Unitedhealth Group Inc 10-Q for FY2026 Q3

Unitedhealth Group Inc (UNH)

10-Q 2026-11-03 For: 2026-09-30

Added on November 03, 2026

About this 10-Q

Unitedhealth Group Inc filed this 10-Q on November 3, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

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

Revenue: $112.69B; down 0.4% from $113.16B a year earlier
Net income: $4.11B; up 75.0% from net income of $2.35B a year earlier
Diluted EPS: $4.56; up 76.1% from $2.59 a year earlier

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			Page

Part I. Financial Information
Item 1.	Financial Statements (unaudited)		1
	Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025		1
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025		2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025		3
	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2026 and 2025		4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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	12
	6.	Shareholders’ Equity	12
	7.	Commitments and Contingencies	12
	8.	Held for Sale and Dispositions	14
	9.	Segment Financial Information	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		27
Item 4.	Controls and Procedures		27
Part II. Other Information
Item 1.	Legal Proceedings		28
Item 1A.	Risk Factors		28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		28
Item 5.	Other Information		28
Item 6.	Exhibits		29
Signatures			30


(in millions, except per share data)	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	25,845	$	24,365
Short-term investments	2,704		3,756
Accounts receivable, net	20,543		23,018
Other current receivables, net	27,577		29,697
Prepaid expenses and other current assets	8,926		9,746
Total current assets	85,595		90,582
Long-term investments	58,064		54,251
Property, equipment and capitalized software, net	10,950		10,762
Goodwill	112,974		110,499
Other intangible assets, net	20,377		20,474
Other assets	24,822		23,013
Total assets	$	312,782	$	309,581
Liabilities, redeemable noncontrolling interests and equity
Current liabilities:
Medical costs payable	$	39,352	$	39,337
Accounts payable and accrued liabilities	39,560		38,032
Short-term borrowings and current maturities of long-term debt	5,617		6,069
Unearned revenues	3,397		3,413
Other current liabilities	27,909		28,046
Total current liabilities	115,835		114,897
Long-term debt, less current maturities	68,714		72,320
Deferred income taxes	2,528		2,421
Other liabilities	20,160		18,245
Total liabilities	207,237		207,883
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests	1,416		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; 896 and 906 issued and outstanding	9		9
Additional paid-in capital	—		559
Retained earnings	102,021		95,603
Accumulated other comprehensive loss	(3,934)		(2,061)
Nonredeemable noncontrolling interests	6,033		5,980
Total equity	104,129		100,090
Total liabilities, redeemable noncontrolling interests and equity	$	312,782	$	309,581


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2026		2025		2026		2025
Revenues:
Premiums	$	87,078	$	88,979	$	261,595	$	263,418
Products	14,293		13,296		41,378		39,896
Services	10,246		9,754		30,043		27,765
Investment and other income	1,077		1,132		3,431		3,273
Total revenues	112,694		113,161		336,447		334,352
Operating costs:
Medical costs	76,982		79,958		225,829		231,954
Operating costs	14,369		15,223		44,027		42,595
Cost of products sold	13,707		12,566		39,905		37,975
Depreciation and amortization	1,073		1,099		3,142		3,244
Total operating costs	106,131		108,846		312,903		315,768
Earnings from operations	6,563		4,315		23,544		18,584
Interest expense	(963)		(1,003)		(2,880)		(3,028)
Loss on sale of subsidiary and subsidiaries held for sale	(76)		(83)		(209)		(139)
Earnings before income taxes	5,524		3,229		20,455		15,417
Provision for income taxes	(1,224)		(686)		(4,004)		(2,828)
Net earnings	4,300		2,543		16,451		12,589
Earnings attributable to noncontrolling interests	(190)		(195)		(577)		(543)
Net earnings attributable to UnitedHealth Group common shareholders	$	4,110	$	2,348	$	15,874	$	12,046
Earnings per share attributable to UnitedHealth Group common shareholders:
Basic	$	4.58	$	2.59	$	17.58	$	13.27
Diluted	$	4.56	$	2.59	$	17.50	$	13.21
Basic weighted-average number of common shares outstanding	897		906		902		908
Dilutive effect of common share equivalents	5		2		4		4
Diluted weighted-average number of common shares outstanding	902		908		906		912
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents	11		16		13		12


