Tuesday 13 October 2026 Export UNH’s income statement to Excel — free account

UnitedHealth Group Incorporated

UnitedHealth Group Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $447.6 billion, up 11.8% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 61.5%, free cash flow grew 62.7% and total debt fell 5.43%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years, revenue growth for ten.

377.76 0.76 −0.20%

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Market cap: $339.8B
P/E: 24.3×
Fwd P/E: 23.3×
Dividend yield: 2.40%
F-score: 6/9
Altman Z: 2.84
Beneish M: −2.41
Dividend safety: 76/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.94

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	1	—	—	—	2	—	—

Insider Ownership 0.73%

Capital & Financial Ratios $m

Market Cap 339,760.00

Revenue 450,129.00

Net Income 14,912.00

Free Cash Flow 23,617.00

Net Debt 38,033.00

Current Ratio 0.78

Debt/Equity 0.67

P/E ratio 24.31

Fwd P/E 23.30

P/S ratio 0.76

P/B ratio 3.26

Past 5Y EPS Growth (3.77%)

This Y EPS Growth 21.13%

Next Y EPS Growth 14.20%

Next Y revenue growth (0.11%)

Next 5Y EPS Growth 17.26%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 71.22%

10-year low 10-year high

P/S against its own 10 years 13.91%

10-year low 10-year high

P/B against its own 10 years 10.66%

10-year low 10-year high

EV/Sales against its own 10 years 13.58%

10-year low 10-year high

EV/FCF against its own 10 years 23.76%

10-year low 10-year high

Dividends

Payout Ratio 0.58

Annual Dividend Rate 9.06

Annual Dividend Yield 2.40%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	9.19	2.21 2.32 2.32
2025	8.73	2.10 2.21 2.21 2.21
2024	8.18	1.88 2.10 2.10 2.10
2023	7.29	1.65 1.88 1.88 1.88
2022	6.40	1.45 1.65 1.65 1.65
2021	5.60	1.25 1.45 1.45 1.45
2020	4.83	1.08 1.25 1.25 1.25
2019	4.14	0.90 1.08 1.08 1.08
2018	3.45	0.75 0.90 0.90 0.90
2017	2.88	0.63 0.75 0.75 0.75
2016	2.38	0.50 0.63 0.63 0.63

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	29,628	29,113	28,121	31,468
Receivables	38,970	48,454	52,715	46,295
Inventory	—	—	—	—
Other	3,755	34,301	39,443	33,819
	78,437	85,779	90,582	86,860

	2023	2024	2025	Q'26
Payables	31,958	34,337	38,032	39,741
ST’ Debt	—	—	—	—
Other	27,072	27,346	28,046	26,336
	99,054	103,769	114,897	111,820

Compound Annual Growth %

	10y	5y	3y
Sales	11.04%	11.72%	11.35%
Cash Flow	7.30%	(2.34%)	(9.08%)
Earnings	7.57%	(4.78%)	(15.69%)
Book Value	11.49%	7.93%	7.11%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	111,721	112,032	—	—	—
’25	109,575	111,616	113,161	113,215	447,567
’24	99,796	98,855	100,820	100,807	400,278
’23	91,931	92,903	92,361	94,427	371,622
’22	80,149	80,332	80,894	82,787	324,162
’21	70,196	71,321	72,337	73,743	287,597
’20	64,421	62,138	65,115	65,467	257,141

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	8,912	11,052	—	—	—
’25	5,456	7,188	5,945	1,108	19,697
’24	1,144	6,746	13,945	2,369	24,204
’23	16,327	11,032	6,902	(5,193)	29,068
’22	5,319	6,871	18,549	(4,533)	26,206
’21	6,005	5,540	7,580	3,218	22,343
’20	2,943	10,003	3,127	6,101	22,174

