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UNHUnitedHealth Group

Health care · Health Insurance · NYSE
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The 10-K against last year's

92 changes: 22 added, 13 removed, 53 reworded, 4 quiet changes

10-K Mar 2, 2026 vs Feb 27, 2025
Risk FactorsRedline ↓
12.0%
of the text changed · 9,757 words now
MD&ARedline ↓
25.8%
of the text changed · 6,439 words now
Legal ProceedingsRedline ↓
32.2%
of the text changed · 841 words now
Accounting PoliciesRedline ↓
25.6%
of the text changed · 4,800 words now

10-K 0000731766-26-000062 (2026-03-02) vs 10-K 0000731766-25-000063 (2025-02-27)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 182 words changed in this paragraph; it is 45% similar to last year's version.
FDIC, the Consumer Financial Protection Bureau, the Defense Contract Audit Agency, the Food and Drug Administration and other governmental authorities. Similarly, the Company’s international businesses are also subject to investigations, audits and reviews by applicable foreign governments and other non-U.S. governmental authorities. be materially adversely affected. Certain of the Company’s businesses have been reviewed or are currently under review, including for, among other matters, compliance with coding and other requirements under the Medicare risk-adjustment model. CMS has and OIG have selected certain of the Company’s local plans for risk adjustment data validation (RADV) audits to validate the coding practices of and supporting documentation maintained by health care providers and such audits may result in retrospective adjustments to payments made to the Company’s health plans. On February 14, 2017, the DOJ announced its decision to pursue certain claims within a lawsuit initially asserted against the Company and filed under seal by a whistleblower in 2011. The whistleblower’s complaint, which was unsealed on February 15, 2017, alleges the Company made improper risk adjustment submissions and violated the False Claims Act. On February 12, 2018, the court granted in part and denied in part the Company’s motion to dismiss. In May 2018, the DOJ moved to dismiss the Company’s counterclaims, which were filed in March 2018, and moved for partial summary judgment. In March 2019, the court denied the government’s motion for partial summary judgment and dismissed the Company’s counterclaims without prejudice. The Company cannot reasonably estimate the outcome which may result from this matter given its procedural status.

Source: Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000731766-26-000062 vs Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000731766-25-000063

Risk Factors 180 words changed in this paragraph; it is 42% similar to last year's version.
We provide pharmacy care services through our Optum Rx and UnitedHealthcare businesses. Each business is subject to federal and state anti-kickback, beneficiary inducement and other laws governing the relationships of the business with pharmaceutical manufacturers, physicians, pharmacies, customers and consumers. In addition, federal and state legislatures regularly consider new regulations for the industry which could materially affect current industry practices, including potential new legislation and regulations regarding the receipt or disclosure of rebates and other fees from pharmaceutical companies, the development and use of formularies and other utilization management tools, the use of average wholesale prices or other pricing benchmarks, pricing for specialty pharmaceuticals, limited access to networks and pharmacy network reimbursement methodologies. Further, various governmental agencies have conducted and continue to conduct investigations and studies into certain PBM practices, which have resulted and in future periods may result in PBMs agreeing to civil penalties, including the payment of money and entry into corporate integrity agreements, or could materially and adversely impact the PBM business model. As a provider of pharmacy benefit management services, Optum Rx is also subject to an increasing number of licensure, registration and other laws and accreditation standards. Optum Rx conducts business through home delivery, specialty and compounding pharmacies, pharmacies located in community mental health centers and home infusion, which subjects it to extensive federal, state and local laws and regulations, including those of the DEA and individual state controlled substance authorities, the Food and Drug Administration and Boards of Pharmacy.

Source: Item 1A, 10-K 0000731766-26-000062 vs Item 1A, 10-K 0000731766-25-000063

MD&A 158 words changed in this paragraph; it is 31% similar to last year's version.
Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. As We have observed increased care patterns that are above what we expected and contemplated in our pricing and benefits design, we design. We have continued also observed an increase in health care unit costs and in the intensity of services delivered, driven by increases in provider pricing and additional services bundled per visit. Additionally, the member profile of newly added patients under value-based care arrangements, additional people served by our Medicare Advantage plans in markets where other plans exited, and people served within our individual exchange business have contributed to observe increased care patterns, which medical costs. These trends may continue in future periods. We also observed an upshift in hospital coding intensity and an acceleration in the prescribing of certain high-cost medications in early response to the Inflation Reduction Act (IRA). We expect these additional factors to continue into future periods. We endeavor to mitigate those increases by engaging hospitals, physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care.

