Analysis of Reportable Segments
UnitedHealth Group Inc. operates in 4 segments: UnitedHealthcare; Optum Health; Optum Insight; and Optum Rx.
- Segment Profit Margin
- Segment Return on Assets (Segment ROA)
- Segment Asset Turnover
- Segment Capital Expenditures to Depreciation
- Revenues, including investment and other income
- Earnings before income taxes
- Total assets
- Purchases of property, equipment and capitalized software
- Depreciation and amortization
Segment Profit Margin
UnitedHealth Group Inc., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 2.44% | 5.83% | 5.76% | 5.37% | 6.15% |
| Optum Health | 7.37% | 6.88% | 8.48% | 8.25% | 8.63% |
| Optum Insight | 16.51% | 22.54% | 24.61% | 27.85% | 25.23% |
| Optum Rx | 4.38% | 4.41% | 4.45% | 4.53% | 4.44% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | UnitedHealthcare | UnitedHealthcare segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Optum Health | Optum Health segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. | |
| Optum Insight | Optum Insight segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. | |
| Optum Rx | Optum Rx segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 7,274) | 16,415) | 14,379) | 11,975) | 12,359) |
| Revenues, including investment and other income | 298,208) | 281,360) | 249,741) | 222,899) | 200,875) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 2.44% | 5.83% | 5.76% | 5.37% | 6.15% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 7,274 ÷ 298,208 = 2.44%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | UnitedHealthcare | UnitedHealthcare segment profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment Profit Margin: Optum Health
UnitedHealth Group Inc.; Optum Health; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 7,770) | 6,560) | 6,032) | 4,462) | 3,434) |
| Revenues, including investment and other income | 105,358) | 95,319) | 71,174) | 54,065) | 39,808) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 7.37% | 6.88% | 8.48% | 8.25% | 8.63% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 7,770 ÷ 105,358 = 7.37%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Optum Health | Optum Health segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Segment Profit Margin: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 3,097) | 4,268) | 3,588) | 3,398) | 2,725) |
| Revenues, including investment and other income | 18,757) | 18,932) | 14,581) | 12,199) | 10,802) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 16.51% | 22.54% | 24.61% | 27.85% | 25.23% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 3,097 ÷ 18,757 = 16.51%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Optum Insight | Optum Insight segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 5,836) | 5,115) | 4,436) | 4,135) | 3,887) |
| Revenues, including investment and other income | 133,231) | 116,087) | 99,773) | 91,314) | 87,498) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.38% | 4.41% | 4.45% | 4.53% | 4.44% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × 5,836 ÷ 133,231 = 4.38%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Optum Rx | Optum Rx segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Return on Assets (Segment ROA)
UnitedHealth Group Inc., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 6.11% | 14.80% | 13.43% | 11.63% | 12.58% |
| Optum Health | 8.05% | 7.34% | 8.75% | 7.38% | 6.59% |
| Optum Insight | 8.99% | 12.49% | 11.54% | 20.14% | 17.67% |
| Optum Rx | 9.88% | 9.98% | 9.34% | 10.29% | 9.90% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | UnitedHealthcare | UnitedHealthcare segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Optum Health | Optum Health segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. | |
| Optum Insight | Optum Insight segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. | |
| Optum Rx | Optum Rx segment ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment ROA: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 7,274) | 16,415) | 14,379) | 11,975) | 12,359) |
| Total assets | 119,009) | 110,943) | 107,094) | 102,967) | 98,229) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 6.11% | 14.80% | 13.43% | 11.63% | 12.58% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Total assets
= 100 × 7,274 ÷ 119,009 = 6.11%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | UnitedHealthcare | UnitedHealthcare segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment ROA: Optum Health
UnitedHealth Group Inc.; Optum Health; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 7,770) | 6,560) | 6,032) | 4,462) | 3,434) |
| Total assets | 96,472) | 89,432) | 68,950) | 60,474) | 52,073) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.05% | 7.34% | 8.75% | 7.38% | 6.59% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Total assets
= 100 × 7,770 ÷ 96,472 = 8.05%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Optum Health | Optum Health segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level. |
