
	Three Months Ended March 31, 2026
In millions	Health Care Benefits		Health Services (1)		Pharmacy & Consumer Wellness		Corporate/ Other		Consolidated Totals
Revenues from external customers	$	35,477	$	42,609	$	21,752	$	14	$	99,852
Intersegment revenues	32		5,628		10,237		—		15,897
Net investment income	462		—		—		112		574
Total revenues	35,971		48,237		31,989		126		116,323
Intersegment eliminations (2)									(15,897)
Total consolidated revenues									$	100,426
Less: Net realized capital gains (losses)	1		—		—		(17)
Cost of products sold	—		44,719		25,790		—
Health care costs	28,579		1,302		—		46
Operating expenses, excluding other segment items (3)	4,350		727		5,002		674
Adjusted operating income (loss)	$	3,041	$	1,489	$	1,197	$	(577)	$	5,150

Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)									442
Net realized capital losses (5)									16
Acquisition-related integration costs (6)									12







Operating income (GAAP measure)									4,680

Interest expense									(774)

Other income									32
Income before income tax provision									$	3,938

Depreciation and amortization	$	340	$	258	$	406	$	111	$	1,115


	Three Months Ended March 31, 2025
In millions	Health Care Benefits		Health Services (1)		Pharmacy & Consumer Wellness		Corporate/ Other		Consolidated Totals
Revenues from external customers	$	34,405	$	38,096	$	21,553	$	14	$	94,068
Intersegment revenues	18		5,352		10,359		—		15,729
Net investment income	387		14		—		119		520
Total revenues	34,810		43,462		31,912		133		110,317
Intersegment eliminations (2)									(15,729)
Total consolidated revenues									$	94,588
Less: Net realized capital gains (losses)	(21)		15		—		(15)
Cost of products sold	—		40,115		25,804		—
Health care costs	28,637		1,047		—		46
Operating expenses, excluding other segment items (3)	4,201		682		4,795		432
Adjusted operating income (loss)	$	1,993	$	1,603	$	1,313	$	(330)	$	4,579

Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)									499
Net realized capital losses (5)									21
Acquisition-related integration costs (6)									45
Legacy litigation charge (7)									387
Loss on Accountable Care assets (8)									247
Office real estate optimization charges (9)									6



Operating income (GAAP measure)									3,374
Interest expense									(785)

Other income									28
Income before income tax provision									$	2,617

Depreciation and amortization	$	405	$	261	$	384	$	104	$	1,154

(4)The Company’s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.

(5)The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends.

(8)During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company’s MSSP operations, as well as costs incurred in connection with the wind down of the Company’s ACO REACH operations. The loss on Accountable Care assets was reflected in operating expenses within the Health Services segment.

(9)During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company’s evaluation of corporate office real estate space. The office real estate optimization charges were reflected in operating expenses within each segment.