Source: Item 7, 10-K 0000731766-26-000062 vs Item 7, 10-K 0000731766-25-000063

Accounting Policies 101 words changed in this paragraph; it is 59% similar to last year's version.
Services revenue also consists of fees derived from services performed for customers who self-insure the health care costs of their employees and employees’ dependents. Under service fee contracts, the Company receives a monthly fixed fee per employee, which is recognized as revenue as the Company performs, or makes available, the applicable services to the customer. The customers retain the risk of financing health care costs for their employees and employees’ dependents, and the Company administers the payment of customer funds to physicians and other health care professionals from customer-funded bank accounts. As the Company has neither the obligation for funding the health care costs, nor the primary responsibility for providing the medical care, the Company does not recognize premium revenue and medical costs for these contracts in its Consolidated Financial Statements. For these fee-based customer arrangements, the Company provides coordination and facilitation of medical services; transaction processing; customer, consumer and care professional services; and access to contracted networks of physicians, hospitals and other health care professionals. These services are performed throughout the contract period.

Source: Item 8, Note 2 – Basis of Presentation, Use of Estimates and Significant Accounting Policies, 10-K 0000731766-26-000062 vs Item 8, Note 2 – Basis of Presentation, Use of Estimates and Significant Accounting Policies, 10-K 0000731766-25-000063

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of UNH's Risk Factors and MD&A, 10-K 2026-03-02 against 10-K 2025-02-27. Each links to the text at sec.gov.

All 92 Added 22Removed 13Reworded 53Quiet changes 4

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The risks and uncertainties discussed below are not the only risks we may face. There may be risks and uncertainties not currently known to us or that we may deem to be immaterial that could materially and adversely affect our business, results of operations, financial position, cash flows and prospects.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedRisk Factors
In addition, our success in the health care marketplace and future growth depends on our ability to develop and deliver innovative and potentially disruptive products and services to satisfy evolving market demands. If we do not continue to

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedRisk Factors
regulations regarding the receipt or disclosure of rebates and other fees from pharmaceutical companies, the development and use of formularies and other utilization management tools, the use of average wholesale prices or other pricing benchmarks, pricing for specialty pharmaceuticals, limited access to networks, and pharmacy network reimbursement methodologies.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedRisk Factors
We increasingly rely on new and evolving technologies, including those powered by or incorporating AI, as part of our internal operations and in the delivery of our products and services. AI technologies are subject to evolving and uncertain U.S. federal, state, and international laws and regulations. Emerging requirements may impose new compliance obligations, increase operating costs, or limit certain uses of AI.

Read it in 10-K 2026-03-02 at sec.gov ↗

RemovedRisk Factors
insurance entities and other insurers to the risk they would be required to pay a portion of an impaired or insolvent insurance company’s claims through state guaranty associations.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedRisk Factors
Some of our businesses are also subject to the Payment Card Industry Data Security Standard, which is a multifaceted security standard designed to protect payment card account data.

Read it in 10-K 2025-02-27 at sec.gov ↗

RewordedRisk Factors
Threat actors and hackers have previously been, and They may in the future be, able to negatively affect our operations by penetrating our security controls and causing system and operational disruptions or shutdowns, accessing, misappropriating access, misappropriate or otherwise compromising compromise protected personal information or our proprietary or confidential information or that of third parties, and developing may develop and deploying deploy malicious code (including viruses, ransomware and other malware malware, among others) that can attack our systems, exploit any security vulnerabilities, and disrupt or shutdown shut down our systems and operations.

