[Executive Summary & 2025 Outlook Re-establishment](index=1&type=section&id=Executive%20Summary%20%26%202025%20Outlook%20Re-establishment) [Overall Company Performance and Strategic Direction](index=1&type=section&id=Overall%20Company%20Performance%20and%20Strategic%20Direction) UnitedHealth Group re-established its full-year 2025 outlook after a temporary suspension, reflecting first-half performance and anticipated care trends, aiming for a rigorous path back to high performance and strengthening operating disciplines for growth in 2026 and beyond, while continuing to support patients, physicians, and customers - UnitedHealth Group re-established its **2025 outlook**, previously suspended on **May 13, 2025**, reflecting first-half performance and higher realized/anticipated care trends[3](index=3&type=chunk) - The company expects to return to earnings growth in **2026**, focusing on strengthening operating disciplines[3](index=3&type=chunk) [UnitedHealth Group 2025 Outlook](index=1&type=section&id=UnitedHealth%20Group%202025%20Outlook) The updated full-year 2025 outlook projects revenues between $445.5 billion and $448.0 billion, with net earnings of at least $14.65 per share and adjusted earnings of at least $16.00 per share, with Optum and UnitedHealthcare expected to contribute significantly to these figures UnitedHealth Group 2025 Outlook ($ in millions, except per share data) | UnitedHealth Group 2025 Outlook ($ in millions, except per share data) | Revenue | Operating Earnings | | :--- | :--- | :--- | | Optum | $266,000 - $267,500 | $12,550 - $12,850 | | UnitedHealthcare | $344,000 - $345,500 | $9,000 - $9,300 | | Eliminations | ($164,500) - ($165,000) | — | | Total UnitedHealth Group | $445,500 - $448,000 | $21,550 - $22,150 | | | Diluted | Adjusted (a) | | Net Earnings per Share | At least $14.65 | At least $16.00 | - Full Year **2025** Revenue Outlook is **$445.5 Billion** to **$448.0 Billion**[6](index=6&type=chunk) - Full Year **2025** Earnings Outlook is at least **$14.65 Per Share**, with Adjusted Earnings of at least **$16.00 Per Share**[6](index=6&type=chunk) [Consolidated Financial Performance - Second Quarter 2025](index=2&type=section&id=Consolidated%20Financial%20Performance%20-%20Second%20Quarter%202025) [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) UnitedHealth Group reported second quarter 2025 revenues of $111.6 billion, a $12.8 billion year-over-year increase, though earnings from operations decreased to $5.2 billion and net margin declined to 3.1%, impacted by unfavorable discrete items and higher medical cost trends Quarterly Financial Performance (Consolidated) | Quarterly Financial Performance | June 30, 2025 | June 30, 2024 | March 31, 2025 | | :--- | :--- | :--- | :--- | | Revenues | $111.6 billion | $98.9 billion | $109.6 billion | | Earnings from Operations | $5.2 billion | $7.9 billion | $9.1 billion | | Net Margin | 3.1% | 4.3% | 5.7% | - Second quarter **2025** revenues grew **$12.8 billion** year-over-year to **$111.6 billion**, driven by growth in UnitedHealthcare and Optum[7](index=7&type=chunk) - Second quarter earnings from operations were **$5.2 billion**, and adjusted net earnings were **$4.08 per share**, including **$1.2 billion** of unfavorable discrete impacts[7](index=7&type=chunk) [Operational Metrics and Trends](index=2&type=section&id=Operational%20Metrics%20and%20Trends) The consolidated medical care ratio increased significantly to 89.4% due to medical cost trends exceeding pricing and Medicare funding reductions, while the operating cost ratio improved to 12.3%, benefiting from business mix changes and reduced cyberattack impacts, and the company increased its quarterly dividend by 5% and returned $4.5 billion to shareholders - The second quarter consolidated medical care ratio increased **430 basis points** year-over-year to **89.4%**, primarily due to medical cost trends significantly exceeding pricing trends and Medicare funding