Unitedhealth Gp Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Unitedhealth Gp has an operating margin of 8.1%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 8.7% the prior year.
Unitedhealth Gp's revenue grew 7.7% year-over-year to $400.3B, a solid pace of expansion. This earns a growth score of 51/100.
Unitedhealth Gp carries a low D/E ratio of 0.74, meaning only $0.74 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
Unitedhealth Gp's current ratio of 0.83 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.
Unitedhealth Gp's free cash flow margin of 5.2% results in a low score of 26/100. Capital expenditures of $3.5B absorb a large share of operating cash flow.
Unitedhealth Gp's ROE of 14.7% shows moderate profitability relative to equity, earning a score of 59/100. This is down from 23.7% the prior year.
Unitedhealth Gp scores 2.89, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Unitedhealth Gp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Unitedhealth Gp generates $1.68 in operating cash flow ($24.2B OCF vs $14.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Unitedhealth Gp earns $8.3 in operating income for every $1 of interest expense ($32.3B vs $3.9B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Unitedhealth Gp (UNH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Unitedhealth Gp generated $400.3B in revenue in fiscal year 2024. This represents an increase of 7.7% from the prior year.
Unitedhealth Gp's EBITDA was $36.4B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.2% from the prior year.
Unitedhealth Gp generated $20.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 19.4% from the prior year.
Unitedhealth Gp reported $14.4B in net income in fiscal year 2024. This represents a decrease of 35.6% from the prior year.
Unitedhealth Gp earned $15.51 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 35.0% from the prior year.
Unitedhealth Gp held $25.3B in cash against $72.4B in long-term debt as of fiscal year 2024.
Unitedhealth Gp paid $8.18 per share in dividends in fiscal year 2024. This represents an increase of 12.2% from the prior year.
Unitedhealth Gp had 915M shares outstanding in fiscal year 2024. This represents a decrease of 0.8% from the prior year.
Unitedhealth Gp's operating margin was 8.1% in fiscal year 2024, reflecting core business profitability. This is down 0.6 percentage points from the prior year.
Unitedhealth Gp's net profit margin was 3.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.4 percentage points from the prior year.
Unitedhealth Gp's ROE was 14.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 9.0 percentage points from the prior year.
Unitedhealth Gp spent $9.0B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 12.5% from the prior year.
Unitedhealth Gp invested $3.5B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 3.3% from the prior year.
UNH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $113.2B+1.4% | $111.6B+1.9% | $109.6B+8.7% | $100.8B+2.0% | $98.9B-0.9% | $99.8B+5.7% | $94.4B+2.2% | $92.4B |
| Cost of Revenue | $12.6B-3.5% | $13.0B+5.1% | $12.4B-0.6% | $12.5B+9.9% | $11.3B+2.6% | $11.1B+8.5% | $10.2B+8.2% | $9.4B |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $15.2B+10.5% | $13.8B+1.4% | $13.6B+8.8% | $12.5B-5.1% | $13.2B-6.5% | $14.1B+5.5% | $13.3B-3.7% | $13.9B |
| Operating Income | $4.3B-16.2% | $5.2B-43.5% | $9.1B+17.3% | $7.8B-1.3% | $7.9B-0.7% | $7.9B+3.1% | $7.7B-9.8% | $8.5B |
| Interest Expense | $1.0B-2.3% | $1.0B+2.9% | $998.0M-0.5% | $1.0B+1.8% | $985.0M+16.7% | $844.0M+1.7% | $830.0M-0.5% | $834.0M |
