UnitedHealth Group (UNH)

NYSE Health Care Managed Health Care S&P 500Dow 30

$394.15

-1.57 (-0.40%)

Close of Nov 06, 2026 · end-of-day data

Source: UnitedHealth Group's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$184.84B	$201.16B	$226.25B	$242.16B	$257.14B	$287.60B	$324.16B	$371.62B	$400.28B	$447.57B
Cost of revenue	$24.42B	$24.11B	$27.00B	$28.12B	$30.75B	$31.03B	$33.70B	$38.77B	$46.69B	$50.66B
Gross profit	$160.42B	$177.05B	$199.25B	$214.04B	$226.40B	$256.56B	$290.46B	$332.85B	$353.58B	$396.91B
Selling, general & admin	$28.40B	$29.56B	$34.07B	$35.19B	$41.70B	$42.58B	$47.78B	$54.63B	$53.01B	$59.59B
Operating income	$12.93B	$15.21B	$17.34B	$19.68B	$22.41B	$23.97B	$28.43B	$32.36B	$32.29B	$18.96B
Interest expense	$1.07B	$1.19B	$1.40B	$1.70B	$1.66B	$1.66B	$2.09B	$3.25B	$3.91B	$4.00B
Pre-tax income	$11.86B	$14.02B	$15.94B	$17.98B	$20.74B	$22.31B	$26.34B	$29.11B	$20.07B	$14.70B
Income tax	$4.79B	$3.20B	$3.56B	$3.74B	$4.97B	$4.58B	$5.70B	$5.97B	$4.83B	$1.89B
Net income	$7.02B	$10.56B	$11.99B	$13.84B	$15.40B	$17.29B	$20.12B	$22.38B	$14.40B	$12.06B
EBITDA	$14.98B	$17.45B	$19.77B	$22.41B	$25.30B	$27.07B	$31.84B	$36.33B	$36.39B	$23.32B
EPS (basic)	$7.37	$10.95	$12.45	$14.55	$16.23	$18.33	$21.47	$24.12	$15.64	$13.28
EPS (diluted)	$7.25	$10.72	$12.19	$14.33	$16.03	$18.08	$21.18	$23.86	$15.51	$13.23
Diluted shares	968.00M	985.00M	983.00M	966.00M	961.00M	956.00M	950.00M	938.00M	929.00M	911.00M
Gross margin	86.8%	88.0%	88.1%	88.4%	88.0%	89.2%	89.6%	89.6%	88.3%	88.7%
Operating margin	7.0%	7.6%	7.7%	8.1%	8.7%	8.3%	8.8%	8.7%	8.1%	4.2%
Net margin	3.8%	5.2%	5.3%	5.7%	6.0%	6.0%	6.2%	6.0%	3.6%	2.7%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$10.43B	$11.98B	$10.87B	$10.98B	$16.92B	$21.38B	$23.36B	$25.43B	$25.31B	$24.36B
Short-term investments	$2.85B	$3.51B	$3.46B	$3.26B	$2.86B	$2.53B	$4.55B	$4.20B	$3.80B	$3.76B
Receivables	$8.15B	$9.57B	$11.39B	$11.82B	$12.87B	$14.22B	$17.68B	$21.28B	$22.36B	$23.02B
Inventory	—	—	—	—	—	$2.90B	$3.50B	$2.80B	$3.80B	$3.30B
Total current assets	$33.88B	$37.08B	$38.69B	$42.63B	$53.72B	$61.76B	$69.07B	$78.44B	$85.78B	$90.58B
Goodwill	$47.58B	$54.56B	$58.91B	$65.66B	$71.34B	$75.80B	$93.35B	$103.73B	$106.73B	$110.50B
Total assets	$122.81B	$139.06B	$152.22B	$173.89B	$197.29B	$212.21B	$245.71B	$273.72B	$298.28B	$309.58B
Total current liabilities	$49.25B	$50.46B	$53.21B	$61.78B	$72.42B	$78.29B	$89.24B	$99.05B	$103.77B	$114.90B
Short-term debt	$7.19B	$2.86B	$1.97B	$3.87B	$4.82B	$3.62B	$3.11B	$4.27B	$4.54B	$6.07B
Long-term debt	$25.78B	$28.84B	$34.58B	$36.81B	$38.65B	$42.38B	$54.51B	$58.26B	$72.36B	$72.32B
Total debt	$32.97B	$31.69B	$36.55B	$40.68B	$43.47B	$46.00B	$57.62B	$62.54B	$76.90B	$78.39B
Total liabilities	$82.62B	$87.04B	$95.99B	$111.73B	$126.75B	$135.73B	$159.36B	$174.80B	$195.69B	$207.88B
Shareholders' equity	$38.18B	$49.83B	$54.32B	$60.44B	$68.33B	$75.05B	$81.45B	$94.42B	$98.27B	$100.09B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$9.79B	$13.60B	$15.71B	$18.46B	$22.17B	$22.34B	$26.21B	$29.07B	$24.20B	$19.70B
Capital expenditures	$1.71B	$2.02B	$2.06B	$2.07B	$2.05B	$2.45B	$2.80B	$3.39B	$3.50B	$3.62B
Free cash flow	$8.09B	$11.57B	$13.65B	$16.39B	$20.12B	$19.89B	$23.40B	$25.68B	$20.70B	$16.07B
Investing cash flow	-$9.36B	-$8.60B	-$12.38B	-$12.70B	-$12.53B	-$10.37B	-$28.48B	-$15.57B	-$20.53B	-$8.69B
Financing cash flow	-$1.01B	-$3.44B	-$4.37B	-$5.62B	-$3.59B	-$7.46B	$4.23B	-$11.53B	-$3.51B	-$11.64B
Dividends paid	$2.26B	$2.77B	$3.32B	$3.93B	$4.58B	$5.28B	$5.99B	$6.76B	$7.53B	$7.92B
Share buybacks	$1.28B	$1.50B	$4.50B	$5.50B	$4.25B	$5.00B	$7.00B	$8.00B	$9.00B	$5.54B
Stock-based compensation	$485.00M	$597.00M	$638.00M	$697.00M	$679.00M	$800.00M	$925.00M	$1.06B	$1.02B	$971.00M
Depreciation & amortization	$2.06B	$2.25B	$2.43B	$2.72B	$2.89B	$3.10B	$3.40B	$3.97B	$4.10B	$4.36B

