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Get filing alertsrevenue $111.7B, net income $6.28B. UnitedHealth revenue growth slows to 2% as Medicare, Medicaid membership contracts sharply
Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read
Key Financials
SEC XBRL| Metric | PriorMar 31, 2025 | CurrentMar 31, 2026 | Δ |
|---|---|---|---|
| Revenue | $109.6B | $111.7B | ▲ +2.0% |
| Net income | $6.29B | $6.28B | ▼ -0.2% |
| Diluted EPS | $6.85 | $6.90 | ▲ +0.7% |
| Operating income | $9.12B | $8.99B | ▼ -1.4% |
| Cash & equivalents | $30.7B | $28.0B | ▼ -8.8% |
| Long-term debt (noncurrent) | $71.3B | $71.4B | ▲ +0.2% |
| Total assets | $309.8B | $312.6B | ▲ +0.9% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
Consolidated revenues grew 10%, UnitedHealthcare revenues grew 12% and Optum revenues grew 5%.
Current filing · verify on EDGAR →
Consolidated revenues grew 2%, UnitedHealthcare revenues grew 2% and Optum revenues were consistent.
Prior filing · verify on EDGAR →
UnitedHealthcare served 945,000 more people, driven by growth in commercial offerings and Medicare Advantage.
Current filing · verify on EDGAR →
UnitedHealthcare served 1.1 million fewer people due to benefit design and pricing actions and reduced Medicaid eligibility.
Prior filing · verify on EDGAR →
Optum Rx fulfilled 408 million and 395 million adjusted scripts in the first quarters of 2025 and 2024, respectively.
Current filing · verify on EDGAR →
Optum Rx fulfilled 383 million and 408 million adjusted scripts in the first quarters of 2026 and 2025, respectively.
Prior filing · verify on EDGAR →
Optum Health 1,614 1,899(285) (15)
Current filing · verify on EDGAR →
Optum Health (a) 1,141 1,411 (270) (19)
Prior filing · verify on EDGAR →
Optum Insight961 49047196
Current filing · verify on EDGAR →
Optum Insight (a)963 1,164 (201) (17)
Prior filing · verify on EDGAR →
Cash flows from operations for the three months ended March 31, 2025 were $5.5 billion.
Current filing · verify on EDGAR →
Cash flows from operations for the three months ended March 31, 2026 were $8.9 billion.
Prior filing · verify on EDGAR →
Our quarterly cash dividend to shareholders reflects an annual rate of $8.40.
Current filing · verify on EDGAR →
Our quarterly cash dividend to shareholders reflects an annual rate of $8.84.
Key Changes
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high
Medicare Advantage membership fell 690,000 year-over-year with continued contraction expected through 2026 due to funding pressures and benefit/pricing actions. Company now explicitly states membership is contracting vs. prior period's forward-looking language.
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high
Company pledged to rebate all 2026 profits from individual exchange products to customers, directly reducing profitability in this segment amid regulatory/political pressure on pricing.
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high
Consolidated revenue growth decelerated to 2% from 10% prior year; total medical membership declined 1.1 million vs. growth of 945,000 in Q1 2025. Medicaid membership down 410,000 with one state exit disclosed.
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high
Moody's, S&P, and Fitch downgraded credit outlook from Stable to Negative; A.M. Best cut senior debt rating from A to A-. Ratings remain investment-grade but signal potential future downgrades if performance doesn't improve.
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Optum Health value-based care business contracted to 93 million people from 95 million, with further declines expected due to Medicare funding cuts and market exits—a strategic retreat from previously-emphasized growth area.
Summary
UnitedHealth's Q1 2026 results reveal a sharp deceleration across its core businesses. Revenue growth slowed to 2% from 10% in the prior year, driven by membership contraction of 1.1 million people—a stark reversal from 945,000 net additions in Q1 2025.
Medicare Advantage lost 690,000 members as multi-year funding shortfalls forced benefit cuts and pricing increases, with management now stating contraction will continue through year-end. Medicaid membership fell 410,000 amid rate inadequacy and a disclosed state exit.
