UNH on NYSE

UnitedHealth Group

Logo: UnitedHealth Group, Public domain, via Wikimedia Commons5

American health care company

UnitedHealth Group Incorporated is an American multinational company based in Eden Prairie, Minnesota, specializing in health insurance and health care services. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's ninth-largest company by revenue and the largest health care company by revenue.3 From Wikipedia, CC BY-SA 4.0

$409.62 up 14.00 (3.54%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

1977Founded1

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  • TickerUNH on NYSE1
  • Industryhealth insurance1
  • HeadquartersMinnetonka1
  • Websitewww.uhc.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1 Health Drive, Eden Prairie, Mn 553446
  • Filer categoryLarge accelerated filer6

UnitedHealth Group Incorporated is an American multinational company based in Eden Prairie, Minnesota, specializing in health insurance and health care services. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's ninth-largest company by revenue and the largest health care company by revenue. The company is ranked fourth on the 2026 Fortune Global 500.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.2%Operating margin8
2.7%Net margin8
11.8%Revenue growth, 20258
12.0%Return on equity8
0.72×Debt to equity8
$16.1BFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 58% of the revenue UnitedHealth Group broke down this way in fiscal 2025.

  1. Product$53.4B858%up 6% from 2024
  2. Service$38.0B842%up 6% from 2024
Products and services by year
Products and services202320242025
Product$42.6B$50.2B$53.4B
Service$34.1B$36.0B$38.0B

Business segments

Unitedhealthcare brought in 39% of the revenue UnitedHealth Group broke down this way in fiscal 2025.

  1. Unitedhealthcare$344.9B839%up 16% from 2024
  2. Total Optum$270.6B830%up 7% from 2024
  3. Optumrx$154.7B817%up 16% from 2024
  4. Optumhealth$102.0B811%down 3% from 2024
  5. Optuminsight$19.4B82%up 4% from 2024
Business segments by year
Business segments202320242025
Unitedhealthcare$281.4B$298.2B$344.9B
Total Optum$226.6B$253.0B$270.6B
Optumrx$116.1B$133.2B$154.7B
Optumhealth$95.3B$105.4B$102.0B
Optuminsight$18.9B$18.8B$19.4B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue11¢$50.7B
  • Selling, general and admin13¢$59.6B
  • Other costs71¢$319.4B
  • Interest1¢$4.0B
  • Income tax0¢$1.9B
  • Profit3¢$12.1B

Out of $447.6B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending18¢$3.6B
  • Dividends paid40¢$7.9B
  • Share buybacks28¢$5.5B
  • Kept or used elsewhere13¢$2.6B

Out of $19.7B of cash from operations.8

Financial statements

Revenue91011128$447.6B in 2025+85% since 2019
0$200.0B$400.0B$600.0B2019: $242.2B$242.2B20192020: $257.1B$257.1B2020+6%2021: $287.6B$287.6B2021+12%2022: $324.2B$324.2B2022+13%2023: $371.6B$371.6B2023+15%2024: $400.3B$400.3B2024+8%2025: $447.6B$447.6B2025+12%
Operating income91011128$19.0B in 2025−4% since 2019
0$10.0B$20.0B$30.0B$40.0B2019: $19.7B$19.7B20192020: $22.4B$22.4B2020+14%2021: $24.0B$24.0B2021+7%2022: $28.4B$28.4B2022+19%2023: $32.4B$32.4B2023+14%2024: $32.3B$32.3B2024−0%2025: $19.0B$19.0B2025−41%
Net income91011128$12.1B in 2025−13% since 2019
0$10.0B$20.0B$30.0B2019: $13.8B$13.8B20192020: $15.4B$15.4B2020+11%2021: $17.3B$17.3B2021+12%2022: $20.1B$20.1B2022+16%2023: $22.4B$22.4B2023+11%2024: $14.4B$14.4B2024−36%2025: $12.1B$12.1B2025−16%

