Unitedhealth Gp Financials
This page shows Unitedhealth Gp (UNH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).
Scale is still expanding, but margin compression and weaker cash conversion are absorbing most incremental revenue each year.
FY2025 shows negative operating leverage: revenue rose11.8% while operating margin nearly halved to4.2% , meaning added scale no longer covered overhead as efficiently. With capital spending still near$3.6B and operating cash flow down to$19.7B , the free-cash-flow decline came from a less efficient core operation, not from a reinvestment surge.
Current liabilities exceeded current assets in every year shown, and the current ratio stayed around 0.8x rather than moving toward 1.0x. That persistence points to a structurally negative working-capital posture, where recurring obligations help fund operations and steady cash near
Long-term debt stayed near
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Unitedhealth Gp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Unitedhealth Gp has an operating margin of 4.2%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is down from 8.1% the prior year.
Unitedhealth Gp's revenue grew 11.8% year-over-year to $447.6B, a solid pace of expansion. This earns a growth score of 65/100.
Unitedhealth Gp has a moderate D/E ratio of 0.72. This balance of debt and equity financing earns a leverage score of 30/100.
Unitedhealth Gp's current ratio of 0.79 is below the typical benchmark, resulting in a score of 11/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Unitedhealth Gp has a free cash flow margin of 3.6%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Unitedhealth Gp earns a strong 12.0% return on equity (ROE), meaning it generates $12 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is down from 14.7% the prior year.
Unitedhealth Gp scores 3.10, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Unitedhealth Gp passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Unitedhealth Gp generates $1.63 in operating cash flow ($19.7B OCF vs $12.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Unitedhealth Gp earns $4.7 in operating income for every $1 of interest expense ($19.0B vs $4.0B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Unitedhealth Gp generated $447.6B in revenue in fiscal year 2025. This represents an increase of 11.8% from the prior year.
Unitedhealth Gp's EBITDA was $23.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 35.9% from the prior year.
Unitedhealth Gp reported $12.1B in net income in fiscal year 2025. This represents a decrease of 16.3% from the prior year.
Unitedhealth Gp earned $13.23 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 14.7% from the prior year.
Cash & Balance Sheet
Unitedhealth Gp generated $16.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 22.4% from the prior year.
Unitedhealth Gp held $24.4B in cash against $72.3B in long-term debt as of fiscal year 2025.
Unitedhealth Gp paid $8.73 per share in dividends in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Unitedhealth Gp had 906M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.
Margins & Returns
Unitedhealth Gp's operating margin was 4.2% in fiscal year 2025, reflecting core business profitability. This is down 3.8 percentage points from the prior year.
Unitedhealth Gp's net profit margin was 2.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.
Unitedhealth Gp's ROE was 12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.
Capital Allocation
Unitedhealth Gp spent $5.5B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 38.4% from the prior year.
Unitedhealth Gp invested $3.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.5% from the prior year.
