UnitedHealth posted FY 2025 results showing total revenues of USD 447.6 billion (+12%), including premiums of USD 352.2 billion (+14%), product revenue of USD 53.4 billion (+6%) and services revenue of USD 38.0 billion (+6%). Earnings from operations were USD 19.0 billion, net earnings attributable to shareholders were USD 12.1 billion, and diluted EPS was USD 13.23. Medical costs were USD 314.0 billion (+19%), with a medical care ratio of 89.1% (up from 85.5%), while the operating cost ratio was 13.3% and operating margin was 4.2%. Cash flows from operations were USD 19.7 billion, and cash, cash equivalents and investments totaled USD 74.7 billion at year-end (including USD 24.4 billion of cash and cash equivalents). By segment, UnitedHealthcare revenue was USD 344.9 billion (+16%) and Optum revenue was USD 270.6 billion (+7%). UnitedHealthcare served 49.8 million medical members at Dec. 31, 2025 (up 415,000), including 8.4 million Medicare Advantage members and 29.7 million commercial members. Optum Health revenue was USD 102.0 billion and served about 95 million people (down from 100 million), Optum Insight revenue was USD 19.4 billion (+4%), and Optum Rx revenue was USD 154.7 billion (+16%) with 1,659 million adjusted scripts. UnitedHealth said 2025 performance was pressured by elevated medical cost trends and Medicare funding reductions, and it recorded FY 2025 portfolio-related net gains of USD 568 million, restructuring and other actions totaling USD 2.5 billion, and Optum Insight reserves of USD 799 million tied to net collection expectations on provider loans and other customer balances related to the Change Healthcare cyberattack. The company also announced a 2026 business realignment moving Optum Financial (including Optum Bank) from Optum Health to Optum Insight, while keeping reportable segments unchanged, and noted it expects Medicare Advantage membership to contract in 2026 alongside expected Medicaid membership losses due to eligibility redeterminations and an exit from one state.

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