Every line of the income statement in the latest annual report, as filed.8

Period ending2025-12-312024-12-312023-12-31
Premiums$352.2B$308.8B$290.8B
Investment and other income$3.9B$5.2B$4.1B
Total revenues$447.6B$400.3B$371.6B
Medical costs$314.0B$264.2B$241.9B
Operating costs$59.6B$53.0B$54.6B
Cost of products sold$50.7B$46.7B$38.8B
Depreciation and amortization$4.4B$4.1B$4.0B
Total operating costs$428.6B$368.0B$339.3B
Earnings from operations$19.0B$32.3B$32.4B
Interest expense-$4.0B-$3.9B-$3.2B
Loss on sale of subsidiary and subsidiaries held for sale-$265.0M-$8.3B$0
Total income before income taxes$14.7B$20.1B$29.1B
Provision for income taxes-$1.9B-$4.8B-$6.0B
Net earnings$12.8B$15.2B$23.1B
Earnings attributable to noncontrolling interests-$751.0M-$837.0M-$763.0M
Net earnings attributable to UnitedHealth Group common shareholders$12.1B$14.4B$22.4B
Basic$13.28$15.64$24.12
Diluted$13.23$15.51$23.86
Basic weighted-average number of common shares outstanding908.0M shares921.0M shares928.0M shares
Dilutive effect of common share equivalents3.0M shares8.0M shares10.0M shares
Diluted weighted-average number of common shares outstanding911.0M shares929.0M shares938.0M shares
Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents12,000,000.00 shares6,000,000.00 shares6,000,000.00 shares

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The story

Founded by Richard T. Burke in 1977.1

History

1970s–1990s

UnitedHealth Group originated in late 1974, when Minnesota-based Charter Med Incorporated was founded by Richard Taylor Burke. It originally processed claims for doctors at the Hennepin County Medical Society. UnitedHealthcare Corporation was founded in 1977 to purchase Charter Med and create a network-based health plan for seniors. It became a publicly traded company in 1984 and changed its name to UnitedHealth Group in 1998.

In 1988, UnitedHealthcare started its first pharmacy benefit management, through its Diversified Pharmaceutical Services subsidiary. It managed pharmacy benefits delivered both through retail pharmacies and mail. The subsidiary was sold to SmithKline Beecham in 1994 for $2.3 billion.

In 1994, UnitedHealthcare acquired Ramsey-HMO, a Florida insurer. In 1995, the company acquired The MetraHealth Companies Inc. for $1.65 billion. MetraHealth was a privately held company formed by combining the group healthcare operations of The Travelers Companies and MetLife. In 1996, UnitedHealthcare acquired HealthWise of America, which operated HMOs in Arkansas, Maryland, Kentucky and Tennessee.

In 1998, the company was reorganized as the holding company for hitherto independent companies UnitedHealthcare, Ovations, Uniprise, Specialized Care Services, and Ingenix and rebranded as "UnitedHealth Group". Also in 1998, UnitedHealth Group acquired HealthPartners of Arizona, operator of Arizona's largest AHCCCS provider.

2000s

In 2001, EverCare, a UnitedHealth Group subsidiary, merged with LifeMark Health Plans In 2002, UnitedHealth Group acquired GeoAccess and Medicaid insurance company AmeriChoice. In 2003, UnitedHealth Group acquired Mid Atlantic Medical Services, an insurer serving Maryland, Washington D.C., Virginia, Delaware and West Virginia. Also in 2003, UnitedHealth Group acquired Golden Rule Financial, a provider of health savings accounts. On July 21, 2003, Exante Bank started operating in Salt Lake City, Utah, as a Utah state-chartered industrial loan corporation. It changed its name to OptumHealth Bank in 2008 and to Optum Bank in 2012.

In April 2004, UnitedHealth Group acquired Touchpoint Health Plan, a Wisconsin health plan. In July 2004, the company acquired Oxford Health Plans.

In December 2005, the company acquired PacifiCare Health Systems. It agreed to divest parts of PacifiCare's commercial health insurance business in Tucson, Arizona and Boulder, Colorado to satisfy antitrust regulator concerns, and also agreed to end its network access agreement with Blue Shield of California. The Tucson business was sold to Cigna. The company acquired Prescription Solutions, another pharmacy benefits manager, as part of its acquisition of PacifiCare Health Systems. This business was later rebranded OptumRx.