The company's unprecedented pledge to rebate all 2026 individual exchange profits signals regulatory pressure and will directly reduce earnings in that segment. Operating performance deteriorated despite cost controls. Optum Health earnings fell 19% to $1.14 billion, pressured by elevated medical costs and strategic divestitures that generated a net $230 million gain but included a $306 million loss at Optum Health. The company's value-based care business—previously a growth pillar—contracted to 93 million lives from 95 million, with further declines expected. Three major credit rating agencies shifted outlook to Negative, and A.M. Best downgraded the senior debt rating, reflecting concerns about sustained margin pressure. Operating cash flow surged 63% to $8.9 billion, driven by Inflation Reduction Act pharmacy rebate timing, providing near-term liquidity cushion. Investors should monitor Q2 Medicare Advantage retention rates and whether 2027 rate notices (described as moving "towards" but still "below" medical cost trend) stabilize membership losses. Management's shift from stating care patterns were "above expectations" to "expected and contemplated" suggests 2026 pricing incorporated elevated utilization, but the proof will be in margin trajectory. The individual exchange profit rebate and credit outlook downgrades create a narrower path to earnings recovery.
Section-by-Section Diff
MD&A
UnitedHealth reports Q1 2026 revenue growth of 2% vs. 10% prior year, with membership declines across Medicare Advantage, commercial risk, and Medicaid.
Added in current filing · verify on EDGAR →
In the fourth quarter of 2025, the Company took various actions as a result of a strategic review of its assets and businesses aimed at advancing and scaling its core operations, including the value-based care business at Optum Health. In the first quarter of 2026, these actions resulted in a net gain of $230 million reflecting gains on the sales of businesses previously held for sale as of December 31, 2025, partially offset by incremental losses on other businesses held for sale. By segment, this included gains of $528 million and $8 million at Optum Insight and Optum Rx, respectively, partially offset by a net loss of $306 million at Optum Health.
UnitedHealth completed a strategic portfolio review in Q4 2025, resulting in business divestitures that generated a net $230 million gain in Q1 2026. Optum Health recorded a $306 million loss on these transactions, while Optum Insight and Optum Rx recorded gains. This reflects a strategic shift to focus on core operations and scale value-based care.
Added in current filing · verify on EDGAR →
In the first quarter of 2026, restructuring and other items included a $400 million contribution to the United Health Foundation funded by the cash gain on the disposition of an Optum Insight business. This was partially offset by a $137 million reduction of loss contract reserves established in the fourth quarter of 2025 and $59 million of net valuation gains on equity securities.
The company made a $400 million charitable contribution to the United Health Foundation using proceeds from an Optum Insight business sale. The company also released $137 million of loss contract reserves established in Q4 2025, suggesting prior-period contract issues have improved or resolved.
Added in current filing · verify on EDGAR →
Additionally, we have voluntarily pledged to rebate 2026 profits on our individual exchange products to customers as policymakers continue to work to determine how to improve affordability in this marketplace.
UnitedHealth has voluntarily committed to rebate all 2026 profits from individual exchange products to customers. This unprecedented action signals regulatory or political pressure on exchange pricing and will directly reduce 2026 profitability in this segment.
Previous filing · verify on EDGAR →
Medicare Advantage funding continues to be pressured, as discussed below in “Regulatory Trends and Uncertainties” and we have observed increased care patterns as discussed below in “Medical Cost Trends,” which may impact pricing and benefit design in future periods.
Current filing · verify on EDGAR →
Medicare Advantage funding continues to be pressured, as discussed below in “Regulatory Trends and Uncertainties,” and we have observed a continued increase in care patterns and health care unit costs as discussed below in “Medical Cost Trends,” which we have contemplated in our 2026 benefit design approach. Continued funding pressures have resulted in benefit and pricing actions, causing contraction in our Medicare Advantage membership in the first quarter, which we expect to continue throughout 2026.
The company now explicitly states that Medicare Advantage membership contracted in Q1 2026 and expects continued contraction throughout the year. This is a material shift from the prior period's forward-looking language about potential impacts. The membership table shows Medicare Advantage declined by 690,000 people year-over-year.
