{"schemaVersion":1,"research":true,"symbol":"unh","name":"Unitedhealth Group","topic":"moat","path":"/stock/unh/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:32:19.100Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"A qualified narrow moat rests on Optum Insight’s multiyear arrangements and integration into customers’ technology applications, supporting switching friction. Extensive provider and pharmacy networks demonstrate operating scale, but superior costs or network effects are not established. Pricing power is mixed: 2026 repricing supported recovery after substantial 2025 underpricing, while benefit and pricing actions contributed to membership contraction. Neither exceptional durability nor a wide moat is demonstrated.","advantages":[{"mechanism":"switching_costs","claim":"Optum Insight’s multiyear service arrangements and integration with other vendors’ applications support a current, limited switching-cost advantage. Switching friction is inferred from contractual duration and integration rather than measured migration costs.","durability":"Several-year delivery periods and historically informed renewal expectations support persistence beyond individual transactions. However, backlog includes anticipated renewals and affiliated agreements, limiting evidence of independently committed customer demand.","risks":"Aggregate backlog declined from $32.8 billion in 2024 to $31.1 billion in 2025 while affiliated backlog increased. Technology substitution, service disruption and unsuccessful systems investment could weaken integration benefits. Insurance membership losses demonstrate limits to customer dependency elsewhere in the group.","invalidation":"Persistent declines in unaffiliated backlog accompanied by falling renewals or external customer revenue would undermine the advantage. Evidence that customers routinely replace integrated products without meaningful disruption or cost would invalidate the switching-friction inference.","competitors":[],"evidenceIds":["e28","e30","e31","e35"],"counterEvidenceIds":["e32","e33","e154","e155","e321"]}],"evidence":[{"id":"e28","sourceId":"filing-1","location":"Business / Optum Insight / multiyear delivery","excerpt":"Many of Optum Insight’s software and information products and professional services are delivered over extended periods, often several years."},{"id":"e30","sourceId":"filing-1","location":"Business / Optum Insight / backlog composition","excerpt":"The backlog consists of estimated revenue from signed contracts, other legally binding agreements and anticipated contract renewals based on historical experience with Optum Insight’s customers."},{"id":"e31","sourceId":"filing-1","location":"Business / Optum Insight / 2025 backlog","excerpt":"Optum Insight’s aggregate backlog as of December 31, 2025 was approximately $31.1 billion, of which $18.3 billion is expected to be realized within the next 12 months."},{"id":"e32","sourceId":"filing-1","location":"Business / Optum Insight / affiliated backlog","excerpt":"The aggregate backlog includes $12.9 billion related to affiliated agreements."},{"id":"e33","sourceId":"filing-1","location":"Business / Optum Insight / comparative backlog","excerpt":"Optum Insight’s aggregate backlog as of December 31, 2024, was $32.8 billion, including $12.5 billion related to affiliated agreements."},{"id":"e35","sourceId":"filing-1","location":"Business / Optum Insight / vendor integrations","excerpt":"Optum Insight’s products are also supported and distributed through an array of alliances and business partnerships with other technology vendors, who integrate and interface Optum Insight’s products with their applications."},{"id":"e36","sourceId":"filing-1","location":"Business / Optum Rx / pharmacy network","excerpt":"Optum Rx Optum Rx provides a full spectrum of pharmacy care services through its network of approximately 64,000 retail pharmacies, through home delivery, specialty and community health pharmacies, the provision of in-home and community-based infusion services and through rare disease and gene therapy support services."},{"id":"e40","sourceId":"filing-1","location":"Business / UnitedHealthcare / discounted network access","excerpt":"UnitedHealthcare arranges for discounted access to care through its extensive networks and uses Optum’s capabilities to help coordinate and provide patient care, improve affordability of medical care, analyze cost trends, manage pharmacy care services, work with care providers more effectively and create a simpler and more satisfying consumer and physician experience."},{"id":"e45","sourceId":"filing-1","location":"Business / Employer & Individual / fixed premium period","excerpt":"UnitedHealthcare Employer & Individual offers risk-based products under which it assumes responsibility for medical and administrative costs in exchange for a monthly premium, typically a fixed rate per individual served for a one-year period."},{"id":"e60","sourceId":"filing-1","location":"MD&A / Pricing Trends / realized 2025 underpricing","excerpt":"For 2025, our pricing trends and patient and member health status assumptions were well-short of the medical cost trends incurred, significantly impacting our earnings."