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Net earnings	$	4,300	$	2,543	$	16,451	$	12,589
Other comprehensive (loss) income:
Gross unrealized (losses) gains on investment securities during the period	(1,821)		535		(2,219)		1,383
Income tax effect	418		(122)		509		(316)
Total unrealized (losses) gains, net of tax	(1,403)		413		(1,710)		1,067
Gross reclassification adjustment for net realized losses (gains) included in net earnings	52		(24)		62		(51)
Income tax effect	(12)		6		(14)		12
Total reclassification adjustment, net of tax	40		(18)		48		(39)
Foreign currency translation (losses) gains	(52)		(71)		(51)		148
Reclassification adjustment for translation gains included in net earnings	—		—		(160)		—
Total foreign currency translation (losses) gains	(52)		(71)		(211)		148
Other comprehensive (loss) income	(1,415)		324		(1,873)		1,176
Comprehensive income	2,885		2,867		14,578		13,765
Comprehensive income attributable to noncontrolling interests	(190)		(195)		(577)		(543)
Comprehensive income attributable to UnitedHealth Group common shareholders	$	2,695	$	2,672	$	14,001	$	13,222


	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss				Nonredeemable Noncontrolling Interests		Total Equity
Three months ended September 30, (in millions)	Shares	Amount						Net Unrealized (Losses) Gains on Investments		Foreign Currency Translation (Losses) Gains
Balance at June 30, 2026	905	$	9	$	—	$	100,957	$	(1,377)	$	(1,142)	$	6,066	$	104,513
Net earnings						4,110						174		4,284
Other comprehensive loss								(1,363)		(52)				(1,415)
Issuances of common stock, and related tax effects	1	—		216										216
Share-based compensation				223										223
Common share repurchases	(10)	—		(451)		(968)								(1,419)
Cash dividends paid on common shares ($2.32 per share)						(2,078)								(2,078)
Redeemable noncontrolling interests fair value and other adjustments				12										12
Acquisition and other adjustments of nonredeemable noncontrolling interests												(15)		(15)
Distribution to nonredeemable noncontrolling interests												(192)		(192)
Balance at September 30, 2026	896	$	9	$	—	$	102,021	$	(2,740)	$	(1,194)	$	6,033	$	104,129

Balance at June 30, 2025	905	$	9	$	—	$	97,250	$	(1,593)	$	(942)	$	5,745	$	100,469
Net earnings						2,348						167		2,515
Other comprehensive income (loss)								395		(71)				324
Issuances of common stock, and related tax effects	1	—		241										241
Share-based compensation				214										214
Common share repurchases	—	—		1		(1)								—
Cash dividends paid on common shares ($2.21 per share)						(2,002)								(2,002)
Redeemable noncontrolling interests fair value and other adjustments				(62)										(62)
Acquisition and other adjustments of nonredeemable noncontrolling interests												34		34
Distribution to nonredeemable noncontrolling interests												(164)		(164)
Balance at September 30, 2025	906	$	9	$	394	$	97,595	$	(1,198)	$	(1,013)	$	5,782	$	101,569


☒			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
September 30, 2026
Debt securities - available-for-sale:
U.S. government and agency obligations	$	3,416	$	—	$	(256)	$	3,160
State and municipal obligations	5,169		1		(466)		4,704
Corporate obligations	29,627		38		(1,447)		28,218
U.S. agency mortgage-backed securities	12,134		—		(1,256)		10,878
Non-U.S. agency mortgage-backed securities	3,495		—		(167)		3,328
Total debt securities - available-for-sale	53,841		39		(3,592)		50,288
Debt securities - held-to-maturity:
U.S. government and agency obligations	445		—		(3)		442
State and municipal obligations	25		—		(4)		21
Corporate obligations	3		—		—		3
Total debt securities - held-to-maturity	473		—		(7)		466
Total debt securities	$	54,314	$	39	$	(3,599)	$	50,754
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	$	2,783	$	2,769	$	314	$	314
Due after one year through five years	13,733		13,099		137		135
Due after five years through ten years	13,309		12,420		5		4
Due after ten years	8,387		7,794		17		13
U.S. agency mortgage-backed securities	12,134		10,878		—		—
Non-U.S. agency mortgage-backed securities	3,495		3,328		—		—
Total debt securities	$	53,841	$	50,288	$	473	$	466


