NYSE : UNH
UnitedHealth Group Incorporated — Financial statements
Healthcare · Healthcare Plans · United States
Last price 406.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 365.29B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 350.41B | 352.23B | 308.81B | 290.83B | 257.16B | 226.23B |
| Total Interest & Dividend Income | 4.47B | 4.32B | 5.20B | 4.09B | 2.03B | 2.32B |
| Non-Insurance Activities Revenue | 54.86B | 53.38B | 50.23B | 42.58B | 37.42B | 34.44B |
| Other Revenue | 40.32B | 38.04B | 36.04B | 34.12B | 27.55B | 24.60B |
| Total Revenue | 450.06B | 447.96B | 400.28B | 371.62B | 324.16B | 287.60B |
| Policy Benefits | 307.25B | 313.37B | 264.19B | 241.89B | 210.84B | 186.91B |
| Depreciation & Amortization | 4.26B | 4.36B | 4.10B | 3.97B | 3.40B | 3.10B |
| Selling, General & Administrative | 59.62B | 58.19B | 53.01B | 54.63B | 47.78B | 42.58B |
| Non-Insurance Activities Expense | 52.59B | 50.66B | 46.69B | 38.77B | 33.70B | 31.03B |
| Total Operating Expenses | 423.71B | 426.58B | 367.99B | 339.26B | 295.73B | 263.63B |
| Operating Income | 26.34B | 21.38B | 32.29B | 32.36B | 28.43B | 23.97B |
| Interest Expense | -3.85B | -4.00B | -3.91B | -3.25B | -2.09B | -1.66B |
| EBT Excluding Unusual Items | 22.49B | 17.38B | 28.38B | 29.11B | 26.34B | 22.31B |
| Merger & Restructuring Charges | -2.42B | -2.42B | ||||
| Gain (Loss) on Sale of Assets | -335.00M | -265.00M | -8.31B | |||
| Pretax Income | 19.73B | 14.70B | 20.07B | 29.11B | 26.34B | 22.31B |
| Income Tax Expense | 3.07B | 1.89B | 4.83B | 5.97B | 5.70B | 4.58B |
| Earnings From Continuing Ops. | 16.67B | 12.81B | 15.24B | 23.14B | 20.64B | 17.73B |
| Minority Interest in Earnings | -785.00M | -751.00M | -837.00M | -763.00M | -519.00M | -447.00M |
| Net Income | 15.88B | 12.06B | 14.40B | 22.38B | 20.12B | 17.29B |
| Net Income to Common | 15.88B | 12.06B | 14.40B | 22.38B | 20.12B | 17.29B |
| Shares Outstanding (Basic) | 903.50M | 908.00M | 921.00M | 928.00M | 937.00M | 943.00M |
| Shares Outstanding (Diluted) | 906.50M | 911.00M | 929.00M | 938.00M | 950.00M | 956.00M |
| EPS (Basic) | 17.58 | 13.28 | 15.64 | 24.12 | 21.47 | 18.33 |
| EPS (Diluted) | 17.50 | 13.23 | 15.51 | 23.86 | 21.18 | 18.08 |
| Free Cash Flow | 22.83B | 16.07B | 20.70B | 25.68B | 23.40B | 19.89B |
| Free Cash Flow Per Share | 25.18 | 17.64 | 22.29 | 27.38 | 24.64 | 20.80 |
| Dividend Per Share | 2.21 | 8.73 | 8.18 | 7.29 | 6.40 | 5.60 |
| Operating Margin | 5.85% | 4.77% | 8.07% | 8.71% | 8.77% | 8.33% |
| Profit Margin | 3.53% | 2.69% | 3.60% | 6.02% | 6.21% | 6.01% |
| Free Cash Flow Margin | 5.07% | 3.59% | 5.17% | 6.91% | 7.22% | 6.92% |
| EBITDA | 28.90B | 24.05B | 34.99B | 35.13B | 30.84B | 26.17B |
| EBITDA Margin | 6.42% | 5.37% | 8.74% | 9.45% | 9.51% | 9.10% |
| D&A For EBITDA | 2.56B | 2.66B | 2.70B | 2.77B | 2.40B | 2.20B |