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	8,149	10,253	—	—	—
’25	4,558	6,302	5,055	160	16,075
’24	401	5,893	12,954	1,457	20,705
’23	15,567	10,203	6,064	(6,152)	25,682
’22	4,764	6,214	17,825	(5,399)	23,404
’21	5,437	4,978	6,951	2,523	19,889
’20	2,474	9,552	2,570	5,527	20,123

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	6.90	6.04	—	—	—
’25	6.85	3.74	2.59	0.01	13.23
’24	(1.53)	4.54	6.51	5.98	15.51
’23	5.95	5.82	6.24	5.83	23.86
’22	5.27	5.34	5.55	5.03	21.18
’21	5.08	4.46	4.28	4.26	18.08
’20	3.52	6.91	3.30	2.30	16.03

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	107.51	156.09	208.48	208.07	187.72	320.35	445.74	445.68	436.38	234.60	Analyst estimates 2026–2028 Powerpack
	High	164.00	231.77	287.94	300.00	367.95	509.23	558.10	554.70	630.73	606.36
People
People	Employees	230,000	260,000	300,000	325,000	330,000	350,000	400,000	440,000	400,000	390,000
	Revenue/emp, $m	0.80	0.77	0.75	0.75	0.78	0.82	0.81	0.84	1.00	1.15
Income, $m
Income, $m	Revenue	184,840	201,159	226,247	242,155	257,141	287,597	324,162	371,622	400,278	447,567
	Gross margin, %	23.47	23.37	23.80	23.79	26.06	24.22	24.56	24.48	22.33	18.53
	EBT	11,863	14,023	15,944	17,981	20,742	22,310	26,343	29,112	20,071	14,697
	EBT margin, %	6.42	6.97	7.05	7.43	8.07	7.76	8.13	7.83	5.01	3.28
	Net income	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242	12,807
	Depreciation	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099	4,361
Per share, $
Per share, $	Revenue	194.16	208.67	234.94	254.63	270.96	304.98	345.96	400.45	434.61	492.92
	Earnings	7.48	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51	13.23
	Cash flow	10.29	14.10	16.32	19.41	23.37	23.69	27.97	31.32	26.28	21.69
	Capex	(1.79)	(2.10)	(2.14)	(2.18)	(2.16)	(2.60)	(2.99)	(3.65)	(3.80)	(3.99)
	Free cash flow	8.50	12.01	14.17	17.24	21.20	21.09	24.98	27.67	22.48	17.70
	Book value	40.10	51.69	56.41	63.55	72.00	79.58	86.93	101.75	106.70	110.23
	Shares, m	952	964	963	951	949	943	937	928	921	908
Valuation, ×
Valuation, ×	P/E	21.61	20.65	20.44	20.52	21.88	27.77	24.48	22.62	32.64	25.03
	P/S	0.83	1.06	1.06	1.15	1.29	1.65	1.50	1.35	1.16	0.67
	P/B	4.03	4.28	4.42	4.63	4.87	6.31	5.97	5.30	4.74	2.99
	EV/Sales	0.90	1.13	1.15	1.25	1.37	1.71	1.58	1.42	1.27	0.77
	EV/FCF	20.54	19.58	19.06	18.43	17.48	24.74	21.90	20.60	24.59	21.40
Cash, $m
Cash, $m	Operating cash flow	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204	19,697
	Capex	(1,705)	(2,023)	(2,063)	(2,071)	(2,051)	(2,454)	(2,802)	(3,386)	(3,499)	(3,622)
	Free cash flow	8,090	11,573	13,650	16,392	20,123	19,889	23,404	25,682	20,705	16,075
Balance, $m
Balance, $m	Working capital	(15,373)	(13,379)	(14,517)	(19,148)	(18,702)	(16,534)	(20,168)	(20,617)	(17,990)	(24,315)
	Total debt	25,777	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359	72,320
	Net debt	12,502	13,345	20,257	22,563	18,867	18,476	26,602	28,635	43,246	44,199
	Shareholders’ equity	38,177	49,833	54,319	60,436	68,328	75,045	81,450	94,421	98,268	100,090
Returns, %
Returns, %	ROA	6.00	8.06	8.23	8.49	8.30	8.44	8.79	8.62	5.04	3.97
	ROIC	15.95	15.05	14.54	14.82	16.06	16.02	16.45	16.43	14.26	8.21
	ROE	19.52	23.99	23.02	24.12	23.92	24.11	25.71	25.45	14.95	12.16

