Detailed financial statements for UnitedHealth Group Incorporated (UNH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
UnitedHealth Group Incorporated (UNH) operates as a comprehensive healthcare enterprise across the United States, structuring its diverse services into four key divisions: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment provides a wide array of health benefit plans and consumer-focused services.
Analysis Summary
UnitedHealth Group Incorporated reported revenue of $447.57B in the most recent fiscal year, growing at a 5-year CAGR of 11.7%. Net income reached $12.06B, with a -4.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 22.5%, operating margin 4.8%, net margin 3.1%. Free cash flow grew at -4.4% CAGR over 5 years.
At the current price of $378.58, UNH trades at a P/E of 23.91 and an ROE of 12.81%. Market capitalisation stands at $343.8B, placing it among large-cap names.
Balance sheet quality for UNH: current ratio of 0.8, net debt of $50.27B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $16.07B represents 133% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $184.84B | $201.16B | $226.25B | $242.16B | $257.14B | $287.60B | $324.16B | $371.62B | $400.28B | $447.57B |
| Cost of Revenue | $141.45B | $154.15B | $172.40B | $184.56B | $190.14B | $217.94B | $244.54B | $280.66B | $310.88B | $364.65B |
| Gross Profit | $43.39B | $47.01B | $53.85B | $57.60B | $67.00B | $69.65B | $79.62B | $90.96B | $89.40B | $82.92B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $30.46B | $31.80B | $36.50B | $37.91B | $44.59B | $45.68B | $51.18B | $58.60B | $57.11B | $63.95B |
| Operating Income | $12.93B | $15.21B | $17.34B | $19.68B | $22.41B | $23.97B | $28.43B | $32.36B | $32.29B | $18.96B |
| EBITDA | $14.98B | $17.45B | $19.77B | $22.41B | $25.30B | $27.07B | $31.84B | $36.33B | $28.08B | $23.06B |
| Interest Expense | $1.07B | $1.19B | $1.40B | $1.70B | $1.66B | $1.66B | $2.09B | $3.25B | $3.91B | $4.00B |
| Pre-tax Income | $11.86B | $14.02B | $15.94B | $17.98B | $20.74B | $22.31B | $26.34B | $29.11B | $20.07B | $14.70B |
| Income Tax | $4.79B | $3.20B | $3.56B | $3.74B | $4.97B | $4.58B | $5.70B | $5.97B | $4.83B | $1.89B |
| Net Income | $7.02B | $10.56B | $11.99B | $13.84B | $15.40B | $17.29B | $20.12B | $22.38B | $14.40B | $12.06B |
| EPS | $7.37 | $10.95 | $12.45 | $14.55 | $16.28 | $18.33 | $21.54 | $24.12 | $15.64 | $13.23 |
| EPS (Diluted) | $7.25 | $10.72 | $12.19 | $14.33 | $16.03 | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Shares Outstanding (Diluted) | $968.0M | $985.0M | $983.0M | $966.0M | $961.0M | $956.0M | $950.0M | $938.0M | $929.0M | $910.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $113.16B | $113.22B | $111.72B | $112.03B |
| Gross Profit | $20.64B | $18.49B | $25.41B | $36.67B |
| Operating Income | $4.32B | $380.0M | $8.99B | $7.99B |
| EBITDA | $5.33B | $1.37B | $10.09B | $8.97B |
| Net Income | $2.35B | $10.0M | $6.28B | $5.48B |
| EPS | $2.59 | $0.01 | $6.90 | $6.05 |
| EPS (Diluted) | $2.59 | $0.01 | $6.90 | $6.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.43B | $11.98B | $10.87B | $10.98B | $16.92B | $21.38B | $23.36B | $25.43B | $25.31B | $24.36B |
| Short-term Investments | $2.85B | $3.51B | $3.46B | $3.26B | $2.86B | $2.53B | $4.55B | $4.20B | $3.80B | $3.76B |