reductions[7](index=7&type=chunk) - The second quarter **2025** operating cost ratio improved to **12.3%** (vs. **13.3%** YoY), reflecting business mix, reduced impacts from the Change Healthcare cyberattack, and cost management activities[7](index=7&type=chunk) - The company increased its quarterly dividend rate by **5%** to **$2.21** and returned **$4.5 billion** to shareholders through dividends and share repurchases in **Q2 2025**[7](index=7&type=chunk) [UnitedHealthcare Segment](index=3&type=section&id=UnitedHealthcare%20Segment) [Overview and 2025 Outlook](index=3&type=section&id=Overview%20and%202025%20Outlook) UnitedHealthcare provides global health care benefits, aiming to improve value, quality, and affordability, with 2025 expectations of revenues between $344.0 billion and $345.5 billion, operating earnings between $9.0 billion and $9.3 billion, and an anticipated increase of up to 1.135 million people served with medical benefits, primarily in senior and complex needs categories UnitedHealthcare 2025 Outlook | UnitedHealthcare 2025 Outlook | Revenues | Operating Earnings | Operating Margin | | :--- | :--- | :--- | :--- | | Employer & Individual | $79,600 - $80,100 | | | | Medicare & Retirement | $170,200 - $170,700 | | | | Community & State | $94,200 - $94,700 | | | | Total UnitedHealthcare Revenue | $344,000 - $345,500 | $9,000 - $9,300 | 2.6% - 2.7% | | UnitedHealthcare People Served | Growth in People Served | Total People Served | | | Total Medical | 1,135 | 50,480 | | - Full year **2025** revenues for UnitedHealthcare are expected to grow over **15%** from **2024**, ranging from **$344.0 billion** to **$345.5 billion**[10](index=10&type=chunk) - The number of people served with medical benefits is expected to increase by up to **1.135 million** over **2024**, led by serving seniors and people with complex needs[10](index=10&type=chunk) [Second Quarter 2025 Business Results](index=4&type=section&id=Second%20Quarter%202025%20Business%20Results) UnitedHealthcare's Q2 2025 revenue grew 17% year-over-year to $86.1 billion, serving 50 million people, but operating earnings significantly declined to $2.1 billion, with the operating margin falling to 2.4%, primarily due to higher-than-expected medical cost trends across businesses and Medicare funding reductions UnitedHealthcare Quarterly Financial Performance | Quarterly Financial Performance | June 30, 2025 | June 30, 2024 | March 31, 2025 | | :--- | :--- | :--- | :--- | | Revenues | $86.1 billion | $73.9 billion | $84.6 billion | | Earnings from Operations | $2.1 billion | $4.0 billion | $5.2 billion | | Operating Margin | 2.4% | 5.4% | 6.2% | - UnitedHealthcare's **Q2 2025** revenue grew **$12.2 billion** or **17%** year-over-year to **$86.1 billion**, serving **50 million** people[12](index=12&type=chunk) - **Q2 2025** operating earnings for UnitedHealthcare were **$2.1 billion**, down from **$4.0 billion** in **Q2 2024**, with operating margin declining to **2.4%** (vs. **5.4%** YoY) due to higher medical cost trends and Medicare funding reductions[12](index=12&type=chunk) [Employer & Individual](index=4&type=section&id=Employer%20%26%20Individual) UnitedHealthcare Employer & Individual revenues increased to $19.8 billion in Q2 2025, driven by commercial offerings, and the number of people served grew by 400,000 year-over-year, primarily from employer self-funded offerings, despite attrition in individual and group fully-insured products - UnitedHealthcare Employer & Individual **Q2 2025** revenues were **$19.8 billion**, up from **$19.2 billion** in **Q2 2024**, driven by commercial offerings[12](index=12&type=chunk) - People served in this segment increased by **400,000** year-over-year, with growth in employer self-funded offerings (**695,000**) partially offset by attrition in individual and group fully-insured products[12](index=12&type=chunk) [Medicare & Retirement](index=4&type=section&id=Medicare%20%26%20Retirement) UnitedHealthcare Medicare & Retirement