UnitedHealth Group

Health Care Managed Health Care Minnetonka, Minnesota Last filing Mar 2, 2026 · FY2025

                    Revenue
                    FY2025
                
$447.6B
                    3y CAGR +11.4%
                    
                    P81
                    
                    +11.8%
                    
                    Net income
                    FY2025
                
$12.1B
                    Net margin +2.7%
                    
                    P22
                    
                    -16.3%
                    
                    Total assets
                    FY2025
                
$309.6B
                    ROA +3.9%
                    
                    P33
                    
                    +3.8%
                    
                    Operating cash flow
                    FY2025
                
$19.7B
                    FCF margin +3.6%
                    
                    P22
                    
                    -18.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $309.6B

Total liabilities $207.9B

Shareholders equity $100.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	7.9%	8.5%	9.3%	9.5%	10.1%
Short Term Investments	1.2%	1.3%	1.5%	1.9%	1.2%
Accounts Receivable	7.4%	7.5%	7.8%	7.2%	6.7%
Prepaid Expenses	3.1%	2.8%	2.2%	2.7%	2.5%
Other Current Assets	7.4%	6.6%	6.3%	6.1%	5.9%
Total Current Assets	29.3%	28.8%	28.7%	28.1%	29.1%
Property,Plant and Equipment	3.5%	3.5%	4.2%	4.1%	4.2%
Goodwill	35.7%	35.8%	37.9%	38.0%	35.7%
Intangible Assets	6.6%	7.8%	5.6%	5.9%	4.7%
Long Term Investments	15.6%	15.7%	16.4%	17.2%	19.0%
Other Noncurrent Assets	7.4%	6.6%	6.3%	6.1%	5.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	12.3%	11.5%	11.7%	11.3%	11.6%
Accrued Liabilities	37.1%	34.8%	36.2%	36.3%	36.9%
Deferred Revenue	1.1%	1.1%	1.2%	1.3%	1.2%
Current Portion of Long Term Debt	2.0%	1.5%	1.6%	1.3%	—
Other Current Liabilities	9.1%	9.2%	9.9%	10.7%	10.8%
Total Current Liabilities	37.1%	34.8%	36.2%	36.3%	36.9%
Long Term Debt	23.4%	24.3%	21.3%	22.2%	20.0%
Deferred Revenue Noncurrent	1.1%	1.1%	1.2%	1.3%	1.2%
Deferred Tax Liabilities	0.8%	1.2%	1.1%	1.1%	1.5%
Other Noncurrent Liabilities	5.9%	5.3%	5.3%	5.2%	5.6%
Total Liabilities	67.1%	65.6%	63.9%	64.9%	64.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	0.2%	—	—	—	—
Retained Earnings	30.9%	32.2%	35.0%	35.1%	36.3%
Accumulated Other Comprehensive Income	-0.7%	-1.1%	-2.6%	-3.4%	-2.5%
Noncontrolling Interest	1.9%	1.9%	2.1%	1.5%	1.5%
Total Stockholders Equity	32.3%	32.9%	34.5%	33.1%	35.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $447.6B

Operating income $19.0B

Net income $12.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	144.6%	134.2%	135.8%	131.9%	135.5%
Expenses Cost of Revenue	16.4%	15.7%	14.2%	13.7%	14.6%
Expenses Selling,General and Administrative	19.2%	17.8%	20.0%	19.4%	20.1%
Expenses Depreciation and Amortization	1.4%	1.4%	1.5%	1.4%	1.5%
Expenses Share Based Compensation	0.3%	0.3%	0.4%	0.4%	0.4%
Expenses Restructuring and Asset Impairment	0.8%	—	—	—	—
Expenses Operating Expenses	138.4%	123.4%	123.9%	120.4%	124.2%
Other Income Expense Operating Income	6.1%	10.8%	11.8%	11.6%	11.3%
Other Income Expense Interest Income	1.3%	1.7%	1.5%	0.8%	1.1%
Other Income Expense Interest Expense	1.3%	1.3%	1.2%	0.9%	0.8%
Other Income Expense Other Income/expense	-0.5%	0.0%	0.0%	-0.1%	0.4%
Other Income Expense Income Before Tax	4.7%	6.7%	10.6%	10.7%	10.5%
Income Tax Income Tax Expense	0.6%	1.6%	2.2%	2.3%	2.2%
net Income net Income	3.9%	4.8%	8.2%	8.2%	8.1%
net Income Comprehensive Income	4.3%	6.0%	8.7%	7.0%	7.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.3%	0.3%	0.3%	0.4%	0.4%
Earnings Per Share Weighted Average Shares Diluted	0.3%	0.3%	0.3%	0.4%	0.5%