	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
September 30, 2026
U.S. government and agency obligations	$	1,394	$	(44)	$	1,570	$	(212)	$	2,964	$	(256)
State and municipal obligations	1,855		(125)		2,701		(341)		4,556		(466)
Corporate obligations	18,795		(725)		6,861		(722)		25,656		(1,447)
U.S. agency mortgage-backed securities	6,290		(376)		4,575		(880)		10,865		(1,256)
Non-U.S. agency mortgage-backed securities	1,949		(55)		1,052		(112)		3,001		(167)
Total debt securities - available-for-sale	$	30,283	$	(1,325)	$	16,759	$	(2,267)	$	47,042	$	(3,592)
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
September 30, 2026
Cash and cash equivalents	$	16,386		$	9,459		$	—		$	25,845
Debt securities - available-for-sale:
U.S. government and agency obligations	3,134			26			—			3,160
State and municipal obligations	—			4,704			—			4,704
Corporate obligations	—			27,686			532			28,218
U.S. agency mortgage-backed securities	—			10,878			—			10,878
Non-U.S. agency mortgage-backed securities	—			3,328			—			3,328
Total debt securities - available-for-sale	3,134			46,622			532			50,288
Equity securities	2,200			—			74			2,274
Loan receivables	—			—			729			729
Total assets at fair value	$	21,720		$	56,081		$	1,335		$	79,136
Percentage of total assets at fair value	27		%	71		%	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
September 22	2.32		2,078


(in millions)	South American Businesses		Other Businesses
Assets
Cash and cash equivalents	$	275	$	43
Accounts receivable and other current assets	811		92
Property, equipment and capitalized software	865		129
Goodwill	168		42
Other intangible assets	251		365
Other long-term assets	323		228
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	(1,732)		(450)
Total assets	$	961	$	449
Liabilities
Medical costs payable	$	233	$	—
Accounts payable and other current liabilities	392		170
Other long-term liabilities	362		169
Total liabilities	$	987	$	339


