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UNHUnitedHealth Group

Health care · Health Insurance · NYSE

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FY2025 at a glance

Sales up 11.8%, free cash flow down to $16.1B

XBRL, from each 10-K

RevenueStatements ↓

$447.6B

from $400.3B in FY2024

FY2016FY2025

Net incomeStatements ↓

$12.1B

from $14.4B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$16.1B

from $20.7B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$13.23

from $15.51 in FY2024

FY2016FY2025

Operating marginStatements ↓

4.2%

from 8.1% in FY2024

FY2016FY2025

Total debtStatements ↓

$78.4B

from $76.9B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	17.52	Sales (ttm)	449.7B	Net income (ttm)	15.9B	Sales growth	+11.8%	EPS growth	-14.7%	Sales Q/Q	-0.4%
Free cash flow	22.8B	Gross margin	88.3%	Oper. margin	5.3%	Net margin	3.5%	FCF margin	5.1%	ROE	15.3%
ROA	5.1%	R&D / sales	-	Dividend	8.73	Debt/Eq	0.71	Curr. ratio	0.74	Cash	25.8B
Op. cash flow (ttm)	26.2B	EBITDA	23.3B	EBITDA margin	5.2%	Net debt	48.5B	Quick ratio	0.71	Interest cover	4.74
ROIC	9.3%	Payout ratio	66.0%	Tax rate	12.9%	Stock pay / sales	0.2%	Shares out.	896.0M	Shares Y/Y	-1.9%
Book / share	116.21	Cash / share	28.84	Sales / share	501.84	Asset turnover	1.44	Inventory turns	15.35	Days sales out.	19
Sales 3Y CAGR	+11.3%	Sales 5Y CAGR	+11.7%	EPS 3Y CAGR	-14.5%	EPS 5Y CAGR	-3.8%	Employees	390,000	Sales / employee	1.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Operating margin narrowed to 4.2%8.1% → 4.2% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

UNH against Health care peers

Ten years, side by side → · All 60 →

UNHPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+11.8%12th of 60 · median +7.1%

Net margin

3.5%44th of 60 · median 9.6%

Return on equity

15.3%20th of 54 · median 13.1%

Free cash flow margin

5.1%46th of 56 · median 15.5%

Debt / equity (less is better)

0.7131st of 49 · median 0.66

UNH and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
UNH UnitedHealth Group	$449.7B	+11.8%	88.3%	3.5%	15.3%	5.1%	0.71
CVS CVS Health	$420.6B	+7.8%	44.2%	2.6%	13.7%	3.7%	0.75
MCK McKesson	$418.8B	+12.4%	3.7%	1.1%	-	1.7%	-
COR Cencora	$332.8B	+9.3%	4.0%	0.8%	86.0%	1.2%	3.93
CI Cigna	$286.3B	+11.2%	20.7%	2.1%	13.8%	-	0.68
CAH Cardinal Health	$257.8B	+14.2%	3.9%	0.7%	-	1.9%	-

Where each dollar goes

FY2021FY2022FY2023FY2024FY2025

From $287.6B of sales to $17.3B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $324.2B of sales to $20.1B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $371.6B of sales to $22.4B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $400.3B of sales to $14.4B of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

From $447.6B of sales to $12.1B of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$11$81

FY2022

$10$81

FY2023

$10$81

FY2024

$12$80

FY2025

$11$84

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3

!
Net margin below the peer median3.5% vs 9.6%
✓
Return on equity above 15%15.3%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 3.8% → 2.7%

Cash and shareholders

2 of 2

✓
Share count down over 5 years−5.2%
✓
Dividend per share up over 5 years$4.83 → $8.73

Free cash flow, FY2016 to FY2025: 8.1B → 16.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$79.4B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 447.6B Net income 12.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

UNH's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue447.6B

Net income12.1B

Free cash flow16.1B

EPS (diluted)13.23

Dividend per share8.73

Diluted shares911.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Unitedhealthcare	344.9B	77.1%	+15.7%
Optumrx	154.7B	34.6%	+16.1%
Optumhealth	102.0B	22.8%	-3.2%
Optuminsight	19.4B	4.3%	+3.5%

10-K 0000731766-26-000062, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Products	53.4B	11.9%	+6.3%
Services	38.0B	8.5%	+5.5%