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 5 years

Operating cash flow $19.7B

Investing cash flow $-8.7B

Financing cash flow $-11.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	3.9%	4.8%	8.2%	8.2%	8.1%
Operating Activities Depreciation and Amortization	1.4%	1.4%	1.5%	1.4%	1.5%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.4%	0.4%	0.4%
Operating Activities Deferred Income Taxes	-0.6%	-0.1%	-0.1%	-0.3%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	0.4%	1.2%	1.1%	0.3%
Operating Activities net Cash From Operating Activities	6.4%	8.1%	10.6%	10.7%	10.5%
Investing Activities Capital Expenditures	1.2%	1.2%	1.2%	1.1%	1.2%
Investing Activities Business Acquisitions	1.5%	4.5%	3.7%	8.7%	2.3%
Investing Activities Purchases of Investments	5.6%	9.2%	6.7%	7.7%	8.1%
Investing Activities Proceeds From Sale of Investments	2.7%	3.1%	3.4%	2.5%	3.9%
Investing Activities Other Investing Activities	0.1%	0.0%	-0.0%	0.3%	0.6%
Investing Activities net Cash From Investing Activities	-2.8%	-6.9%	-5.7%	-11.6%	-4.9%
Financing Activities Proceeds From Debt	1.0%	6.0%	2.3%	6.0%	3.3%
Financing Activities Repayment of Debt	1.0%	1.0%	0.8%	1.2%	1.5%
Financing Activities Repurchase of Common Stock	1.8%	3.0%	2.9%	2.8%	2.4%
Financing Activities Dividends Paid	2.6%	2.5%	2.5%	2.4%	2.5%
Financing Activities Proceeds From Stock Issuance	0.3%	0.6%	0.5%	0.5%	0.6%
Financing Activities Other Financing Activities	0.0%	-0.6%	-0.4%	-0.8%	-0.1%
Financing Activities net Cash From Financing Activities	-3.8%	-1.2%	-4.2%	1.7%	-3.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%	0.0%	-0.0%
Cash Reconciliation net Change In Cash	-0.3%	-0.0%	0.8%	0.8%	2.1%
Cash Reconciliation Cash At Beginning of Period	7.9%	8.5%	9.3%	9.5%	10.1%
Cash Reconciliation Cash At End of Period	7.9%	8.5%	9.3%	9.5%	10.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+88.7%	+88.3%	+89.6%	+89.6%	+89.2%
Operating margin	+4.2%	+8.1%	+8.7%	+8.8%	+8.3%
Net margin	+2.7%	+3.6%	+6.0%	+6.2%	+6.0%
FCF margin	+3.6%	+5.2%	+6.9%	+7.2%	+6.9%
Growth
Revenue CAGR (3y)	+11.4%	+11.7%	+13.1%	+10.2%	+8.3%
Returns
ROE	+12.0%	+14.7%	+23.7%	+24.7%	+23.0%
ROA	+3.9%	+4.8%	+8.2%	+8.2%	+8.1%
ROIC	+10.7%	+16.4%	+19.6%	+19.3%	+19.8%
Liquidity
Current ratio	0.79x	0.83x	0.79x	0.77x	0.79x
Quick ratio	0.41x	0.46x	0.47x	0.46x	0.45x
Leverage
D/E	2.08x	1.99x	1.85x	1.96x	1.81x
Interest coverage	4.74x	8.27x	9.97x	13.59x	14.44x
Efficiency
Asset turnover	1.45x	1.34x	1.36x	1.32x	1.36x
Cash conversion cycle	—	-218d	-254d	-242d	—

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UnitedHealth Group

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