},{"id":"e68","sourceId":"filing-1","location":"MD&A / segment results / 2023–2025 operating earnings","excerpt":"2024 Revenues UnitedHealthcare $ 344,903 $ 298,208 $ 281,360 $ 46,695 16 % Optum Health 101,957 105,358 95,319 (3,401) (3) Optum Insight 19,417 18,757 18,932 660 4 Optum Rx 154,726 133,231 116,087 21,495 16 Optum eliminations (5,480) (4,389) (3,703) (1,091) 25 Optum 270,620 252,957 226,635 17,663 7 Eliminations (167,956) (150,887) (136,373) (17,069) 11 Consolidated revenues $ 447,567 $ 400,278 $ 371,622 $ 47,289 12 % Earnings from operations UnitedHealthcare $ 9,425 $ 15,584 $ 16,415 $ (6,159) (40) % Optum Health (278) 7,770 6,560 (8,048) (104) Optum Insight 2,624 3,097 4,268 (473) (15) Optum Rx 7,193 5,836 5,115 1,357 23 Optum 9,539 16,703 15,943 (7,164) (43) Consolidated earnings from operations $ 18,964 $ 32,287 $ 32,358 $ (13,323) (41) % Operating margin UnitedHealthcare 2.7 % 5.2 % 5.8 % (2.5) % Optum Health (0.3) 7.4 6.9 (7.7) Optum Insight 13.5 16.5 22.5 (3.0) Optum Rx 4.6 4.4 4.4 0.2 Optum 3.5 6.6 7.0 (3.1) Consolidated operating margin 4.2 % 8.1 % 8.7 % (3.9) % 29 Table of Contents UnitedHealthcare The following table summarizes UnitedHealthcare revenues by business: For the Years Ended December 31, Change (in millions, except percentages) 2025 2024 2023 2025 vs."},{"id":"e71","sourceId":"filing-1","location":"Note 10 / common share repurchases and dividends","excerpt":"64 Table of Contents A summary of common share repurchases for the years ended December 31, 2025 and 2024 is as follows: Years Ended December 31, (in millions, except per share data) 2025 2024 Common share repurchases, shares 12 17 Common share repurchases, average price per share $ 454.82 $ 529.85 Common share repurchases, aggregate cost $ 5,482 $ 8,942 Board authorized shares remaining 21 33 Dividends In June 2025, the Company’s Board of Directors increased the Company’s quarterly cash dividend to shareholders to an annual rate of $8.84 compared to $8.40 per share, which the Company had paid since June 2024."},{"id":"e77","sourceId":"filing-1","location":"Share-Based Compensation / awards, exercises and expense","excerpt":"Stock Options Stock option activity for the year ended December 31, 2025 is summarized in the table below: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (in millions) (in years) (in millions) Outstanding at beginning of period 17 $ 370 Granted 5 389 Exercised (3) 215 Forfeited (1) 491 Outstanding at end of period 18 391 5.6 $ 546 Exercisable at end of period 11 336 4.0 505 Vested and expected to vest, end of period 18 390 5.5 542 Restricted Shares Restricted share activity for the year ended December 31, 2025 is summarized in the table below: (shares in millions) Shares Weighted-Average Grant Date Fair Value per Share Nonvested at beginning of period 4 $ 489 Granted 3 421 Vested (2) 503 Nonvested at end of period 5 441 65 Table of Contents Other Share-Based Compensation Data (in millions, except per share amounts) For the Years Ended December 31, 2025 2024 2023 Stock Options Weighted-average grant date fair value of shares granted, per share $ 110 $ 138 $ 134 Total intrinsic value of stock options exercised 616 1,886 1,325 Restricted Shares Weighted-average grant date fair value of shares granted, per share 421 523 493 Total fair value of restricted shares vested 553 690 803 Employee Stock Purchase Plan Number of shares purchased 1 1 1 Share-Based Compensation Items Share-based compensation expense, before tax $ 971 $ 1,018 $ 1,059 Share-based compensation expense, net of tax effects 865 896 937 Income tax benefit realized from share-based award exercises 130 216 231 (in millions, except years) December 31, 2025 Unrecognized compensation expense related to share awards $ 1,333 Weighted-average years to recognize compensation expense 1.3 Share-Based Compensation Recognition and Estimates The principal assumptions the Company used in calculating grant-date fair value for stock options were as follows: For the Years Ended December 31, 2025 2024 2023 Risk-free interest rate 3.7% - 4.3% 3.6% - 4.4% 3.8% - 4.6% Expected volatility 25.1% - 33.5% 25.5% - 30.7% 29.7% - 30.6% Expected dividend yield 1.7% - 3.5% 1.4% - 1.5% 1.3% - 1.5% Forfeiture rate 5.0% 5.0% 5.0% Expected life in years 4.8 4.6 4.6 Risk-free interest rates are based on U.S."},{"id":"e99","sourceId":"filing-1","location":"Parent-company schedule / subsidiary cash dividends","excerpt":"Cash dividends received from subsidiaries and included in Cash Flows from Operating Activities in the Condensed Statements of Cash Flows were $6.8 billion, $19.3 billion and $18.5 billion in 2025, 2024 and 2023, respectively."},{"id":"e101","sourceId":"filing-1","location":"Parent-company schedule / cash contributions to subsidiaries","excerpt":"Cash contributions to the parent company’s subsidiaries were $6.8 billion and $2.5 billion in 2025 and 2023, respectively, with no cash contributions in 2024."},{"id":"e137","sourceId":"filing-1","location":"Government Regulation / restrictions on subsidiary dividends","excerpt":"These laws and regulations may restrict the ability of our regulated subsidiaries to pay dividends to our holding companies."