In February 2006, the company acquired John Deere Health Care. The same year, William W. McGuire stepped down as chairman and director due to his involvement in the employee stock options scandal. He was replaced by CEO Stephen Hemsley who had served as president and COO and a member of the board of directors. McGuire's exit compensation from UnitedHealth was anticipated to be $1.1 billion, but he only received $618 million after returning $420 million in stock options.

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In February 2008, the company acquired Sierra Health Services for $2.6 billion. As part of the transaction, to obtain regulatory approval, 25,000 customers were sold to Humana. In July 2009, UnitedHealth Group agreed to acquire Health Net's Northeast licensed subsidiaries for up to $570 million in payments spread out over two years.

2010s

Through 2010 and into 2011, senior executives of the company met monthly with executives of other health insurers to limit the effect of the health care reform law. In July 2010, Ingenix acquired Picis Clinical Solutions, Inc., a health information provider for the high-acuity areas of hospitals. In 2011, Logistics Health, Inc. of La Crosse, Wisconsin, was acquired by OptumHealth. In September 2014, the office buildings where LHI is based were sold to UnitedHealth Group for $45 million. In February 2012, the company acquired XLHealth, a sponsor of Medicare Advantage health plans with a primary focus on medicare recipients with special needs such as those with chronic illness and those eligible for Medicaid ("dual eligibles"). In October 2012, UnitedHealth Group and Amil Participações, one of the biggest Brazilian health insurance companies, completed the first phase of their merger.

In February 2014, Optum secured a majority stake in the Washington, D.C.–based startup Audax Health. Audax's CEO, Grant Verstandig, continued running the firm alongside COO David Ko. In October 2014, Optum Health acquired the health services unit of Alere for $600 million cash.

In March 2015, it was announced that CatamaranRx would be acquired by OptumRx. In April 2016, the company announced it was pulling out of all but a "handful" of state healthcare exchanges provided under Affordable Care Act and will continue to sell only in three states in 2017.

In 2017, UnitedHealth's Optum unit acquired Rally Health, a company started by Audax Health's executives. Prior to acquisition, in 2015, UnitedHealth supported Rally Health as a majority investor, and through enrolling more than 5 million UnitedHealth policy holders in Rally Health's flagship product, Rally. The close relations between UnitedHealth, Audax Health and Rally Health follows a close personal relationship between Grant Verstandig (Audax and Rally) and UnitedHealth's President and CFO at the time, David Wichmann.

In June 2019, UnitedHealth's Optum division acquired DaVita Medical Group from DaVita, Inc. for $4.3 billion. That year, the company also agreed to acquire Equian for $3.2 billion. On June 19, 2019, UnitedHealth acquired the online patient community platform PatientsLikeMe for an undisclosed amount and it will be incorporated into UnitedHealth Group's research division.

In November 2019, Andrew Witty was named president of UnitedHealth Group, in addition to his role as chief executive of the company's Optum division.

2020s–present

UnitedHealth announced in March 2022 that it would acquire LHC Group for $5.4 billion. The deal will expand its home health capabilities by combining LHC's services with UnitedHealth's Optum unit.

In 2022, UnitedHealth Group said there would be no out-of-pocket costs for albuterol, epinephrine, glucagon, insulin, and naloxone for fully insured members starting in 2023. The discounts were guaranteed for less than a quarter of UnitedHealthcare's membership and did not extend to those enrolled in UHC's Medicare Advantage and Medicaid plans.

In 2023, UnitedHealthGroup announced it would move its headquarters from Minnetonka to Eden Prairie, Minnesota.

In February 2024, UnitedHealth Group completed the sale of its operations in Brazil.

