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 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Premiums Earned | 352,229,000 | 308,810,000 | 290,827,000 | 257,157,000 |
| Investment Income | 3,920,000 | 5,202,000 | 4,089,000 | 2,030,000 |
| Total Other Revenues | 91,418,000 | 86,266,000 | 76,706,000 | 64,975,000 |
| Total Revenues | 447,567,000 | 400,278,000 | 371,622,000 | 324,162,000 |
| Insurance Benefits & Claims | 313,995,000 | 264,185,000 | 241,894,000 | 210,842,000 |
| Other Operating Expenses | 114,608,000 | 103,806,000 | 97,370,000 | 84,885,000 |
| Operating Profit | 18,964,000 | 32,287,000 | 32,358,000 | 28,435,000 |
| 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 Taxes | 14,697,000 | 20,071,000 | 29,112,000 | 26,343,000 |
| Provision for Income Taxes | 1,890,000 | 4,829,000 | 5,968,000 | 5,704,000 |
| Consolidated Net Income | 12,807,000 | 15,242,000 | 23,144,000 | 20,639,000 |
| Net Income Attributable to Minority Interests and Other | 751,000 | 837,000 | 763,000 | — |
| Net Income Attributable to Common Shareholders | 12,056,000 | 14,405,000 | 22,381,000 | 20,639,000 |
| Basic EPS | 13.28 | 15.64 | 24.12 | 21.47 |
| Diluted EPS | 13.23 | 15.51 | 23.86 | 21.18 |
| Basic Weighted Average Shares Outstanding | 908,000 | 921,000 | 928,000 | 937,000 |
| Diluted Weighted Average Shares Outstanding | 911,000 | 929,000 | 938,000 | 950,000 |
| Shares Outstanding | 906,000 | 915,000 | 924,000 | 934,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Other Investments | 58,007,000 | 56,155,000 | 51,810,000 | 48,274,000 |
| Total Investments | 58,007,000 | 56,155,000 | 51,810,000 | 48,274,000 |
| Cash and Cash Equivalents | 24,365,000 | 25,312,000 | 25,427,000 | 23,365,000 |
| Other Receivables | 52,715,000 | 48,454,000 | 38,970,000 | 30,450,000 |
| Net Property, Plant & Equipment | 10,762,000 | 10,553,000 | 11,450,000 | 10,128,000 |
| Net Intangible Assets | 20,474,000 | 23,268,000 | 15,194,000 | 14,401,000 |
| Goodwill | 110,499,000 | 106,734,000 | 103,732,000 | 93,352,000 |
| Other Assets | 32,759,000 | 27,802,000 | 27,137,000 | 25,735,000 |
| Total Assets | 309,581,000 | 298,278,000 | 273,720,000 | 245,705,000 |
| Unearned Premiums | 3,413,000 | 3,317,000 | 3,355,000 | 3,075,000 |
| Claims Reserves | 39,337,000 | 34,224,000 | 32,395,000 | 29,056,000 |
| Accounts Payable | 38,032,000 | 34,337,000 | 31,958,000 | 27,715,000 |
| Total Debt | 78,389,000 | 76,904,000 | 62,537,000 | 57,623,000 |
| Other Liabilities | 48,712,000 | 46,905,000 | 44,556,000 | 41,889,000 |
| Total Liabilities | 207,883,000 | 195,687,000 | 174,801,000 | 159,358,000 |
| Common Stock | 9,000 | 9,000 | 9,000 | 9,000 |
| Additional Paid-in Capital | 559,000 | — | — | — |
| Accumulated Other Comprehensive Income | (2,061,000) | (3,387,000) | (7,027,000) | (8,393,000) |
| Retained Earnings | 95,603,000 | 96,036,000 | 95,774,000 | 86,156,000 |
| Total Common Shareholders' Equity | 94,110,000 | 92,658,000 | 88,756,000 | 77,772,000 |
| Minority Interests and Other | 7,588,000 | 9,933,000 | 10,163,000 | 8,575,000 |
| Total Shareholders' Equity | 101,698,000 | 102,591,000 | 98,919,000 | 86,347,000 |
| Total Liabilities and Shareholders' Equity | 309,581,000 | 298,278,000 | 273,720,000 | 245,705,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 12,807,000 | 15,242,000 | 23,144,000 | 20,639,000 |
| Depreciation & Amortization | 4,361,000 | 4,099,000 | 3,972,000 | 3,400,000 |
| Share-Based Compensation Expense | 971,000 | 1,018,000 | 1,059,000 | 925,000 |
| 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 Payable | 1,665,000 | 2,463,000 | 3,516,000 | 1,964,000 |
| Changes in Unearned Premiums | 163,000 | (197,000) | 203,000 | 126,000 |
| Changes in Claims Reserves | 5,824,000 | 2,503,000 | 3,482,000 | 4,053,000 |
| Changes in Other Operating Activities | (4,606,000) | (4,140,000) | (2,444,000) | (1,374,000) |
| Cash from Operating Activities | 19,697,000 | 24,204,000 | 29,068,000 | 26,206,000 |
| 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 Investments | 17,734,000 | 27,833,000 | 16,537,000 | 11,988,000 |
| Payments for Business Acquisitions | (4,509,000) | (13,408,000) | (10,136,000) | (21,458,000) |
| Proceeds from Business Divestments | 561,000 | 2,041,000 | 685,000 | 3,414,000 |
| 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 Debt | 807,000 | (151,000) | 11,000 | 732,000 |
| Net Issuance / (Repayments) of Short-Term Debt | 807,000 | (151,000) | 11,000 | 732,000 |
| Issuance of Long-Term Debt | 2,969,000 | 17,811,000 | 6,394,000 | 14,819,000 |
| 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) | 14,811,000 | 4,269,000 | 11,804,000 |
| Issuance of Common Shares | 827,000 | 1,846,000 | 1,353,000 | 1,253,000 |
| 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 Activities | 264,000 | (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 Equivalents | 40,000 | (61,000) | 97,000 | 34,000 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (592,000) | 104,000 | 2,062,000 | 1,990,000 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $299.08B |
| P/E | 24.95x |
| P/S | 0.67x |
| EV/EBITDA | 13.15x |
| Return on Equity | 12.5% |
| Return on Invested Capital | 6.2% |
| Dividend Yield | 2.6% |
| Free Cash Flow Margin | 3.6% |
Margins
Gross margin
—
Operating margin
4.2%
Net margin
2.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating 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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