| EBIT | 26.34B | 21.38B | 32.29B | 32.36B | 28.43B | 23.97B |
| EBIT Margin | 5.85% | 4.77% | 8.07% | 8.71% | 8.77% | 8.33% |
| Effective Tax Rate | 15.54% | 12.86% | 24.06% | 20.50% | 21.65% | 20.52% |
| Revenue as Reported | 449.66B | 447.57B | 400.28B | 371.62B | 324.16B | 287.60B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Investments | 60.77B | 55.81B | 54.05B | 49.91B | 46.67B | 43.85B |
| Cash & Equivalents | 25.84B | 24.36B | 25.31B | 25.43B | 23.36B | 21.38B |
| Other Receivables | 20.54B | 52.72B | 48.45B | 38.97B | 30.45B | 28.08B |
| Separate Account Assets | 3.75B | 4.09B | 4.45B | |||
| Property, Plant & Equipment | 4.74B | 4.89B | 6.46B | 5.92B | 5.39B | |
| Goodwill | 110.50B | 106.73B | 103.73B | 93.35B | 75.80B | |
| Other Intangible Assets | 26.49B | 28.93B | 20.19B | 18.61B | 13.62B | |
| Other Current Assets | 36.50B | 9.75B | 8.21B | 6.08B | 6.62B | 5.32B |
| Other Long-Term Assets | 169.12B | 25.21B | 21.69B | 19.20B | 16.63B | 14.33B |
| Total Assets | 312.78B | 309.58B | 298.28B | 273.72B | 245.71B | 212.21B |
| Accounts Payable | 38.03B | 34.34B | 31.96B | 27.71B | 24.64B | |
| Unpaid Claims | 39.35B | 39.34B | 34.22B | 32.40B | 29.06B | 24.48B |
| Unearned Premiums | 3.41B | 3.32B | 3.35B | 3.08B | 2.57B | |
| Current Portion of Long-Term Debt | 3.82B | 3.25B | 3.19B | 2.31B | 3.62B | |
| Current Portion of Leases | 1.05B | |||||
| Short-Term Debt | 5.62B | 2.25B | 1.30B | 1.09B | 800.00M | |
| Long-Term Debt | 68.71B | 72.32B | 72.36B | 58.26B | 54.51B | 42.38B |
| Long-Term Leases | 3.56B | |||||
| Long-Term Deferred Tax Liabilities | 2.42B | 3.62B | 3.02B | 2.77B | 3.27B | |
| Other Current Liabilities | 70.87B | 26.99B | 27.35B | 27.07B | 26.28B | 22.98B |
| Other Long-Term Liabilities | 22.69B | 14.68B | 15.94B | 14.46B | 12.84B | 11.79B |
| Total Liabilities | 207.24B | 207.88B | 195.69B | 174.80B | 159.36B | 135.73B |
| Common Stock | 104.13B | 9.00M | 9.00M | 9.00M | 9.00M | 10.00M |
| Additional Paid-In Capital | 559.00M | |||||
| Retained Earnings | 95.60B | 96.04B | 95.77B | 86.16B | 77.13B | |
| Comprehensive Income & Other | -2.06B | -3.39B | -7.03B | -8.39B | -5.38B | |
| Total Common Equity | 104.13B | 94.11B | 92.66B | 88.76B | 77.77B | 71.76B |
| Minority Interest | 1.42B | 7.59B | 9.93B | 10.16B | 8.57B | 4.72B |
| Shareholders' Equity | 105.55B | 101.70B | 102.59B | 98.92B | 86.35B | 76.48B |
| Total Liabilities & Equity | 312.78B | 309.58B | 298.28B | 273.72B | 245.71B | 212.21B |
| Filing Date Shares Outstanding | 902.00M | 907.68M | 914.71M | 921.93M | 932.85M | 940.90M |
| Total Common Shares Outstanding | 902.00M | 906.00M | 915.00M | 924.00M | 934.00M | 941.00M |
| Total Debt | 74.33B | 83.00B | 76.90B | 62.54B | 57.62B | 46.00B |
| Net Cash (Debt) | -48.49B | -58.64B | -51.59B | -37.11B | -34.26B | -24.63B |
