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 revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 3 years

Total assets $309.6B

Total liabilities $207.9B

Shareholders equity $100.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	5.4%	6.3%	6.8%
Short Term Investments	0.8%	0.9%	1.1%
Accounts Receivable	5.1%	5.6%	5.7%
Prepaid Expenses	2.2%	2.1%	1.6%
Other Current Assets	5.1%	4.9%	4.7%
Total Current Assets	20.2%	21.4%	21.1%
Property,Plant and Equipment	2.4%	2.6%	3.1%
Goodwill	24.7%	26.7%	27.9%
Intangible Assets	4.6%	5.8%	4.1%
Long Term Investments	10.8%	11.7%	12.1%
Other Noncurrent Assets	5.1%	4.9%	4.7%
Total Assets	69.2%	74.5%	73.7%
Liabilities
Accounts Payable	8.5%	8.6%	8.6%
Accrued Liabilities	25.7%	25.9%	26.7%
Deferred Revenue	0.8%	0.8%	0.9%
Current Portion of Long Term Debt	1.4%	1.1%	1.2%
Other Current Liabilities	6.3%	6.8%	7.3%
Total Current Liabilities	25.7%	25.9%	26.7%
Long Term Debt	16.2%	18.1%	15.7%
Deferred Revenue Noncurrent	0.8%	0.8%	0.9%
Deferred Tax Liabilities	0.5%	0.9%	0.8%
Other Noncurrent Liabilities	4.1%	4.0%	3.9%
Total Liabilities	46.4%	48.9%	47.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	0.1%	—	—
Retained Earnings	21.4%	24.0%	25.8%
Accumulated Other Comprehensive Income	-0.5%	-0.8%	-1.9%
Noncontrolling Interest	1.3%	1.4%	1.5%
Total Stockholders Equity	22.4%	24.5%	25.4%
Total Liabilitiesand Equity	69.2%	74.5%	73.7%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $447.6B

Operating income $19.0B

Net income $12.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	11.3%	11.7%	10.4%
Expenses Selling,General and Administrative	13.3%	13.2%	14.7%
Expenses Depreciation and Amortization	1.0%	1.0%	1.1%
Expenses Share Based Compensation	0.2%	0.3%	0.3%
Expenses Restructuring and Asset Impairment	0.6%	—	—
Expenses Operating Expenses	95.8%	91.9%	91.3%
Other Income Expense Operating Income	4.2%	8.1%	8.7%
Other Income Expense Interest Income	0.9%	1.3%	1.1%
Other Income Expense Interest Expense	0.9%	1.0%	0.9%
Other Income Expense Other Income/expense	-0.4%	0.0%	0.0%
Other Income Expense Income Before Tax	3.3%	5.0%	7.8%
Income Tax Income Tax Expense	0.4%	1.2%	1.6%
net Income net Income	2.7%	3.6%	6.0%
net Income Comprehensive Income	3.0%	4.5%	6.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.2%	0.2%	0.2%
Earnings Per Share Weighted Average Shares Diluted	0.2%	0.2%	0.3%

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 3 years

Operating cash flow $19.7B

Investing cash flow $-8.7B

Financing cash flow $-11.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	2.7%	3.6%	6.0%
Operating Activities Depreciation and Amortization	1.0%	1.0%	1.1%
Operating Activities Stock Based Compensation	0.2%	0.3%	0.3%
Operating Activities Deferred Income Taxes	-0.4%	-0.1%	-0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	0.3%	0.9%
Operating Activities net Cash From Operating Activities	4.4%	6.0%	7.8%
Investing Activities Capital Expenditures	0.8%	0.9%	0.9%
Investing Activities Business Acquisitions	1.0%	3.3%	2.7%
Investing Activities Purchases of Investments	3.9%	6.8%	4.9%
Investing Activities Proceeds From Sale of Investments	1.9%	2.3%	2.5%
Investing Activities Other Investing Activities	0.1%	0.0%	-0.0%
Investing Activities net Cash From Investing Activities	-1.9%	-5.1%	-4.2%
Financing Activities Proceeds From Debt	0.7%	4.4%	1.7%
Financing Activities Repayment of Debt	0.7%	0.7%	0.6%
Financing Activities Repurchase of Common Stock	1.2%	2.2%	2.2%
Financing Activities Dividends Paid	1.8%	1.9%	1.8%
Financing Activities Proceeds From Stock Issuance	0.2%	0.5%	0.4%
Financing Activities Other Financing Activities	0.0%	-0.4%	-0.3%
Financing Activities net Cash From Financing Activities	-2.6%	-0.9%	-3.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	-0.2%	-0.0%	0.6%
Cash Reconciliation Cash At Beginning of Period	5.4%	6.3%	6.8%
Cash Reconciliation Cash At End of Period	5.4%	6.3%	6.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

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

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UnitedHealth Group

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