| Receivables | $8.15B | $9.57B | $11.39B | $11.82B | $12.87B | $28.08B | $30.45B | $38.97B | $48.45B | $52.72B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $33.75B | $37.08B | $38.69B | $42.63B | $53.72B | $61.76B | $69.07B | $78.44B | $85.78B | $90.58B |
| Property, Plant & Equipment | $5.90B | $7.01B | $8.46B | $8.70B | $8.63B | $8.97B | $10.13B | $11.45B | $10.55B | $10.76B |
| Goodwill | $47.58B | $54.56B | $58.91B | $65.66B | $71.34B | $75.80B | $93.35B | $103.73B | $106.73B | $110.50B |
| Intangible Assets | $8.54B | $8.49B | $9.32B | $10.35B | $10.86B | $10.04B | $14.40B | $15.19B | $23.27B | $20.47B |
| Total Assets | $122.68B | $139.06B | $152.22B | $173.89B | $197.29B | $212.21B | $245.71B | $273.72B | $298.28B | $309.58B |
| Accounts Payable | $29.75B | $33.05B | $36.60B | $40.70B | $44.37B | $49.13B | $56.77B | $31.96B | $68.56B | $77.37B |
| Short-term Debt | $7.19B | $2.86B | $1.97B | $3.87B | $4.82B | $3.62B | $3.11B | $5.31B | $4.54B | $6.07B |
| Total Current Liabilities | $49.22B | $50.46B | $53.21B | $61.78B | $72.42B | $78.29B | $89.24B | $99.05B | $103.77B | $114.90B |
| Long-term Debt | $25.78B | $28.84B | $34.58B | $36.81B | $38.65B | $42.38B | $54.51B | $58.26B | $72.36B | $72.32B |
| Total Liabilities | $82.27B | $87.03B | $95.99B | $111.73B | $126.75B | $135.73B | $159.36B | $174.80B | $195.69B | $207.88B |
| Retained Earnings | $40.95B | $48.73B | $55.85B | $61.18B | $69.30B | $77.13B | $86.16B | $95.77B | $96.04B | $95.60B |
| Total Equity | $38.40B | $49.83B | $51.70B | $57.62B | $65.49B | $71.76B | $77.77B | $88.76B | $92.66B | $94.11B |
| Total Debt | $32.97B | $31.69B | $36.55B | $40.68B | $43.47B | $46.00B | $57.62B | $67.44B | $76.90B | $78.39B |
| Net Debt | $19.70B | $16.20B | $22.23B | $26.43B | $23.69B | $22.10B | $29.71B | $37.81B | $47.79B | $50.27B |
| Working Capital | -$15.47B | -$13.38B | -$14.52B | -$19.15B | -$18.70B | -$16.53B | -$20.17B | -$20.62B | -$17.99B | -$24.32B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $27.21B | $24.36B | $28.00B | $28.59B |
| Total Assets | $315.27B | $309.58B | $312.64B | $309.73B |
| Total Liabilities | $209.46B | $207.88B | $207.32B | $205.11B |
| Total Equity | $95.79B | $94.11B | $97.88B | $98.45B |
| Total Debt | $80.14B | $78.39B | $77.92B | $73.33B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $7.02B | $10.56B | $11.99B | $13.84B | $15.77B | $17.29B | $20.12B | $22.38B | $15.24B | $12.81B |
| Depreciation & Amortization | $2.06B | $2.25B | $2.43B | $2.72B | $2.89B | $3.10B | $3.40B | $3.97B | $4.10B | $4.36B |
| Stock-based Compensation | $485.0M | $597.0M | $638.0M | $697.0M | $679.0M | $800.0M | $925.0M | $1.06B | $1.02B | $971.0M |
| Change in Working Capital | $183.0M | $679.0M | $294.0M | $683.0M | $2.90B | $1.52B | $2.25B | $1.64B | -$808.0M | $2.28B |
| Operating Cash Flow | $9.79B | $13.60B | $15.71B | $18.46B | $22.17B | $22.34B | $26.21B | $29.07B | $24.20B | $19.70B |
| Capital Expenditure | -$1.71B | -$2.02B | -$2.06B | -$2.07B | -$2.05B | -$2.45B | -$2.80B | -$3.39B | -$3.50B | -$3.62B |
| Acquisitions | -$1.76B | -$2.13B | -$6.00B | -$8.34B | -$7.14B | -$4.82B | -$21.46B | -$10.14B | -$13.41B | -$4.51B |
