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UnitedHealth Group Incorporated (UNH) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · Managed Health Care · DATA UPDATED 2026-08-08

UnitedHealth Group Incorporated (UNH) operates in the Managed Health Care industry and is headquartered in Eden Prairie, United States with about 390,000 employees. Its market capitalization is roughly $338 billion. In the fiscal year ended 2025-12-31, UNH reported $447.6B in revenue and $12.1B in net income.

UnitedHealth Group Incorporated operates as a health care company in the United States and internationally. It operates through four segments: Optum Health, Optum Insight, Optum Rx; and UnitedHealthcare.

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UNH Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$450.1B	$447.6B	$400.3B	$371.6B	$324.2B	$287.6B	$257.1B	$242.2B	$226.2B	$201.2B	$184.8B	$157.1B	$130.5B	$122.5B	$110.6B	$101.9B	$94.2B	$87.1B	$81.2B	$75.4B	$71.5B
Gross Profit	$101.2B	$82.9B	$89.4B	$91.0B	$79.6B	$69.7B	$67.0B	$57.6B	$53.8B	$47.0B	$43.4B	$37.0B	$33.4B	$30.4B	$27.9B	$9.6B	$8.9B	$7.3B	$19.3B	$19.2B	$16.8B
Gross Margin %	22.5%	18.5%	22.3%	24.5%	24.6%	24.2%	26.1%	23.8%	23.8%	23.4%	23.5%	23.6%	25.6%	24.8%	25.2%	9.4%	9.5%	8.4%	23.8%	25.5%	23.4%
Operating Income (EBIT)	$21.7B	$19.0B	$32.3B	$32.4B	$28.4B	$24.0B	$22.4B	$19.7B	$17.3B	$15.2B	$12.9B	$11.0B	$10.3B	$9.6B	$9.3B	$8.5B	$7.9B	$6.4B	$5.3B	$7.8B	$7.0B
Operating Margin %	4.8%	4.2%	8.1%	8.7%	8.8%	8.3%	8.7%	8.1%	7.7%	7.6%	7.0%	7.0%	7.9%	7.9%	8.4%	8.3%	8.3%	7.3%	6.5%	10.4%	9.8%
Net Income	$14.1B	$12.1B	$14.4B	$22.4B	$20.1B	$17.3B	$15.4B	$13.8B	$12.0B	$10.6B	$7.0B	$5.8B	$5.6B	$5.6B	$5.5B	$5.1B	$4.6B	$3.8B	$3.0B	$4.7B	$4.2B
Net Margin %	3.1%	2.7%	3.6%	6.0%	6.2%	6.0%	6.0%	5.7%	5.3%	5.2%	3.8%	3.7%	4.3%	4.6%	5.0%	5.1%	4.9%	4.4%	3.7%	6.2%	5.8%
EBITDA	$25.8B	$23.1B	$28.1B	$36.3B	$31.8B	$27.1B	$25.3B	$22.4B	$19.8B	$17.5B	$15.0B	$12.7B	$11.8B	$11.0B	$10.6B	$9.6B	$8.9B	$7.3B	$6.2B	$8.6B	$7.7B
Earnings Per Share (EPS)	$15.54	$13.25	$15.51	$23.86	$21.18	$18.08	$16.03	$14.33	$12.19	$10.72	$7.25	$6.01	$5.70	$5.50	$5.28	$4.73	$4.10	$3.24	$2.40	$3.42	$2.97
Shares Outstanding (M)	906M	910M	929M	938M	950M	956M	961M	966M	983M	985M	968M	967M	986M	1,023M	1,046M	1,087M	1,131M	1,179M	1,241M	1,361M	1,402M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UNH Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$112.0B	$111.7B	$113.2B	$113.2B	$111.6B	$109.6B	$100.8B	$100.8B
Gross Profit	$36.7B	$25.4B	$18.5B	$20.6B	$20.0B	$23.8B	$21.3B	$23.0B
Gross Margin %	32.7%	22.7%	16.3%	18.2%	17.9%	21.7%	21.1%	22.8%
Operating Income (EBIT)	$8.0B	$9.0B	$380M	$4.3B	$5.2B	$9.1B	$7.8B	$8.7B
Operating Margin %	7.1%	8.1%	0.3%	3.8%	4.6%	8.3%	7.7%	8.6%
Net Income	$5.5B	$6.3B	$10M	$2.3B	$3.4B	$6.3B	$5.5B	$6.1B
