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Wednesday 14 October 2026 Export UNH’s income statement to Excel — free account

UnitedHealth Group Incorporated

UNH Healthcare Healthcare Plans

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%
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

UnitedHealth Group Incorporated (UNH) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

UnitedHealth Group generated revenue of $447.6 billion in FY2025 and net income of $12.8 billion in FY2025. Operating income was $19.0 billion in FY2025, while diluted EPS was $13.23 in FY2025. Market capitalisation was $338.3 billion as of September 24, 2026.

In Q2 FY2026, revenue was $112.0 billion, gross profit was $23.3 billion, operating income was $8.0 billion, and net income was $5.7 billion. Diluted EPS was $6.04 in Q2 FY2026, with free cash flow of $10.3 billion in Q2 FY2026. Revenue over the TTM to Q2 FY2026 was $450.1 billion, while net income over the TTM to Q2 FY2026 was $14.9 billion.

Growth

Revenue grew 11.8% in FY2025 against FY2024, reaching $447.6 billion in FY2025. Revenue compound annual growth was 11.4% in FY2022–FY2025 and 11.7% in FY2020–FY2025. Diluted EPS declined 14.7% in FY2025 against FY2024 to $13.23 in FY2025; its compound annual growth was −14.5% in FY2022–FY2025 and −3.77% in FY2020–FY2025.

Free cash flow declined 22.4% in FY2025 against FY2024 to $16.1 billion in FY2025. In Q2 FY2026, revenue rose 0.28% against Q1 FY2026 and 0.37% against Q2 FY2025. Diluted EPS declined 12.5% in Q2 FY2026 against Q1 FY2026 but rose 61.5% in Q2 FY2026 against Q2 FY2025. Free cash flow increased 25.8% in Q2 FY2026 against Q1 FY2026 and 62.7% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 18.5% in FY2025, a change of −3.8 percentage points in FY2024–FY2025 and −7.5 percentage points in FY2020–FY2025. Operating margin was 4.24% in FY2025, with changes of −3.8 percentage points in FY2024–FY2025 and −4.5 percentage points in FY2020–FY2025. Net margin was 2.86% in FY2025, down −0.9 percentage points in FY2024–FY2025 and −3.3 percentage points in FY2020–FY2025.

Return on equity was 12.2% in FY2025, return on assets was 3.97% in FY2025, and return on invested capital was 8.21% in FY2025. In Q2 FY2026, gross margin was 20.8% and operating margin was 7.13%. No industry median profitability figures are reported.

Balance sheet

Total debt was $72.3 billion in FY2025, compared with shareholders’ equity of $100.1 billion in FY2025. Cash and short-term investments were $28.1 billion in FY2025, and net debt was $44.2 billion in FY2025. Working capital was −$24.3 billion in FY2025, while book value per share was $110.23 in FY2025.

Net debt was $38.0 billion in Q2 FY2026, compared with $40.2 billion in Q1 FY2026. The current ratio was 0.8× in Q2 FY2026, and debt to equity was 0.7× in Q2 FY2026. The Q2 FY2026 net-debt change was −$2.2 billion against Q1 FY2026 and −$3.4 billion against Q2 FY2025.

Cash flow & capital return

Operating cash flow was $19.7 billion in FY2025, declining 18.6% in FY2025 against FY2024. Capital expenditure was $3.6 billion in FY2025, and free cash flow was $16.1 billion in FY2025, down 22.4% in FY2025 against FY2024. Free cash flow represented 125.5% of net income in FY2025.

Dividends paid were $7.9 billion in FY2025, and net share repurchases were $4.7 billion in FY2025. Capital returned to shareholders was $12.6 billion in FY2025 and $61.4 billion in FY2021–FY2025. Weighted average shares were 908.0 million shares in FY2025, and the share count changed −4.32% in FY2020–FY2025. Weighted average shares were 902.0 million shares in Q2 FY2026, a change of −0.66% against Q1 FY2026.

Valuation

Market capitalisation was $338.3 billion as of September 24, 2026. P/E was 24.1× as of September 24, 2026, below the five-year median of 25.0× as of September 24, 2026, over the five fiscal years to FY2025, and above the ten-year median of 22.2× as of September 24, 2026, over the ten fiscal years to FY2025.

P/S was 0.8× as of September 24, 2026, below the five-year median of 1.3× as of September 24, 2026, over the five fiscal years to FY2025, and the ten-year median of 1.2× as of September 24, 2026, over the ten fiscal years to FY2025. P/B was 3.2× as of September 24, 2026, below both its five-year median of 5.3× and ten-year median of 4.7× as of September 24, 2026. No industry median valuation figures are reported.

What changed since last quarter

Revenue was $112.0 billion in Q2 FY2026, compared with $111.7 billion in Q1 FY2026 and $111.6 billion in Q2 FY2025. Gross margin was 20.8% in Q2 FY2026, a change of −1.9 percentage points against Q1 FY2026 and 2.9 percentage points against Q2 FY2025. Operating margin was 7.13% in Q2 FY2026, a change of −0.9 percentage points against Q1 FY2026 and 2.5 percentage points against Q2 FY2025.

Operating income was $8.0 billion in Q2 FY2026, compared with $9.0 billion in Q1 FY2026 and $5.2 billion in Q2 FY2025. Net income was $5.7 billion in Q2 FY2026, compared with $6.5 billion in Q1 FY2026 and $3.6 billion in Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the decline in annual profitability measures?
  • What explains the quarterly movement in gross and operating margins?
  • How are operating cash flow and free cash flow expected to develop relative to earnings?
  • What accounts for the change in net debt during the latest quarter?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.