			Optum
(in millions)	UnitedHealthcare		Optum Health (b)		Optum Insight (b)		Optum Rx		Optum Eliminations (b)		Optum		Corporate and Eliminations		Consolidated
Three Months Ended September 30, 2026
Revenues - unaffiliated customers:
Premiums	$	83,028	$	4,050	$	—	$	—	$	—	$	4,050	$	—	$	87,078
Products	—		62		45		14,186		—		14,293		—		14,293
Services	2,765		4,463		1,597		1,421		—		7,481		—		10,246
Total revenues - unaffiliated customers	85,793		8,575		1,642		15,607		—		25,824		—		111,617
Total revenues - affiliated customers	—		14,180		3,496		24,271		(1,428)		40,519		(40,519)		—
Investment and other income	537		155		336		49		—		540		—		1,077
Total revenues	$	86,330	$	22,910	$	5,474	$	39,927	$	(1,428)	$	66,883	$	(40,519)	$	112,694
Total operating costs (a)	$	83,499	$	22,175	$	4,195	$	38,209	$	(1,428)	$	63,151	$	(40,519)	$	106,131
Earnings from operations	$	2,831	$	735	$	1,279	$	1,718	$	—	$	3,732	$	—	$	6,563
Interest expense	—		—		—		—		—		—		(963)		(963)
Loss on sale of subsidiary and subsidiaries held for sale	(76)		—		—		—		—		—		—		(76)
Earnings before income taxes	$	2,755	$	735	$	1,279	$	1,718	$	—	$	3,732	$	(963)	$	5,524
Total assets	$	125,223	$	72,089	$	67,213	$	57,840	$	(492)	$	196,650	$	(9,091)	$	312,782
Purchases of property, equipment and capitalized software	159		201		394		105		—		700		—		859
Depreciation and Amortization	195		253		439		186		—		878		—		1,073
Three Months Ended September 30, 2025
Revenues - unaffiliated customers:
Premiums	$	83,924	$	5,055	$	—	$	—	$	—	$	5,055	$	—	$	88,979
Products	—		61		45		13,190		—		13,296		—		13,296
Services	2,578		4,255		1,678		1,243		—		7,176		—		9,754
Total revenues - unaffiliated customers	86,502		9,371		1,723		14,433		—		25,527		—		112,029
Total revenues - affiliated customers	—		15,811		3,324		25,195		(1,244)		43,086		(43,086)		—
Investment and other income	568		240		273		51		—		564		—		1,132
Total revenues	$	87,070	$	25,422	$	5,320	$	39,679	$	(1,244)	$	69,177	$	(43,086)	$	113,161
Total operating costs (a)	$	85,265	$	25,381	$	4,400	$	38,130	$	(1,244)	$	66,667	$	(43,086)	$	108,846
Earnings from operations	$	1,805	$	41	$	920	$	1,549	$	—	$	2,510	$	—	$	4,315
Interest expense	—		—		—		—		—		—		(1,003)		(1,003)
Loss on sale of subsidiary and subsidiaries held for sale	(83)		—		—		—		—		—		—		(83)
Earnings before income taxes	$	1,722	$	41	$	920	$	1,549	$	—	$	2,510	$	(1,003)	$	3,229
Total assets	$	130,492	$	73,964	$	60,777	$	62,528	$	—	$	197,269	$	(12,492)	$	315,269
Purchases of property, equipment and capitalized software	238		265		284		103		—		652		—		890
Depreciation and Amortization	221		274		394		210		—		878		—		1,099


(in millions, except percentages and per share data)	Three Months Ended September 30,						Increase/ (Decrease)					Nine Months Ended September 30,						Increase/ (Decrease)
	2026			2025			2026 vs. 2025					2026			2025			2026 vs. 2025
Revenues:
Premiums	$	87,078		$	88,979		$	(1,901)		(2)	%	$	261,595		$	263,418		$	(1,823)		(1)	%
Products	14,293			13,296			997			7		41,378			39,896			1,482			4
Services	10,246			9,754			492			5		30,043			27,765			2,278			8
Investment and other income	1,077			1,132			(55)			(5)		3,431			3,273			158			5
Total revenues	112,694			113,161			(467)			—		336,447			334,352			2,095			1
Operating costs:
Medical costs	76,982			79,958			(2,976)			(4)		225,829			231,954			(6,125)			(3)
Operating costs	14,369			15,223			(854)			(6)		44,027			42,595			1,432			3
Cost of products sold	13,707			12,566			1,141			9		39,905			37,975			1,930			5
Depreciation and amortization	1,073			1,099			(26)			(2)		3,142			3,244			(102)			(3)
Total operating costs	106,131			108,846			(2,715)			(2)		312,903			315,768			(2,865)			(1)
Earnings from operations	6,563			4,315			2,248			52		23,544			18,584			4,960			27
Interest expense	(963)			(1,003)			40			(4)		(2,880)			(3,028)			148			(5)
Loss on sale of subsidiary and subsidiaries held for sale	(76)			(83)			7			(8)		(209)			(139)			(70)			50
Earnings before income taxes	5,524			3,229			2,295			71		20,455			15,417			5,038			33
Provision for income taxes	(1,224)			(686)			(538)			78		(4,004)			(2,828)			(1,176)			42
Net earnings	4,300			2,543			1,757			69		16,451			12,589			3,862			31
Earnings attributable to noncontrolling interests	(190)			(195)			5			(3)		(577)			(543)			(34)			6
Net earnings attributable to UnitedHealth Group common shareholders	$	4,110		$	2,348		$	1,762		75	%	$	15,874		$	12,046		$	3,828		32	%
Diluted earnings per share attributable to UnitedHealth Group common shareholders	$	4.56		$	2.59		$	1.97				$	17.50		$	13.21		$	4.29
Medical care ratio (a)	88.4		%	89.9		%	(1.5)		%			86.3		%	88.1		%	(1.8)		%
Operating cost ratio	12.8			13.5			(0.7)					13.1			12.7			0.4
Operating margin	5.8			3.8			2.0					7.0			5.6			1.4
Tax rate	22.2			21.2			1.0					19.6			18.3			1.3
Net earnings margin (b)	3.6			2.1			1.5					4.7			3.6			1.1
Return on equity (c)	16.7		%	9.9		%	6.8		%			21.8		%	17.0		%	4.8		%