| Income Tax | $686.0M+34.5% | $510.0M-68.8% | $1.6B+62.1% | $1.0B-19.1% | $1.2B+1.8% | $1.2B+3.2% | $1.2B-28.4% | $1.7B |
| Net Income | $2.3B-31.1% | $3.4B-45.9% | $6.3B+13.5% | $5.5B+31.5% | $4.2B+399.2% | -$1.4B-125.8% | $5.5B-6.6% | $5.8B |
| EPS (Diluted) | $2.59-30.7% | $3.74-45.4% | $6.85+14.4% | $5.99+31.9% | $4.54+396.7% | $-1.53-126.2% | $5.85-6.3% | $6.24 |
UNH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $315.3B+2.2% | $308.6B-0.4% | $309.8B+3.9% | $298.3B+4.3% | $286.1B+0.6% | $284.2B+3.8% | $273.7B-3.0% | $282.1B |
| Current Assets | $95.1B+1.5% | $93.7B-2.7% | $96.3B+12.2% | $85.8B-6.8% | $92.0B+3.5% | $88.9B+13.4% | $78.4B-14.7% | $91.9B |
| Cash & Equivalents | $27.2B-4.8% | $28.6B-6.9% | $30.7B+21.4% | $25.3B-3.7% | $26.3B-7.5% | $28.4B+11.7% | $25.4B-34.7% | $38.9B |
| Inventory | N/A | N/A | N/A | $3.8B | N/A | N/A | $2.8B | N/A |
| Accounts Receivable | $22.7B-6.1% | $24.1B-10.4% | $26.9B+20.4% | $22.4B-3.2% | $23.1B-15.0% | $27.2B+27.8% | $21.3B+2.9% | $20.7B |
| Goodwill | $110.3B+2.5% | $107.7B+0.1% | $107.6B+0.8% | $106.7B+1.2% | $105.4B-0.2% | $105.7B+1.9% | $103.7B+2.0% | $101.7B |
| Total Liabilities | $209.5B+2.8% | $203.8B-0.4% | $204.6B+4.6% | $195.7B+4.7% | $186.8B-0.3% | $187.3B+7.1% | $174.8B-7.1% | $188.1B |
| Current Liabilities | $115.5B+4.3% | $110.8B-2.4% | $113.5B+9.3% | $103.8B-0.9% | $104.7B+0.2% | $104.4B+5.4% | $99.1B-13.2% | $114.2B |
| Long-Term Debt | $72.4B-1.5% | $73.5B+3.1% | $71.3B-1.5% | $72.4B+13.5% | $63.7B-0.2% | $63.9B+9.6% | $58.3B+0.3% | $58.1B |
| Total Equity | $101.6B+1.1% | $100.5B-0.3% | $100.8B+2.6% | $98.3B+3.8% | $94.7B+2.5% | $92.4B-2.2% | $94.4B+5.4% | $89.6B |
| Retained Earnings | $97.6B+0.4% | $97.3B-0.7% | $97.9B+2.0% | $96.0B+3.9% | $92.4B+2.5% | $90.1B-5.9% | $95.8B+2.8% | $93.2B |
UNH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.9B-17.3% | $7.2B+31.7% | $5.5B+130.3% | $2.4B-64.9% | $6.7B+489.7% | $1.1B+122.0% | -$5.2B-175.2% | $6.9B |
| Capital Expenditures | $890.0M+0.5% | $886.0M-1.3% | $898.0M-1.5% | $912.0M+6.9% | $853.0M+14.8% | $743.0M-22.5% | $959.0M+14.4% | $838.0M |
| Free Cash Flow | $5.1B-19.8% | $6.3B+38.3% | $4.6B+212.8% | $1.5B-75.3% | $5.9B+1369.6% | $401.0M+106.5% | -$6.2B-201.5% | $6.1B |
| Investing Cash Flow | -$4.6B-216.1% | -$1.4B-1848.6% | -$74.0M+93.4% | -$1.1B+84.9% | -$7.4B-17.0% | -$6.3B-434.1% | -$1.2B+55.0% | -$2.6B |
| Financing Cash Flow | -$2.8B+65.2% | -$7.9B-8127.3% | $99.0M+101.2% | -$8.3B-597.5% | -$1.2B-114.5% | $8.2B+215.0% | -$7.2B-0.7% | -$7.1B |
| Dividends Paid | $2.0B+0.1% | $2.0B+4.6% | $1.9B-1.0% | $1.9B-0.2% | $1.9B+11.9% | $1.7B-0.5% | $1.7B-0.1% | $1.7B |
| Share Buybacks | $0-100.0% | $2.5B-15.2% | $3.0B-39.7% | $5.0B | $0-100.0% | $3.1B+104.8% | $1.5B0.0% | $1.5B |
UNH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 3.8%-0.8pp | 4.6%-3.7pp | 8.3%+0.6pp | 7.7%-0.3pp | 8.0%+0.0pp | 8.0%-0.2pp | 8.1%-1.1pp | 9.2% |
| Net Margin | 2.1%-1.0pp | 3.0%-2.7pp | 5.7%+0.2pp | 5.5%+1.2pp | 4.3%+5.7pp | -1.4%-7.2pp | 5.8%-0.5pp | 6.3% |
| Return on Equity | 2.3%-1.1pp | 3.4%-2.8pp | 6.2%+0.6pp | 5.6%+1.2pp | 4.5% | N/A | 5.8%-0.7pp | 6.5% |
| Return on Assets | 0.7%-0.4pp | 1.1%-0.9pp | 2.0%+0.2pp | 1.9%+0.4pp | 1.5%+2.0pp | -0.5%-2.5pp | 2.0%-0.1pp | 2.1% |
| Current Ratio | 0.82-0.0 | 0.850.0 | 0.85+0.0 | 0.83-0.1 | 0.88+0.0 | 0.85+0.1 | 0.79-0.0 | 0.80 |
| Debt-to-Equity | 0.71-0.0 | 0.73+0.0 | 0.71-0.0 | 0.74+0.1 | 0.67-0.0 | 0.69+0.1 | 0.62-0.0 | 0.65 |
| FCF Margin | 4.5%-1.2pp | 5.7%+1.5pp | 4.2%+2.7pp | 1.5%-4.5pp | 6.0%+5.6pp | 0.4%+6.9pp | -6.5%-13.1pp | 6.6% |
Note: The current ratio is below 1.0 (0.83), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Unitedhealth Gp's annual revenue?