},{"id":"e149","sourceId":"filing-1","location":"Competition / generic competitor categories","excerpt":"Our competitors include organizations ranging from startups to highly sophisticated Fortune 50 global enterprises, for-profit and non-profit companies, and private and government-sponsored entities."},{"id":"e154","sourceId":"filing-1","location":"Risk factors / continuing technology investment requirements","excerpt":"Our ability to protect and enhance existing systems and develop new systems to keep pace with changes in information processing technology (including AI), regulatory standards and changing customer preferences will require our ongoing commitment of significant development and operational resources."},{"id":"e155","sourceId":"filing-1","location":"Risk factors / technology investment outcomes","excerpt":"If these commitments fail to provide the anticipated benefits, if we are unable to successfully anticipate future technology developments, or if the cost to keep pace with the technological changes exceeds our estimates, we could be exposed to reputational harm and experience adverse effects on our business."},{"id":"e161","sourceId":"filing-1","location":"Risk factors / provider bargaining power","excerpt":"In some markets, certain health care providers, particularly hospitals, physician and hospital organizations or multi-specialty physician groups, may have significant market positions which could diminish our bargaining power."},{"id":"e225","sourceId":"filing-1","location":"Critical accounting estimates / medical claims settlement","excerpt":"Approximately 90% of claims related to medical care services are known and settled within 90 days from the date of service."},{"id":"e240","sourceId":"filing-1","location":"Auditor report / internal control opinion","excerpt":"We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 2, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting."},{"id":"e258","sourceId":"filing-1","location":"Segment information / CMS premium revenue concentration","excerpt":"As a percentage of the Company’s total consolidated revenues, premium revenues from CMS were 44%, 40% and 40% for the years ended December 31, 2025, 2024 and 2023, respectively, most of which were generated by UnitedHealthcare Medicare & Retirement and included in the UnitedHealthcare segment."},{"id":"e269","sourceId":"filing-2","location":"Note 6 / forward repurchase settlement","excerpt":"As of June 30, 2026, the Company had a liability of $2.0 billion related to the settlement of the forward contracts, which was paid on July 1, 2026."},{"id":"e272","sourceId":"filing-2","location":"Note 7 / July 2026 acquisition consideration","excerpt":"On July 2, 2026, the Company completed the acquisition for $1.5 billion in cash, with the remaining $1.5 billion payable within one year."},{"id":"e281","sourceId":"filing-2","location":"MD&A / Pricing Trends / minimum medical loss ratios","excerpt":"We continually evaluate and adjust our approach in each of the local markets we serve, considering relevant factors, such as product positioning, price competitiveness and environmental, competitive, legislative and regulatory considerations, including minimum medical loss ratio thresholds and similar revenue adjustments."},{"id":"e287","sourceId":"filing-2","location":"MD&A / individual exchange profit rebate pledge","excerpt":"Additionally, we have voluntarily pledged to rebate 2026 profits on our individual exchange products to customers as policymakers continue to work to determine how to improve affordability in this marketplace."},{"id":"e289","sourceId":"filing-2","location":"MD&A / Medicare Advantage pricing and membership contraction","excerpt":"Continued funding pressures have resulted in benefit and pricing actions, causing contraction in our Medicare Advantage membership, which we expect to continue throughout 2026."},{"id":"e293","sourceId":"filing-2","location":"MD&A / Medicaid funding insufficiency","excerpt":"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."},{"id":"e312","sourceId":"filing-2","location":"Results Summary / consolidated first-half and second-quarter results","excerpt":"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 (a)Medical care ratio (MCR) is calculated as medical costs divided by premium revenue."},{"id":"e314","sourceId":"filing-2","location":"Results Summary / annualized consolidated ROE definition","excerpt":"(c)Return on equity is calculated as annualized net earnings attributable to UnitedHealth Group common shareholders divided by average shareholders’ equity."},{"id":"e315","sourceId":"filing-2","location":"Results Summary / average equity definition","excerpt":"Average shareholders’ equity is calculated using the shareholders’ equity balance at the end of the preceding year and the shareholders’ equity balances at the end of each of the quarters in the year presented."},{"id":"e316","sourceId":"filing-2","location":"MD&A / realized revenue drivers","excerpt":"18 Table of Contents 2026 RESULTS OF OPERATIONS COMPARED TO 2025 RESULTS OF OPERATIONS Consolidated Financial Results Revenues The increases in revenues were primarily driven by pricing trends at UnitedHealthcare, partially offset by decreased people served through Medicare Advantage, commercial risk-based offerings and Medicaid and a decrease in patients served under value-based arrangements at Optum Health."