| Net Cash Per Share | -53.49 | -64.37 | -55.53 | -39.56 | -36.06 | -25.76 |
| Book Value Per Share | 115.44 | 103.87 | 101.27 | 96.06 | 83.27 | 76.26 |
| Tangible Book Value | 104.13B | -42.88B | -43.00B | -35.16B | -34.19B | -17.66B |
| Tangible Book Value Per Share | 115.44 | -47.33 | -47.00 | -38.06 | -36.60 | -18.76 |
| Land | 387.00M | 364.00M | 712.00M | 697.00M | 502.00M | |
| Buildings | 4.09B | 4.21B | 5.57B | 5.52B | 4.88B | |
| Machinery | 3.99B | 3.96B | 4.38B | 4.21B | 3.87B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 15.88B | 12.06B | 14.40B | 22.38B | 20.12B | 17.29B |
| Depreciation & Amortization | 2.56B | 2.66B | 2.70B | 2.77B | 2.40B | 2.20B |
| Other Amortization | 1.70B | 1.70B | 1.40B | 1.20B | 1.00B | 900.00M |
| Gain (Loss) on Sale of Assets | -575.00M | -645.00M | 4.98B | -489.00M | -588.00M | |
| Stock-Based Compensation | 1.02B | 971.00M | 1.02B | 1.06B | 925.00M | 800.00M |
| Change in Accounts Receivable | -764.00M | -764.00M | -1.44B | -3.11B | -2.52B | -1.00B |
| Change in Accounts Payable | 1.67B | 1.67B | 2.46B | 3.52B | 1.96B | 1.16B |
| Change in Unearned Revenue | 163.00M | 163.00M | -197.00M | 203.00M | 126.00M | -310.00M |
| Change in Insurance Reserves / Liabilities | 5.82B | 5.82B | 2.50B | 3.48B | 4.05B | 2.70B |
| Change in Other Net Operating Assets | -3.06B | -4.61B | -4.14B | -2.44B | -1.37B | -1.03B |
| Other Operating Activities | 1.78B | 672.00M | 513.00M | 502.00M | 103.00M | -367.00M |
| Operating Cash Flow | 26.20B | 19.70B | 24.20B | 29.07B | 26.21B | 22.34B |
| Capital Expenditures | -3.37B | -3.62B | -3.50B | -3.39B | -2.80B | -2.45B |
| Sale of Property, Plant & Equipment | 561.00M | 561.00M | 2.04B | 685.00M | 3.41B | 15.00M |
| Cash Acquisitions | -1.61B | -4.51B | -13.41B | -10.14B | -21.46B | -4.82B |
| Investment in Securities | -5.78B | 361.00M | 525.00M | -1.78B | -6.84B | -1.84B |
| Other Investing Activities | 1.17B | -341.00M | -98.00M | 91.00M | -793.00M | -1.27B |
| Investing Cash Flow | -11.43B | -8.69B | -20.53B | -15.57B | -28.48B | -10.37B |
| Short-Term Debt Issued | 807.00M | 11.00M | 732.00M | |||
| Long-Term Debt Issued | 2.97B | 17.81B | 6.39B | 14.82B | 6.93B | |
| Total Debt Issued | 1.34B | 3.78B | 17.81B | 6.41B | 15.55B | 6.93B |
| Total Debt Repaid | -6.12B | -3.05B | -3.15B | -2.12B | -3.02B | -4.45B |
| Net Debt Issued (Repaid) | -4.79B | 726.00M | 14.66B | 4.28B | 12.54B | 2.48B |
| Issuance of Common Stock | 827.00M | 827.00M | 1.85B | 1.35B | 1.25B | 1.35B |
| Repurchases of Common Stock | -5.03B | -5.54B | -9.00B | -8.00B | -7.00B | -5.00B |
| Common Dividends Paid | -8.17B | -7.92B | -7.53B | -6.76B | -5.99B | -5.28B |
| Other Financing Activities | 1.10B | 264.00M | -3.48B | -2.40B | 3.43B | -1.01B |
| Financing Cash Flow | -16.06B | -11.64B | -3.51B | -11.53B | 4.23B | -7.46B |