Unitedhealth Gp (UNH) reported $400.3B in total revenue for fiscal year 2024. This represents a 7.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Unitedhealth Gp's revenue growing?
Unitedhealth Gp (UNH) revenue grew by 7.7% year-over-year, from $371.6B to $400.3B in fiscal year 2024.
Is Unitedhealth Gp profitable?
Yes, Unitedhealth Gp (UNH) reported a net income of $14.4B in fiscal year 2024, with a net profit margin of 3.6%.
What is Unitedhealth Gp's earnings per share (EPS)?
Unitedhealth Gp (UNH) reported diluted earnings per share of $15.51 for fiscal year 2024. This represents a -35.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Unitedhealth Gp's EBITDA?
Unitedhealth Gp (UNH) had EBITDA of $36.4B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Unitedhealth Gp have?
As of fiscal year 2024, Unitedhealth Gp (UNH) had $25.3B in cash and equivalents against $72.4B in long-term debt.
What is Unitedhealth Gp's operating margin?
Unitedhealth Gp (UNH) had an operating margin of 8.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Unitedhealth Gp's net profit margin?
Unitedhealth Gp (UNH) had a net profit margin of 3.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Unitedhealth Gp pay dividends?
Yes, Unitedhealth Gp (UNH) paid $8.18 per share in dividends during fiscal year 2024.
What is Unitedhealth Gp's return on equity (ROE)?
Unitedhealth Gp (UNH) has a return on equity of 14.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Unitedhealth Gp's free cash flow?
Unitedhealth Gp (UNH) generated $20.7B in free cash flow during fiscal year 2024. This represents a -19.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Unitedhealth Gp's operating cash flow?
Unitedhealth Gp (UNH) generated $24.2B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Unitedhealth Gp's total assets?
Unitedhealth Gp (UNH) had $298.3B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Unitedhealth Gp's capital expenditures?
Unitedhealth Gp (UNH) invested $3.5B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Unitedhealth Gp buy back shares?
Yes, Unitedhealth Gp (UNH) spent $9.0B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Unitedhealth Gp have outstanding?
Unitedhealth Gp (UNH) had 915M shares outstanding as of fiscal year 2024.
What is Unitedhealth Gp's current ratio?
Unitedhealth Gp (UNH) had a current ratio of 0.83 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Unitedhealth Gp's debt-to-equity ratio?
Unitedhealth Gp (UNH) had a debt-to-equity ratio of 0.74 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Unitedhealth Gp's return on assets (ROA)?
Unitedhealth Gp (UNH) had a return on assets of 4.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Unitedhealth Gp's Altman Z-Score?
Unitedhealth Gp (UNH) has an Altman Z-Score of 2.89, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Unitedhealth Gp's Piotroski F-Score?
Unitedhealth Gp (UNH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Unitedhealth Gp's earnings high quality?
Unitedhealth Gp (UNH) has an earnings quality ratio of 1.68x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Unitedhealth Gp cover its interest payments?
Unitedhealth Gp (UNH) has an interest coverage ratio of 8.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Unitedhealth Gp?
Unitedhealth Gp (UNH) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.