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

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	$24.4B -3.7%	$25.3B -0.5%	$25.4B 8.8%	$23.4B 9.3%	$21.4B
Short Term Investments	$3.8B -1.2%	$3.8B -9.5%	$4.2B -7.6%	$4.5B 79.5%	$2.5B
Accounts Receivable	$23.0B 2.9%	$22.4B 5.1%	$21.3B 20.3%	$17.7B 24.4%	$14.2B
Prepaid Expenses	$9.7B 18.7%	$8.2B 35.0%	$6.1B -8.1%	$6.6B 24.5%	$5.3B
Other Current Assets	$23.0B 17.5%	$19.6B 13.3%	$17.3B 15.1%	$15.0B 20.0%	$12.5B
Total Current Assets	$90.6B 5.6%	$85.8B 9.4%	$78.4B 13.6%	$69.1B 11.8%	$61.8B
Property,Plant and Equipment	$10.8B 2.0%	$10.6B -7.8%	$11.4B 13.1%	$10.1B 12.9%	$9.0B
Goodwill	$110.5B 3.5%	$106.7B 2.9%	$103.7B 11.1%	$93.4B 23.2%	$75.8B
Intangible Assets	$20.5B -12.0%	$23.3B 53.1%	$15.2B 5.5%	$14.4B 43.4%	$10.0B
Long Term Investments	$48.2B 2.7%	$46.9B 4.5%	$44.9B 6.1%	$42.3B 5.2%	$40.2B
Other Noncurrent Assets	$23.0B 17.5%	$19.6B 13.3%	$17.3B 15.1%	$15.0B 20.0%	$12.5B
Total Assets	$309.6B 3.8%	$298.3B 9.0%	$273.7B 11.4%	$245.7B 15.8%	$212.2B
Liabilities
Accounts Payable	$38.0B 10.8%	$34.3B 7.4%	$32.0B 15.3%	$27.7B 12.5%	$24.6B
Accrued Liabilities	$114.9B 10.7%	$103.8B 4.8%	$99.1B 11.0%	$89.2B 14.0%	$78.3B
Deferred Revenue	$3.4B 2.9%	$3.3B -1.1%	$3.4B 9.1%	$3.1B 19.6%	$2.6B
Current Portion of Long Term Debt	$6.1B 33.5%	$4.5B 6.3%	$4.3B 37.4%	$3.1B	—
Other Current Liabilities	$28.0B 2.6%	$27.3B 1.0%	$27.1B 3.0%	$26.3B 14.4%	$23.0B
Total Current Liabilities	$114.9B 10.7%	$103.8B 4.8%	$99.1B 11.0%	$89.2B 14.0%	$78.3B
Long Term Debt	$72.3B -0.1%	$72.4B 24.2%	$58.3B 6.9%	$54.5B 28.6%	$42.4B
Deferred Revenue Noncurrent	$3.4B 2.9%	$3.3B -1.1%	$3.4B 9.1%	$3.1B 19.6%	$2.6B
Deferred Tax Liabilities	$2.4B -33.1%	$3.6B 19.8%	$3.0B 9.1%	$2.8B -15.2%	$3.3B
Other Noncurrent Liabilities	$18.2B 14.5%	$15.9B 10.2%	$14.5B 12.6%	$12.8B 8.9%	$11.8B
Total Liabilities	$207.9B 6.2%	$195.7B 11.9%	$174.8B 9.7%	$159.4B 17.4%	$135.7B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$9.0M 0.0%	$9.0M 0.0%	$9.0M 0.0%	$9.0M -10.0%	$10.0M
Additional Paid In Capital	$559.0M	—	—	—	—
Retained Earnings	$95.6B -0.5%	$96.0B 0.3%	$95.8B 11.2%	$86.2B 11.7%	$77.1B
Accumulated Other Comprehensive Income	$-2.1B 39.1%	$-3.4B 51.8%	$-7.0B 16.3%	$-8.4B -55.9%	$-5.4B
Noncontrolling Interest	$6.0B 6.6%	$5.6B -1.0%	$5.7B 54.0%	$3.7B 12.0%	$3.3B
Total Stockholders Equity	$100.1B 1.9%	$98.3B 4.1%	$94.4B 15.9%	$81.5B 8.5%	$75.0B
Total Liabilitiesand Equity	$309.6B 3.8%	$298.3B 9.0%	$273.7B 11.4%	$245.7B 15.8%	$212.2B