},{"id":"e317","sourceId":"filing-2","location":"MD&A / medical costs and favorable reserve development","excerpt":"Medical Costs and MCR Medical costs decreased primarily due to fewer people served across UnitedHealthcare and Optum Health and favorable prior period reserve development, partially offset by elevated medical cost trend which remains above historical levels and continues to be affected by higher provider reimbursement under the No Surprises Act and increased service and coding intensity in commercial."},{"id":"e321","sourceId":"filing-2","location":"UnitedHealthcare results / membership and revenue drivers","excerpt":"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) % For the three months ended June 30, 2026, UnitedHealthcare’s revenues decreased due to the contraction in people served through Medicare Advantage, risk-based commercial offerings and Medicaid offerings; and our pledge to rebate profits on our individual exchange products to customers; partially offset by pricing trends and actions, including increased Medicaid rates, and growth in people served through fee-based commercial offerings."},{"id":"e323","sourceId":"filing-2","location":"UnitedHealthcare results / earnings recovery drivers","excerpt":"Earnings from operations increased due to the revenue drivers discussed above, as well as favorable prior period reserve development, and affordability and medical cost management initiatives, partially offset by investments to support future growth."},{"id":"e328","sourceId":"filing-2","location":"Liquidity / first-half cash sources, uses and timing effects","excerpt":"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 2026 Cash Flows Compared to 2025 Cash Flows Increased cash flows provided by operating activities were driven by increased earnings, timing of government payments, other favorable working capital dynamics and legislative changes from the Inflation Reduction Act impacting pharmacy rebates."},{"id":"e331","sourceId":"filing-2","location":"Liquidity / first-half share repurchases","excerpt":"Share Repurchase Program. During the six months ended June 30, 2026, we repurchased approximately 10.5 million shares at an average price of $344.08 per share, including 6.4 million shares purchased and held by a counterparty at an average price of $312.73 per share pursuant to forward share repurchase contracts that were settled on July 1, 2026."},{"id":"e399","sourceId":"filing-2","location":"Liquidity / credit facility covenant compliance","excerpt":"As of June 30, 2026, we were in compliance with the various covenants under our bank credit facilities."},{"id":"e405","sourceId":"filing-2","location":"Regulatory Capital / statutory capital requirements","excerpt":"Regulatory Capital. Our regulated insurance and HMO subsidiaries have specified levels of statutory capital required to be maintained, which fluctuates based upon premiums received and the MCR of the regulated subsidiary."},{"id":"e406","sourceId":"filing-2","location":"Regulatory Capital / risk-limiting agreements","excerpt":"We have various agreements with reinsurers that could limit our risk of loss under certain circumstances, thus reducing our capital and surplus requirements."},{"id":"e407","sourceId":"filing-2","location":"Regulatory Capital / deposit accounting treatment","excerpt":"These agreements do not qualify for reinsurance accounting and are therefore accounted for under deposit accounting."},{"id":"e414","sourceId":"filing-2","location":"Market Risk / investment diversification and partial rate matching","excerpt":"We manage exposure to market interest rates by diversifying investments across different fixed-income market sectors and debt across maturities, as well as by matching a portion of our floating-rate assets and liabilities, either directly or through the use of interest rate swap contracts."},{"id":"e416","sourceId":"filing-3","location":"Proxy / 2025 financial performance","excerpt":"​ ​ ​ ​ ​ ​ ​ ​ ​ Our Company ​ ​ Financial Performance ​ ​ ​ ​ Market Cap: $299B ​ ​ ​ Revenue: $447.6B ​ ​ ​ Net Earnings: $12.1B ​ ​ ​ Fully Diluted Earnings Per Share: $13.23 ​ ​ ​ ​ Earnings from Operations: $19.0B ​ ​ ​ Cash Flow from Operations: $19.7B ​ ​ ​ Return on Equity: 12.8% ​ ​ ​ Annual Cash Dividend: $8.84 ​ ​ Our agenda of reform • Mission and Culture."},{"id":"e458","sourceId":"filing-3","location":"Proxy / incentive structure, retention and clawback policies","excerpt":"​ ​ Our Executive Compensation Plan Design is Aligned with our Compensation Program Principles ​ ​ Plan Design ​ ​ ​ Pay for Performance ​ ​ ​ Enhance long-term value ​ ​ ​ Sustained performance ​ ​ ​ Competitive Pay ​ ​ ​ ​ More than 90% of executive compensation is delivered in the form of annual and long-term incentives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At least 75% of the long-term incentives are in the form of performance-based stock (inclusive of awards delivered in stock options and performance shares) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-based incentives use a balanced set of performance measures, with different metrics used for annual and long-term