In January 2021, UnitedHealth announced the acquisition of Change Healthcare, the largest health payments platform in the US, which the US Justice Department tried to block on antitrust grounds in February 2022; the sale went through by September. 18 months later, in February 2024, the subsidiary was brought completely down by the 2024 Change Healthcare ransomware attack, and the Justice Department announced that it was opening a new antitrust and Medicare overcharging probe. Despite making a ransomware payment, services remained down or incomplete for months. The CEO, Andrew Witty, was called before the US House and US Senate to testify about the cyberattack and DoJ concerns. In late April 2024, the Senate held a hearing concerning the cyberattack and UnitedHealth's response. Andrew Witty went before the Senate stating that there needed to be a strong digital security system in place along with an adequate backup plan. UnitedHealth revealed the hackers did gain access to patient information, but the Senate was informed the company is not yet aware of the extent of the data breach.

Killing of Brian Thompson

On December 4, 2024, Brian Thompson, the CEO of UnitedHealth Group's insurance subsidiary UnitedHealthcare, was killed in a shooting in New York City. The shooting occurred outside the New York Hilton Midtown, where UnitedHealth Group was hosting an investor event. Reactions to the shooting on social media were defined by resentment and criticism of UnitedHealthcare, the American health insurance system, and widespread disdain towards Thompson. Police later arrested a suspect, Luigi Mangione, and charged him with murder. Tim Noel joined UnitedHealthcare in 2007 and succeeded Brian Thompson as the CEO. Prior to becoming CEO, Noel was in charge of UnitedHealthcare's Medicare Advantage plans.

Further events

In November 2025, Scott Gottlieb, the former commissioner of the Food and Drug Administration, joined UnitedHealth Group's board of directors.

In June 2026, UnitedHealth Group announced plans to invest $3 billion in artificial intelligence in 2026 and 2027.

In October 2026, UnitedHealth Group reported third-quarter revenue of about $112.7 billion and adjusted earning of $4.69 per share. Following these results, the company raised its full-year adjusted earnings forecast to at least $20.50 per share.

Foundations

Foundations affiliated with UnitedHealth Group include the UnitedHealth Foundation (UHF) and the UnitedHealthcare Children's Foundation (UHCCF), both of which were established in 1999.

UHF pledged $100 million over ten years to fund scholarships and workforce development programs focused on increasing ethnic and racial diversity within the health care industry. UHF's investment will support 10,000 physicians from underrepresented communities: 5,000 students with a primary care focus and 5,000 physicians who want to advance careers in mental health, nursing, midwifery and medicine. The work of this fund is part of a broader initiative in which UnitedHealth Group has teamed up with nine organizations to provide scholarships to more than 3,000 students through the Diverse Scholars Initiative.

UHCCF administers grants to help pay for medical costs for families with coverage gaps. According to UHCCF, the foundation raises money for medical grants by selling gift items such as backpacks, books, cards, and games, some of which are created by children.

From Wikipedia’s article on UnitedHealth Group, shared under CC BY-SA 4.0.7

Leadership

Who has led UnitedHealth Group, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries

  • Optum
  • Quality Software Services
  • Golden Rule Insurance Company since 2003

From Wikidata.1

Acquisitions

  1. 2012Acquired Quality Software Services1
  2. 2003Acquired Golden Rule Insurance Company1

Former names

  • UNITED HEALTHCARE CORPApr 4, 1995 to Feb 14, 20006

Timeline

  1. May 2025New chief executive Stephen J. Hemsley becomes CEO1
  2. Feb 4, 2021New chief executive Andrew Witty becomes CEO1
  3. Apr 2004New chief executive Brian Thompson becomes CEO1
  4. 1977Founded Founded1

Recent filings

  1. Oct 13, 20268-K
  2. Oct 5, 20264
  3. Oct 5, 20264
  4. Oct 5, 20264
  5. Oct 5, 20264
  6. Oct 5, 20264
  7. Oct 5, 20264
  8. Oct 5, 20264
  9. Oct 5, 20264
  10. Sep 24, 20264
  11. Sep 24, 20264
  12. Sep 24, 20264
  13. Sep 24, 20264
  14. Sep 24, 20264
  15. Sep 24, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2