U 
UnitedHealth Group UNH · USD
Health Care · Health Care Providers & Services · US listing · 🇺🇸 United States
S&P 500Dow Jones
397.62
+0.88%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$447.57bn
FY2016FY2025
Net income
$12.06bn
FY2016FY2025
Free cash flow
$16.07bn
FY2016FY2025
Shareholders' equity
$94.11bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $447.57bn | $400.28bn | $371.62bn | $324.16bn | $287.60bn | $257.14bn | $242.16bn | $226.25bn | $201.16bn | $184.84bn |
| Gross profit | $82.92bn | $89.40bn | $90.96bn | $79.62bn | $69.65bn | $67.00bn | $57.60bn | $53.85bn | $47.01bn | $43.39bn |
| Operating income | $18.96bn | $32.29bn | $32.36bn | $28.43bn | $23.97bn | $22.41bn | $19.68bn | $17.34bn | $15.21bn | $12.93bn |
| Net income | $12.06bn | $14.40bn | $22.38bn | $20.12bn | $17.29bn | $15.40bn | $13.84bn | $11.99bn | $10.56bn | $7.02bn |
| Diluted earnings per share | 13.25 | 15.54 | 23.94 | 21.25 | 18.10 | 16.03 | 14.39 | 12.21 | 10.65 | 7.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $309.58bn | $298.28bn | $273.72bn | $245.71bn | $212.21bn | $197.29bn | $173.89bn | $152.22bn | $139.06bn | $122.68bn |
| Cash and short-term investments | $28.12bn | $29.11bn | $29.63bn | $27.91bn | $23.91bn | $19.78bn | $14.24bn | $14.32bn | $15.49bn | $13.28bn |
| Total liabilities | $207.88bn | $195.69bn | $174.80bn | $159.36bn | $135.73bn | $126.75bn | $111.73bn | $95.99bn | $87.03bn | $82.27bn |
| Debt | $78.39bn | $76.90bn | $62.54bn | $57.62bn | $46.00bn | $43.47bn | $40.68bn | $36.55bn | $31.69bn | $32.97bn |
| Shareholders' equity | $94.11bn | $92.66bn | $88.76bn | $77.77bn | $71.76bn | $65.49bn | $57.62bn | $51.70bn | $49.83bn | $38.40bn |
| Shares outstanding | 910m | 927m | 935m | 947m | 955m | 961m | 962m | 982m | 991m | 970m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $19.70bn | $24.20bn | $29.07bn | $26.21bn | $22.34bn | $22.17bn | $18.46bn | $15.71bn | $13.60bn | $9.79bn |
| Capital spending | −$3.62bn | −$3.50bn | −$3.39bn | −$2.80bn | −$2.45bn | −$2.05bn | −$2.07bn | −$2.06bn | −$2.02bn | −$1.71bn |
| Free cash flow | $16.07bn | $20.70bn | $25.68bn | $23.40bn | $19.89bn | $20.12bn | $16.39bn | $13.65bn | $11.57bn | $8.09bn |
| Dividends paid | −$7.92bn | −$7.53bn | −$6.76bn | −$5.99bn | −$5.28bn | −$4.58bn | −$3.93bn | −$3.32bn | −$2.77bn | −$2.26bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $112.03bn | $111.72bn | $113.22bn | $113.16bn | $111.62bn | $109.58bn | $100.81bn | $100.82bn |
| Gross profit | $36.67bn | $25.41bn | $18.49bn | $20.64bn | $20.01bn | $23.77bn | $21.31bn | $23.03bn |
| Operating income | $7.99bn | $8.99bn | $380.0m | $4.32bn | $5.15bn | $9.12bn | $7.77bn | $8.71bn |
| Net income | $5.48bn | $6.28bn | $10.0m | $2.35bn | $3.41bn | $6.29bn | $5.54bn | $6.05bn |
| Diluted earnings per share | 6.05 | 6.93 | 0.01 | 2.58 | 3.74 | 6.91 | 5.98 | 6.53 |