Read it in 10-K 2026-03-02 at sec.gov ↗

Show the other 50
RewordedRisk Factors
In addition, federal and state legislatures regularly consider new regulations for the industry which could materially affect current industry practices, including potential new legislation and regulations regarding the receipt or disclosure of rebates and other fees from pharmaceutical companies, the development and use of formularies and other utilization management tools, the use of average wholesale prices or other pricing benchmarks, pricing for specialty pharmaceuticals, limited access to networks and pharmacy network reimbursement methodologies.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
Threat actors and hackers have previously been, and may in the future be, able to negatively affect our operations by penetrating our security controls and causing system and operational disruptions or shutdowns, accessing, misappropriating or otherwise compromising protected personal information or proprietary or confidential information or that of third parties, and developing and deploying viruses, ransomware and other malware that can attack our systems, exploit any security vulnerabilities, and disrupt or shutdown our systems and operations. shutdowns.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
Although we have adjusted members’ benefits and premiums on a selective basis, ceased to offer benefit plans in certain counties, and intensified both our medical and operating cost management in response to the benchmark reductions and other funding pressures, these or other strategies may not fully address the funding pressures in the Medicare Advantage program.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
In addition, we divest businesses from time to time we divest businesses, time, and any such divestiture could result in significant asset impairment and disposition charges, including those related to goodwill and other intangible assets.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
We have been the subject of downgrades and other negative credit rating actions in past periods, and may not be able to maintain our current credit ratings in the future. future periods.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
We also have been and in the future may also be a party to certain class action lawsuits lawsuits, including those brought by health care professional groups groups, consumers and consumers. investors.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
We operate in jurisdictions outside of the United States where contractual rights, tax positions and applicable regulations may be subject to varying degrees of interpretation or uncertainty to a greater degree than in the United States, uncertainty, and therefore subject to dispute by customers, government authorities or others.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
As an enterprise, we We increasingly rely on new and evolving technologies, including those technologies powered by or incorporating AI/ML, as part of AI in our internal operations and in the delivery of our products and services.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
We expect there will continue to be new proposed laws, regulations and industry standards concerning privacy, data protection, information security, and AI/ML and automation in the European Union, UK, Chile, India and other jurisdictions, and we cannot yet determine the impacts such future laws, regulations and standards which may have negative impacts on our businesses or the businesses of our customers.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
For example, legislative, administrative and public policy changes to the ACA have been and likely will continue to be considered, and we cannot predict if the ACA will be further modified. modified or to what extent such modifications may impact our businesses or member enrollment.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedRisk Factors
In addition, a delay in payment of principal or interest by issuers, issuers or other borrowers, or defaults by issuers (primarily issuers of our investments in corporate and municipal bonds), bonds) or other borrowers, could reduce our investment income and require us to write down the value of our investments or loans, which could adversely affect our profitability and equity.

Read it in 10-K 2026-03-02 at sec.gov ↗

Quiet changesRisk Factors
If we are unable to attract, develop, retain and effectively manage the development and succession plans for key employees and executives, our business, results of operations and future performance could be adversely affected. suffer.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
On January 1, 2026, we realigned certain of our businesses to respond to changes in the markets we serve and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health, will now be included in Optum Insight. Our reportable segments will remain unchanged, with prior period segment financial information being recast to conform to the 2026 presentation, beginning with our Quarterly Report of Form 10-Q for the three months ended March 31, 2026 filed with the SEC.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
In the fourth quarter of 2025, the Company took various actions as a result of a strategic review of the Company’s assets and businesses to operationally advance and scale core businesses and initiatives, including the value-based care business at Optum Health. These actions primarily include losses on business exits and dispositions and other businesses held for sale and a gain on the deconsolidation of a business. As a result of the Company’s portfolio actions, the Company recorded a net gain of $568 million, which included a net gain of $1.5 billion at Optum Rx, partially offset by losses of $821 million and $68 million at Optum Health and Optum Insight, respectively. Gains and losses on portfolio actions were recorded within operating costs on the Consolidated Statements of Operations.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
Additionally, in the fourth quarter of 2025 the Company took restructuring and other actions that resulted in a total impact of $2.5 billion, which included real estate rationalization and workforce reductions of $746 million, contractual reassessments of $573 million, the establishment a loss contract reserve related to anticipated future losses in 2026 for certain value-based care businesses of $623 million, net valuation losses on equity securities of $329 million and the advance funding of the United Health Foundation of $250 million. The $2.5 billion impact of the restructuring and other actions was a reduction to premium revenue of $122 million and investment and other income of $397 million, and increased medical costs $623 million and operating costs $1.4 billion on the Consolidated Statements of Operations. The impacts by reportable segment were $153

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
The net impact on 2026 cash flows as a result of the restructuring actions taken in 2025 is not expected to be material, with accruals recorded in 2025 resulting in operating cash outflows, offset by investing cash inflows related sales of businesses that are held for sale.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
To support care providers impacted by the Change Healthcare cyberattack that occurred on February 21, 2024, the Company provided interest-free loans. In the fourth quarter of 2025, the Company increased its reserves for net collection expectations associated with provider loans and other customer balances of $799 million, which were recorded within operating costs on the Consolidated Statements of Operations and related to Optum Insight.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
Optum Health’s fully accountable value-based care businesses have been impacted by Medicare funding reductions and have also seen continued medical cost trend pressures, which may impact future pricing in the markets we continue to participate in. As a result of increased pricing in response to anticipated care patterns in 2026 and decreased people served through UnitedHealthcare Medicare Advantage offerings, we expect the number of people served under value-based care arrangements to contract.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. We have observed increased care patterns that are above what we expected and contemplated in our pricing and benefits design. We have also observed an increase in health care unit costs and in the intensity of services delivered, driven by increases in provider pricing and additional services bundled per visit. Additionally, the member profile of newly added patients under value-based care arrangements, additional people served by our Medicare Advantage plans in markets where other plans exited, and people served within our individual exchange business have contributed to increased medical costs. These trends may continue in future periods.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
The Inflation Reduction Act (IRA) altered the Medicare Part D model and benefits, shifting more risk to plans, which results in both increased premiums and medical costs. The IRA also changed the quarterly relationship of medical costs to premiums, altering the seasonal progression and creating a more consistent relationship between medical costs and premiums throughout the year.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
We endeavor to mitigate medical cost increases by engaging hospitals, physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care. Additionally, we have elevated our audit, clinical policy and payment integrity tools to protect customers and patients from unnecessary costs.

