UnitedHealth Group Incorporated (UNH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$4.92	$6.38	+29.7%	—	—	—
Q3 26	$6.6	$7.23	+9.5%	—	—	—
Q2 26	$2.81	$2.92	+3.9%	—	—	—
Q1 26	$4.45	$4.08	-8.3%	—	—	—
Q4 25	$7.29	$7.2	-1.2%	—	—	—
Q3 25	$6.74	$6.81	+1.0%	—	—	—
Q2 25	$7.03	$7.15	+1.7%	—	—	—
Q1 25	$6.63	$6.8	+2.6%	—	—	—
Q4 24	$6.62	$6.91	+4.4%	—	—	—
Q3 24	$5.99	$6.16	+2.8%	—	—	—
Q2 24	$6.35	$6.56	+3.3%	—	—	—
Q1 24	$5.98	$6.14	+2.7%	—	—	—
Q4 23	$6.08	$6.26	+3.0%	—	—	—
Q3 23	$5.17	$5.34	+3.3%	—	—	—
Q2 23	$5.44	$5.79	+6.4%	—	—	—
Q1 23	$5.21	$5.57	+6.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$13.3	—	—	$447.6B	—
FY24	—	$15.7	—	—	$400.3B	—
FY23	—	$24.1	—	—	$367.5B	—
FY22	—	$21.5	—	—	$322.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$184B	$200.1B	$224.9B	$240.3B	$255.6B	$285.3B	$322.1B	$367.5B	$400.3B	$447.6B
YoY change	+17.7%	+8.76%	+12.4%	+6.85%	+6.4%	+11.6%	+12.9%	+14.1%	+8.91%	+11.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	184B	200.1B	224.9B	240.3B	255.6B	285.3B	322.1B	367.5B	400.3B	447.6B
Cost of revenue	141.5B	154.1B	172.4B	184.6B	190.1B	217.9B	244.5B	280.7B	310.9B	364.6B
Gross profit	42.6B	46B	52.5B	55.7B	65.5B	67.3B	77.6B	86.9B	89.4B	82.9B
Gross margin	23.1%	23%	23.3%	23.2%	25.6%	23.6%	24.1%	23.6%	22.3%	18.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	28.4B	29.6B	34.1B	35.2B	41.7B	42.6B	47.8B	54.6B	53B	59.6B
Operating income	12.1B	14.2B	16B	17.8B	20.9B	21.6B	26.4B	28.3B	32.3B	19B
Operating margin	6.58%	7.09%	7.1%	7.41%	8.18%	7.59%	8.2%	7.69%	8.07%	4.24%
Non-operating income, net	828M	1B	1.4B	1.9B	1.5B	2.3B	2B	4.1B	-8.3B	-265M
Pretax income	11.9B	14B	15.9B	18B	20.7B	22.3B	26.3B	29.1B	20.1B	14.7B
Income tax	4.8B	3.2B	3.6B	3.7B	5B	4.6B	5.7B	6B	4.8B	1.9B
Net income	7.1B	10.8B	12.4B	14.2B	15.8B	17.7B	20.6B	23.1B	15.2B	12.8B
Net margin	3.84%	5.41%	5.51%	5.93%	6.17%	6.22%	6.41%	6.3%	3.81%	2.86%
EBITDA	14.2B	16.4B	18.4B	20.5B	23.8B	24.7B	29.8B	32.2B	36.4B	23.3B
EPS	7.6	10.9	12.5	14.6	16.3	18.3	21.5	24.1	15.7	13.3
Diluted EPS	7.48	10.1	12.2	14.3	16	18.1	21.2	23.9	15.5	13.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	91.4B	93.2B	99.8B	98.9B	100.8B	100.8B	109.6B	111.6B	113.2B	113.2B	111.7B	112B
Cost of revenue	69B	72.4B	76.8B	76.8B	77.8B	79.5B	85.8B	91.6B	92.5B	94.7B	86.3B	88.7B
Gross profit	22.4B	20.8B	23B	22.1B	23B	21.3B	23.8B	20B	20.6B	18.5B	25.4B	23.3B
Gross margin	24.5%	22.3%	23.1%	22.3%	22.8%	21.1%	21.7%	17.9%	18.2%	16.3%	22.7%	20.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	13.9B	13.3B	14.1B	13.2B	13.3B	12.5B	13.6B	13.8B	15.2B	17B	15.4B	14.3B
Operating income	7.5B	6.5B	7.9B	7.9B	8.7B	7.8B	9.1B	5.2B	4.3B	380M	9B	8B
Operating margin	8.24%	6.98%	7.95%	7.97%	8.64%	7.71%	8.32%	4.61%	3.81%	0.34%	8.05%	7.13%
Non-operating income, net	997M	1.2B	-7.1B	-1.2B	-20M	21M	-15M	-41M	-83M	-126M	-72M	-61M
Pretax income	7.7B	6.9B	1M	5.7B	7.6B	6.8B	8.1B	4.1B	3.2B	-720M	8B	7B
Income tax	1.7B	1.2B	1.2B	1.2B	1.4B	1B	1.6B	510M	686M	-938M	1.5B	1.3B
Net income	6B	5.7B	-1.2B	4.4B	6.3B	5.8B	6.5B	3.6B	2.5B	218M	6.5B	5.7B
Net margin	6.61%	6.09%	-1.22%	4.47%	6.21%	5.74%	5.91%	3.2%	2.25%	0.19%	5.8%	5.06%
EBITDA	8.5B	7.5B	8.9B	8.9B	9.7B	8.8B	10.2B	6.2B	5.4B	1.5B	10B	9B
EPS	6.31	5.9	-1.53	4.58	6.51	6.06	6.91	3.76	2.59	0.01	6.92	6.06
Diluted EPS	6.24	5.83	-1.53	4.54	6.51	5.98	6.85	3.74	2.59	0.01	6.9	6.04