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
UNH UnitedHealth Group Incorporated	$339.8B	24.3×	23.3×	+0.37% (above 0%: growing)	+61.50% (above 0%: growing)	+62.69% (above 0%: growing)	20.80%	7.13%
CVS CVS Health Corporation	$112.2B	22.9×	15.4×	+7.26% (above 0%: growing)	+187.65% (above 0%: growing)	+338.29% (above 0%: growing)	44.52%	4.43%	Compare
ELV Elevance Health, Inc.	$91.5B	18.8×	20.3×	+1.40% (above 0%: growing)	−13.08% (below 0%: shrinking)	−9.01% (below 0%: shrinking)	15.77%	4.56%	Compare
CI Cigna Group	$74.9B	11.7×	11.4×	+6.68% (above 0%: growing)	+10.16% (above 0%: growing)	+66.93% (above 0%: growing)	88.24%	3.73%	Compare
HUM Humana Inc.	$52.1B	39.5×	42.9×	+26.18% (above 0%: growing)	+27.88% (above 0%: growing)	+58.51% (above 0%: growing)	13.45%	3.33%	Compare
CNC Centene Corporation	$33.1B	— (loss-making)	24.8×	+9.92% (above 0%: growing)	n/m	+116.61% (above 0%: growing)	8.59%	2.24%	Compare
MOH Molina Healthcare, Inc	$10.7B	— (loss-making)	55.0×	−4.84% (below 0%: shrinking)	−74.95% (below 0%: shrinking)	+5.81% (above 0%: growing)	13.19%	1.33%	Compare
OSCR Oscar Health, Inc.	$10.5B	19.8×	29.7×	+70.40% (above 0%: growing)	n/m	+316.29% (above 0%: growing)	22.25%	7.96%	Compare
CLOV Clover Health Investments, Corp.	$2.5B	— (loss-making)	292×	+55.60% (above 0%: growing)	n/m	+406.43% (above 0%: growing)	20.59%	3.77%	Compare
Median of peers	$42.6B	19.8×	27.3×	+8.59%	+10.16%	+91.77%	18.18%	3.75%

All 12 Healthcare Plans stocks →

UnitedHealth Group Incorporated (UNH) key facts

Concern: Net income was $12.8 billion, or $13.23 per share (basic), a net margin of 2.69%.
Strength: UnitedHealth Group Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $447.6 billion, up 11.8% from fiscal 2024.
UnitedHealth Group Incorporated (UNH) is a Healthcare Plans company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 13, 2026, UNH traded at $377.76, a market capitalization of $339.8 billion.
At that price the stock trades at 24.3× trailing-twelve-month earnings and 0.8× sales; its P/E is higher than 71% of its own readings over the past ten years.
UnitedHealth Group Incorporated pays an annual dividend of $9.06 per share, a yield of 2.40%, with a payout ratio of 58.3%.
Return on equity was 12.2% and debt-to-equity 0.66.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.84 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 25 September 2026

UnitedHealth Group reported revenue of $447.6 billion in FY2025, up 11.8% in FY2025 against FY2024, while net income was $12.8 billion in FY2025. Revenue reached $112.0 billion in Q2 FY2026, and diluted EPS was $6.04 in Q2 FY2026.

Profitability measures declined in FY2025 relative to earlier years, while Q2 FY2026 margins were higher than Q2 FY2025 but lower than Q1 FY2026. Net debt was $38.0 billion in Q2 FY2026, and free cash flow was $10.3 billion in Q2 FY2026.

Read the full analysis →