联合健康 2026年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549__________________________________________________________ FORM 10-Q__________________________________________________________ ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to_______ Commission File Number: 1-10864__________________________________________________________ UnitedHealth Group Incorporated(Exact name of registrant as specified in its charter)__________________________________________________________ 41-1321939 (I.R.S. EmployerIdentification No.) (800) 328-5979 (Registrant’s telephone number, including area code)_________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered New York Stock Exchange Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No☒ As of April 30, 2026, there were 908,144,404 shares of the registrant’s Common Stock, $.01 par value per share, issued and outstanding. UNITEDHEALTH GROUP Table of Contents Item1.Financial Statements (unaudited)1Condensed Consolidated Balance Sheets as of March 31, 2026and December 31, 20251Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 20252Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and20253Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 20254Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 20255Notes to the Condensed Consolidated Financial Statements61.Basis of Presentation62.Investments73.Fair Value94.Medical Costs Payable105.Short-Term Borrowings and Long-Term Debt106.Shareholders’ Equity117.Commitments and Contingencies118.Held for Sale and Dispositions129.Segment Financial Information13Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations14Item3.Quantitative and Qualitative Disclosures About Market Risk23Item4.Controls and Procedures23PartII. Other InformationItem1.Legal Proceedings24Item1A.Risk Factors24Item2.Unregistered Sales of Equity Securities and Use of Proceeds24Item5.Other Information24Item6.Exhibits25Signatures26 UnitedHealth GroupCondensed Consolidated Balance Sheets(Unaudited) UnitedHealth GroupCondensed Consolidated Statements of Operations(Unaudited) UnitedHealth GroupCondensed Consolidated Statements of Comprehensive Income(Unaudited) Three Months EndedMarch 31, (in millions)20262025Net earnings$6,481$6,474Other comprehensive (loss) income:Gross unrealized (losses) gains on investment securities during the period(370)521Income tax effect84(119)Total unrealized (losses) gains, net of tax(286)402Gross reclassification adjustment for net realized losses (gains) included in net earnings5(10)Income tax effect(1)2Total reclassification adjustment, net of tax4(8)Foreign currency translation (losses) gains(59)88Reclassification adjustment for translation gains included in net earnings(160)—Total foreign currency translation (losses) gains(219)88Other comprehensive (loss) income(501)482Comprehensive income5,9806,956Comprehensive income attributable to noncontrolling interests(201)(182)Comprehensive income attributable to UnitedHealth Group common shareholders$5,779$6,774 UnitedHealth GroupCondensed Consolidated Statements of Changes in Equity(Unaudited) UnitedHealth GroupCondensed Consolidated Statements of Cash Flows(Unaudited) UnitedHealth GroupNote