UnitedHealth Group (UNH) financial statements
UnitedHealth Group reported revenue of $447.6B in fiscal 2025, up 10.3% a year over 9 years.
Net income was $12.1B and the operating margin 4.2%, against 7.0% in 2016.
Free cash flow was $16.1B, and the company returned $7.9B in dividends and $5.5B in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from UnitedHealth Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $184.8B | $201.2B | $226.2B | $242.2B | $257.1B | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Cost of revenue | $24.4B | $24.1B | $27.0B | $28.1B | $30.7B | $31.0B | $33.7B | $38.8B | $46.7B | $50.7B |
| Gross profit | $160.4B | $177.0B | $199.2B | $214.0B | $226.4B | $256.6B | $290.5B | $332.9B | $353.6B | $396.9B |
| Selling, general and admin | $28.4B | $29.6B | $34.1B | $35.2B | $41.7B | $42.6B | $47.8B | $54.6B | $53.0B | $59.6B |
| Operating income | $12.9B | $15.2B | $17.3B | $19.7B | $22.4B | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| Interest expense | $1.1B | $1.2B | $1.4B | $1.7B | $1.7B | $1.7B | $2.1B | $3.2B | $3.9B | $4.0B |
| Pre-tax income | $11.9B | $14.0B | $15.9B | $18.0B | $20.7B | $22.3B | $26.3B | $29.1B | $20.1B | $14.7B |
| Income tax | $4.8B | $3.2B | $3.6B | $3.7B | $5.0B | $4.6B | $5.7B | $6.0B | $4.8B | $1.9B |
| Net income | $7.0B | $10.6B | $12.0B | $13.8B | $15.4B | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| EPS (diluted) | $7.25 | $10.72 | $12.19 | $14.33 | $16.03 | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Diluted shares | 968M | 985M | 983M | 966M | 961M | 956M | 950M | 938M | 929M | 911M |
| Gross margin | 86.8% | 88.0% | 88.1% | 88.4% | 88.0% | 89.2% | 89.6% | 89.6% | 88.3% | 88.7% |
| 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% |
Balance sheet
Fiscal years, from UnitedHealth Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13.3B | $15.5B | $14.3B | $14.2B | $19.8B | $23.9B | $27.9B | $29.6B | $29.1B | $28.1B |
| Receivables | $8.2B | $9.6B | $11.4B | $11.8B | $12.9B | $14.2B | $17.7B | $21.3B | $22.4B | $23.0B |
| Inventory | — | — | — | — | — | $2.9B | $3.5B | $2.8B | $3.8B | $3.3B |
| Total current assets | $33.9B | $37.1B | $38.7B | $42.6B | $53.7B | $61.8B | $69.1B | $78.4B | $85.8B | $90.6B |
| Property, plant and equipment | $5.9B | $7.0B | $8.5B | $8.7B | $8.6B | $9.0B | $10.1B | $11.4B | $10.6B | $10.8B |
| Goodwill | $47.6B | $54.6B | $58.9B | $65.7B | $71.3B | $75.8B | $93.4B | $103.7B | $106.7B | $110.5B |
| Total assets | $122.8B | $139.1B | $152.2B | $173.9B | $197.3B | $212.2B | $245.7B | $273.7B | $298.3B | $309.6B |
| Total current liabilities | $49.3B | $50.5B | $53.2B | $61.8B | $72.4B | $78.3B | $89.2B | $99.1B | $103.8B | $114.9B |
| Long-term debt | $25.8B | $28.8B | $34.6B | $36.8B | $38.6B | $42.4B | $54.5B | $58.3B | $72.4B | $72.3B |
| Total liabilities | $82.6B | $87.0B | $96.0B | $111.7B | $126.8B | $135.7B | $159.4B | $174.8B | $195.7B | $207.9B |
| Shareholders' equity | $38.2B | $49.8B | $54.3B | $60.4B | $68.3B | $75.0B | $81.5B | $94.4B | $98.3B | $100.1B |
| Net debt | $22.5B | $19.7B | $25.7B | $29.7B | $26.5B | $24.6B | $34.3B | $37.1B | $51.6B | $54.0B |
Cash flow
Fiscal years, from UnitedHealth Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.8B | $13.6B | $15.7B | $18.5B | $22.2B | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Capital spending | $1.7B | $2.0B | $2.1B | $2.1B | $2.1B | $2.5B | $2.8B | $3.4B | $3.5B | $3.6B |
| Free cash flow | $8.1B | $11.6B | $13.7B | $16.4B | $20.1B | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Stock-based compensation | $485M | $597M | $638M | $697M | $679M | $800M | $925M | $1.1B | $1.0B | $971M |
| Dividends paid | $2.3B | $2.8B | $3.3B | $3.9B | $4.6B | $5.3B | $6.0B | $6.8B | $7.5B | $7.9B |
| Share buybacks (net) | -$1.3B | -$1.5B | -$4.5B | -$5.5B | -$4.2B | -$5.0B | -$7.0B | -$8.0B | -$9.0B | -$5.5B |
| Net borrowing | $990M | -$2.6B | $4.1B | $4.0B | $2.6B | $2.5B | $12.5B | $4.3B | $14.7B | $726M |
| Free cash flow margin | 4.4% | 5.8% | 6.0% | 6.8% | 7.8% | 6.9% | 7.2% | 6.9% | 5.2% | 3.6% |
| Dividends per share | $2.34 | $2.82 | $3.38 | $4.07 | $4.77 | $5.52 | $6.31 | $7.21 | $8.11 | $8.69 |
Questions
What was UnitedHealth Group's revenue in 2025?
$447.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does UnitedHealth Group generate?
$16.1B in fiscal 2025 (operating cash flow minus capital spending).
From UnitedHealth Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.