Previous filing · verify on EDGAR →
The Medicaid redetermination process has caused a timing mismatch between the health status of people served through Medicaid and state rate updates. While the updated rates in 2025 more closely align with underlying member acuity, the funding and payment rate environment remains insufficient to meet the health needs of patients and creates the risk of continued downward pressure on Medicaid margin percentages. We continue to take a prudent, market-sustainable posture for both new business and maintenance of existing relationships. We continue to advocate for actuarially sound rates commensurate with our medical cost trends and we remain dedicated to partnering with those states that are committed to the long-term viability of their programs.
Current filing · verify on EDGAR →
Due to elevated care activity in Medicaid, specifically related to behavioral, pharmacy and home health, there continues to be a timing mismatch between the health status of people served and state rate updates. The funding and payment rate environment remains insufficient to meet the health needs of patients and creates the risk of continued downward pressure on Medicaid margin percentages. We continue to take a prudent, market-sustainable posture for both new business and maintenance of existing relationships. We continue to advocate for actuarially sound rates commensurate with our medical cost trends and we remain dedicated to partnering with those states that are committed to the long-term viability of their programs. People served by Medicaid offerings has declined in the first quarter of 2026 due to reduced Medicaid eligibility with further contraction expected during the remainder of 2026 due to reduced Medicaid eligibility and the exit from one state.
The Medicaid discussion now identifies specific cost drivers (behavioral, pharmacy, home health) and discloses that the company is exiting one state. Medicaid membership declined 410,000 year-over-year, with further contraction expected. The prior period's acknowledgment that 2025 rates "more closely align with underlying member acuity" has been removed, suggesting the rate environment has not improved.
Added in current filing · verify on EDGAR →
Optum Health’s fully accountable value-based care businesses have been impacted by Medicare funding reductions and have also seen continued medical cost trend pressures, which may impact future pricing in the markets we continue to participate in. As a result of increased pricing in response to anticipated care patterns in 2026, the exit from certain markets and decreased people served through UnitedHealthcare Medicare Advantage offerings, the number of people served under value-based care arrangements has contracted in the first quarter and is expected to continue throughout 2026.
Optum Health's value-based care business is contracting due to Medicare funding cuts, medical cost pressures, and exits from certain markets. This is a strategic retreat from a previously-emphasized growth area.
Previous filing · verify on EDGAR →
Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. We have observed increased care patterns, more notably related to physician and outpatient care for seniors served through Medicare Advantage, that are above what we expected and contemplated in our benefits design. These elevated care patterns may continue in future periods. Additionally, the Inflation Reduction Act (IRA) altered the Medicare Part D model and benefits, shifting more risk to plans, which results in both increased premiums and medical costs. The IRA also changed the quarterly relationship of medical costs to premiums, altering the seasonal progression and creating a more consistent relationship between medical costs and premiums throughout the year. We endeavor to mitigate medical cost increases by engaging hospitals, physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care.
Current filing · verify on EDGAR →
Our medical cost trends primarily relate to changes in unit costs, care activity and prescription drug costs. As expected and contemplated in our benefits design and pricing, we have continued to observe increased care patterns; health care unit costs; and the intensity of services delivered, which are driven by increases in provider pricing and additional services bundled per visit. These trends may continue in future periods. We endeavor to mitigate medical cost increases by engaging hospitals, physicians and consumers with information and helping them make clinically sound choices, with the objective of helping them achieve high-quality, affordable care. Additionally, we have elevated our audit, clinical policy and payment integrity tools to protect customers and patients from unnecessary costs.
The company now states that elevated care patterns were "expected and contemplated" in 2026 benefit design, a shift from the prior period's disclosure that patterns were "above what we expected." The company has added language about elevating audit and payment integrity tools, suggesting intensified cost-control efforts. The IRA-specific discussion has been removed, indicating that seasonal impact is now normalized.
Previous filing · verify on EDGAR →
Medicare Advantage rate notices for numerous years have resulted in industry base rates well below the industry forward medical cost trend, with the Final Notice for 2026 beginning to approach the industry forward medical cost trend. The compounding impact of the previous multi-year rate shortfalls creates sustained pressure on the Medicare Advantage program.