revenues grew 22% year-over-year to $42.6 billion in Q2 2025, primarily due to Part D IRA impacts and growth in people served, with individual and group Medicare Advantage offerings seeing significant growth, while Medicare Supplement and Standalone Part D plans contracted - UnitedHealthcare Medicare & Retirement **Q2 2025** revenues of **$42.6 billion** grew **$7.7 billion** or **22%** year-over-year, driven by Part D IRA impacts and growth in people served[12](index=12&type=chunk) - People served with individual and group Medicare Advantage offerings grew **505,000** through the first half of **2025**[12](index=12&type=chunk) - Medicare Supplement contracted by **30,000** and Standalone Part D plans decreased by **250,000** through the first half of **2025**[12](index=12&type=chunk) [Community & State](index=4&type=section&id=Community%20%26%20State) UnitedHealthcare Community & State revenues increased 20% year-over-year to $23.7 billion in Q2 2025, driven by growth in serving people with complex needs and Medicaid rate improvements, with members served growing by 55,000 through the first half of 2025 - UnitedHealthcare Community & State **Q2 2025** revenues of **$23.7 billion** grew **20%** year-over-year, driven by growth in serving people with complex needs and Medicaid rate improvements[12](index=12&type=chunk) - Members served grew by **55,000** through the first half of **2025** to a total of **7.5 million** people[12](index=12&type=chunk) [Optum Segment](index=5&type=section&id=Optum%20Segment) [Overview and 2025 Outlook](index=5&type=section&id=Overview%20and%202025%20Outlook) Optum, UnitedHealth Group's health services business, aims to improve health system performance through technology and data, with 2025 expectations of total revenues between $266.0 billion and $267.5 billion and operating earnings between $12.55 billion and $12.85 billion, though the CEO acknowledged that Optum's performance has not met expectations and is refocusing on fundamental execution Optum 2025 Outlook ($ in millions) | Optum 2025 Outlook ($ in millions) | Revenues | Operating Earnings | Operating Margin | | :--- | :--- | :--- | :--- | | Optum Health | $101,100 - $101,600 | $3,000 - $3,100 | 3.0% - 3.1% | | Optum Insight | $19,000 - $19,500 | $3,550 - $3,650 | 18.2% - 19.2% | | Optum Rx | $151,000 - $151,500 | $6,000 - $6,100 | 4.0% | | Eliminations | ($5,100) | | | | Total Optum | $266,000 - $267,500 | $12,550 - $12,850 | 4.7% - 4.8% | - Optum's CEO stated that performance has not met expectations and the focus is on fundamental execution to improve the health system[14](index=14&type=chunk) - Full year **2025** Optum Rx revenues are expected to be **$151.0 billion** to **$151.5 billion**, a significant increase from **$133.2 billion** a year ago, driven by strong customer growth[17](index=17&type=chunk) [Second Quarter 2025 Business Results](index=6&type=section&id=Second%20Quarter%202025%20Business%20Results) Optum's Q2 2025 revenue increased to $67.2 billion, but earnings from operations decreased to $3.1 billion, and the operating margin declined to 4.6%, with performance varying across its sub-segments, as Optum Health experienced a revenue decline, while Optum Insight and Optum Rx showed revenue growth Optum Quarterly Financial Performance | Quarterly Financial Performance | June 30, 2025 | June 30, 2024 | March 31, 2025 | | :--- | :--- | :--- | :--- | | Revenues | $67.2 billion | $62.9 billion | $63.9 billion | | Earnings from Operations | $3.1 billion | $3.9 billion | $3.9 billion | | Operating Margin | 4.6% | 6.2% | 6.1% | - Optum's **Q2 2025** revenue was **$67.2 billion**, an increase from **$62.9 billion** in **Q2 2024**[19](index=19&type=chunk) - **Q2 2025** earnings from operations for Optum were **$3.1 billion**, down from **$3.9 billion** in **Q2 2024**, with operating margin at **4.6%** (vs. **6.2%** YoY)[19](index=19&type=chunk) [Optum Health](index=6&type=section&id=Optum%20Health) Optum Health's Q2 2025 