—		(25)		25
Other	(1,755)		(603)		(1,152)
Total uses of cash	(18,038)		(14,240)		(3,798)
Effect of exchange rate changes on cash and cash equivalents	(3)		29		(32)
Increase in cash and cash equivalents, including cash within businesses held for sale	$	4,101	$	3,309	$	792
Less: net increase in cash within businesses held for sale	119		(25)		144
Net increase in cash and cash equivalents	$	4,220	$	3,284	$	936


	June 30, 2026
Increase (Decrease) in Market Interest Rate	Investment Income Per Annum		Interest Expense Per Annum		Fair Value of Financial Assets		Fair Value of Financial Liabilities
2 %	$	786	$	569	$	(4,386)	$	(8,511)
1	393		284		(2,237)		(4,639)
(1)	(393)		(271)		2,271		5,622
(2)	(786)		(537)		4,550		12,478


For the Month Ended	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under The Plans or Programs
	(in millions)			(in millions)	(in millions)
April 30, 2026 (b)	2.0	$	303.59	2.0	17.3
May 31, 2026 (b)	5.0	358.57		5.0	12.3
June 30, 2026	1.7	405.41		1.7	10.6
Total	8.7	$	355.37	8.7


3.1						Certificate of Incorporation of UnitedHealth Group Incorporated (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A/A filed on July 1, 2015)
3.2						Amended and Restated Bylaws of UnitedHealth Group Incorporated, effective November 6, 2025 (incorporated by reference to Exhibit 3.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on November 13, 2025)
4.1						Amended and Restated Indenture, dated as of April 27, 2023, between UnitedHealth Group Incorporated and Wilmington Trust Company, as successor trustee (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 28, 2023)
4.2						Indenture, dated as of February 4, 2008, between UnitedHealth Group Incorporated and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-3, SEC File Number 333-149031, filed on February 4, 2008)
4.3						Supplemental Indenture, dated as of April 18, 2023, between UnitedHealth Group Incorporated and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2038 (incorporated by reference to Exhibit 4.1 to UnitedHealth Group Incorporated’s Current Report on Form 8-K filed on April 24, 2023)
31.1						Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and embedded within Exhibit 101).


*						Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of certain holders of long-term debt are not filed. The Company will furnish copies thereof to the SEC upon request.


August 10, 2026			/s/ STEPHEN HEMSLEY
			Stephen Hemsley Chair and Chief Executive Officer


August 10, 2026			/s/ WAYNE DEVEYDT
			Wayne DeVeydt Chief Financial Officer