Current filing · verify on EDGAR →
Medicare Advantage rate notices for numerous years have resulted in industry base rates well below the industry forward medical cost trend. While the Final Notice for 2027 moved towards the expected industry forward medical cost trend, it remains below. The compounding impact of multi-year rate shortfalls have created sustained pressure on the Medicare Advantage program.
The 2027 rate notice language indicates rates "moved towards" but "remain below" medical cost trend, a less optimistic tone than the prior period's statement that 2026 rates were "beginning to approach" trend. The cumulative funding gap continues to pressure the Medicare Advantage program.
Previous filing · verify on EDGAR →
Consolidated revenues grew 10%, UnitedHealthcare revenues grew 12% and Optum revenues grew 5%.
Current filing · verify on EDGAR →
Consolidated revenues grew 2%, UnitedHealthcare revenues grew 2% and Optum revenues were consistent.
Consolidated revenue growth decelerated sharply to 2% in Q1 2026 from 10% in Q1 2025. UnitedHealthcare growth slowed from 12% to 2%, and Optum growth decelerated from 5% to flat. This reflects membership contraction across Medicare Advantage, commercial risk, and Medicaid, partially offset by pricing actions.
Previous filing · verify on EDGAR →
UnitedHealthcare served 945,000 more people, driven by growth in commercial offerings and Medicare Advantage.
Current filing · verify on EDGAR →
UnitedHealthcare served 1.1 million fewer people due to benefit design and pricing actions and reduced Medicaid eligibility.
UnitedHealthcare's total medical membership declined by 1.1 million people in Q1 2026 vs. growth of 945,000 in Q1 2025. The membership table shows declines across Medicare Advantage (-690,000), commercial risk (-685,000), and Medicaid (-410,000). This is a significant reversal from prior-year growth.
Previous filing · verify on EDGAR →
Optum Rx fulfilled 408 million and 395 million adjusted scripts in the first quarters of 2025 and 2024, respectively.
Current filing · verify on EDGAR →
Optum Rx fulfilled 383 million and 408 million adjusted scripts in the first quarters of 2026 and 2025, respectively.
Optum Rx script volume declined 6% year-over-year to 383 million in Q1 2026 from 408 million in Q1 2025, reversing the prior year's 3% growth. The company attributes this to contraction in UnitedHealthcare membership.
Previous filing · verify on EDGAR →
Optum Health 1,614 1,899(285) (15)
Current filing · verify on EDGAR →
Optum Health (a) 1,141 1,411 (270) (19)
Optum Health earnings from operations declined 19% to $1,141 million in Q1 2026 from $1,411 million in Q1 2025. The company cites elevated medical cost trends, net portfolio divestitures, and investments to support future growth, partially offset by cost management and favorable reserve development.
Previous filing · verify on EDGAR →
Optum Insight961 49047196
Current filing · verify on EDGAR →
Optum Insight (a)963 1,164 (201) (17)
Optum Insight earnings from operations declined 17% to $963 million in Q1 2026 from $1,164 million in Q1 2025, reversing the prior year's 96% growth. The company cites investments in people and technology, restructuring actions, and lower business services volumes, partially offset by net portfolio divestitures and technology services growth.
Previous filing · verify on EDGAR →
Cash flows from operations for the three months ended March 31, 2025 were $5.5 billion.
Current filing · verify on EDGAR →
Cash flows from operations for the three months ended March 31, 2026 were $8.9 billion.
Operating cash flow increased 63% to $8.9 billion in Q1 2026 from $5.5 billion in Q1 2025. The company attributes this to legislative changes from the Inflation Reduction Act impacting pharmacy rebates and other working capital changes.
Previous filing · verify on EDGAR →
Our quarterly cash dividend to shareholders reflects an annual rate of $8.40.
Current filing · verify on EDGAR →
Our quarterly cash dividend to shareholders reflects an annual rate of $8.84.
The annual dividend rate increased 5.2% to $8.84 from $8.40, reflecting continued capital return to shareholders despite membership and earnings pressures.