| Stock Repurchased | -$1.28B | -$1.50B | -$4.50B | -$5.50B | -$4.25B | -$5.00B | -$7.00B | -$8.00B | -$9.00B | -$5.54B |
| Dividends Paid | -$2.26B | -$2.77B | -$3.32B | -$3.93B | -$4.58B | -$5.28B | -$5.99B | -$6.76B | -$7.53B | -$7.92B |
| Free Cash Flow | $8.09B | $11.57B | $13.65B | $16.39B | $20.12B | $19.89B | $23.40B | $25.68B | $20.70B | $16.07B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $5.95B | $1.11B | $8.91B | $11.05B |
| Capital Expenditure | -$890.0M | -$948.0M | -$763.0M | -$799.0M |
| Free Cash Flow | $5.05B | $160.0M | $8.15B | $10.25B |
| Dividends Paid | -$2.00B | -$2.00B | -$2.00B | -$2.09B |
| Stock-based Compensation | $223.0M | $176.0M | $348.0M | $276.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.8% | +12.5% | +7.0% | +6.2% | +11.8% | +12.7% | +14.6% | +7.7% | +11.8% | |
| Net Income Growth (YoY) | +50.5% | +13.5% | +15.5% | +11.3% | +12.2% | +16.4% | +11.2% | -35.6% | -16.3% | |
| EPS Growth (YoY) | +48.6% | +13.7% | +16.9% | +11.9% | +12.6% | +17.5% | +12.0% | -35.2% | -15.4% | |
| Shares Change (YoY) | +1.8% | -0.2% | -1.7% | -0.5% | -0.5% | -0.6% | -1.3% | -1.0% | -2.0% | |
| FCF Growth (YoY) | +43.1% | +17.9% | +20.1% | +22.8% | -1.2% | +17.7% | +9.7% | -19.4% | -22.4% | |
| Gross Margin | 23.5% | 23.4% | 23.8% | 23.8% | 26.1% | 24.2% | 24.6% | 24.5% | 22.3% | 18.5% |
| Operating Margin | 7.0% | 7.6% | 7.7% | 8.1% | 8.7% | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| EBITDA Margin | 8.1% | 8.7% | 8.7% | 9.3% | 9.8% | 9.4% | 9.8% | 9.8% | 7.0% | 5.2% |
| Net Margin | 3.8% | 5.2% | 5.3% | 5.7% | 6.0% | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
| FCF Margin | 4.4% | 5.8% | 6.0% | 6.8% | 7.8% | 6.9% | 7.2% | 6.9% | 5.2% | 3.6% |
| Effective Tax Rate | 40.4% | 22.8% | 22.3% | 20.8% | 24.0% | 20.5% | 21.7% | 20.5% | 24.1% | 12.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.36 | $11.75 | $13.89 | $16.97 | $20.94 | $20.80 | $24.64 | $27.38 | $22.29 | $17.66 |
| Dividends Per Share | $2.34 | $2.82 | $3.38 | $4.07 | $4.77 | $5.52 | $6.31 | $7.21 | $8.11 | $8.70 |
| Shares Outstanding (Basic) | $952.0M | $964.0M | $963.0M | $951.0M | $946.0M | $943.0M | $934.0M | $928.0M | $929.0M | $910.0M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 12.81% |
| Return on Invested Capital | 8.23% |
| Return on Assets | 3.89% |
| Gross Margin | 22.49% |
| Operating Margin | 4.82% |
| Net Margin | 3.14% |
Financial Health
| Debt / Equity | 0.74 |
| Current Ratio | 0.78 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.85 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.72 | 20.13 | 20.01 | 20.20 | 21.54 | 27.39 | 24.61 | 22.36 | 32.34 | 24.95 |
| P/B | 3.97 | 4.26 | 4.64 | 4.85 | 5.07 | 6.60 | 6.37 | 5.64 | 5.07 | 3.19 |
| P/S | 0.82 | 1.06 | 1.06 | 1.15 | 1.29 | 1.65 | 1.53 | 1.35 | 1.17 | 0.67 |
| Gross Margin | 23.5% | 23.4% | 23.8% | 23.8% | 26.1% | 24.2% | 24.6% | 24.5% | 22.3% | 18.5% |
| Operating Margin | 7.0% | 7.6% | 7.7% | 8.1% | 8.7% | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Net Margin | 3.8% | 5.2% | 5.3% | 5.7% | 6.0% | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
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Explore sector: Healthcare · Medical - Healthcare Plans
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