UnitedHealth Group (NYSE: UNH) is a diversified health care company that provides health insurance benefits and health services through two primary business segments, UnitedHealthcare and Optum. The company makes money primarily through monthly premiums on risk-based health benefit products, which constituted nearly 80% of total consolidated revenues in FY2025, with additional revenue from pharmacy products and services. Total revenues reached $447.6B in FY2025, up 12% from $400.3B in FY2024, with premiums of $352.2B, products revenue of $53.4B, and services revenue of $38.0B. The company serves members across commercial, Medicare Advantage, and Medicaid managed care markets. Pharmacy care services are delivered through Optum Rx and UnitedHealthcare businesses. Earnings from operations fell to $18.9B in FY2025 from $32.3B in FY2024, driven by elevated medical costs, Medicare funding reductions under the Inflation Reduction Act, and losses in certain Optum Health value-based care contracts.

Revenue model

Primarily premium-based: monthly premiums on risk-based health benefit products represented nearly 80% of total consolidated revenues in FY2025. Additional revenue streams include pharmacy product sales ($53.4B in FY2025), health services ($38.0B in FY2025), and investment and other income ($3.9B in FY2025). Optum Health also enters fully accountable value-based arrangements with payers.

Products and services

Health insurance and managed care benefit products across commercial, Medicare Advantage, and Medicaid markets (UnitedHealthcare). Pharmacy benefit management and pharmacy care services through Optum Rx. Health services and value-based care arrangements through Optum Health. The company also operates care delivery facilities with employed and contracted health care practitioners.

Customers and end markets

Individual and employer-sponsored commercial health plan members. Medicare Advantage and Medicare Part D enrollees. Medicaid managed care plan members. Payers contracting with Optum Health for value-based care arrangements. Key end-market drivers include government program funding (Medicare, Medicaid), medical cost trends, and membership growth in Medicare Advantage.

Value-chain role

Integrated payer and health services provider. Acts as health insurer assuming medical and administrative cost risk, pharmacy benefit manager negotiating with pharmaceutical manufacturers and dispensing pharmacies, and direct care provider through affiliated clinical facilities and employed practitioners.

Geographic exposure

Filing excerpts do not specify domestic vs. international revenue breakdown.

Source: SEC 10-K, filed 2026-03-02

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