Previous filing · verify on EDGAR →
Senior unsecured debtA2StableA+StableAStableAStable
Current filing · verify on EDGAR →
Senior unsecured debtA2NegativeA+NegativeANegativeA-Stable
Moody's, S&P Global, and Fitch all downgraded UnitedHealth's credit outlook from Stable to Negative during the period. The ratings themselves remain unchanged (A2, A+, A), but the negative outlooks signal potential future downgrades if operating performance does not improve. A.M. Best downgraded the senior unsecured debt rating from A to A- while maintaining a Stable outlook.
Previous filing · verify on EDGAR →
During the three months ended March 31, 2025, we repurchased approximately 6.0 million shares at an average price of $503.72 per share.
Current filing · verify on EDGAR →
During the three months ended March 31, 2026, a counterparty purchased and held 1.7 million shares at an average price of $285.68 per share pursuant to forward share repurchase contracts.
The company shifted from direct share repurchases (6.0 million shares in Q1 2025) to forward contracts (1.7 million shares in Q1 2026), a significant reduction in buyback activity. The average price declined from $503.72 to $285.68, reflecting a 43% decline in share price year-over-year.
Show 2 minor / wording changes
Previous filing · verify on EDGAR →
As of March 31, 2025, we have entered into agreements to acquire companies in the health care sector, subject to regulatory approval and other customary closing conditions. The total anticipated consideration required for these acquisitions, excluding the payoff of acquired indebtedness, was approximately $4 billion.
Current filing · verify on EDGAR →
As of March 31, 2026, we have entered into agreements to acquire companies in the health care sector, subject to regulatory approval and customary closing conditions, the majority of which are expected to close in the second half of 2026. The total anticipated capital required for these acquisitions was approximately $3.0 billion.
This suggests some prior-period deals have closed or been terminated.
Added in current filing · verify on EDGAR →
On January 1, 2026, we realigned certain businesses to respond to changes in the markets we serve and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health is now included in Optum Insight. Our reportable segments remain unchanged; with prior period segment financial information, including people served by Optum; recast to conform to the 2026 presentation.
The company moved Optum Financial and Optum Bank from Optum Health to Optum Insight effective January 1, 2026. Prior-period financials have been recast to reflect this change. This organizational shift may reflect strategic repositioning of financial services capabilities.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| Revenues: | ||
| Premiums | 87,561 | 86,534 |
| Products | 13,250 | 13,036 |
| Services | 9,779 | 8,972 |
| Investment and other income | 1,131 | 1,033 |
| Total revenues | 111,721 | 109,575 |
| Operating costs: | ||
| Medical costs | 73,489 | 73,411 |
| Operating costs | 15,390 | 13,594 |
| Cost of products sold | 12,823 | 12,390 |
| Depreciation and amortization | 1,029 | 1,061 |
| Total operating costs | 102,731 | 100,456 |
| Earnings from operations | 8,990 | 9,119 |
| Interest expense | (955) | (998) |
| Loss on sale of subsidiary and subsidiaries held for sale | (72) | (15) |
| Earnings before income taxes | 7,963 | 8,106 |
| Provision for income taxes | (1,482) | (1,632) |
| Net earnings | 6,481 | 6,474 |
| Earnings attributable to noncontrolling interests | (201) | (182) |
| Net earnings attributable to UnitedHealth Group common shareholders | 6,280 | 6,292 |
| Earnings per share attributable to UnitedHealth Group common shareholders: | ||
| Basic | 6.92 | 6.90 |
| Diluted | 6.90 | 6.85 |
| Basic weighted-average number of common shares outstanding | 908 | 912 |
| Dilutive effect of common share equivalents | 2 | 6 |
| Diluted weighted-average number of common shares outstanding | 910 | 918 |
| Anti-dilutive shares excluded from the calculation of dilutive effect of common share equivalents | 18 | 6 |
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