Net Margin %	4.9%	5.6%	0.0%	2.1%	3.0%	5.7%	5.5%	6.0%
EBITDA	$9.0B	$10.1B	$1.4B	$5.3B	$6.2B	$10.2B	$8.8B	$9.7B
Earnings Per Share (EPS)	$6.05	$6.90	$0.01	$2.57	$3.74	$6.85	$5.98	$6.51
Shares Outstanding (M)	906M	910M	910M	912M	910M	918M	927M	930M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UNH Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$27.0B	$19.7B	$24.2B	$29.1B	$26.2B	$22.3B	$22.2B	$18.5B	$15.7B	$13.6B	$9.8B	$9.7B	$8.1B	$7.0B	$7.2B	$7.0B	$6.3B	$5.6B	$4.2B	$5.9B	$6.5B
Capital Expenditures (CapEx)	$3.4B	$3.6B	$3.5B	$3.4B	$2.8B	$2.5B	$2.1B	$2.1B	$2.1B	$2.0B	$1.7B	$1.6B	$1.4B	$1.2B	$1.1B	$1.0B	$878M	$739M	$791M	$871M	$728M
Free Cash Flow (FCF)	$23.6B	$16.1B	$20.7B	$25.7B	$23.4B	$19.9B	$20.1B	$16.4B	$13.7B	$11.6B	$8.1B	$8.2B	$6.6B	$5.8B	$6.1B	$6.0B	$5.4B	$4.9B	$3.4B	$5.0B	$5.8B
FCF Margin %	5.2%	3.6%	5.2%	6.9%	7.2%	6.9%	7.8%	6.8%	6.0%	5.8%	4.4%	5.2%	5.1%	4.8%	5.5%	5.8%	5.7%	5.6%	4.2%	6.6%	8.1%
Dividends Paid	$8.1B	$7.9B	$7.5B	$6.8B	$6.0B	$5.3B	$4.6B	$3.9B	$3.3B	$2.8B	$2.3B	$1.8B	$1.4B	$1.1B	$820M	$651M	$449M	$36M	$37M	$40M	$41M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UNH Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$11.1B	$8.9B	$1.1B	$5.9B	$7.2B	$5.5B	$2.4B	$13.9B
Capital Expenditures (CapEx)	$799M	$763M	$948M	$890M	$886M	$898M	$912M	$991M
Free Cash Flow (FCF)	$10.3B	$8.1B	$160M	$5.1B	$6.3B	$4.6B	$1.5B	$13.0B
FCF Margin %	9.2%	7.3%	0.1%	4.5%	5.7%	4.2%	1.5%	12.8%
Dividends Paid	$2.1B	$2.0B	$2.0B	$2.0B	$2.0B	$1.9B	$1.9B	$1.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UNH Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$309.7B	$309.6B	$298.3B	$273.7B	$245.7B	$212.2B	$197.3B	$173.9B	$152.2B	$139.1B	$122.7B	$111.4B	$86.4B	$81.9B	$80.9B	$67.9B	$63.1B	$59.0B	$55.8B	$50.9B	$48.3B
Cash & Cash Equivalents	$31.5B	$24.4B	$25.3B	$25.4B	$23.4B	$21.4B	$16.9B	$11.0B	$10.9B	$12.0B	$10.4B	$10.9B	$7.5B	$7.3B	$8.4B	$9.4B	$9.1B	$9.8B	$7.4B	$8.9B	$10.3B
Total Liabilities	$203.8B	$207.9B	$195.7B	$174.8B	$159.4B	$135.7B	$126.8B	$111.7B	$96.0B	$87.0B	$82.3B	$75.9B	$52.5B	$48.6B	$47.6B	$39.6B	$37.2B	$35.4B	$35.0B	$30.8B	$27.5B
Total Debt (Short + Long-Term)	$3.8B	$78.4B	$76.9B	$63.6B	$57.6B	$46.0B	$43.5B	$40.7B	$36.6B	$31.7B	$33.0B	$32.1B	$17.4B	$16.9B	$16.8B	$11.6B	$11.1B	$11.2B	$12.8B	$11.0B	$7.5B
Total Shareholders' Equity	$104.5B	$94.1B	$92.7B	$88.8B	$77.8B	$71.8B	$65.5B	$57.6B	$51.7B	$49.8B	$38.4B	$33.7B	$32.5B	$32.1B	$31.2B	$28.3B	$25.8B	$23.6B	$20.8B	$20.1B	$20.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive UNH viewer.

UNH Metric Deep Dives

Other Companies in Managed Health Care

ELV · Elevance Health — $89 billion
HUM · Humana — $46 billion
CNC · Centene Corporation — $32 billion

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