Segment ROA: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 3,097) | 4,268) | 3,588) | 3,398) | 2,725) |
| Total assets | 34,452) | 34,173) | 31,090) | 16,868) | 15,425) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.99% | 12.49% | 11.54% | 20.14% | 17.67% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Total assets
= 100 × 3,097 ÷ 34,452 = 8.99%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Optum Insight | Optum Insight segment ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment ROA: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings before income taxes | 5,836) | 5,115) | 4,436) | 4,135) | 3,887) |
| Total assets | 59,086) | 51,266) | 47,476) | 40,181) | 39,280) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.88% | 9.98% | 9.34% | 10.29% | 9.90% |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment ROA = 100 × Earnings before income taxes ÷ Total assets
= 100 × 5,836 ÷ 59,086 = 9.88%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Optum Rx | Optum Rx segment ROA improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Asset Turnover
UnitedHealth Group Inc., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 2.51 | 2.54 | 2.33 | 2.16 | 2.04 |
| Optum Health | 1.09 | 1.07 | 1.03 | 0.89 | 0.76 |
| Optum Insight | 0.54 | 0.55 | 0.47 | 0.72 | 0.70 |
| Optum Rx | 2.25 | 2.26 | 2.10 | 2.27 | 2.23 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | UnitedHealthcare | UnitedHealthcare segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
| Optum Health | Optum Health segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Optum Insight | Optum Insight segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. | |
| Optum Rx | Optum Rx segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Asset Turnover: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 298,208) | 281,360) | 249,741) | 222,899) | 200,875) |
| Total assets | 119,009) | 110,943) | 107,094) | 102,967) | 98,229) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.51 | 2.54 | 2.33 | 2.16 | 2.04 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Total assets
= 298,208 ÷ 119,009 = 2.51
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | UnitedHealthcare | UnitedHealthcare segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Asset Turnover: Optum Health
UnitedHealth Group Inc.; Optum Health; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 105,358) | 95,319) | 71,174) | 54,065) | 39,808) |
| Total assets | 96,472) | 89,432) | 68,950) | 60,474) | 52,073) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.09 | 1.07 | 1.03 | 0.89 | 0.76 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Total assets
= 105,358 ÷ 96,472 = 1.09
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Optum Health | Optum Health segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Asset Turnover: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 18,757) | 18,932) | 14,581) | 12,199) | 10,802) |
| Total assets | 34,452) | 34,173) | 31,090) | 16,868) | 15,425) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.54 | 0.55 | 0.47 | 0.72 | 0.70 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Total assets
= 18,757 ÷ 34,452 = 0.54
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Optum Insight | Optum Insight segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Asset Turnover: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues, including investment and other income | 133,231) | 116,087) | 99,773) | 91,314) | 87,498) |
| Total assets | 59,086) | 51,266) | 47,476) | 40,181) | 39,280) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.25 | 2.26 | 2.10 | 2.27 | 2.23 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment asset turnover = Revenues, including investment and other income ÷ Total assets
= 133,231 ÷ 59,086 = 2.25
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Optum Rx | Optum Rx segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Capital Expenditures to Depreciation
UnitedHealth Group Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 0.88 | 0.88 | 0.82 | 0.79 | 0.75 |
| Optum Health | 0.90 | 1.13 | 1.06 | 0.97 | 1.02 |
| Optum Insight | 1.00 | 0.79 | 0.83 | 0.83 | 0.69 |
| Optum Rx | 0.53 | 0.50 | 0.48 | 0.50 | 0.31 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | UnitedHealthcare | UnitedHealthcare segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Optum Health | Optum Health segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. | |
| Optum Insight | Optum Insight segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. | |
| Optum Rx | Optum Rx segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: UnitedHealthcare
UnitedHealth Group Inc.; UnitedHealthcare; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 781) | 866) | 799) | 795) | 687) |