| Description | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 28,001 | 24,365 |
| Short-term investments | 3,228 | 3,756 |
| Accounts receivable, net | 26,587 | 23,018 |
| Other current receivables, net | 24,588 | 29,697 |
| Prepaid expenses and other current assets | 8,723 | 9,746 |
| Total current assets | 91,127 | 90,582 |
| Long-term investments | 56,788 | 54,251 |
| Property, equipment and capitalized software, net | 10,667 | 10,762 |
| Goodwill | 110,512 | 110,499 |
| Other intangible assets, net | 20,093 | 20,474 |
| Other assets | 23,457 | 23,013 |
| Total assets | 312,644 | 309,581 |
| Liabilities, redeemable noncontrolling interests and equity | ||
| Current liabilities: | ||
| Medical costs payable | 39,659 | 39,337 |
| Accounts payable and accrued liabilities | 38,631 | 38,032 |
| Short-term borrowings and current maturities of long-term debt | 6,477 | 6,069 |
| Unearned revenues | 3,419 | 3,413 |
| Other current liabilities | 25,938 | 28,046 |
| Total current liabilities | 114,124 | 114,897 |
| Long-term debt, less current maturities | 71,440 | 72,320 |
| Deferred income taxes | 2,864 | 2,421 |
| Other liabilities | 18,897 | 18,245 |
| Total liabilities | 207,325 | 207,883 |
| Commitments and contingencies (Note 7) | ||
| Redeemable noncontrolling interests | 1,424 | 1,608 |
| Equity: | ||
| Preferred stock, $0.001 par value 10 shares authorized; no shares issued or outstanding | — | — |
| Common stock, $0.01 par value 3,000 shares authorized; 908 and 906 issued and outstanding | 9 | 9 |
| Additional paid-in capital | 556 | 559 |
| Retained earnings | 99,878 | 95,603 |
| Accumulated other comprehensive loss | (2,562) | (2,061) |
| Nonredeemable noncontrolling interests | 6,014 | 5,980 |
| Total equity | 103,895 | 100,090 |
| Total liabilities, redeemable noncontrolling interests and equity | 312,644 | 309,581 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| Operating activities | ||
| Net earnings | 6,481 | 6,474 |
| Noncash items: | ||
| Depreciation and amortization | 1,029 | 1,061 |
| Deferred income taxes | 540 | 64 |
| Share-based compensation | 348 | 375 |
| Loss on sale of subsidiary and subsidiaries held for sale | 72 | 15 |
| Other, net | (304) | 97 |
| Net change in other operating items, net of effects from acquisitions and dispositions: | ||
| Accounts receivable | (3,544) | (4,462) |
| Other assets | 2,919 | (544) |
| Medical costs payable | 296 | 2,993 |
| Accounts payable and other liabilities | 1,055 | (607) |
| Unearned revenues | 20 | (10) |
| Cash flows from operating activities | 8,912 | 5,456 |
| Investing activities | ||
| Purchases of investments | (6,515) | (4,135) |
| Sales of investments | 1,878 | 3,185 |
| Maturities of investments | 2,285 | 2,167 |
| Cash paid for acquisitions and other transactions, net of cash assumed | — | (702) |
| Purchases of property, equipment and capitalized software | (763) | (898) |
| Repayments of care provider loans cyberattack | 82 | 891 |
| Originations and purchases of loans | (1,215) | (833) |
| Repayments and maturities of loans | 699 | 254 |
| Cash received from dispositions and other strategic transactions, net | 1,081 | 21 |
| Other, net | 21 | (24) |
| Cash flows used for investing activities | (2,447) | (74) |
| Financing activities | ||
| Common share repurchases | — | (3,000) |
| Cash dividends paid | (2,005) | (1,912) |
| Proceeds from common stock issuances | 231 | 360 |
| Repayments of long-term debt | (1,500) | — |
| Proceeds from short-term borrowings, net | 1,100 | 3,911 |
| Customer funds administered | 600 | 1,245 |
| Other, net | (1,418) | (505) |
| Cash flows (used for) from financing activities | (2,992) | 99 |
| Effect of exchange rate changes on cash and cash equivalents | (7) | 15 |
| Increase in cash and cash equivalents, including cash within businesses held for sale | 3,466 | 5,496 |
| Less: net change in cash within businesses held for sale | 170 | (91) |
| Net increase in cash and cash equivalents | 3,636 | 5,405 |
| Cash and cash equivalents, beginning of period | 24,365 | 25,312 |
| Cash and cash equivalents, end of period | 28,001 | 30,717 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 8, 2026 · How we verify