- Price
- $376.32 → $379.30(+0.8%)
- Discount
- 20.8% → 20.1%(−0.6 pts)
- Balance sheet
- Cash: $31.5B
Debt: $73.3B
Net debt: $41.8B
Interest cover: 9.0×
Debt due within 12 months: $3.8B
Ratings: Moody's A2 (negative outlook), S&P A+ (negative outlook), Fitch A (negative outlook)
UnitedHealth borrows at the parent holding company, mostly through senior unsecured notes. Total debt was $73.3 billion at June 30, 2026. Of this, $3.8 billion was due within one year, and no commercial paper was outstanding. Cash and short-term investments were $31.5 billion. Butbut most of thisits cash sits in regulated insurance subsidiaries. These subsidiaries must keep minimum statutory capital and need state approval for large dividends. The parent itself held only $303 million of cash at December 31, 2025. In 2025, it put a net $535 million into these subsidiaries and received no net dividends from them. No commercial paper was outstanding at June 30, 2026. Debt was 41.2% of total capital at June 30that date, 2026, down from 44.1% a year earlier. Management targets about 40% by the end of 2026. In the first half of 2026,Interest cover is earnings from operations of $17.0 billion coveredover interest expense in the first half of $12026.9 billion about 9 times. $21 billion of bank credit facilities back the commercial paper program, and they were undrawn at December 31, 2025. Moody's (A2), S&P Global (A+) and Fitch (A) all had a negative outlook at June 30, 2026. The debt does not put the business at risk. But the negative outlooks and the reliance on subsidiary dividends explain its choices in the first half of 2026. The company repaid $2.5 billion of debt and kept buybacks to $1.6 billion.
As of 2026-06-30.