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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Medical costs dominate and climbed steeply through 2023–2025 but pulled back in Q1‑2026 — an improvement management attributes to pricing, reserve development and seasonality, so don’t assume full normalization; underlying medical trend remains elevated. Operating costs have jumped recently driven by incentive compensation and targeted tech/AI investments, pressuring near‑term margins but are paired with clear productivity initiatives (prior‑auth automation, Optum Rx wins) that could convert to lower operating ratios over time. Rising depreciation/amortization signals sustained capitalizing of tech/acquisition investments, supporting future margin leverage but adding short‑term fixed expense.
Date | Depreciation and Amortization | Medical Costs | Operating Costs |
|---|---|---|---|
Jun 30, 2026 | $1.04B | $75.36B | $14.27B |
Mar 31, 2026 | $1.03B | $73.49B | $15.39B |
Dec 31, 2025 | $1.12B | $82.04B | $17.00B |
Sep 30, 2025 | $1.10B | $79.96B | $15.22B |
Jun 30, 2025 | $1.08B | $78.58B | $13.78B |
Mar 31, 2025 | $1.06B | $73.41B | $13.59B |
Dec 31, 2024 | $1.04B | $67.03B | $12.49B |
Sep 30, 2024 | $1.04B | $65.96B | $13.28B |
Jun 30, 2024 | $1.02B | $65.46B | $13.16B |
Mar 31, 2024 | $997.00M | $65.73B | $14.08B |