Business Description

UnitedHealth Group Incorporated is an American multinational managed healthcare and insurance company. It operates through two primary segments: UnitedHealthcare, which provides health insurance and benefits, and Optum, which offers technology-enabled health services, care delivery, and pharmacy benefit management. As the largest healthcare company in the world by revenue, it holds a dominant position in the U.S. health insurance market.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Premiums Earned352,229,000308,810,000290,827,000257,157,000
Investment Income3,920,0005,202,0004,089,0002,030,000
Total Other Revenues91,418,00086,266,00076,706,00064,975,000
Total Revenues447,567,000400,278,000371,622,000324,162,000
Insurance Benefits & Claims313,995,000264,185,000241,894,000210,842,000
Other Operating Expenses114,608,000103,806,00097,370,00084,885,000
Operating Profit18,964,00032,287,00032,358,00028,435,000
Interest Expense(4,002,000)(3,906,000)(3,246,000)(2,092,000)
Non-Operating Income(265,000)(8,310,000)
Total Non-Operating Income(4,267,000)(12,216,000)(3,246,000)(2,092,000)
Income Before Provision for Income Taxes14,697,00020,071,00029,112,00026,343,000
Provision for Income Taxes1,890,0004,829,0005,968,0005,704,000
Consolidated Net Income12,807,00015,242,00023,144,00020,639,000
Net Income Attributable to Minority Interests and Other751,000837,000763,000
Net Income Attributable to Common Shareholders12,056,00014,405,00022,381,00020,639,000
Basic EPS13.2815.6424.1221.47
Diluted EPS13.2315.5123.8621.18
Basic Weighted Average Shares Outstanding908,000921,000928,000937,000
Diluted Weighted Average Shares Outstanding911,000929,000938,000950,000
Shares Outstanding906,000915,000924,000934,000
FY 2025FY 2024FY 2023FY 2022
Other Investments58,007,00056,155,00051,810,00048,274,000
Total Investments58,007,00056,155,00051,810,00048,274,000
Cash and Cash Equivalents24,365,00025,312,00025,427,00023,365,000
Other Receivables52,715,00048,454,00038,970,00030,450,000
Net Property, Plant & Equipment10,762,00010,553,00011,450,00010,128,000
Net Intangible Assets20,474,00023,268,00015,194,00014,401,000
Goodwill110,499,000106,734,000103,732,00093,352,000
Other Assets32,759,00027,802,00027,137,00025,735,000
Total Assets309,581,000298,278,000273,720,000245,705,000
Unearned Premiums3,413,0003,317,0003,355,0003,075,000
Claims Reserves39,337,00034,224,00032,395,00029,056,000
Accounts Payable38,032,00034,337,00031,958,00027,715,000
Total Debt78,389,00076,904,00062,537,00057,623,000
Other Liabilities48,712,00046,905,00044,556,00041,889,000
Total Liabilities207,883,000195,687,000174,801,000159,358,000
Common Stock9,0009,0009,0009,000
Additional Paid-in Capital559,000
Accumulated Other Comprehensive Income(2,061,000)(3,387,000)(7,027,000)(8,393,000)
Retained Earnings95,603,00096,036,00095,774,00086,156,000
Total Common Shareholders' Equity94,110,00092,658,00088,756,00077,772,000
Minority Interests and Other7,588,0009,933,00010,163,0008,575,000
Total Shareholders' Equity101,698,000102,591,00098,919,00086,347,000
Total Liabilities and Shareholders' Equity309,581,000298,278,000273,720,000245,705,000
FY 2025FY 2024FY 2023FY 2022
Net Income12,807,00015,242,00023,144,00020,639,000
Depreciation & Amortization4,361,0004,099,0003,972,0003,400,000
Share-Based Compensation Expense971,0001,018,0001,059,000925,000
Other Adjustments(724,000)4,653,000(750,000)(1,004,000)
Changes in Receivables(764,000)(1,437,000)(3,114,000)(2,523,000)
Changes in Accounts Payable1,665,0002,463,0003,516,0001,964,000
Changes in Unearned Premiums163,000(197,000)203,000126,000
Changes in Claims Reserves5,824,0002,503,0003,482,0004,053,000
Changes in Other Operating Activities(4,606,000)(4,140,000)(2,444,000)(1,374,000)
Cash from Operating Activities19,697,00024,204,00029,068,00026,206,000
Capital Expenditure(3,622,000)(3,499,000)(3,386,000)(2,802,000)
Purchases of Investments(17,373,000)(27,308,000)(18,314,000)(18,825,000)
Proceeds from Sale of Investments17,734,00027,833,00016,537,00011,988,000
Payments for Business Acquisitions(4,509,000)(13,408,000)(10,136,000)(21,458,000)
Proceeds from Business Divestments561,0002,041,000685,0003,414,000
Other Investing Activities(1,476,000)(6,186,000)(960,000)(793,000)
Cash from Investing Activities(8,685,000)(20,527,000)(15,574,000)(28,476,000)
Issuance of Short-Term Debt807,000(151,000)11,000732,000
Net Issuance / (Repayments) of Short-Term Debt807,000(151,000)11,000732,000
Issuance of Long-Term Debt2,969,00017,811,0006,394,00014,819,000
Repayments of Long-Term Debt(3,050,000)(3,000,000)(2,125,000)(3,015,000)
Net Issuance / (Repayments) of Long-Term Debt(81,000)14,811,0004,269,00011,804,000
Issuance of Common Shares827,0001,846,0001,353,0001,253,000
Repurchases of Common Shares(5,545,000)(9,000,000)(8,000,000)(7,000,000)
Net Issuance / (Repurchases) of Common Shares(4,718,000)(7,154,000)(6,647,000)(5,747,000)
Common Share Dividends Paid(7,916,000)(7,533,000)(6,761,000)(5,991,000)
Other Financing Activities264,000(3,485,000)(2,401,000)3,428,000
Cash from Financing Activities(11,644,000)(3,512,000)(11,529,000)4,226,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents40,000(61,000)97,00034,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(592,000)104,0002,062,0001,990,000

Key Metrics & Ratios

MetricValue
Market Cap$299.08B
P/E24.95x
P/S0.67x
EV/EBITDA13.15x
Return on Equity12.5%
Return on Invested Capital6.2%
Dividend Yield2.6%
Free Cash Flow Margin3.6%

Margins

Gross margin
Operating margin
20.7%
Net margin
14.0%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026 $23.03B +4.6% 39.0% $8.99B
Q4 2025 $23.76B +4.3% 1.6% $380M
Q3 2025 $23.05B +6.1% 18.7% $4.32B
Q2 2025 $22.60B +7.8% 22.8% $5.15B
Q1 2025 $22.01B 41.4% $9.12B
Q4 2024 $22.77B 34.1% $7.77B
Q3 2024 $21.73B 40.1% $8.71B
Q2 2024 $20.96B 37.6% $7.88B

More on UnitedHealth Group Incorporated

Financial data last updated 2026-07-14. Figures compiled from public company filings.

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