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$94.43B	$99.80B	$98.86B	$100.82B	$100.81B	$109.58B	$111.62B	$113.16B	$113.22B	$111.72B	$112.03B	$112.69B
Cost of revenue	$10.19B	$11.06B	$11.34B	$11.83B	$12.46B	$12.39B	$13.02B	$12.57B	$12.68B	$12.82B	$13.38B	$13.71B
Gross profit	$84.23B	$88.74B	$87.52B	$88.99B	$88.34B	$97.19B	$98.60B	$100.59B	$100.53B	$98.90B	$98.66B	$98.99B
Selling, general & admin	$13.34B	$14.08B	$13.16B	$13.28B	$12.49B	$13.59B	$13.78B	$15.22B	$17.00B	$15.39B	$14.27B	$14.37B
Operating income	$7.69B	$7.93B	$7.88B	$8.71B	$7.77B	$9.12B	$5.15B	$4.32B	$380.00M	$8.99B	$7.99B	$6.56B
Interest expense	$830.00M	$844.00M	$985.00M	$1.07B	$1.00B	$998.00M	$1.03B	$1.00B	$974.00M	$955.00M	$962.00M	$963.00M
Pre-tax income	$6.86B	$1.00M	$5.67B	$7.61B	$6.79B	$8.11B	$4.08B	$3.23B	-$720.00M	$7.96B	$6.97B	$5.52B
Income tax	$1.18B	$1.22B	$1.24B	$1.36B	$1.01B	$1.63B	$510.00M	$686.00M	-$938.00M	$1.48B	$1.30B	$1.22B
Net income	$5.46B	-$1.41B	$4.22B	$6.05B	$5.54B	$6.29B	$3.41B	$2.35B	$10.00M	$6.28B	$5.48B	$4.11B
EBITDA	$8.66B	$8.93B	$8.89B	$9.75B	$8.81B	$10.18B	$6.23B	$5.41B	$1.50B	$10.02B	$9.03B	$7.64B
EPS (basic)	$5.92	$-1.53	$4.58	$6.56	$6.03	$6.90	$3.76	$2.59	$0.01	$6.92	$6.06	$4.58
EPS (diluted)	$5.85	$-1.53	$4.54	$6.51	$5.98	$6.85	$3.74	$2.59	$0.02	$6.90	$6.04	$4.56
Diluted shares	-2.00M	922.00M	928.00M	930.00M	-1.00M	918.00M	910.00M	908.00M	-1.00M	910.00M	906.00M	902.00M
Gross margin	89.2%	88.9%	88.5%	88.3%	87.6%	88.7%	88.3%	88.9%	88.8%	88.5%	88.1%	87.8%
Operating margin	8.1%	7.9%	8.0%	8.6%	7.7%	8.3%	4.6%	3.8%	0.3%	8.0%	7.1%	5.8%
Net margin	5.8%	-1.4%	4.3%	6.0%	5.5%	5.7%	3.1%	2.1%	0.0%	5.6%	4.9%	3.6%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$25.43B	$28.41B	$26.29B	$32.40B	$25.31B	$30.72B	$28.60B	$27.21B	$24.36B	$28.00B	$28.59B	$25.84B
Short-term investments	$4.20B	$4.30B	$5.04B	$4.73B	$3.80B	$3.57B	$3.42B	$3.40B	$3.76B	$3.23B	$2.88B	$2.70B
Receivables	$21.28B	$27.20B	$23.11B	$20.02B	$22.36B	$26.94B	$24.14B	$22.67B	$23.02B	$26.59B	$21.57B	$20.54B
Inventory	$2.80B	—	—	—	$3.80B	—	—	—	$3.30B	—	—	—