UNH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $111.7B-1.3% | $113.2B0.0% | $113.2B+1.4% | $111.6B+1.9% | $109.6B+8.7% | $100.8B0.0% | $100.8B+2.0% | $98.9B |
| Cost of Revenue | $12.8B+1.1% | $12.7B+0.9% | $12.6B-3.5% | $13.0B+5.1% | $12.4B-0.6% | $12.5B+5.3% | $11.8B+4.4% | $11.3B |
| 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 | $15.4B-9.5% | $17.0B+11.7% | $15.2B+10.5% | $13.8B+1.4% | $13.6B+8.8% | $12.5B-5.9% | $13.3B+0.9% | $13.2B |
| Operating Income | $9.0B+2265.8% | $380.0M-91.2% | $4.3B-16.2% | $5.2B-43.5% | $9.1B+17.3% | $7.8B-10.7% | $8.7B+10.6% | $7.9B |
| Interest Expense | $955.0M-2.0% | $974.0M-2.9% | $1.0B-2.3% | $1.0B+2.9% | $998.0M-0.5% | $1.0B-6.6% | $1.1B+9.0% | $985.0M |
| Income Tax | $1.5B+258.0% | -$938.0M-236.7% | $686.0M+34.5% | $510.0M-68.8% | $1.6B+62.1% | $1.0B-25.7% | $1.4B+9.0% | $1.2B |
| Net Income | $6.3B+62700.0% | $10.0M-99.6% | $2.3B-31.1% | $3.4B-45.9% | $6.3B+13.5% | $5.5B-8.5% | $6.1B+43.6% | $4.2B |
| EPS (Diluted) | $6.90 | N/A | $2.59-30.7% | $3.74-45.4% | $6.85 | N/A | $6.51+43.4% | $4.54 |
UNH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $312.6B+1.0% | $309.6B-1.8% | $315.3B+2.2% | $308.6B-0.4% | $309.8B+3.9% | $298.3B-0.3% | $299.3B+4.6% | $286.1B |
| Current Assets | $91.1B+0.6% | $90.6B-4.7% | $95.1B+1.5% | $93.7B-2.7% | $96.3B+12.2% | $85.8B-7.0% | $92.3B+0.2% | $92.0B |
| Cash & Equivalents | $28.0B+14.9% | $24.4B-10.5% | $27.2B-4.8% | $28.6B-6.9% | $30.7B+21.4% | $25.3B-21.9% | $32.4B+23.3% | $26.3B |
| Inventory | N/A | $3.3B | N/A | N/A | N/A | $3.8B | N/A | N/A |
| Accounts Receivable | $26.6B+15.5% | $23.0B+1.5% | $22.7B-6.1% | $24.1B-10.4% | $26.9B+20.4% | $22.4B+11.7% | $20.0B-13.4% | $23.1B |
| Goodwill | $110.5B0.0% | $110.5B+0.1% | $110.3B+2.5% | $107.7B+0.1% | $107.6B+0.8% | $106.7B+0.7% | $106.0B+0.5% | $105.4B |
| Total Liabilities | $207.3B-0.3% | $207.9B-0.8% | $209.5B+2.8% | $203.8B-0.4% | $204.6B+4.6% | $195.7B+0.4% | $194.9B+4.3% | $186.8B |
| Current Liabilities | $114.1B-0.7% | $114.9B-0.5% | $115.5B+4.3% | $110.8B-2.4% | $113.5B+9.3% | $103.8B+2.2% | $101.6B-3.0% | $104.7B |
| Long-Term Debt | $71.4B-1.2% | $72.3B-0.1% | $72.4B-1.5% | $73.5B+3.1% | $71.3B-1.5% | $72.4B-2.4% | $74.1B+16.3% | $63.7B |
| Total Equity | $103.9B+3.8% | $100.1B-1.5% | $101.6B+1.1% | $100.5B-0.3% | $100.8B+2.6% | $98.3B-1.6% | $99.9B+5.5% | $94.7B |
| Retained Earnings | $99.9B+4.5% | $95.6B-2.0% | $97.6B+0.4% | $97.3B-0.7% | $97.9B+2.0% | $96.0B-0.5% | $96.5B+4.5% | $92.4B |
UNH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.9B+704.3% | $1.1B-81.4% | $5.9B-17.3% | $7.2B+31.7% | $5.5B+130.3% | $2.4B-83.0% | $13.9B+106.7% | $6.7B |
| Capital Expenditures | $763.0M-19.5% | $948.0M+6.5% | $890.0M+0.5% | $886.0M-1.3% | $898.0M-1.5% | $912.0M-8.0% | $991.0M+16.2% | $853.0M |
| Free Cash Flow | $8.1B+4993.1% | $160.0M-96.8% | $5.1B-19.8% | $6.3B+38.3% | $4.6B+212.8% | $1.5B-88.8% | $13.0B+119.8% | $5.9B |
| Investing Cash Flow | -$2.4B+6.3% | -$2.6B+42.7% | -$4.6B-216.1% | -$1.4B-1848.6% | -$74.0M+93.4% | -$1.1B+80.2% | -$5.7B+23.8% | -$7.4B |
| Financing Cash Flow | -$3.0B-190.2% | -$1.0B+62.7% | -$2.8B+65.2% | -$7.9B-8127.3% | $99.0M+101.2% | -$8.3B-278.3% | -$2.2B-84.4% | -$1.2B |
| Dividends Paid | $2.0B+0.1% | $2.0B0.0% | $2.0B+0.1% | $2.0B+4.6% | $1.9B-1.0% | $1.9B-0.3% | $1.9B+0.1% | $1.9B |