revenue decreased 7% year-over-year to $25.2 billion, primarily due to legacy customer contract revisions and Medicare Advantage funding cuts, with operating earnings significantly declining to $636 million and margins at 2.5%, impacted by higher medical care activity and underpriced health plan offerings - Optum Health's **Q2 2025** revenue of **$25.2 billion** decreased **$1.8 billion** or **7%** year-over-year, driven by legacy customer contract revisions and Medicare Advantage funding cuts[23](index=23&type=chunk) - **Q2 2025** operating earnings were **$636 million** (vs. **$1.9 billion** YoY), with operating margins at **2.5%** (vs. **7.1%** YoY), due to higher medical care activity and underpriced health plan offerings[23](index=23&type=chunk) [Optum Insight](index=6&type=section&id=Optum%20Insight) Optum Insight's Q2 2025 revenue increased 6% year-over-year to $4.8 billion, driven by its diverse portfolio, with operating earnings significantly improving to $998 million and margins at 20.7%, benefiting from reduced impacts of the Change Healthcare cyberattack, a favorable service mix, and improved operating efficiencies, and the contract revenue backlog stood at $32.1 billion - Optum Insight's **Q2 2025** revenue of **$4.8 billion** increased **6%** year-over-year, driven by a diverse portfolio of technology and data-driven offerings[23](index=23&type=chunk) - **Q2 2025** operating earnings were **$998 million** (vs. **$546 million** YoY), with operating margins at **20.7%** (vs. **12.0%** YoY), due to reduced cyberattack impacts, favorable service mix, and improved operating efficiencies[23](index=23&type=chunk) - The contract revenue backlog was **$32.1 billion**[23](index=23&type=chunk) [Optum Rx](index=6&type=section&id=Optum%20Rx) Optum Rx's Q2 2025 revenue increased 19% year-over-year to $38.5 billion, driven by new client growth and existing client expansion, with operating earnings remaining stable at $1.4 billion, but operating margins declining to 3.7% due to increased fulfillment of high-cost drugs and the initial launch of the private label business, and adjusted scripts grew to 414 million - Optum Rx's **Q2 2025** revenue of **$38.5 billion** increased **19%** year-over-year, driven by growth in new clients and expansion in existing client relationships[23](index=23&type=chunk) - Earnings from operations for **Q2 2025** were **$1.4 billion** (stable YoY), but operating margins declined to **3.7%** (vs. **4.3%** YoY) due to higher revenue offset by increased fulfillment of high-cost drugs and the private label business launch[23](index=23&type=chunk) - Adjusted scripts grew to **414 million** compared to **399 million** last year[23](index=23&type=chunk) [Company Information and Disclosures](index=7&type=section&id=Company%20Information%20and%20Disclosures) [About UnitedHealth Group](index=7&type=section&id=About%20UnitedHealth%20Group) UnitedHealth Group operates through two distinct businesses: Optum, which delivers technology and data-aided care, and UnitedHealthcare, which offers a full range of health benefits, with a mission to help people live healthier lives and improve the health system - UnitedHealth Group operates through two complementary businesses: Optum (technology and data-aided care) and UnitedHealthcare (health benefits)[24](index=24&type=chunk) - The company's mission is to help people live healthier lives and make the health system work better for everyone[24](index=24&type=chunk) [Earnings Conference Call](index=7&type=section&id=Earnings%20Conference%20Call) UnitedHealth Group hosted a conference call for investors and analysts on July 29, 2025, at 8:00 a.m. ET to discuss results, strategy, and future outlook, with a webcast replay available on the Investor Relations page until August 12, 2025 - A conference call for investors and analysts was held on **July 29, 2025**, at **8:00 a.m. ET**[25](index=25&type=chunk) - A live webcast and replay are available on the company's