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	152.4B	213.6B	239.2B	278.7B	331.7B	473.5B	495.2B	488.6B	462.9B	299B	339.1B
Enterprise value	172.1B	229.8B	261.4B	305.1B	355.4B	495.6B	524.9B	521.5B	510.7B	349.3B	387.4B
Shares outstanding	952M	969M	960M	948M	946M	943M	934M	928M	915M	905.8M	905.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.5	19.7	19.3	19.6	21	26.7	24	21.1	30.4	23.3	24.2
P/S	0.83	1.07	1.06	1.16	1.3	1.66	1.54	1.33	1.16	0.67	0.75
P/B	3.79	4.11	4.25	4.48	4.7	6.19	5.73	4.94	4.51	2.94	3.46
EV/EBITDA	12.2	14	14.2	14.9	14.9	20	17.6	16.2	14	15	14.5
EV/Sales	0.94	1.15	1.16	1.27	1.39	1.74	1.63	1.42	1.28	0.78	0.86
Earnings yield	4.64%	5.07%	5.18%	5.11%	4.75%	3.74%	4.17%	4.74%	3.29%	4.28%	4.13%
FCF yield	5.31%	5.42%	5.71%	5.88%	6.07%	4.2%	4.73%	5.26%	4.47%	5.38%	7.16%
PEG	—	—	—	—	—	—	—	—	—	—	0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.1%	23%	23.3%	23.2%	25.6%	23.6%	24.1%	23.6%	22.3%	18.5%	20.8%
Operating margin	6.58%	7.09%	7.1%	7.41%	8.18%	7.59%	8.2%	7.69%	8.07%	4.24%	7.13%
Net margin	3.84%	5.41%	5.51%	5.93%	6.17%	6.22%	6.41%	6.3%	3.81%	2.86%	3.14%
ROE	17.6%	20.8%	22%	22.9%	22.4%	23.2%	23.9%	23.4%	14.9%	12.6%	14.2%
ROA	5.76%	7.78%	8.13%	8.19%	7.99%	8.36%	8.4%	8.46%	5.11%	4.14%	4.87%
ROIC	12%	16%	15.8%	15.9%	16.9%	17.5%	17.8%	17%	16.3%	10.9%	12.5%
Return on tangible assets	67%	83.5%	78.6%	65.1%	47.9%	43.8%	68.3%	64.5%	39.8%	26.9%	30.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.69	0.73	0.73	0.69	0.74	0.79	0.77	0.79	0.83	0.79	0.78
Quick ratio	0.69	0.73	0.73	0.69	0.74	0.79	0.77	0.79	0.83	0.79	0.78
Debt / equity	0.82	0.61	0.65	0.65	0.62	0.6	0.67	0.63	0.75	0.77	0.69
Debt / assets	0.27	0.23	0.24	0.23	0.22	0.22	0.23	0.23	0.26	0.25	0.24
Net debt / EBITDA	1.39	0.99	1.21	1.29	1	0.89	1	1.02	1.31	2.16	1.61
Interest coverage	12.1	12.8	12.4	11.6	13.5	14.4	13.6	9.97	6.14	4.67	5.48
Effective tax rate	40.4%	22.8%	22.3%	20.8%	24%	20.5%	21.7%	20.5%	24.1%	12.9%	14.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	193.3	206.5	234.2	253.4	270.2	302.5	344.9	396	437.5	494.1	497.5
EPS (basic)	7.6	10.9	12.5	14.6	16.3	18.3	21.5	24.1	15.7	13.3	13.3
EPS (diluted)	7.48	10.1	12.2	14.3	16	18.1	21.2	23.9	15.5	13.2	15.6
Book value per share	42.2	53.7	58.6	65.6	74.6	81.1	92.4	106.6	112.1	112.3	108.8
FCF per share	8.5	11.9	14.2	17.3	21.3	21.1	25.1	27.7	22.6	17.7	26.1
Cash per share	13.9	16	14.9	15	20.9	25.4	29.9	31.9	31.8	31	35.1
Capex per share	1.79	2.09	2.15	2.18	2.17	2.6	3	3.65	3.82	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.93%	1.01%	0.92%	0.86%	0.8%	0.86%	0.87%	0.92%	0.87%	—	—
Capex / operating cash flow	21.5%	16.4%	14.9%	12%	9.31%	13.2%	13.5%	13.2%	26.1%	—	—
Payout ratio	32%	25.6%	26.8%	27.6%	29.1%	29.8%	29%	29.2%	49.4%	61.8%	57.5%
Dividend yield	1.48%	1.3%	1.39%	1.41%	1.38%	1.12%	1.21%	1.38%	1.63%	2.65%	2.48%