incentives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Double-trigger accelerated vesting of stock compensation awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy to not provide cash severance exceeding 2.99x the sum of base salary and bonus to executives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All long-term incentive awards are denominated and settled in stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adopted clawback policies for (i) recoupment of incentive compensation in accordance with SEC and NYSE rules, and (ii) recoupment of cash or stock compensation in the event of fraud or misconduct causing material restatement, material detrimental conduct or violation of non-compete, non-solicit or confidentiality provisions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Insider trading policy prohibits hedging and pledging of shares by directors and executives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock retention policy generally requires executive officers to hold, for at least one year, one-third of the net shares acquired upon vesting or exercise of any stock compensation award ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 Proxy Statement 3 ​ TABLE OF CONTENTS​​ Alignment of Pay-for-Performance Philosophy and 2025 Incentive Compensation Outcomes Aligning the economic interests of our executives with those of our shareholders through the Company’s pay-for performance philosophy is a fundamental tenet of the Company’s incentive compensation plan design principles."},{"id":"e462","sourceId":"filing-3","location":"Proxy / Lead Independent Director authority and executive sessions","excerpt":"​ ​ Lead Independent Director role ​ ​ ​ ​ Board Leadership and Meeting Oversight ​ ​ ​ • Preside at all meetings of the Board at which the Chair is not present and at executive sessions of the Board’s Independent Directors ​ • Meet individually with the Chair after each regularly scheduled Board meeting ​ • Call meetings of the independent directors, as appropriate, and, if needed, the entire Board ​ • Approve the agendas and meeting schedules for Board meetings with the Chair ​ • Coordinate the preparation of agendas and materials for executive sessions of the Board’s independent directors ​ ​ ​ ​ ​ Independent Director Coordination ​ ​ ​ • Serve as the principal liaison between the independent directors and the Chair ​ • Facilitate open dialogue among the independent directors during Board meetings, executive sessions and outside of Board meetings ​ • Communicate to the Chair any decisions, suggestions, views, or concerns of the independent directors in executive sessions or outside of Board meetings ​ • Meet periodically with individual independent directors to discuss Board and Committee performance, effectiveness and composition ​ ​ ​ ​ ​ Governance and Board Effectiveness ​ ​ ​ • Assist the Chair of the Governance Committee in reviewing and reporting on the results of Board and Committee performance self-evaluations ​ • Interview, along with the Governance Committee Chair, all Board candidates and make recommendations to the Governance Committee ​ ​ ​ ​ ​ Board Operations and Committee Support ​ ​ ​ • Serve, as needed, as an ex officio member of each Board Committee and assist Board Committee Chairs ​ • Ensure the appropriateness (including quality and quantity) and timeliness of information provided to the Board ​ • Where appropriate, support the Company in interactions with shareholders and regulators in consultation with the Chair ​ ​ ​ Additionally, our independent directors meet in executive session without members of management present at each regular quarterly Board and Committee meeting and when necessary during telephonic meetings."},{"id":"e502","sourceId":"filing-3","location":"Proxy / 2025 say-on-pay support","excerpt":"At the 2025 Annual Meeting, our Say-on-Pay proposal received 60% support."},{"id":"e506","sourceId":"filing-3","location":"Proxy / adopted restriction on front-loaded awards","excerpt":"​ ​ The following summarizes feedback received, actions taken in response and their impact: ​ ​ Shareholder Feedback ​ ​ ​ Actions Taken ​ ​ ​ Impact of Action ​ ​ ​ ​ Strong preference for the use of annual stock awards rather than front-loaded awards going forward ​ ​ ​ Adopted a policy to not grant front-loaded awards in the future barring extraordinary circumstances, which we do not foresee at this time."},{"id":"e513","sourceId":"filing-3","location":"Proxy / 2025 incentive targets and results","excerpt":"The following table sets forth the financial and non-financial performance measures and goals established for 2025, as well as 2025 performance results: ​ ​ 2025 Performance Measure ​ ​ ​ Weighting ​ ​ ​ Threshold Performance ​ ​ ​ Target Performance ​ ​ ​ Maximum Performance ​ ​ ​ 2025 Adjusted Performance ​ ​ ​ ​ Financial Metrics ​ ​ ​ ​ Revenue* ​ ​ ​ 30% ​ ​ ​ $438.6 billion ​ ​ ​ $461.7 billion ​ ​ ​ $484.8 billion ​ ​ ​ Between threshold and target ​ ​ ​ ​ Operating Income* ​ ​ ​ 30% ​ ​ ​ $32.7 billion ​ ​ ​ $38.5 billion ​ ​ ​ $44.3 billion ​ ​ ​ Below threshold ​ ​ ​ ​ Cash Flow from Operations* ​ ​ ​ 15% ​ ​ ​ $27.2 billion ​ ​ ​ $32.0 billion ​ ​ ​ $36.8 billion ​ ​ ​ Below threshold ​ ​ ​ ​ Non-Financial Metrics ​ ​ ​ ​ NPS ​ ​ ​ 12.5% ​ ​ ​ 2025 Performance: Between threshold and target for NPS ​ ​ ​ ​ EXI ​ ​ ​ 12.5% ​ ​ ​ 2025 Performance: Between threshold and target for EXI ​ ​ ​ * 2025 adjusted performance represents the Company’s financial results under the Company’s annual cash incentive plan."