Investor Relations website[25](index=25&type=chunk) [Non-GAAP Financial Information](index=7&type=section&id=Non-GAAP%20Financial%20Information) This release includes non-GAAP financial measures, such as adjusted net earnings per share, which are provided as a complement to GAAP results, with reconciliations to the most directly comparable GAAP measures included in the accompanying tables - The news release presents non-GAAP financial information, such as adjusted net earnings per share, as a complement to GAAP results[26](index=26&type=chunk)[49](index=49&type=chunk) - Adjustments include intangible amortization, South American impacts, and direct response costs related to the cyberattack, as these are not considered representative of underlying business performance[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) The document contains forward-looking statements subject to various risks and uncertainties, including medical cost management, regulatory changes, cyberattacks, and competitive pressures, where actual results may differ materially from expectations, and the company does not undertake to update these statements except as required by law - The document contains forward-looking statements, identified by words like 'believe,' 'expect,' 'intend,' and 'estimate,' which involve risks and uncertainties[27](index=27&type=chunk) - Actual results could differ materially due to factors such as the ability to manage medical costs, changes in healthcare laws, cyberattacks, and competitive pressures[27](index=27&type=chunk) - The company does not undertake to update or revise any forward-looking statements, except as required by law[28](index=28&type=chunk) [Supplemental Financial Schedules](index=8&type=section&id=Supplemental%20Financial%20Schedules) [2025 Outlook](index=9&type=section&id=2025%20Outlook) This section provides a detailed breakdown of the projected full-year 2025 financial outlook, including revenues and earnings from operations for Optum and UnitedHealthcare, consolidated totals, and key financial ratios such as medical care ratio, operating cost ratio, and tax rate UNITEDHEALTH GROUP SUPPLEMENTAL FINANCIAL INFORMATION - 2025 OUTLOOK | | Projected Year Ended December 31, 2025 | | :--- | :--- | | Revenues: | | | Optum | $266,000 - $267,500 | | UnitedHealthcare | 344,000 - 345,500 | | Eliminations | (164,500) - (165,000) | | Total consolidated revenue | $445,500 - $448,000 | | Earnings from operations: | | | Optum | $12,550 - $12,850 | | UnitedHealthcare | 9,000 - 9,300 | | Total consolidated operating earnings | $21,550 - $22,150 | | Net earnings attributable to UnitedHealth Group common shareholders | At least $13,350 | | Diluted earnings per share attributable to UnitedHealth Group common shareholders | At least $14.65 | | Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a) | At least $16.00 | | Medical care ratio | 89.25% +/- 25 bps | | Operating cost ratio | 12.75% +/- 25 bps | | Operating margin | 4.8% - 5.0% | | Tax rate | ~18.5% | | Cash flows from operations | ~$16,000 | [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement presents the consolidated revenues, operating costs, earnings from operations, and net earnings for the three and six months ended June 30, 2025, compared to the same periods in 2024, highlighting changes in premiums, products, services, and various cost components Condensed Consolidated Statements of Operations | | Three Months Ended | | Six Months Ended | | | :--- | :--- | :--- | :--- | :--- | | | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | Revenues | | | | | | Premiums | $87,905 | $76,897 | $174,439 | $154,885 | | Products | 13,564 | 12,211 | 26,600 | 24,120 | | Services | 9,039 | 8,750 | 18,011 | 17,638 | | Investment and other income | 1,108 | 997 | 2,141 | 2,008 | | Total revenues | 111,616 | 98,855 | 221,191 | 198,651 | | Operating costs | | | | | | Medical costs | 78,585 | 65,458 | 151,996 | 131,193 | | Operating costs | 13,778 | 13,162 | 