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

Year-over-year change per cell; first column has no prior.

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	-3.7%	-0.5%	—
Short Term Investments	-1.2%	-9.5%	—
Accounts Receivable	+2.9%	+5.1%	—
Prepaid Expenses	+18.7%	+35.0%	—
Other Current Assets	+17.5%	+13.3%	—
Total Current Assets	+5.6%	+9.4%	—
Property,Plant and Equipment	+2.0%	-7.8%	—
Goodwill	+3.5%	+2.9%	—
Intangible Assets	-12.0%	+53.1%	—
Long Term Investments	+2.7%	+4.5%	—
Other Noncurrent Assets	+17.5%	+13.3%	—
Total Assets	+3.8%	+9.0%	—
Liabilities
Accounts Payable	+10.8%	+7.4%	—
Accrued Liabilities	+10.7%	+4.8%	—
Deferred Revenue	+2.9%	-1.1%	—
Current Portion of Long Term Debt	+33.5%	+6.3%	—
Other Current Liabilities	+2.6%	+1.0%	—
Total Current Liabilities	+10.7%	+4.8%	—
Long Term Debt	-0.1%	+24.2%	—
Deferred Revenue Noncurrent	+2.9%	-1.1%	—
Deferred Tax Liabilities	-33.1%	+19.8%	—
Other Noncurrent Liabilities	+14.5%	+10.2%	—
Total Liabilities	+6.2%	+11.9%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	—	—	—
Retained Earnings	-0.5%	+0.3%	—
Accumulated Other Comprehensive Income	+39.1%	+51.8%	—
Noncontrolling Interest	+6.6%	-1.0%	—
Total Stockholders Equity	+1.9%	+4.1%	—
Total Liabilitiesand Equity	+3.8%	+9.0%	—

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	+11.8%	+7.7%	—
Expenses Cost of Revenue	+8.5%	+20.4%	—
Expenses Selling,General and Administrative	+12.4%	-3.0%	—
Expenses Depreciation and Amortization	+6.4%	+3.2%	—
Expenses Share Based Compensation	-4.6%	-3.9%	—
Expenses Restructuring and Asset Impairment	—	—	—
Expenses Operating Expenses	+16.5%	+8.5%	—
Other Income Expense Operating Income	-41.3%	-0.2%	—
Other Income Expense Interest Income	-24.6%	+27.2%	—
Other Income Expense Interest Expense	+2.5%	+20.3%	—
Other Income Expense Other Income/expense	-6075.0%	+75.0%	—
Other Income Expense Income Before Tax	-26.8%	-31.1%	—
Income Tax Income Tax Expense	-60.9%	-19.1%	—
net Income net Income	-16.3%	-35.6%	—
net Income Comprehensive Income	-25.8%	-24.0%	—
Earnings Per Share Basic Eps	-15.1%	-35.2%	—
Earnings Per Share Diluted Eps	-14.7%	-35.0%	—
Earnings Per Share Weighted Average Shares Basic	-1.4%	-0.8%	—
Earnings Per Share Weighted Average Shares Diluted	-1.9%	-1.0%	—

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	-16.3%	-35.6%	—
Operating Activities Depreciation and Amortization	+6.4%	+3.2%	—
Operating Activities Stock Based Compensation	-4.6%	-3.9%	—
Operating Activities Deferred Income Taxes	-491.9%	-20.8%	—
Operating Activities Changes In Operating Assets and Liabilities	-25.2%	-62.6%	—
Operating Activities net Cash From Operating Activities	-18.6%	-16.7%	—
Investing Activities Capital Expenditures	+3.5%	+3.3%	—
Investing Activities Business Acquisitions	-66.4%	+32.3%	—
Investing Activities Purchases of Investments	-36.4%	+49.1%	—
Investing Activities Proceeds From Sale of Investments	-9.4%	+1.0%	—
Investing Activities Other Investing Activities	+248.0%	+207.7%	—
Investing Activities net Cash From Investing Activities	+57.7%	-31.8%	—
Financing Activities Proceeds From Debt	-83.3%	+178.6%	—
Financing Activities Repayment of Debt	+1.7%	+41.2%	—
Financing Activities Repurchase of Common Stock	-38.4%	+12.5%	—
Financing Activities Dividends Paid	+5.1%	+11.4%	—
Financing Activities Proceeds From Stock Issuance	-55.2%	+36.4%	—
Financing Activities Other Financing Activities	+103.8%	-43.0%	—
Financing Activities net Cash From Financing Activities	-231.5%	+69.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+165.6%	-162.9%	—
Cash Reconciliation net Change In Cash	-723.5%	-105.6%	—
Cash Reconciliation Cash At Beginning of Period	-3.7%	-0.5%	—
Cash Reconciliation Cash At End of Period	-3.7%	-0.5%	—

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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