Read it in 10-K 2026-03-02 at sec.gov ↗

AddedMD&A
•Earnings from operations of $19.0 billion compared to $32.3 billion last year, impacted by elevated medical cost trend, restructuring and other actions, gains related to business portfolio refinement in 2024, partially offset by net portfolio divestitures in 2025 and decreased impacts related to the Change Healthcare cyberattack.

Read it in 10-K 2026-03-02 at sec.gov ↗

RemovedMD&A
As previously announced, on February 21, 2024, we identified that cybercrime threat actors had gained access to certain Change Healthcare information technology systems. Upon detection of this outside threat, we isolated the impacted systems to protect our partners and customers.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
We have substantially mitigated the impact to consumers and care providers of the unprecedented cyberattack on the U.S. health system and restored or replaced the majority of the affected Change Healthcare services. To support care providers we provided interest-free loans of more than $9 billion through December 31, 2024. For the year ended December 31, 2024, we incurred $2.2 billion of direct response costs, including costs associated with providing interest-free loans; increased medical care expenditures, as we suspended some care management activities to help care providers with their workflow processes; network restoration; and notifications of impacted persons. Optum Insight also experienced estimated business disruption impacts of $867 million for the year ended December 31, 2024, reflecting lost revenue while maintaining full readiness of the affected Change Healthcare services. We expect to continue to incur direct response costs and experience business disruption impacts at a lesser extent in 2025 as we work to bring transaction volumes back to pre-event levels and win new business.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
We have determined the estimated total number of individuals impacted by the Change Healthcare cyberattack is approximately 190 million. The vast majority of those people have already been provided individual or substitute notice. The final number will be confirmed and filed with the Office for Civil Rights. Change Healthcare is not aware of any misuse of individuals’ information as a result of this incident and has not seen electronic medical record databases appear in the data during the analysis. It is possible that future risks and uncertainties resulting from the Change Healthcare cyberattack, including risks related to impacted data, litigation, reputational harm, and regulatory actions could adversely affect our financial condition or results of operations.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
Medical Cost Trends. Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. As expected and contemplated in our benefits design, we have continued to observe increased care patterns, which may continue in future periods. We also observed an upshift in hospital coding intensity and an acceleration in the prescribing of certain high-cost medications in early response to the Inflation Reduction Act (IRA). We expect these additional factors to continue into future periods. We endeavor to mitigate those increases by engaging hospitals, physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
As a result of the Change Healthcare cyberattack, we incurred medical costs related to the impact of the temporary suspension of some care management activities, impacting our UnitedHealthcare and Optum Health businesses, to help care providers with their workflow processes. Early in the second quarter we resumed these activities. For the year ended December 31, 2024, medical costs related to the temporary suspension of some care management activities were approximately $640 million.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
Medicaid Redeterminations. Medicaid redeterminations have impacted the number of people served through our Medicaid offerings, partially offset by an increase in consumers served through our commercial offerings as we endeavor to ensure that people and families have continued access to care. The Medicaid redetermination process has also caused a timing mismatch between the current health status of people served through Medicaid and state rate updates, which remained well short of current care activity. We expect this gap between people’s health status and rates will narrow in 2025.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
The increases in revenues were primarily driven by growth in Optum Rx, UnitedHealthcare’s domestic offerings and Optum Health, partially offset by the sale of UnitedHealthcare’s Brazil operations.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
On February 6, 2024, the Company completed the sale of its Brazil operations. During the year ended December 31, 2024, we recorded a loss of $7.1 billion, of which $4.1 billion related to the impact of cumulative foreign currency translation losses previously included in accumulated other comprehensive loss.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
In the second quarter of 2024, the Company initiated a plan to sell its remaining South American operations, which were classified as held for sale as of December 31, 2024. During the year ended December 31, 2024, we recorded a loss of $1.2 billion, of which $855 million related to the impact of cumulative foreign currency translation losses.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
Pending Acquisitions. As of December 31, 2024, we have entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions. The total anticipated capital required for these acquisitions, excluding the payoff of acquired indebtedness, is approximately $4 billion.

