UnitedHealth Group Incorporated (UNH) Financial Statements

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UnitedHealth Group financial statements at a glance

UnitedHealth Group reported revenue of $447.57 billion for fiscal year 2025 (ended December 31, 2025), up 11.8% from fiscal year 2024. Net income was $12.06 billion, a net margin of 2.7%, and diluted earnings per share were $13.23.

At the end of fiscal year 2025 it had total assets of $309.58 billion, total liabilities of $207.88 billion and shareholders' equity of $94.11 billion, with cash and short-term investments of $28.12 billion and total debt of $78.39 billion.

Its operations brought in $19.70 billion of cash; capital spending was $3.62 billion, leaving free cash flow of $16.08 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

UNH logo

UnitedHealth Group Incorporated

UNHUnited States
Healthcare
USD (Local)

Income Statement

Annual • USD

Total Revenue
447.57B
Prev Year: 400.28B
YoY: +11.8%
Operating Revenue
447.57B
Prev Year: 400.28B
YoY: +11.8%
Total Unusual Items Excluding Goodwill
-265.00M
Prev Year: -8.31B
YoY: +96.8%
Total Unusual Items
-265.00M
Prev Year: -8.31B
YoY: +96.8%
Normalized EBITDA
23.32B
Prev Year: 36.39B
YoY: -35.9%
Tax Rate for Calcs
0.129
Prev Year: 0
Tax Effect of Unusual Items
-34.19M
Prev Year: -2.00B
YoY: +98.3%
Cost of Revenue
364.65B
Prev Year: 310.88B
YoY: +17.3%
Gross Profit
82.92B
Prev Year: 89.40B
YoY: -7.3%
Operating Expense
63.95B
Prev Year: 57.11B
YoY: +12.0%
Depreciation Amortization Depletion
4.36B
Prev Year: 4.10B
YoY: +6.4%
Depreciation and amortization
4.36B
Prev Year: 4.10B
YoY: +6.4%
Other Operating Expenses
59.59B
Prev Year: 53.01B
YoY: +12.4%
Operating Income
18.96B
Prev Year: 32.29B
YoY: -41.3%
Net Non Operating Interest Income Expense
-4.00B
Prev Year: -3.91B
YoY: -2.5%
Non-operating Interest Expense
4.00B
Prev Year: 3.91B
YoY: +2.5%
Other Income Expense
-265.00M
Prev Year: -8.31B
YoY: +96.8%
Special Income Charges
-265.00M
Prev Year: -8.31B
YoY: +96.8%
Gain on Sale of Securities
-
Gain on Sale of Business
-265.00M
Prev Year: -8.31B
YoY: +96.8%
Pre-tax Income
14.70B
Prev Year: 20.07B
YoY: -26.8%
Provision for Income Taxes
1.89B
Prev Year: 4.83B
YoY: -60.9%
Net Income Common Stockholders
12.06B
Prev Year: 14.40B
YoY: -16.3%
Net Income
12.06B
Prev Year: 14.40B
YoY: -16.3%
Net Income Including Non-Controlling Interests
12.81B
Prev Year: 15.24B
YoY: -16.0%
Net Income from Continuing Operations
12.81B
Prev Year: 15.24B
YoY: -16.0%
Noncontrolling Interests
-751.00M
Prev Year: -837.00M
YoY: +10.3%
Diluted NI Available to Com Stockholders
12.06B
Prev Year: 14.40B
YoY: -16.3%
Basic EPS
13.309
Prev Year: 15.74
YoY: -15.4%
Diluted EPS
13.23
Prev Year: 15.51
YoY: -14.7%
Weighted Average Shares (basic)
905.84M
Prev Year: 915.00M
YoY: -1.0%
Weighted Average Shares (diluted)
911.00M
Prev Year: 929.00M
YoY: -1.9%
Total Operating Income as Reported
18.96B
Prev Year: 32.29B
YoY: -41.3%
Total Expenses
428.60B
Prev Year: 367.99B
YoY: +16.5%
Net Income from Continuing and Discontinued Operation
12.06B
Prev Year: 14.40B
YoY: -16.3%
Normalized Income
12.29B
Prev Year: 20.71B
YoY: -40.7%
Interest Expense
4.00B
Prev Year: 3.91B
YoY: +2.5%
Net Interest Income
-4.00B
Prev Year: -3.91B
YoY: -2.5%
EBIT
18.70B
Prev Year: 23.98B
YoY: -22.0%
EBITDA
23.06B
Prev Year: 28.08B
YoY: -17.9%
Reconciled Cost of Revenue
364.65B
Prev Year: 310.88B
YoY: +17.3%
Reconciled Depreciation
4.36B
Prev Year: 4.10B
YoY: +6.4%
Net Income from Continuing Operation Net Minority Interest
12.06B
Prev Year: 14.40B
YoY: -16.3%
Values in USD

UnitedHealth Group key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$447.6B$400.3B$371.6B$324.2B$287.6B
Gross profit$82.9B$89.4B$91.0B$79.6B$69.7B
Operating income$19.0B$32.3B$32.4B$28.4B$24.0B
Net income$12.1B$14.4B$22.4B$20.1B$17.3B
Diluted EPS$13.23$15.51$23.86$21.18$18.08
Total assets$309.6B$298.3B$273.7B$245.7B$212.2B
Total liabilities$207.9B$195.7B$174.8B$159.4B$135.7B
Shareholders' equity$94.1B$92.7B$88.8B$77.8B$71.8B
Cash and short-term investments$28.1B$29.1B$29.6B$27.9B$23.9B
Total debt$78.4B$76.9B$62.5B$57.6B$46.0B
Operating cash flow$19.7B$24.2B$29.1B$26.2B$22.3B
Capital spending$3.6B$3.5B$3.4B$2.8B$2.5B
Free cash flow$16.1B$20.7B$25.7B$23.4B$19.9B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was UnitedHealth Group's revenue in fiscal year 2025?

$447.57 billion, up 11.8% from $400.28 billion in fiscal year 2024.

How much profit does UnitedHealth Group make?

UnitedHealth Group reported net income of $12.06 billion for fiscal year 2025 (2.7% of revenue); operating income was $18.96 billion.

How much cash and debt does UnitedHealth Group have?

At the end of fiscal year 2025: cash and short-term investments of $28.12 billion and total debt of $78.39 billion.

What is UnitedHealth Group's free cash flow?

$16.08 billion in fiscal year 2025 (operating cash flow of $19.70 billion minus capital spending of $3.62 billion).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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