10-K 0000731766-26-000062, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	184.8B	201.2B	226.2B	242.2B	257.1B	287.6B	324.2B	371.6B	400.3B	447.6B
Cost of revenue	24.4B	24.1B	27.0B	28.1B	30.7B	31.0B	33.7B	38.8B	46.7B	50.7B
SG&A	28.4B	29.6B	34.1B	35.2B	41.7B	42.6B	47.8B	54.6B	53.0B	59.6B
Operating income	12.9B	15.2B	17.3B	19.7B	22.4B	24.0B	28.4B	32.4B	32.3B	19.0B
Interest expense	1.1B	1.2B	1.4B	1.7B	1.7B	1.7B	2.1B	3.2B	3.9B	4.0B
Pretax income	11.9B	14.0B	15.9B	18.0B	20.7B	22.3B	26.3B	29.1B	20.1B	14.7B
Income tax	4.8B	3.2B	3.6B	3.7B	5.0B	4.6B	5.7B	6.0B	4.8B	1.9B
Net income	7.0B	10.6B	12.0B	13.8B	15.4B	17.3B	20.1B	22.4B	14.4B	12.1B
EPS (diluted)	7.25	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51	13.23
Diluted shares	968.0M	985.0M	983.0M	966.0M	961.0M	956.0M	950.0M	938.0M	929.0M	911.0M
Depreciation & amortization	2.1B	2.2B	2.4B	2.7B	2.9B	3.1B	3.4B	4.0B	4.1B	4.4B
EBITDA	15.0B	17.5B	19.8B	22.4B	25.3B	27.1B	31.8B	36.3B	36.4B	23.3B
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%
Revenue growth	-	+8.8%	+12.5%	+7.0%	+6.2%	+11.8%	+12.7%	+14.6%	+7.7%	+11.8%
EPS growth	-	+47.9%	+13.7%	+17.6%	+11.9%	+12.8%	+17.1%	+12.7%	-35.0%	-14.7%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	10.4B	12.0B	10.9B	11.0B	16.9B	21.4B	23.4B	25.4B	25.3B	24.4B
Short-term investments	2.8B	3.5B	3.5B	3.3B	2.9B	2.5B	4.5B	4.2B	3.8B	3.8B
Receivables	8.2B	9.6B	11.4B	11.8B	12.9B	14.2B	17.7B	21.3B	22.4B	23.0B
Inventory	-	-	-	-	-	2.9B	3.5B	2.8B	3.8B	3.3B
Current assets	33.9B	37.1B	38.7B	42.6B	53.7B	61.8B	69.1B	78.4B	85.8B	90.6B
Property & equipment	5.9B	7.0B	8.5B	8.7B	8.6B	9.0B	10.1B	11.4B	10.6B	10.8B
Goodwill	47.6B	54.6B	58.9B	65.7B	71.3B	75.8B	93.4B	103.7B	106.7B	110.5B
Total assets	122.8B	139.1B	152.2B	173.9B	197.3B	212.2B	245.7B	273.7B	298.3B	309.6B
Current liabilities	49.3B	50.5B	53.2B	61.8B	72.4B	78.3B	89.2B	99.1B	103.8B	114.9B
Total debt	33.0B	31.7B	36.6B	40.7B	43.5B	46.0B	57.6B	62.5B	76.9B	78.4B
Total liabilities	82.6B	87.0B	96.0B	111.7B	126.8B	135.7B	159.4B	174.8B	195.7B	207.9B
Shareholders' equity	38.2B	49.8B	54.3B	60.4B	68.3B	75.0B	81.5B	94.4B	98.3B	100.1B
Retained earnings	40.9B	48.7B	55.8B	61.2B	69.3B	77.1B	86.2B	95.8B	96.0B	95.6B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	9.8B	13.6B	15.7B	18.5B	22.2B	22.3B	26.2B	29.1B	24.2B	19.7B
Capital spending	1.7B	2.0B	2.1B	2.1B	2.1B	2.5B	2.8B	3.4B	3.5B	3.6B
Free cash flow	8.1B	11.6B	13.7B	16.4B	20.1B	19.9B	23.4B	25.7B	20.7B	16.1B
Stock-based pay (added back)	485.0M	597.0M	638.0M	697.0M	679.0M	800.0M	925.0M	1.1B	1.0B	971.0M
Dividends paid	2.3B	2.8B	3.3B	3.9B	4.6B	5.3B	6.0B	6.8B	7.5B	7.9B
Buybacks	1.3B	1.5B	4.5B	5.5B	4.2B	5.0B	7.0B	8.0B	9.0B	5.5B
Acquisitions	1.8B	2.1B	6.0B	8.3B	7.1B	4.8B	21.5B	10.1B	13.4B	4.5B
Debt raised	4.0B	5.3B	6.9B	5.4B	4.9B	6.9B	14.8B	6.4B	17.8B	3.0B
Debt repaid	2.6B	4.4B	2.6B	1.8B	3.1B	3.1B	3.0B	2.1B	3.0B	3.0B
Investing cash flow	-9.4B	-8.6B	-12.4B	-12.7B	-12.5B	-10.4B	-28.5B	-15.6B	-20.5B	-8.7B
Financing cash flow	-1.0B	-3.4B	-4.4B	-5.6B	-3.6B	-7.5B	4.2B	-11.5B	-3.5B	-11.6B
Dividend per share	2.38	2.88	3.45	4.14	4.83	5.60	6.40	7.29	8.18	8.73

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	485.0M	597.0M	638.0M	697.0M	679.0M	800.0M	925.0M	1.1B	1.0B	971.0M
Stock-based pay / revenue	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.2%
Operating lease cost	-	-	751.0M	1.0B	1.1B	1.2B	1.3B	1.4B	1.4B	1.6B
Operating lease cash paid	-	-	-	746.0M	865.0M	900.0M	1.0B	1.1B	1.1B	1.1B
Right-of-use assets	-	-	3.3B	-	-	-	-	-	-	-
Operating lease liabilities	-	-	-	4.0B	-	-	4.8B	4.9B	4.9B	4.6B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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