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
4.2%
Net margin
2.9%

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

Figures compiled from public company filings.

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