27,372 | 27,239 | | Cost of products sold | 13,019 | 11,340 | 25,409 | 22,396 | | Depreciation and amortization | 1,084 | 1,020 | 2,145 | 2,017 | | Total operating costs | 106,466 | 90,980 | 206,922 | 182,845 | | Earnings from operations | 5,150 | 7,875 | 14,269 | 15,806 | | Interest expense | (1,027) | (985) | (2,025) | (1,829) | | Loss on sale of subsidiary and subsidiaries held for sale | (41) | (1,225) | (56) | (8,311) | | Earnings before income taxes | 4,082 | 5,665 | 12,188 | 5,666 | | Provision for income taxes | (510) | (1,244) | (2,142) | (2,466) | | Net earnings | 3,572 | 4,421 | 10,046 | 3,200 | | Earnings attributable to noncontrolling interests | (166) | (205) | (348) | (393) | | Net earnings attributable to UnitedHealth Group common shareholders | $3,406 | $4,216 | $9,698 | $2,807 | | Diluted earnings per share attributable to UnitedHealth Group common shareholders | $3.74 | $4.54 | $10.61 | $3.02 | | Adjusted earnings per share attributable to UnitedHealth Group common shareholders (a) | $4.08 | $6.80 | $11.29 | $13.71 | | Diluted weighted-average common shares outstanding | 910 | 928 | 914 | 929 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's financial position as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, redeemable noncontrolling interests, and equity Condensed Consolidated Balance Sheets | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and short-term investments | $32,020 | $29,113 | | Accounts receivable, net | 24,142 | 22,365 | | Other current assets | 37,537 | 34,301 | | Total current assets | 93,699 | 85,779 | | Long-term investments | 52,466 | 52,354 | | Other long-term assets | 162,408 | 160,145 | | Total assets | $308,573 | $298,278 | | Liabilities, redeemable noncontrolling interests and equity | | | | Medical costs payable | $38,427 | $34,224 | | Short-term borrowings and current maturities of long-term debt | 5,698 | 4,545 | | Other current liabilities | 66,656 | 65,000 | | Total current liabilities | 110,781 | 103,769 | | Long-term debt, less current maturities | 73,495 | 72,359 | | Other long-term liabilities | 19,513 | 19,559 | | Redeemable noncontrolling interests | 4,315 | 4,323 | | Equity | 100,469 | 98,268 | | Total liabilities, redeemable noncontrolling interests and equity | $308,573 | $298,278 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines the cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, compared to the same period in 2024, showing the net increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows | | Six Months Ended | | | :--- | :--- | :--- | | | June 30, 2025 | June 30, 2024 | | Operating Activities | | | | Net earnings | $10,046 | $3,200 | | Cash flows from operating activities | 12,644 | 7,890 | | Investing Activities | | | | Cash flows used for investing activities | (1,516) | (13,757) | | Financing Activities | | | | Cash flows (used for) from financing activities | (7,848) | 7,035 | | Net increase in cash and cash equivalents | 3,284 | 859 | | Cash and cash equivalents, end of period | $28,596 | $26,286 | [Supplemental Financial Information - Businesses](index=13&type=section&id=Supplemental%20Financial%20Information%20-%20Businesses) This section provides a detailed breakdown of revenues, earnings from operations, and operating margins for UnitedHealthcare and Optum segments, including their sub-segments, for the three and six months ended June 30, 2025, and 2024 Supplemental Financial Information - Businesses | | Three Months Ended | | Six Months Ended | | | :--- | :--- | :--- | :--- | :--- | | | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | Revenues | | | | | | UnitedHealthcare | $86,103 | $73,866 | $170,720 | $149,223 | | Optum | 67,225 | 62,879 | 131,110 | 123,931 | | Total consolidated revenues | $111,616 | $98,855 | $221,191 | $198,651 | | Earnings from Operations | | | | | | UnitedHealthcare | $2,075 | $4,004 | $7,301 | $8,399 | | Optum (a) | 3,075 | 3,871 | 6,968 | 7,407 | | Total consolidated earnings