},{"id":"e514","sourceId":"filing-3","location":"Proxy / annual incentive adjustment discretion","excerpt":"The annual incentive plan allows for adjustments to the Company’s reported results for the impact of changes in accounting principles, extraordinary items and unusual or non-recurring gains or losses, including significant differences from the assumptions contained in the financial plan upon which the incentive targets were established."},{"id":"e568","sourceId":"filing-3","location":"Proxy / increased reserves against provider loans and customer balances","excerpt":"In the fourth quarter of 2025, the Company increased its reserves for net collection expectations associated with provider loans and other customer balances."},{"id":"e608","sourceId":"filing-3","location":"Proxy / calculated 2023–2025 performance payout score","excerpt":"Costs associated with the Change Healthcare cyberattack and 2024 strategic transaction gains were added back, reducing adjusted earnings per share, resulting in the calculated payout score for the 2023-2025 performance period of 0% of target."},{"id":"e1205","sourceId":"filing-6","location":"Liquidity / March 2026 financial assets and generally available cash","excerpt":"As of March 31, 2026, our cash, cash equivalent, available-for-sale debt securities and marketable equity securities balances of $80.0 billion included approximately $28.0 billion of cash and cash equivalents (of which $1.1 billion was available for general corporate use), $50.1 billion of debt securities and $1.9 billion of investments in marketable equity securities."},{"id":"e1209","sourceId":"filing-6","location":"Liquidity / revolving facilities and commercial paper support","excerpt":"Short-Term Borrowings. Our revolving bank credit facilities provide liquidity support for our commercial paper borrowing program, which facilitates the private placement of unsecured debt through independent broker-dealers, and are available for general corporate purposes."}],"changes":["Retain the previous narrow verdict and its principal reliance on Optum Insight’s contractual duration and integrations.","Make erosion more explicit: total backlog declined while affiliated backlog increased, weakening evidence of external customer commitment.","Add evidence-based management and insurer financial assessments; statutory capital adequacy remains ungraded because actual capital, requirements and their denominator are absent."],"limitations":["The supplied disclosures identify generic competitor categories rather than named operating competitors. Compensation peers are not established operating competitors, so the competitor array is empty.","Operating results and contractual disclosures support assessments, but switching costs are inferred; migration costs, external renewal rates and comparative product performance are not supplied.","Provider and pharmacy scale and discounted access do not establish superior unit costs, exclusivity, efficient scale or network effects. Future technology savings remain potential benefits.","The cited sources retain dateKind=filed: filing-1 March 2, 2026; filing-2 August 10, 2026; filing-3 April 21, 2026; filing-6 May 5, 2026. All evidence supporting non-null financial grades falls within 550 days of October 18, 2026.","Actual statutory capital, solvency ratios, exact capital denominators, quantitative reserve development, investment credit quality and counterparty recoverability are missing. No regulatory headroom or credit rating is inferred.","The proxy supplies adopted policies and performance outcomes, but executive beneficial ownership and complete individual compensation outcomes are not supplied. A calculated incentive payout score is not treated as proof of final settlement.","2026 recovery includes favorable prior-period reserve development and cash timing benefits. Annualized interim ROE and operating cash flow do not establish durable returns or unrestricted holding-company resources."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Multiyear delivery and vendor integrations support limited switching friction at Optum Insight. Network breadth and discounted access support scale, but comparative cost superiority and group-wide barriers are unproven.","evidenceIds":["e28","e35","e36","e40"]},{"criterion":"durability","grade":2,"rationale":"Several-year arrangements support persistence, but backlog incorporates anticipated renewals and affiliated business. The decline in total backlog limits confidence in durable external demand.","evidenceIds":["e28","e30","e31","e32","e33"]},{"criterion":"customer_dependency","grade":2,"rationale":"Integration and contract duration indirectly support dependency in technology services. Insurance demand is less captive: medical membership fell 3% year over year, although fee-based commercial membership grew 3%. These are operating indicators, not measured renewal