| Depreciation and amortization | 889) | 989) | 973) | 1,004) | 920) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.88 | 0.88 | 0.82 | 0.79 | 0.75 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 781 ÷ 889 = 0.88
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | UnitedHealthcare | UnitedHealthcare segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Optum Health
UnitedHealth Group Inc.; Optum Health; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 1,008) | 1,199) | 997) | 791) | 715) |
| Depreciation and amortization | 1,123) | 1,058) | 943) | 818) | 703) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.90 | 1.13 | 1.06 | 0.97 | 1.02 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 1,008 ÷ 1,123 = 0.90
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Optum Health | Optum Health segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Optum Insight
UnitedHealth Group Inc.; Optum Insight; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 1,291) | 974) | 698) | 567) | 461) |
| Depreciation and amortization | 1,294) | 1,229) | 841) | 684) | 670) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.00 | 0.79 | 0.83 | 0.83 | 0.69 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 1,291 ÷ 1,294 = 1.00
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Optum Insight | Optum Insight segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Segment Capital Expenditures to Depreciation: Optum Rx
UnitedHealth Group Inc.; Optum Rx; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Purchases of property, equipment and capitalized software | 419) | 347) | 308) | 301) | 188) |
| Depreciation and amortization | 793) | 696) | 643) | 597) | 598) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.53 | 0.50 | 0.48 | 0.50 | 0.31 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= 419 ÷ 793 = 0.53
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Optum Rx | Optum Rx segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Revenues, including investment and other income
UnitedHealth Group Inc., revenues, including investment and other income by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 298,208) | 281,360) | 249,741) | 222,899) | 200,875) |
| Optum Health | 105,358) | 95,319) | 71,174) | 54,065) | 39,808) |
| Optum Insight | 18,757) | 18,932) | 14,581) | 12,199) | 10,802) |
| Optum Rx | 133,231) | 116,087) | 99,773) | 91,314) | 87,498) |
| Optum Eliminations | (4,389) | (3,703) | (2,760) | (2,013) | (1,800) |
| Optum | 252,957) | 226,635) | 182,768) | 155,565) | 136,308) |
| Corporate and Eliminations | (150,887) | (136,373) | (108,347) | (90,867) | (80,042) |
| Consolidated | 400,278) | 371,622) | 324,162) | 287,597) | 257,141) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Earnings before income taxes
UnitedHealth Group Inc., earnings before income taxes by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 7,274) | 16,415) | 14,379) | 11,975) | 12,359) |
| Optum Health | 7,770) | 6,560) | 6,032) | 4,462) | 3,434) |
| Optum Insight | 3,097) | 4,268) | 3,588) | 3,398) | 2,725) |
| Optum Rx | 5,836) | 5,115) | 4,436) | 4,135) | 3,887) |
| Optum | 16,703) | 15,943) | 14,056) | 11,995) | 10,046) |
| Corporate and Eliminations | (3,906) | (3,246) | (2,092) | (1,660) | (1,663) |
| Consolidated | 20,071) | 29,112) | 26,343) | 22,310) | 20,742) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Total assets
UnitedHealth Group Inc., total assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 119,009) | 110,943) | 107,094) | 102,967) | 98,229) |
| Optum Health | 96,472) | 89,432) | 68,950) | 60,474) | 52,073) |
| Optum Insight | 34,452) | 34,173) | 31,090) | 16,868) | 15,425) |
| Optum Rx | 59,086) | 51,266) | 47,476) | 40,181) | 39,280) |
| Optum | 190,010) | 174,871) | 147,516) | 117,523) | 106,778) |
| Corporate and Eliminations | (10,741) | (12,094) | (8,905) | (8,284) | (7,718) |
| Consolidated | 298,278) | 273,720) | 245,705) | 212,206) | 197,289) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Purchases of property, equipment and capitalized software
UnitedHealth Group Inc., purchases of property, equipment and capitalized software by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 781) | 866) | 799) | 795) | 687) |
| Optum Health | 1,008) | 1,199) | 997) | 791) | 715) |
| Optum Insight | 1,291) | 974) | 698) | 567) | 461) |
| Optum Rx | 419) | 347) | 308) | 301) | 188) |
| Optum | 2,718) | 2,520) | 2,003) | 1,659) | 1,364) |
| Consolidated | 3,499) | 3,386) | 2,802) | 2,454) | 2,051) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Depreciation and amortization
UnitedHealth Group Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| UnitedHealthcare | 889) | 989) | 973) | 1,004) | 920) |
| Optum Health | 1,123) | 1,058) | 943) | 818) | 703) |
| Optum Insight | 1,294) | 1,229) | 841) | 684) | 670) |
| Optum Rx | 793) | 696) | 643) | 597) | 598) |
| Optum | 3,210) | 2,983) | 2,427) | 2,099) | 1,971) |
| Consolidated | 4,099) | 3,972) | 3,400) | 3,103) | 2,891) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).