| Foreign Exchange Rate Adjustments | 4.00M | 40.00M | -61.00M | 97.00M | 34.00M | -62.00M |
| Miscellaneous Cash Flow Adjustments | -71.00M | -355.00M | -219.00M | |||
| Net Cash Flow | -1.36B | -947.00M | -115.00M | 2.06B | 1.99B | 4.45B |
| Free Cash Flow | 22.83B | 16.07B | 20.70B | 25.68B | 23.40B | 19.89B |
| Free Cash Flow Margin | 5.07% | 3.59% | 5.17% | 6.91% | 7.22% | 6.92% |
| Free Cash Flow Per Share | 25.18 | 17.64 | 22.29 | 27.38 | 24.64 | 20.80 |
| Levered Free Cash Flow | 26.50B | 15.38B | 12.59B | 20.86B | 23.76B | 19.25B |
| Unlevered Free Cash Flow | 28.91B | 17.88B | 15.03B | 22.88B | 25.07B | 20.29B |
| Cash Interest Paid | 4.03B | 4.03B | 3.59B | 3.04B | 1.95B | 1.65B |
| Cash Income Tax Paid | 3.71B | 3.71B | 4.62B | 6.08B | 5.22B | 3.97B |
| Change in Working Capital | 3.83B | 2.28B | -808.00M | 1.64B | 2.25B | 1.52B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 359.43B | 299.03B | 465.54B | 486.95B | 495.37B | 472.94B |
| Enterprise Value | 407.92B | 361.98B | 521.07B | 520.89B | 513.47B | 503.18B |
| PE Ratio | 22.89 | 24.80 | 32.32 | 21.76 | 24.62 | 27.36 |
| PS Ratio | 0.80 | 0.67 | 1.16 | 1.31 | 1.53 | 1.64 |
| PB Ratio | 3.53 | 2.94 | 4.54 | 4.92 | 5.74 | 6.18 |
| P/FCF Ratio | 15.78 | 18.60 | 22.48 | 18.96 | 21.17 | 23.78 |
| P/OCF Ratio | 13.75 | 15.18 | 19.23 | 16.75 | 18.90 | 21.17 |
| EV/Sales Ratio | 0.91 | 0.81 | 1.30 | 1.40 | 1.58 | 1.75 |
| EV/EBITDA Ratio | 14.14 | 15.05 | 14.89 | 14.83 | 16.65 | 19.23 |
| EV/EBIT Ratio | 15.51 | 16.93 | 16.14 | 16.10 | 18.06 | 20.99 |
| EV/FCF Ratio | 17.90 | 22.52 | 25.17 | 20.28 | 21.94 | 25.30 |
| Debt / Equity Ratio | 0.70 | 0.82 | 0.75 | 0.63 | 0.67 | 0.60 |
| Debt / EBITDA Ratio | 2.44 | 3.24 | 2.20 | 1.78 | 1.87 | 1.76 |
| Debt / FCF Ratio | 3.26 | 5.16 | 3.71 | 2.44 | 2.46 | 2.31 |
| Net Debt / Equity Ratio | 0.46 | 0.58 | 0.50 | 0.38 | 0.40 | 0.32 |
| Net Debt / EBITDA Ratio | 1.68 | 2.44 | 1.48 | 1.06 | 1.11 | 0.94 |
| Net Debt / FCF Ratio | 2.12 | 3.65 | 2.49 | 1.45 | 1.46 | 1.24 |
| Quick Ratio | 0.42 | 0.70 | 0.75 | 0.69 | 0.65 | 0.66 |
| Current Ratio | 0.74 | 0.79 | 0.83 | 0.75 | 0.73 | 0.73 |
| Asset Turnover | 1.43 | 1.47 | 1.40 | 1.43 | 1.42 | 1.41 |
| Return on Equity (ROE) | 15.77% | 12.54% | 15.13% | 24.98% | 25.35% | 24.12% |
| Return on Assets (ROA) | 5.24% | 4.40% | 7.06% | 7.79% | 7.76% | 7.32% |
| Return on Invested Capital (ROIC) | 12.39% | 10.23% | 14.38% | 16.84% | 16.72% | 16.11% |
| Earnings Yield | 4.37% | 4.03% | 3.09% | 4.60% | 4.06% | 3.65% |
| FCF Yield | 6.34% | 5.38% | 4.45% | 5.27% | 4.72% | 4.21% |
| Dividend Yield | 2.32% | 2.65% | 1.61% | 1.38% | 1.21% | 1.11% |
| Payout Ratio | 53.04% | 65.66% | 52.29% | 30.21% | 29.78% | 30.55% |
| Buyback Yield / Dilution | 0.98% | 1.94% | 0.96% | 1.26% | 0.63% | 0.52% |
| Total Shareholder Return | 3.30% | 4.58% | 2.57% | 2.65% | 1.84% | 1.63% |