Yield

2.48%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.32

ex-dividend Sep 14, 2026

Payout ratio

58%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 14, 2026	$2.32
Jun 15, 2026	$2.32
Mar 9, 2026	$2.21

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$91.4B	$93.2B	$99.8B	$98.9B	$100.8B	$100.8B	$109.6B	$111.6B	$113.2B	$113.2B	$111.7B	$112B
YoY change	+13.7%	+13.8%	+9.51%	+7.7%	+10.3%	+8.11%	+9.8%	+12.9%	+12.2%	+12.3%	+1.96%	+0.37%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	13.3B	15.5B	14.3B	14.2B	19.8B	23.9B	27.9B	29.6B	29.1B	28.1B
Receivables	8.2B	9.6B	11.4B	11.8B	12.9B	14.2B	17.7B	21.3B	22.4B	23B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	33.9B	37.1B	38.7B	42.6B	53.7B	61.8B	69.1B	78.4B	85.8B	90.6B
Property, plant & equipment	2.8B	3.3B	4B	4B	3.9B	4.1B	4.6B	5.9B	6.3B	6.7B
Goodwill & intangibles	112.3B	126.1B	136.5B	152B	164.4B	171.7B	215.5B	237.9B	260B	261.9B
Total assets	122.8B	139.1B	152.2B	173.9B	197.3B	212.2B	245.7B	273.7B	298.3B	309.6B
Accounts payable	29.8B	33.1B	36.6B	40.7B	44.4B	49.1B	56.8B	64.4B	68.6B	77.4B
Short-term debt	7.2B	2.9B	2B	3.9B	4.8B	3.6B	3.1B	4.3B	4.5B	6.1B
Total current liabilities	49.3B	50.5B	53.2B	61.8B	72.4B	78.3B	89.2B	99.1B	103.8B	114.9B
Long-term debt	25.8B	28.8B	34.6B	36.8B	38.6B	42.4B	54.5B	58.3B	72.4B	72.3B
Total liabilities	82.6B	87B	96B	111.7B	126.8B	135.7B	159.4B	174.8B	195.7B	207.9B
Shareholders' equity	40.2B	52B	56.2B	62.2B	70.5B	76.5B	86.3B	98.9B	102.6B	101.7B
Total debt	33B	31.7B	36.6B	40.7B	43.5B	46B	57.6B	62.5B	76.9B	78.4B
Net debt	22.5B	19.7B	25.7B	29.7B	26.5B	24.6B	34.3B	37.1B	51.6B	54B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	44.1B	29.6B	32.7B	31.3B	37.1B	29.1B	34.3B	32B	30.6B	28.1B	31.2B	31.5B
Receivables	20.7B	21.3B	27.2B	23.1B	20B	22.4B	26.9B	24.1B	22.7B	23B	26.6B	21.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	91.9B	78.4B	88.9B	92B	92.3B	85.8B	96.3B	93.7B	95.1B	90.6B	91.1B	86.9B
Property, plant & equipment	—	5.9B	—	—	—	6.3B	—	—	—	6.7B	—	—
Goodwill & intangibles	233.8B	237.9B	242.4B	240.3B	259.1B	260B	261B	260.4B	266.3B	261.9B	261.2B	260.8B
Total assets	282.1B	273.7B	284.2B	286.1B	299.3B	298.3B	309.8B	308.6B	315.3B	309.6B	312.6B	309.7B
Accounts payable	64B	64.4B	64.8B	63.4B	67B	68.6B	70.7B	72.8B	76.2B	77.4B	78.3B	78.7B
Short-term debt	5.3B	4.3B	9.8B	11.4B	3.9B	4.5B	10B	5.7B	7.7B	6.1B	6.5B	3.8B
Total current liabilities	114.2B	99.1B	104.4B	104.7B	101.6B	103.8B	113.5B	110.8B	115.5B	114.9B	114.1B	111.8B
Long-term debt	58.1B	58.3B	63.9B	63.7B	74.1B	72.4B	71.3B	73.5B	72.4B	72.3B	71.4B	69.5B