from operations | $5,150 | $7,875 | $14,269 | $15,806 | | Operating Margin | | | | | | UnitedHealthcare | 2.4 % | 5.4 % | 4.3 % | 5.6 % | | Optum | 4.6 % | 6.2 % | 5.3 % | 6.0 % | | Consolidated operating margin | 4.6 % | 8.0 % | 6.5 % | 8.0 % | [Supplemental Financial Information - People Served and Performance Metrics](index=14&type=section&id=Supplemental%20Financial%20Information%20-%20People%20Served%20and%20Performance%20Metrics) This section provides key operational metrics, including the number of people served by UnitedHealthcare across various segments (Commercial, Medicare Advantage, Medicaid, Medicare Supplement) and Optum's performance metrics such as consumers served, contract backlog, and adjusted scripts UnitedHealthcare Customer Profile (in thousands) | People Served | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Commercial: | | | | | | Risk-based | 8,440 | 8,410 | 8,845 | 8,735 | | Fee-based | 21,530 | 21,590 | 20,885 | 20,835 | | Total Commercial | 29,970 | 30,000 | 29,730 | 29,570 | | Medicare Advantage | 8,350 | 8,245 | 7,845 | 7,770 | | Medicaid | 7,490 | 7,570 | 7,435 | 7,410 | | Medicare Supplement (Standardized) | 4,305 | 4,310 | 4,335 | 4,335 | | Total Community and Senior | 20,145 | 20,125 | 19,615 | 19,515 | | Total UnitedHealthcare - Medical | 50,115 | 50,125 | 49,345 | 49,085 | | Supplemental Data | | | | | | Medicare Part D stand-alone | 2,800 | 2,835 | 3,050 | 3,065 | | South American businesses held for sale | 1,165 | 1,160 | 1,330 | 1,330 | Optum Performance Metrics | Optum Performance Metrics | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Optum Health Consumers Served (in millions) | 98 | 99 | 100 | 104 | | Optum Insight Contract Backlog (in billions) | $32.1 | $32.9 | $32.8 | $32.6 | | Optum Rx Quarterly Adjusted Scripts (in millions) | 414 | 408 | 422 | 399 | [Reconciliation of Non-GAAP Financial Measure](index=15&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measure) This section provides a reconciliation of adjusted net earnings per share, a non-GAAP financial measure, to the most directly comparable GAAP measure, detailing adjustments for intangible amortization, South American impacts, and direct response costs related to the Change Healthcare cyberattack, explaining why these exclusions provide a more useful comparison of underlying business performance - Adjusted net earnings per share is a non-GAAP financial measure provided to complement GAAP results, with adjustments for intangible amortization, South American impacts, and direct response costs from the cyberattack[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) Reconciliation of Adjusted Net Earnings Per Share | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Projected Year Ended December 31, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net earnings attributable to UnitedHealth Group common shareholders | $3,406 | $4,216 | $9,698 | $2,807 | At least $13,350 | | Intangible amortization | 409 | 417 | 826 | 816 | ~1,625 | | Tax effect of intangible amortization | (99) | (103) | (201) | (201) | ~(400) | | South American impacts | — | 1,340 | — | 8,426 | — | | Tax effect of South American impacts | — | (157) | — | (157) | — | | Direct response costs - cyberattack | — | 776 | — | 1,369 | — | | Tax effect of direct response costs - cyberattack | — | (182) | — | (323) | — | | Adjusted net earnings attributable to UnitedHealth Group common shareholders | $3,716 | $6,307 | $10,323 | $12,737 | At least $14,575 | | Diluted earnings per share | $3.74 | $4.54 | $10.61 | $3.02 | At least $14.65 | | Adjusted diluted earnings per share | $4.08 | $6.80 | $11.29 | $13.71 | At least $16.00 |

Core Viewpoint - UnitedHealth expects adjusted earnings per share for the current fiscal year to be at least $16, which is below the market expectation of $20.40 [1] Group 1 - UnitedHealth's adjusted earnings per share forecast is significantly lower than market expectations [1]

联合健康(UNH.N)：预计将于2026年恢复盈利增长。 ...