Total current assets	$78.44B	$88.94B	$92.04B	$92.26B	$85.78B	$96.28B	$93.70B	$95.07B	$90.58B	$91.13B	$86.86B	$85.59B
Goodwill	$103.73B	$105.66B	$105.44B	$105.98B	$106.73B	$107.57B	$107.68B	$110.34B	$110.50B	$110.51B	$110.64B	$112.97B
Total assets	$273.72B	$284.21B	$286.06B	$299.31B	$298.28B	$309.79B	$308.57B	$315.27B	$309.58B	$312.64B	$309.73B	$312.78B
Total current liabilities	$99.05B	$104.43B	$104.67B	$101.56B	$103.77B	$113.47B	$110.78B	$115.53B	$114.90B	$114.12B	$111.82B	$115.83B
Short-term debt	$4.27B	$9.79B	$11.37B	$3.91B	$4.54B	$9.99B	$5.70B	$7.74B	$6.07B	$6.48B	$3.83B	$5.62B
Long-term debt	$58.26B	$63.85B	$63.73B	$74.10B	$72.36B	$71.28B	$73.50B	$72.40B	$72.32B	$71.44B	$69.50B	$68.71B
Total debt	$62.54B	$73.64B	$75.10B	$78.01B	$76.90B	$81.27B	$79.19B	$80.14B	$78.39B	$77.92B	$73.33B	$74.33B
Total liabilities	$174.80B	$187.29B	$186.82B	$194.85B	$195.69B	$204.62B	$203.79B	$209.46B	$207.88B	$207.32B	$203.78B	$207.24B
Shareholders' equity	$94.42B	$92.37B	$94.68B	$99.88B	$98.27B	$100.81B	$100.47B	$101.57B	$100.09B	$103.89B	$104.51B	$104.13B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	-$5.19B	$1.14B	$6.75B	$13.95B	$2.37B	$5.46B	$7.19B	$5.95B	$1.11B	$8.91B	$11.05B	$5.12B
Capital expenditures	$959.00M	$743.00M	$853.00M	$991.00M	$912.00M	$898.00M	$886.00M	$890.00M	$948.00M	$763.00M	$799.00M	$859.00M
Free cash flow	-$6.15B	$401.00M	$5.89B	$12.95B	$1.46B	$4.56B	$6.30B	$5.05B	$160.00M	$8.15B	$10.25B	$4.26B
Investing cash flow	-$1.19B	-$6.34B	-$7.42B	-$5.65B	-$1.12B	-$74.00M	-$1.44B	-$4.56B	-$2.61B	-$2.45B	-$1.80B	-$4.57B
Financing cash flow	-$7.16B	$8.23B	-$1.20B	-$2.21B	-$8.34B	$99.00M	-$7.95B	-$2.77B	-$1.03B	-$2.99B	-$8.62B	-$3.42B
Dividends paid	$1.74B	$1.73B	$1.94B	$1.94B	$1.93B	$1.91B	$2.00B	$2.00B	$2.00B	$2.00B	$2.09B	$2.08B
Share buybacks	$1.50B	$3.07B	$0	$956.00M	$4.97B	$3.00B	$2.54B	$0	$0	$0	$1.65B	$3.38B
Stock-based compensation	$208.00M	$372.00M	$222.00M	$237.00M	$187.00M	$375.00M	$197.00M	$223.00M	$176.00M	$348.00M	$276.00M	$219.00M
Depreciation & amortization	$974.00M	$997.00M	$1.02B	$1.04B	$1.04B	$1.06B	$1.08B	$1.10B	$1.12B	$1.03B	$1.04B	$1.07B

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.