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	$447.6B 11.8%	$400.3B 7.7%	$371.6B 14.6%	$324.2B 12.7%	$287.6B
Expenses Cost of Revenue	$50.7B 8.5%	$46.7B 20.4%	$38.8B 15.0%	$33.7B 8.6%	$31.0B
Expenses Selling,General and Administrative	$59.6B 12.4%	$53.0B -3.0%	$54.6B 14.3%	$47.8B 12.2%	$42.6B
Expenses Depreciation and Amortization	$4.4B 6.4%	$4.1B 3.2%	$4.0B 16.8%	$3.4B 9.6%	$3.1B
Expenses Share Based Compensation	$971.0M -4.6%	$1.0B -3.9%	$1.1B 14.5%	$925.0M 15.6%	$800.0M
Expenses Restructuring and Asset Impairment	$2.5B	—	—	—	—
Expenses Operating Expenses	$428.6B 16.5%	$368.0B 8.5%	$339.3B 14.7%	$295.7B 12.2%	$263.6B
Other Income Expense Operating Income	$19.0B -41.3%	$32.3B -0.2%	$32.4B 13.8%	$28.4B 18.6%	$24.0B
Other Income Expense Interest Income	$3.9B -24.6%	$5.2B 27.2%	$4.1B 101.4%	$2.0B -12.7%	$2.3B
Other Income Expense Interest Expense	$4.0B 2.5%	$3.9B 20.3%	$3.2B 55.2%	$2.1B 26.0%	$1.7B
Other Income Expense Other Income/expense	$-1.7B -6075.0%	$28.0M 75.0%	$16.0M 106.2%	$-257.0M -127.2%	$944.0M
Other Income Expense Income Before Tax	$14.7B -26.8%	$20.1B -31.1%	$29.1B 10.5%	$26.3B 18.1%	$22.3B
Income Tax Income Tax Expense	$1.9B -60.9%	$4.8B -19.1%	$6.0B 4.6%	$5.7B 24.6%	$4.6B
net Income net Income	$12.1B -16.3%	$14.4B -35.6%	$22.4B 11.2%	$20.1B 16.4%	$17.3B
net Income Comprehensive Income	$13.4B -25.8%	$18.0B -24.0%	$23.7B 38.8%	$17.1B 8.9%	$15.7B
Earnings Per Share Basic Eps	$13 -15.1%	$16 -35.2%	$24 12.3%	$21 17.1%	$18
Earnings Per Share Diluted Eps	$13 -14.7%	$16 -35.0%	$24 12.7%	$21 17.1%	$18
Earnings Per Share Weighted Average Shares Basic	$908.0M -1.4%	$921.0M -0.8%	$928.0M -1.0%	$937.0M -0.6%	$943.0M
Earnings Per Share Weighted Average Shares Diluted	$911.0M -1.9%	$929.0M -1.0%	$938.0M -1.3%	$950.0M -0.6%	$956.0M

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	$12.1B -16.3%	$14.4B -35.6%	$22.4B 11.2%	$20.1B 16.4%	$17.3B
Operating Activities Depreciation and Amortization	$4.4B 6.4%	$4.1B 3.2%	$4.0B 16.8%	$3.4B 9.6%	$3.1B
Operating Activities Stock Based Compensation	$971.0M -4.6%	$1.0B -3.9%	$1.1B 14.5%	$925.0M 15.6%	$800.0M
Operating Activities Deferred Income Taxes	$-1.8B -491.9%	$-296.0M -20.8%	$-245.0M 63.6%	$-673.0M -617.7%	$130.0M
Operating Activities Changes In Operating Assets and Liabilities	$927.0M -25.2%	$1.2B -62.6%	$3.3B 25.2%	$2.6B 283.9%	$690.0M
Operating Activities net Cash From Operating Activities	$19.7B -18.6%	$24.2B -16.7%	$29.1B 10.9%	$26.2B 17.3%	$22.3B
Investing Activities Capital Expenditures	$3.6B 3.5%	$3.5B 3.3%	$3.4B 20.8%	$2.8B 14.2%	$2.5B
Investing Activities Business Acquisitions	$4.5B -66.4%	$13.4B 32.3%	$10.1B -52.8%	$21.5B 345.1%	$4.8B
Investing Activities Purchases of Investments	$17.4B -36.4%	$27.3B 49.1%	$18.3B -2.7%	$18.8B 9.8%	$17.1B
Investing Activities Proceeds From Sale of Investments	$8.4B -9.4%	$9.3B 1.0%	$9.2B 51.8%	$6.1B -26.3%	$8.3B
Investing Activities Other Investing Activities	$341.0M 248.0%	$98.0M 207.7%	$-91.0M -111.5%	$793.0M -37.5%	$1.3B
Investing Activities net Cash From Investing Activities	$-8.7B 57.7%	$-20.5B -31.8%	$-15.6B 45.3%	$-28.5B -174.5%	$-10.4B
Financing Activities Proceeds From Debt	$3.0B -83.3%	$17.8B 178.6%	$6.4B -56.9%	$14.8B 113.7%	$6.9B
Financing Activities Repayment of Debt	$3.0B 1.7%	$3.0B 41.2%	$2.1B -29.5%	$3.0B -4.3%	$3.1B
Financing Activities Repurchase of Common Stock	$5.5B -38.4%	$9.0B 12.5%	$8.0B 14.3%	$7.0B 40.0%	$5.0B
Financing Activities Dividends Paid	$7.9B 5.1%	$7.5B 11.4%	$6.8B 12.9%	$6.0B 13.5%	$5.3B
Financing Activities Proceeds From Stock Issuance	$827.0M -55.2%	$1.8B 36.4%	$1.4B 8.0%	$1.3B -7.5%	$1.4B
Financing Activities Other Financing Activities	$63.0M 103.8%	$-1.6B -43.0%	$-1.1B 40.8%	$-1.9B -559.0%	$-295.0M
Financing Activities net Cash From Financing Activities	$-11.6B -231.5%	$-3.5B 69.5%	$-11.5B -372.8%	$4.2B 156.7%	$-7.5B
Cash Reconciliation Effect of Exchange Rate On Cash	$40.0M 165.6%	$-61.0M -162.9%	$97.0M 185.3%	$34.0M 154.8%	$-62.0M
Cash Reconciliation net Change In Cash	$-947.0M -723.5%	$-115.0M -105.6%	$2.1B 3.6%	$2.0B -55.3%	$4.5B
Cash Reconciliation Cash At Beginning of Period	$24.4B -3.7%	$25.3B -0.5%	$25.4B 8.8%	$23.4B 9.3%	$21.4B
Cash Reconciliation Cash At End of Period	$24.4B -3.7%	$25.3B -0.5%	$25.4B 8.8%	$23.4B 9.3%	$21.4B

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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