| Share Buybacks | $0 | $0 | $0-100.0% | $2.5B-15.2% | $3.0B-39.7% | $5.0B+420.1% | $956.0M | $0 |
UNH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 8.1%+7.7pp | 0.3%-3.5pp | 3.8%-0.8pp | 4.6%-3.7pp | 8.3%+0.6pp | 7.7%-0.9pp | 8.6%+0.7pp | 8.0% |
| Net Margin | 5.6%+5.6pp | 0.0%-2.1pp | 2.1%-1.0pp | 3.0%-2.7pp | 5.7%+0.2pp | 5.5%-0.5pp | 6.0%+1.8pp | 4.3% |
| Return on Equity | 6.0%+6.0pp | 0.0%-2.3pp | 2.3%-1.1pp | 3.4%-2.8pp | 6.2%+0.6pp | 5.6%-0.4pp | 6.1%+1.6pp | 4.5% |
| Return on Assets | 2.0%+2.0pp | 0.0%-0.7pp | 0.7%-0.4pp | 1.1%-0.9pp | 2.0%+0.2pp | 1.9%-0.2pp | 2.0%+0.5pp | 1.5% |
| Current Ratio | 0.80+0.0 | 0.79-0.0 | 0.82-0.0 | 0.850.0 | 0.85+0.0 | 0.83-0.1 | 0.91+0.0 | 0.88 |
| Debt-to-Equity | 0.69-0.0 | 0.720.0 | 0.71-0.0 | 0.73+0.0 | 0.71-0.0 | 0.740.0 | 0.74+0.1 | 0.67 |
| FCF Margin | 7.3%+7.2pp | 0.1%-4.3pp | 4.5%-1.2pp | 5.7%+1.5pp | 4.2%+2.7pp | 1.5%-11.4pp | 12.8%+6.9pp | 6.0% |
Note: The current ratio is below 1.0 (0.79), 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 $447.6B in total revenue for fiscal year 2025. This represents a 11.8% 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 11.8% year-over-year, from $400.3B to $447.6B in fiscal year 2025.
Is Unitedhealth Gp profitable?
Yes, Unitedhealth Gp (UNH) reported a net income of $12.1B in fiscal year 2025, with a net profit margin of 2.7%.
What is Unitedhealth Gp's EBITDA?
Unitedhealth Gp (UNH) had EBITDA of $23.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Unitedhealth Gp have?
As of fiscal year 2025, Unitedhealth Gp (UNH) had $24.4B in cash and equivalents against $72.3B in long-term debt.
What is Unitedhealth Gp's operating margin?
Unitedhealth Gp (UNH) had an operating margin of 4.2% in fiscal year 2025, 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 2.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Unitedhealth Gp pay dividends?
Yes, Unitedhealth Gp (UNH) paid $8.73 per share in dividends during fiscal year 2025.
What is Unitedhealth Gp's return on equity (ROE)?
Unitedhealth Gp (UNH) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Unitedhealth Gp's free cash flow?
Unitedhealth Gp (UNH) generated $16.1B in free cash flow during fiscal year 2025. This represents a -22.4% 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 $19.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Unitedhealth Gp's total assets?
Unitedhealth Gp (UNH) had $309.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Unitedhealth Gp's capital expenditures?
Unitedhealth Gp (UNH) invested $3.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Unitedhealth Gp's current ratio?
Unitedhealth Gp (UNH) had a current ratio of 0.79 as of fiscal year 2025, 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 0.72 as of fiscal year 2025, 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 3.9% for fiscal year 2025, 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 3.10, placing it in the Safe Zone (low bankruptcy 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 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.63x, 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 4.7x, meaning it can adequately 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 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.