UNITEDHEALTH GROUP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITEDHEALTH GROUP INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	184,840	201,159	226,247	242,155	257,141	287,597	324,162	371,622	400,278	447,567
Cost of revenue	24,416	24,112	26,998	28,117	30,745	31,034	33,703	38,770	46,694	50,655
Gross profit	160,424	177,047	199,249	214,038	226,396	256,563	290,459	332,852	353,584	396,912
Selling, general and administrative	28,401	29,557	34,074	35,193	41,704	42,579	47,782	54,628	53,013	59,592
Operating income	12,930	15,209	17,344	19,685	22,405	23,970	28,435	32,358	32,287	18,964
Interest expense	1,067	1,186	1,400	1,704	1,663	1,660	2,092	3,246	3,906	4,002
Interest income	828	1,023	1,376	1,886	1,502	2,324	2,030	4,089	5,202	3,920
Pre-tax income	11,863	14,023	15,944	17,981	20,742	22,310	26,343	29,112	20,071	14,697
Income tax	4,790	3,200	3,562	3,742	4,973	4,578	5,704	5,968	4,829	1,890
Net income to minority interests	56	265	396	400	366	447	519	763	837	751
Net income	7,017	10,558	11,986	13,839	15,403	17,285	20,120	22,381	14,405	12,056
EBITDA	14,985	17,454	19,772	22,405	25,296	27,073	31,835	36,330	36,386	23,325
EPS, basic	7.37	10.95	12.45	14.55	16.23	18.33	21.47	24.12	15.64	13.28
EPS, diluted	7.25	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51	13.23
Shares, basic (weighted)	952	964	963	951	949	943	937	928	921	908
Shares, diluted (weighted)	968	985	983	966	961	956	950	938	929	911
Dividend per share	2.38	2.88	3.45	4.14	4.83	5.60	6.40	7.29	8.18	8.73

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10,430	11,981	10,866	10,985	16,921	21,375	23,365	25,427	25,312	24,365
Short-term investments	2,845	3,509	3,458	3,260	2,860	2,532	4,546	4,201	3,801	3,756
Receivables	8,152	9,568	11,388	11,822	12,870	14,216	17,681	21,276	22,365	23,018
Inventory						2,900	3,500	2,800	3,800	3,300
Other current assets	1,848	2,663	3,086	3,851	4,457	5,320	6,621	6,084	8,212	9,746
Total current assets	33,879	37,084	38,692	42,634	53,718	61,758	69,069	78,437	85,779	90,582
Property, plant and equipment	5,901	7,013	8,458	8,704	8,626	8,969	10,128	11,450	10,553	10,762
Goodwill	47,584	54,556	58,910	65,659	71,337	75,795	93,352	103,732	106,734	110,499
Intangible assets	8,541	8,489	9,325	10,349	10,856	10,044	14,401	15,194	23,268	20,474
Long-term investments	23,868	28,341	32,510	37,209	41,242	43,114	43,728	47,609	52,354	54,251
Other non-current assets	3,037	3,575	4,326	9,334	11,510	12,526	15,027	17,298	19,590	23,013
Total assets	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278	309,581
Accounts payable	13,361	15,180	16,705	19,005	22,495	24,643	27,715	31,958	34,337	38,032
Deferred revenue	1,968	2,269	2,396	2,622	2,842	2,571	3,075	3,355	3,317	3,413
Short-term debt	7,193	2,857	1,973	3,870	4,819	3,620	3,110	4,274	4,545	6,069
Total current liabilities	49,252	50,463	53,209	61,782	72,420	78,292	89,237	99,054	103,769	114,897
Long-term debt	25,777	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359	72,320
Other non-current liabilities	4,831	5,556	5,730	10,144	12,315	11,787	12,839	14,463	15,939	18,245
Total liabilities	82,621	87,036	95,994	111,727	126,750	135,727	159,358	174,801	195,687	207,883
Total debt	32,970	31,692	36,554	40,678	43,467	46,003	54,513	58,263	72,359	72,320
Paid-in capital	0	1,703	0	7	0	0		0	0	559
Retained earnings	40,945	48,730	55,846	61,178	69,295	77,134	86,156	95,774	96,036	95,603
Other comprehensive income	-2,681	-2,667	-4,160	-3,578	-3,814	-5,384	-8,393	-7,027	-3,387	-2,061
Minority interests	-97	2,057	2,623	2,820	2,837	3,285	3,678	5,665	5,610	5,980
Total equity	38,177	49,833	54,319	60,436	68,328	75,045	81,450	94,421	98,268	100,090
Total liabilities and equity	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278	309,581
Shares outstanding	952	969	960	948	946	941	934	924	915	906

