Risk Sleuth
UNH · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

UnitedHealth Group

26 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Customers

Centers for Medicare & Medicaid Services (CMS)

earns from · 44% of UnitedHealth Group’s total consolidated revenuesnamed as a risk
Premium revenues from CMS represented 44% of UnitedHealth Group’s total consolidated revenues for the year ended December 31, 2025, most of which were generated by UnitedHealthcare Medicare & Retirement.Business (Item 1)

Also named by A, ABT, AMGN, AXGN, BAX, BWIN, CNC, COO and 23 more

Optum Insight backlog

earns from · approximately $31.1 billion
Optum Insight’s aggregate backlog as of December 31, 2025 was approximately $31.1 billion, of which $18.3 billion is expected to be realized within the next 12 months.Business (Item 1)

Suppliers

Optum Rx retail pharmacy network

depends on · approximately 64,000 retail pharmacies
Optum Rx provides a full spectrum of pharmacy care services through its network of approximately 64,000 retail pharmacies, through home delivery, specialty and community health pharmacies, the provision of in-home and community-based infusion services and through rare disease and gene therapy support services.Business (Item 1)

Other companies

Goodwill and other intangible assets

$131 billion, representing 42% of our total consolidated assetsnamed as a risk
As of December 31, 2025, our goodwill and other intangible assets had a carrying value of $131 billion, representing 42% of our total consolidated assets.Risk factors (Item 1A)

Change Healthcare cyberattack

named as a risk
For example, we previously reported that our Change Healthcare business, which we had recently acquired, was subject to a cyberattack in 2024, in which the data involved contained protected health information or personally identifiable information.Risk factors (Item 1A)

Hazards

Hurricanes and wildfires

named as a risk
Public health crises arising from natural disasters, such as wildfires, hurricanes, and snowstorms, or effects of climate change could impact our business operations and result in increased medical care costs.Risk factors (Item 1A)

Also named by AXP, RSG

Commodities and inputs

Medical costs (risk-based products)

exposed to its price · nearly 80% of our total consolidated revenuesnamed as a risk
Premium revenues from risk-based products constitute nearly 80% of our total consolidated revenues.Risk factors (Item 1A)

Also named by CINF

Pharmaceutical drug prices

exposed to its price · $188 billion in pharmaceutical spendingnamed as a risk
These factors may include medical cost inflation, increased use of services, increased provider billing intensity, business mix, unexpected differences among new customer populations, increased cost of individual services, costs to deliver care, large-scale medical emergencies, the potential effects of climate change, pandemics, the introduction of new or costly drugs or increases in drug prices, treatments and technology, new treatment guidelines, newly mandated benefits or other regulatory changes and insured population characteristics.Risk factors (Item 1A)

Regulators

Federal Trade Commission (FTC)

subject tonamed as a risk
Further, governmental actions, such as actions by the FTC or DOJ or comparable non-U.S. regulatory bodies, may affect our ability to complete strategic transactions, which could adversely affect our future growth.Risk factors (Item 1A)

Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more

Federal Deposit Insurance Corporation (FDIC)

subject tonamed as a risk
In the event of unfavorable examination results or an enforcement action from these state or federal agencies, the bank could become subject to civil litigation, increased operational expenses and capital requirements, enhanced governmental oversight, monetary penalties and other sanctions.Business (Item 1)

Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more

U.S. Drug Enforcement Administration (DEA)

subject tonamed as a risk
Certain of our pharmacies must also register with the U.S. Drug Enforcement Administration (DEA) and individual state controlled substance authorities to dispense controlled substances.Business (Item 1)

Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, LH and 7 more

Utah State Department of Financial Institutions

subject tonamed as a risk
Optum Bank is subject to supervision and regulation by the Utah State Department of Financial Institutions, which carries out annual examinations to ensure the bank is operating in accordance with state safety and soundness requirements and performs periodic examinations of the bank’s compliance with applicable state banking statutes, regulations and agency guidelines.Business (Item 1)

Connecticut Insurance Department

subject to
We file reports annually with Connecticut, our lead regulator, and with New York, as required by the state’s regulation.Business (Item 1)

Also named by HIG, TRV

Laws and programs

Medicaid

earns from · nearly 7.4 million peoplenamed as a risk
If we are not successful in obtaining renewals of state Medicaid managed care contracts, we risk losing the members who were enrolled in those Medicaid programs.Risk factors (Item 1A)

Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more

Medicare Part D

earns from · 10.4 million peoplenamed as a risk
If the enrollee premium is not below the government benchmark, we risk losing the members who were auto-assigned to us and will not have additional members auto-assigned to us.Risk factors (Item 1A)

Also named by ABBV, AMGN, BMY, CI, CNC, CVS, ELV, INCY and 5 more

Medicare Advantage

earns from · 8.4 million peoplenamed as a risk
For example, CMS in the past has reduced or frozen Medicare Advantage benchmarks, and additional cuts to Medicare Advantage benchmarks are possible.Risk factors (Item 1A)

Also named by BWIN, CDNA, CHE, CNC, CVS, DGX, DOC, DVA and 3 more

Patient Protection and Affordable Care Act (ACA)

subject to · 1.2 million people through Medicaid expansion programs in 19 statesnamed as a risk
For example, legislative, administrative and public policy changes to the ACA have been and likely will continue to be considered, and we cannot predict if the ACA will be further modified or to what extent such modifications may impact our businesses or member enrollment.Risk factors (Item 1A)

Also named by BAX, CI, DHR, MCK, WGS

Medicare Supplement

earns from · 4.3 million seniors
UnitedHealthcare Medicare & Retirement served 4.3 million seniors nationwide through various Medicare Supplement products as of December 31, 2025.Business (Item 1)

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk
In addition, our non-U.S. businesses and operations are subject to U.S. laws regulating the conduct and activities of U.S.-based businesses operating outside the United States, such as the FCPA, which prohibits offering, promising, providing or authorizing others to give anything of value to a foreign government official to obtain or retain business or otherwise secure a business advantage.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

False Claims Act

subject tonamed as a risk
Legal actions to which we are a party have included and in the future could include matters related to health care benefits coverage and payment of claims (including disputes with enrollees, customers and contracted and non-contracted physicians, hospitals and other health care professionals), tort claims (including claims related to the delivery of health care services, such as medical malpractice by personnel at our affiliates’ facilities, or by health care practitioners who are employed by us, have contractual relationships with us, or serve as providers to our managed care networks, including as a result of a failure to adhere to applicable clinical, quality and/or patient safety standards), antitrust claims (including as a result of changes in the enforcement of antitrust laws), whistleblower claims (including claims under the False Claims Act or similar statutes), matters related to our use of or alleged failure to adequately safeguard personal information or other proprietary data, claims related to alleged failure of our technology products to operate properly or fairly, contract and labor disputes, tax claims and claims related to disclosure of certain business practices.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more

Health Insurance Portability and Accountability Act (HIPAA)

subject tonamed as a risk
If HHS alleges or finds noncompliance by us with HIPAA privacy or security requirements, the allegations or findings could damage our reputation and subject us to monetary and other sanctions.Risk factors (Item 1A)

Also named by ADI, BBY, BR, BWIN, CART, CTSH, DGX, IQV and 8 more

Employee Retirement Income Security Act (ERISA)

subject tonamed as a risk
If a court were to determine such fiduciary obligations apply, we could be subject to claims for breaches of fiduciary obligations or claims we entered into prohibited transactions.Risk factors (Item 1A)

Also named by CI, CVS, DY, FSS, PFG, PRU, SNA, UNM

Medicare Advantage Star Ratings

subject tonamed as a risk
If we do not maintain or continue to improve our star ratings, our plans may not be eligible for quality bonuses and we may experience a negative impact on our revenues and the benefits our plans can offer, which could materially and adversely affect the marketability of our plans and the number of people we serve.Risk factors (Item 1A)

Also named by CVS

CMS Risk Adjustment Data Validation (RADV) audits

subject tonamed as a risk
Some of our local plans have been selected for such audits, which in the past have resulted and in future periods could result in retrospective adjustments to payments made to our health plans, fines, corrective action plans or other adverse action by CMS.Risk factors (Item 1A)

Also named by CNC

Children's Health Insurance Program (CHIP)

earns fromnamed as a risk
UnitedHealthcare Community & State has Medicaid and CHIP contracts, which are subject to federal regulations regarding services to be provided to Medicaid enrollees, payment for those services and other aspects of these programs.Business (Item 1)

PBM regulation

subject tonamed as a risk
Further, various governmental agencies have conducted and continue to conduct investigations and studies into certain PBM practices, which have resulted and in future periods may result in PBMs agreeing to civil penalties, including the payment of money and entry into corporate integrity agreements, or could materially and adversely impact the PBM business model.Risk factors (Item 1A)