rates.","evidenceIds":["e28","e35","e321"]},{"criterion":"erosion_resilience","grade":1,"rationale":"The 2025 earnings decline and underpricing, subsequent pricing-related membership contraction and declining backlog demonstrate fragility. First-half 2026 recovery provides a meaningful offset but does not establish sustained resistance to erosion.","evidenceIds":["e60","e68","e31","e33","e289","e312"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"2026 pricing trends supported revenue despite fewer people served, demonstrating an ability to reprice. This follows material 2025 underpricing and came with contraction, supporting mixed rather than strong pricing power.","evidenceIds":["e60","e316","e289"]},{"criterion":"retention","grade":1,"rationale":"Benefit and pricing actions caused Medicare Advantage contraction. Medical membership fell 3%, with 9% declines in Medicare Advantage and risk-based commercial membership; fee-based growth partly offsets this weakness. Membership is indirect retention evidence and includes eligibility changes and exits.","evidenceIds":["e289","e321"]},{"criterion":"margin_resilience","grade":2,"rationale":"Operating earnings fell 41% in 2025, then rose 19% in the first half of 2026, with MCR improving to 85.3% from 87.1%. Recovery reflects pricing, cost management and favorable reserve development; it does not demonstrate pricing-only protection.","evidenceIds":["e68","e312","e317","e323"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Annual fixed premiums delay cost pass-through; minimum medical loss ratios and government funding constrain economics. The voluntary exchange-profit rebate pledge further limits retained pricing benefits, while repricing demonstrates some discretion.","evidenceIds":["e45","e281","e287","e293","e316"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 cash generation funded distributions, reinvestment and $4.8 billion of net debt repayments, with lower repurchase spending. Against this, 2025 repurchases accompanied weak earnings and substantial subsidiary support. Cash timing benefits and undisclosed acquisition returns limit the assessment.","evidenceIds":["e328","e71","e68","e101","e272"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Stock retention, clawbacks and substantial incentive-based pay provide alignment; the calculated 2023–2025 performance payout score was zero. Adjustment discretion and only 60% say-on-pay support temper the assessment. Executive ownership and complete final individual payouts are absent.","evidenceIds":["e458","e608","e514","e502"]},{"criterion":"execution","grade":2,"rationale":"2025 operating income and cash flow missed incentive thresholds and pricing assumptions materially underestimated medical costs. First-half 2026 earnings recovery and debt repayment demonstrate corrective execution, partly aided by reserves and cash timing. Execution is assessed from operating outcomes rather than reform promises.","evidenceIds":["e513","e60","e312","e323","e328"]},{"criterion":"governance","grade":2,"rationale":"Disclosed independent-director authority, executive sessions, an adopted restriction on front-loaded awards and an unqualified internal-control opinion support functioning oversight. Weak say-on-pay support and incentive adjustment discretion prevent a strong effectiveness conclusion.","evidenceIds":["e462","e506","e240","e502","e514"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"Statutory capital requirements are disclosed, but actual capital, required amounts and an exact solvency denominator are absent. Risk-limiting agreements use deposit accounting; neither these arrangements nor consolidated equity establishes regulatory capital sufficiency.","evidenceIds":["e405","e406","e407"]},{"criterion":"liquidity_funding","grade":2,"rationale":"First-half operating cash flow of approximately $20.0 billion, net debt repayment, revolving facilities and covenant compliance support funding capacity. Only $1.1 billion of March cash was available for general corporate use; regulated transfers are constrained, and cash generation benefited from timing. Facility availability amounts are absent.","evidenceIds":["e328","e399","e1205","e1209","e137","e99"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Approximately 90% of medical claims settle within 90 days; investment diversification, partial floating-rate matching and favorable reserve development support manageable aspects of risk. Elevated medical trends and increased reserves against provider balances demonstrate exposure. Reserve adequacy, investment quality and risk-transfer recoverability remain incompletely disclosed.","evidenceIds":["e225","e414","e317","e568","e406","e407"]},{"criterion":"earnings_resilience","grade":2,"rationale":"The group remained profitable through a 41% operating earnings decline in 2025 and recovered to $11.8 billion of common-shareholder earnings in the first half of 2026. Favorable reserve development, elevated claims trends and substantial CMS revenue concentration qualify resilience.","evidenceIds":["e68","e312","e317","e258"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"Consolidated ROE was 12.8% in 2025 and annualized first-half ROE reached 24.3% in 2026. The interim measure uses common-shareholder earnings over