	September 30,		Increase/(Decrease)
(in thousands, except percentages)	2026	2025	2026 vs. 2025
Commercial:
Risk-based	7,575	8,440	(865)	(10)	%
Fee-based	22,180	21,490	690	3
Total Commercial	29,755	29,930	(175)	(1)
Medicare Advantage	7,605	8,435	(830)	(10)
Medicaid	6,695	7,460	(765)	(10)
Medicare Supplement (Standardized)	4,245	4,300	(55)	(1)
Total Community and Senior	18,545	20,195	(1,650)	(8)
Total UnitedHealthcare - Medical	48,300	50,125	(1,825)	(4)	%
Supplemental Data:
Medicare Part D stand-alone	2,690	2,795	(105)	(4)	%
South American businesses held for sale	1,140	1,160	(20)	(2)	%


	Nine Months Ended September 30,				Increase/(Decrease)
(in millions)	2026		2025		2026 vs. 2025
Sources of cash:
Cash provided by operating activities	$	25,087	$	18,589	$	6,498
Issuances of short-term borrowings and long-term debt, net of repayments	—		2,438		(2,438)
Cash received from dispositions and other strategic transactions, net	1,113		214		899
Proceeds from common stock issuances	599		803		(204)
Sales and maturities of investments, net of purchases	—		1,657		(1,657)
Repayments of care provider loans - cyberattack	282		1,543		(1,261)
Other	464		—		464
Total sources of cash	27,545		25,244		2,301
Uses of cash:
Cash dividends paid	(6,170)		(5,914)		(256)
Common stock repurchases	(5,031)		(5,545)		514
Repayments of short-term borrowings and long-term debt, net of issuances	(3,075)		—		(3,075)
Cash paid for acquisitions and other transactions, net of cash assumed	(1,538)		(4,436)		2,898
Purchases of investments, net of sales and maturities	(4,486)		—		(4,486)
Purchases of property, equipment and capitalized software	(2,421)		(2,674)		253
Originations and purchases of loans, net of repayments and maturities	(2,232)		(2,288)		56
Customer funds administered	(743)		(1,792)		1,049
Other	(613)		(693)		80
Total uses of cash	(26,309)		(23,342)		(2,967)
Effect of exchange rate changes on cash and cash equivalents	(11)		25		(36)
Increase in cash and cash equivalents, including cash within businesses held for sale	$	1,225	$	1,927	$	(702)
Net change in cash within businesses held for sale	255		(29)		284
Net increase in cash and cash equivalents	$	1,480	$	1,898	$	(418)


	September 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 %	$	738	$	616	$	(4,440)	$	(7,380)
1	369		308		(2,280)		(4,010)
(1)	(369)		(294)		2,361		4,812
(2)	(738)		(583)		4,751		10,637


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)
July 31, 2026	1.5	$	424.31	1.5	9.1
August 31, 2026	1.4	402.79		1.4	7.7
September 30, 2026	0.5	388.67		0.5	7.2
Total	3.4	$	410.01	3.4


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.


November 3, 2026			/s/ STEPHEN HEMSLEY
			Stephen Hemsley Chair and Chief Executive Officer


November 3, 2026			/s/ WAYNE DEVEYDT
			Wayne DeVeydt Chief Financial Officer