Core Viewpoint - UnitedHealth Group reported Q2 2025 revenue of $111.6 billion, an increase from $98.86 billion in the same period last year, slightly exceeding market expectations of $111.52 billion [1] Financial Performance - Q2 2025 revenue reached $111.6 billion, compared to $98.86 billion in Q2 2024, reflecting a year-over-year growth of approximately 12% [1] - The reported revenue surpassed market expectations, which were set at $111.52 billion [1]

联合健康(UNH.N)：预计2025年全年收入为4455亿至4480亿美元。 ...

联合健康(UNH.N)迅速转涨，现涨2%。 ...

联合健康(UNH.N)盘前下跌2.17%。 ...

Core Viewpoint - UnitedHealth Group (UNH.US) is set to release its quarterly earnings report, which is considered a key indicator of the current state and future direction of the U.S. healthcare system [1][2] Group 1: Company Performance and Challenges - Over the past 12 months, UnitedHealth's stock price has dropped by more than 50%, resulting in a market value loss of nearly $270 billion [1] - The company has faced significant challenges, including disappointing earnings reports, ongoing issues with its Medicare Advantage business, and various internal and external pressures [1] - Following a major stock price drop of 27% in May after the company lowered its fiscal year guidance, there was a significant management shakeup, with Stephen Hemsley taking over as CEO [1][2] Group 2: Regulatory Scrutiny - UnitedHealth is currently cooperating with a criminal and civil investigation by the U.S. Department of Justice regarding its Medicare Advantage program, with allegations of potential healthcare fraud [1][2] - The company has firmly denied any wrongdoing and is committed to cooperating with the investigation [2] Group 3: Market Expectations and Future Guidance - Investors are particularly focused on how Hemsley will set the 2025 earnings guidance, which was previously estimated to be between $26 and $26.5 per share but has now been withdrawn [2][3] - Current market consensus for 2025 adjusted earnings per share is $20.64, with some analysts predicting a more pessimistic range of $18 to $20 [2] - The market is also looking for directional growth expectations for 2026, with a consensus of $24.01 per share, while some analysts estimate it to be around $21 [4]

Core Viewpoint - UnitedHealth Group has experienced a significant decline in stock value, with a nearly 45% drop year-to-date, marking its worst performance since the Great Recession in 2008 [2][4]. Group 1: Stock Performance - The stock has fallen nearly 45% year-to-date, the worst performance since a 54% drop in 2008 [2]. - Historically, UnitedHealth has been a strong performer, typically outperforming the market, with the last significant decline occurring in 2008 [4]. - An investment of $10,000 in 2003 would have grown to $181,000 by 2023, but has now decreased to $101,000 due to the recent decline [5][6]. Group 2: Challenges Facing the Company - UnitedHealth is currently facing multiple challenges, including rising medical costs and uncertainty in the healthcare sector due to potential federal cost-cutting measures [7]. - The Department of Justice is investigating UnitedHealth's billing practices, which could lead to financial repercussions and increased operational costs [8][9]. - Despite generating over $14.4 billion in profit on $400.3 billion in revenue in 2024, investor concerns about long-term growth are impacting stock performance [9]. Group 3: Future Outlook - The company has suspended its outlook for the year and has undergone a CEO change, which adds to the uncertainty surrounding its future [9]. - While the stock is trading at levels not seen since 2020, with a valuation of 12 times its trailing earnings, it may present a buying opportunity for patient investors [10][11].

Earnings Report Announcement - UnitedHealth Group is set to release its second-quarter results before the market opens on Tuesday [1] - The market anticipates a significant stock movement for the health insurance company by the week's end [1]