UnitedHealth Group
A $448 billion U.S. health benefits and care services group repricing and pruning its portfolio after 2025 medical costs ran well ahead of what it priced for.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
A second consecutive year of Medicare Advantage retrenchment for 2027: more county exits, leaner benefits and higher member premiums, accepting further membership loss.
- Final 2027 Medicare Advantage rate notice versus the Advance Notice
- 2027 county footprint and benefit filings
- Medicare Advantage membership in 2026 quarterly reports
- Optum Health narrows to fewer, more controllable value-based markets, with further exits, contract renegotiations and conversions of risk contracts to fee-based arrangements.High confidence
- Optum Insight is recast as a health payments and financial-infrastructure platform, built around Optum Financial and Optum Bank, with lower-volume business services deemphasized.Medium confidence
- Optum Rx is leaned on as the steadiest earnings engine, with emphasis on specialty, infusion and pharmacist-in-the-care-team services that are less exposed to proposed PBM rules.Medium confidence
- Capital allocation stays defensive: buybacks below the 2023-2024 pace, limited acquisition spending and more reinsurance-style capital relief, until rating outlooks stabilize.Medium confidence
- The combined Chair and CEO role is temporary; expect a succession plan that re-separates the roles, with the board tilting further toward provider and clinical operators.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Gross profit | $256.6B | $290.5B | $332.9B | $353.6B | $396.9B |
| Operating income | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Operating cash flow | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Capital expenditure | $2.5B | $2.8B | $3.4B | $3.5B | $3.6B |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Stock-based comp | $800M | $925M | $1.1B | $1.0B | $971M |
| Buybacks | $5.0B | $7.0B | $8.0B | $9.0B | $5.5B |
| Dividends | $5.3B | $6.0B | $6.8B | $7.5B | $7.9B |
| Cash | $21.4B | $23.4B | $25.4B | $25.3B | $24.4B |
| Total debt | $46.0B | $57.6B | $62.5B | $76.9B | $78.4B |
| Equity | $75.0B | $81.5B | $94.4B | $98.3B | $100.1B |
Built from the company's disclosures: 10-K (2026-03-02), 8-K (2026-11-09), 8-K (2026-10-13), 8-K (2026-07-16), 8-K (2026-04-21), DEF 14A (2026-04-21).
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