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242	12,807
Depreciation and amortization	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099	4,361
Stock-based compensation	485	597	638	697	679	800	925	1,059	1,018	971
Deferred income tax	81	-965	42	230	-8	130	-673	-245	-296	-1,752
Change in receivables	-1,357	-1,062	-1,351	162	-688	-1,000	-2,523	-3,114	-1,437	-764
Change in payables	1,494	930	526	733	5,348	1,162	1,964	3,516	2,463	1,665
Cash from operations	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204	19,697
Capital expenditures	-1,705	-2,023	-2,063	-2,071	-2,051	-2,454	-2,802	-3,386	-3,499	-3,622
Acquisitions	-1,760	-2,131	-5,997	-8,343	-7,139	-4,821	-21,458	-10,136	-13,408	-4,509
Purchases of investments	-17,547	-14,588	-14,010	-18,131	-16,577	-17,139	-18,825	-18,314	-27,308	-17,373
Sales and maturities of investments	4,281	5,646	6,270	7,091	7,252	8,251	6,081	9,230	9,319	8,446
Cash from investing	-9,355	-8,599	-12,385	-12,699	-12,532	-10,372	-28,476	-15,574	-20,527	-8,685
Debt issued	3,968	5,291	6,935	5,444	4,864	6,933	14,819	6,394	17,811	2,969
Debt repaid	-2,596	-4,398	-2,600	-1,750	-3,150	-3,150	-3,015	-2,125	-3,000	-3,050
Stock issued	429	688	838	1,037	1,440	1,355	1,253	1,353	1,846	827
Share buybacks	-1,280	-1,500	-4,500	-5,500	-4,250	-5,000	-7,000	-8,000	-9,000	-5,545
Dividends paid	-2,261	-2,773	-3,320	-3,932	-4,584	-5,280	-5,991	-6,761	-7,533	-7,916
Cash from financing	-1,011	-3,441	-4,365	-5,625	-3,590	-7,455	4,226	-11,529	-3,512	-11,644
Exchange rate effect	78	-5	-78	-20	-116	-62	34	97	-61	40
Net change in cash	-493	1,551	-1,115	119	5,936	4,454	1,990	2,062	-115	-947
Free cash flow	8,090	11,573	13,650	16,392	20,123	19,889	23,404	25,682	20,705	16,075
Interest paid	1,055	1,133	1,410	1,627	1,704	1,653	1,945	3,035	3,594	4,030
Income taxes paid	4,726	4,004	3,257	3,542	4,935	3,966	5,222	6,078	4,620	3,714

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $376.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	88.6%	Gross profit / revenue.
Operating margin	4.8%	Operating income / revenue.
EBITDA margin	5.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.9%	Pre-tax income / revenue.
Net margin	3.1%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.0%	Cash from operations / revenue.
Effective tax rate	14.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.6%	Net income / average total assets.
SG&A / revenue	13.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-41.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-12.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-35.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-15.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-3.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-22.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-11.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-4.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / assets	22.4%	Total debt / total assets.
Liabilities / assets	65.8%	Total liabilities / total assets.
Net debt	$38.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.57x	Operating income / interest expense.
Working capital	-$24.96B	Current assets - current liabilities.
Goodwill and intangibles / assets	42.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.45x	Revenue / average total assets.
Fixed asset turnover	41.8x	Revenue / average property, plant and equipment.
Receivables turnover	20.9x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
Days payables	282 days	365 x average accounts payable / cost of revenue.
FCF conversion	167.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$496.83	Revenue / diluted weighted shares.
FCF per share	$26.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$29.82	Cash from operations / diluted weighted shares.
Cash per share	$34.77	(Cash + short-term investments) / shares outstanding.
Payout ratio	57.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	34.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	7.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$338.03B	Share price x shares outstanding.
Enterprise value	$376.06B	Market cap + total debt - cash - short-term investments.
P/E	23.9x	Market cap / net income. Only when net income is positive.
P/S	0.75x	Market cap / revenue.
P/FCF	14.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	0.84x	Enterprise value / revenue.
EV/EBIT	17.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.0%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.

What was UNITEDHEALTH GROUP INC's revenue in fiscal 2025?

UNITEDHEALTH GROUP INC reported revenue of $447.57B for fiscal 2025, 11.8% higher than the year before.

Was UNITEDHEALTH GROUP INC profitable in fiscal 2025?

Yes. Net income was $12.06B, a net margin of 2.7%.

How much free cash flow did UNITEDHEALTH GROUP INC generate in fiscal 2025?

Cash from operations of $19.70B minus capital expenditures of $3.62B left free cash flow of $16.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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