| Cash from operations | $11.05bn | $8.91bn | $1.11bn | $5.95bn | $7.19bn | $5.46bn | $2.37bn | $13.95bn |
| Capital spending | −$799.0m | −$763.0m | −$948.0m | −$890.0m | −$886.0m | −$898.0m | −$912.0m | −$991.0m |
| Free cash flow | $10.25bn | $8.15bn | $160.0m | $5.05bn | $6.30bn | $4.56bn | $1.46bn | $12.95bn |
| Total assets | $309.73bn | $312.64bn | $309.58bn | $315.27bn | $308.57bn | $309.79bn | $298.28bn | $299.31bn |
| Cash and short-term investments | $31.47bn | $31.23bn | $28.12bn | $30.61bn | $32.02bn | $34.29bn | $29.11bn | $37.13bn |
| Debt | $3.83bn | $77.92bn | $78.39bn | $80.14bn | $79.19bn | $81.27bn | $76.90bn | $78.01bn |
| Shareholders' equity | $104.51bn | $97.88bn | $94.11bn | $95.79bn | $94.72bn | $95.04bn | $92.66bn | $94.53bn |
Financial ratios
Data as of 3 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.5% | 22.3% | 24.5% | 24.6% | 24.2% | 26.1% |
| Operating margin | 4.2% | 8.1% | 8.7% | 8.8% | 8.3% | 8.7% |
| Net margin | 2.7% | 3.6% | 6.0% | 6.2% | 6.0% | 6.0% |
| Return on equity | 12.8% | 15.5% | 25.2% | 25.9% | 24.1% | 23.5% |
| Return on assets | 3.9% | 4.8% | 8.2% | 8.2% | 8.1% | 7.8% |
| Free cash flow yield | 6.4% | 7.5% | 8.7% | 7.7% | 6.5% | 6.3% |
| Revenue growth | 11.8% | 7.7% | 14.6% | 12.7% | 11.8% | 6.2% |
| Earnings growth | -16.3% | -35.6% | 11.2% | 16.4% | 12.2% | 11.3% |
| Current ratio | 0.79x | 0.83x | 0.79x | 0.77x | 0.79x | 0.74x |
| Debt to equity | 0.83x | 0.83x | 0.72x | 0.74x | 0.64x | 0.66x |
| Equity ratio | 30.4% | 31.1% | 32.4% | 31.7% | 33.8% | 33.2% |
| Interest coverage | 4.74x | 8.27x | 9.97x | 13.59x | 14.44x | 13.47x |
| Buybacks as a share of market value | 1.8% | 0.9% | 1.3% | 0.8% | 0.6% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.4% | 11.7% | 11.0% |
| Operating income | -12.6% | -3.3% | 5.6% |
| Net income | -15.7% | -4.8% | 7.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.3% | 22.2% | 23.0% | 23.2% |
| Operating margin | 6.0% | 7.3% | 7.6% | 7.6% |
| Net margin | 3.1% | 4.5% | 4.9% | 4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.9 | 32.5 | 22.0 | 24.9 | 27.7 | 21.9 | 20.4 | 20.4 | 20.7 | 22.1 |
| Price to sales | 0.7 | 1.2 | 1.3 | 1.6 | 1.7 | 1.3 | 1.2 | 1.1 | 1.1 | 0.8 |
Market value over time
31 Oct 2016 to 2 Sept 2026, in USD
$136.95bn$362.09bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -34% | -5% | 0% | 8% | 44% | 15% | 21% | 9% | 38% | 39% |
Dividends and splits
Per share, in the currency the company pays
Paid for 35 years. Last went ex-dividend on 14 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 6.85 | 8.73 | 8.18 | 7.29 | 6.40 | 5.60 | 4.83 | 4.14 |
- 2-for-1 split · 31 May 2005
- 2-for-1 split · 19 Jun 2003
- 2-for-1 split · 26 Dec 2000
- 2-for-1 split · 11 Mar 1994
- 2-for-1 split · 16 Sept 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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