Read it in 10-K 2025-02-27 at sec.gov ↗

RewordedMD&A
Other significant changes in sources or uses of cash year-over-year included increased the net issuances impacts of short-term borrowings and long-term debt, net sales and maturities of investments and cash received from dispositions, offset by loans to care providers in response to the Change Healthcare cyberattack, increased decreased cash paid for acquisitions and other transactions, decreased common share repurchases and increased customer funds administered administered, offset by decreased net issuances of short-term borrowings and long-term debt, decreased cash received from dispositions, increased share repurchases. net originations and purchases of loans and decreased proceeds from common stock issuances.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
The following table summarizes UnitedHealthcare revenues by business:For the Years Ended December 31, Change (in millions, except percentages) 2025 2024 2023 2022 2025 vs. 2024 vs. 2023 UnitedHealthcare Employer & Individual - Domestic $ 75,940 $ 74,489 $ 67,187 $ 63,599 $ 7,302 11% 1,451 2% UnitedHealthcare Employer & Individual - Global 3,288 3,667 9,307 8,668 (5,640) (61) (379) (10)% UnitedHealthcare Employer & Individual - Total 79,228 78,156 76,494 72,267 1,662 2 1,072 1% UnitedHealthcare Medicare & Retirement 171,285 139,482 129,862 113,671 9,620 7 31,803 23% UnitedHealthcare Community & State 94,390 80,570 75,004 63,803 5,566 7 13,820 17% Total UnitedHealthcare revenues $ 344,903 $ 298,208 $ 281,360 $ 249,741 $ 16,848 6% 46,695 16%

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
Our U.S. regulated subsidiaries received capital infusions, net of dividends, of $535 million and paid their parent companies dividends dividends, net of capital infusions, of $9.2 billion in 2025 and $8.0 billion in 2024 and 2023, 2024, respectively.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
Medical costs increased primarily due to the IRA-driven impacts on Medicare Part D plans, elevated medical cost trend and growth in people served through Medicare Advantage and domestic commercial offerings and member mix. those with higher acuity needs.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
Revenues at Optum Health increased decreased primarily due to organic the conversion of risk-based contracts to fee-based, Medicare Advantage funding reductions and the profile of members served, partially offset by growth in patients served under value-based care arrangements.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
Optum Health served approximately 95 million people as of December 31, 2025 compared to 100 million people as of December 31, 2024 compared to 103 million people as of December 31, 2023. 2024.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
We are working to accelerate this vision realization of these benefits through the innovation and integration of our care delivery models models, including in-clinic, in-home, behavioral and virtual care, and by using our data data, analytics and analytics AI to provide clinicians with the information necessary information in order to provide the best possible care in the most cost efficient cost-efficient setting.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
In Medicaid, we believe the The funding and payment rate environment remains insufficient to meet the health needs of patients and creates the risk of continued downward pressure on Medicaid margin percentages.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
Earnings from operations increased with growth at decreased due to Optum Health and Optum Rx, Insight, partially offset by decreased earnings from operations at Optum Insight. Rx.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
As of December 31, 2024, 2025, our cash, cash equivalent, available-for-sale debt securities and marketable equity securities balances of $77.1 $74.7 billion included $25.3 $24.4 billion of cash and cash equivalents (of which approximately $800 million $1.1 billion was available for general corporate use), $46.9 $48.2 billion of debt securities and $4.9 $2.1 billion of marketable equity securities.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
See Note 12 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” for further detail of our obligations and the timing of expected future payments. detail.

Read it in 10-K 2026-03-02 at sec.gov ↗

RewordedMD&A
Medicare Advantage funding continues to be pressured, as discussed below in “Regulatory Trends and Uncertainties” and we have observed increased care patterns as discussed below in “Medical Cost Trends. Trends”, which is contemplated in our 2026 benefit design approach.

Read it in 10-K 2026-03-02 at sec.gov ↗

Quiet changesMD&A
Management believes the amount of medical costs payable is reasonable and adequate to cover our liability for unpaid claims as of December 31, 2024; however, 2025, but actual claim payments may differ from established estimates as discussed above.

Read it in 10-K 2026-03-02 at sec.gov ↗

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