Total liabilities	188.1B	174.8B	187.3B	186.8B	194.9B	195.7B	204.6B	203.8B	209.5B	207.9B	207.3B	203.8B
Shareholders' equity	94B	98.9B	96.9B	99.2B	104.5B	102.6B	105.2B	104.8B	105.8B	101.7B	105.3B	105.9B
Total debt	63.4B	62.5B	73.6B	75.1B	78B	76.9B	81.3B	79.2B	80.1B	78.4B	77.9B	73.3B
Net debt	24.5B	37.1B	45.2B	48.8B	45.6B	51.6B	50.6B	50.6B	52.9B	54B	49.9B	44.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	7.1B	10.8B	12.4B	14.2B	15.8B	17.7B	20.6B	23.1B	15.2B	12.8B
Depreciation & amortization	2.1B	2.2B	2.4B	2.7B	2.9B	3.1B	3.4B	4B	4.1B	4.4B
Stock-based compensation	485M	597M	638M	697M	679M	800M	925M	1.1B	1B	971M
Change in working capital	-1.7B	-605M	-1.5B	-538M	2.7B	-2.2B	-3.2B	-1.8B	-3.3B	-3.5B
Operating cash flow	7.9B	12.3B	13.9B	17.2B	22B	18.6B	20.8B	25.6B	13.4B	19.7B
Capital expenditure	-1.7B	-2B	-2.1B	-2.1B	-2.1B	-2.5B	-2.8B	-3.4B	-3.5B	—
Investing cash flow	-9.4B	-8.6B	-12.4B	-12.7B	-12.5B	-10.4B	-28.5B	-15.6B	-20.5B	-5.1B
Dividends paid	-2.3B	-2.8B	-3.3B	-3.9B	-4.6B	-5.3B	-6B	-6.8B	-7.5B	-7.9B
Share repurchases	-1.3B	-1.5B	-4.5B	-5.5B	-4.3B	-5B	-7B	-8B	-9B	-5.5B
Financing cash flow	-1.4B	-6.9B	-4.4B	-5.6B	-3.6B	-7.5B	4.2B	-11.5B	-3.5B	-11.6B
Net change in cash	-2.8B	-3.2B	-2.9B	-1.1B	5.9B	784M	-3.5B	-1.5B	-10.6B	3B
Free cash flow	8.1B	11.6B	13.7B	16.4B	20.1B	19.9B	23.4B	25.7B	20.7B	16.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	6B	5.7B	-1.2B	4.4B	6.3B	5.8B	6.5B	3.6B	2.5B	218M	6.5B	5.7B
Depreciation & amortization	1B	974M	997M	1B	1B	1B	1.1B	1.1B	1.1B	1.1B	1B	1B
Stock-based compensation	247M	208M	372M	222M	237M	187M	375M	197M	223M	176M	348M	276M
Change in working capital	-1.8B	-11.4B	-8.3B	1.2B	7B	-2.1B	-6.2B	1B	1.2B	-141M	450M	4.8B
Operating cash flow	5.5B	-4.8B	-8B	6.8B	13.6B	2.1B	1.9B	7.2B	5.9B	1.1B	8.9B	11.1B
Capital expenditure	-838M	-959M	-743M	-853M	-991M	-912M	-898M	—	—	—	—	—
Investing cash flow	-2.6B	-1.2B	-6.3B	-7.4B	-5.7B	-1.1B	-74M	-556M	-3.7B	-1.7B	-1.7B	-999M
Dividends paid	-1.7B	-1.7B	-1.7B	-1.9B	-1.9B	-1.9B	-1.9B	-2B	-2B	-2B	-2B	-2.1B
Share repurchases	-1.5B	-1.5B	-3.1B	0	-956M	-5B	-3B	-2.5B	0	0	0	-1.6B
Financing cash flow	-7.1B	-7.2B	8.2B	-1.2B	-2.2B	-8.3B	99M	-7.9B	-1.4B	-1B	-3B	-10.9B
Net change in cash	-4.3B	-13.1B	-6.1B	-1.8B	5.7B	-7.3B	1.9B	-1.3B	915M	-1.6B	4.2B	-883M
Free cash flow	6.1B	-6.2B	401M	5.9B	13B	1.5B	4.6B	6.3B	5.1B	160M	8.1B	10.3B

Date	Ratio
May 31, 2005	2:1
Jun 19, 2003	2:1
Dec 26, 2000	2:1
Mar 11, 1994	2:1
Sep 16, 1992	2:1

UnitedHealth Group Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history