average shareholders’ equity; volatility and favorable reserve development limit extrapolation. This is not a statutory insurance-capital return.","evidenceIds":["e416","e312","e314","e315","e317"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"First-half dividends of $4.1 billion and approximately $3.6 billion of repurchases, including the $2.0 billion forward settlement paid July 1, were below first-half common-shareholder earnings of $11.8 billion. Net debt repayment supports restraint, but subsidiary restrictions and missing solvency headroom prevent a strong buffer assessment.","evidenceIds":["e328","e331","e269","e312","e137","e405"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Repurchases removed 12 million shares in 2025 and approximately 10.5 million in the first half of 2026. Share-based expense declined to $971 million in 2025, but outstanding awards and $1.3 billion of unrecognized compensation remain costs. First-half interest expense declined; net dilution and financing terms are not fully established.","evidenceIds":["e71","e77","e331","e312"]},{"criterion":"investment_discipline","grade":2,"rationale":"First-half spending included $1.6 billion on property, equipment and capitalized software, lower acquisition cash outlays and proceeds from dispositions. A subsequent $3.0 billion acquisition adds commitments whose returns are unproven. The 2025 Optum Health loss and increased provider-balance reserves temper evidence of disciplined deployment.","evidenceIds":["e328","e272","e68","e568"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"facc5ffa925584b4322980f127aca79f3d48c933840dc0f0edc16ec581b74b19","updatedAt":"2026-10-18T12:32:19.100Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm","publishedAt":"2026-03-02","sha256":"dd2d8292e562fc0fa34ee322b8bad234b889221f989b921d16cfb1bba4121ce9","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000197/unh-20260630.htm","publishedAt":"2026-08-10","sha256":"3cb8935dbdcba65dfb066926b06da09a165b409523e514c8e8b8ea2765998706","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/731766/000110465926046125/tm261387-6_def14a.htm","publishedAt":"2026-04-21","sha256":"3f9831d2547227f1dd1b9ecfea6aa45333bfa4bc2c8e966fcd8f03967cae6a49","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176625000063/unh-20241231.htm","publishedAt":"2025-02-27","sha256":"41708cd03e28d21212a2949b116ac7ca0fd842741377a3f6bed7cf38ce6f8575","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176624000081/unh-20231231.htm","publishedAt":"2024-02-28","sha256":"1d23c2c6938b8f82bc481cd56dfcf67ac0f3bd0dbb4ae315e84dff4971d99c02","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000127/unh-20260331.htm","publishedAt":"2026-05-05","sha256":"52fd7cb8572f32efc71f6dcceeb837decf91e801f055c88fb595810c6b43ea97","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c42e5a7a79bc6720fa7ff56eceeb06e305cbaf134f4a70e1e62dad4206401cf3","usage":{"input_tokens":84694,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":5140,"reasoning_output_tokens":100},"basisSupplement":{"previousHash":"288c26793b1ce2f1039793ee8d728704bfebc11365ac75624c1d95076692b4f2","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":89.209205937475,"operating_margin":8.33457928977006,"roic":null,"fcf_margin":6.9155797869936055,"sbc_revenue":0.27816701843204206},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":89.60303798717925,"operating_margin":8.771848643579446,"roic":null,"fcf_margin":7.219846866690112,"sbc_revenue":0.2853511515847015},"issues":{"pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":89.56735607687382,"operating_margin":8.707234770815505,"roic":null,"fcf_margin":6.910785690836388,"sbc_revenue":0.28496698257907227},"issues":{"pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":88.33460744782377,"operating_margin":8.06614402989922,"roic":null,"fcf_margin":5.172655004771683,"sbc_revenue":0.2543232453444856},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":88.68214144474459,"operating_margin":4.237130977038075,"roic":null,"fcf_margin":3.5916410280471975,"sbc_revenue":0.21695075821050255},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm","publishedAt":"2026-03-02","sha256":"dd2d8292e562fc0fa34ee322b8bad234b889221f989b921d16cfb1bba4121ce9","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000197/unh-20260630.htm","publishedAt":"2026-08-10","sha256":"3cb8935dbdcba65dfb066926b06da09a165b409523e514c8e8b8ea2765998706","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/731766/000110465926046125/tm261387-6_def14a.htm","publishedAt":"2026-04-21","sha256":"3f9831d2547227f1dd1b9ecfea6aa45333bfa4bc2c8e966fcd8f03967cae6a49","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176625000063/unh-20241231.htm","publishedAt":"2025-02-27","sha256":"41708cd03e28d21212a2949b116ac7ca0fd842741377a3f6bed7cf38ce6f8575","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176624000081/unh-20231231.htm","publishedAt":"2024-02-28","sha256":"1d23c2c6938b8f82bc481cd56dfcf67ac0f3bd0dbb4ae315e84dff4971d99c02","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000127/unh-20260331.htm","publishedAt":"2026-05-05","sha256":"52fd7cb8572f32efc71f6dcceeb837decf91e801f055c88fb595810c6b43ea97","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}