Unitedhealth
UNH · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Unitedhealth reported revenue of $448B in the fiscal year ended Dec 2025, up 11.8% from the year before. Operating income was $19B, an operating margin of 4.2%, and net income was $12.1B. Operating cash flow of $19.7B less capital expenditure of $3.6B left free cash flow of $16.1B. Net debt was $54B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $288B | $324B | $372B | $400B | $448B |
| Cost of revenue | $31B | $33.7B | $38.8B | $46.7B | $50.7B |
| Gross profit | $257B | $290B | $333B | $354B | $397B |
| Selling, general & admin | $42.6B | $47.8B | $54.6B | $53B | $59.6B |
| Operating income | $24B | $28.4B | $32.4B | $32.3B | $19B |
| Interest expense | $1.7B | $2.1B | $3.2B | $3.9B | $4B |
| Pre-tax income | $22.3B | $26.3B | $29.1B | $20.1B | $14.7B |
| Income tax | $4.6B | $5.7B | $6B | $4.8B | $1.9B |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Diluted EPS | 18.08 | 21.18 | 23.86 | 15.51 | 13.23 |
| Diluted shares | 956M | 950M | 938M | 929M | 911M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $21.4B | $23.4B | $25.4B | $25.3B | $24.4B |
| Receivables | $14.2B | $17.7B | $21.3B | $22.4B | $23B |
| Inventory | $2.9B | $3.5B | $2.8B | $3.8B | $3.3B |
| Current assets | $61.8B | $69.1B | $78.4B | $85.8B | $90.6B |
| Net PP&E | $9B | $10.1B | $11.5B | $10.6B | $10.8B |
| Goodwill | $75.8B | $93.4B | $104B | $107B | $110B |
| Total assets | $212B | $246B | $274B | $298B | $310B |
| Deferred revenue | $2.6B | $3.1B | $3.4B | $3.3B | $3.4B |
| Current liabilities | $78.3B | $89.2B | $99.1B | $104B | $115B |
| Short-term debt | $3.6B | $3.1B | $4.3B | $4.5B | $6.1B |
| Long-term debt | $42.4B | $54.5B | $58.3B | $72.4B | $72.3B |
| Total liabilities | $136B | $159B | $175B | $196B | $208B |
| Shareholders' equity | $75B | $81.5B | $94.4B | $98.3B | $100B |
| Backlog (remaining obligations) | – | $12.5B | $11.8B | $12.7B | $11.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Capital expenditure | $2.5B | $2.8B | $3.4B | $3.5B | $3.6B |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Depreciation & amortisation | $3.1B | $3.4B | $4B | $4.1B | $4.4B |
| Stock-based compensation | $800M | $925M | $1.1B | $1B | $971M |
| Acquisitions | $4.8B | $21.5B | $10.1B | $13.4B | $4.5B |
| Share buybacks | $5B | $7B | $8B | $9B | $5.5B |
| Dividends paid | $5.3B | $6B | $6.8B | $7.5B | $7.9B |
| Dividend per share | 5.60 | 6.40 | 7.29 | 8.18 | 8.73 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.7% | 14.6% | 7.7% | 11.8% |
| Operating income growth (YoY) | – | 18.6% | 13.8% | −0.2% | −41.3% |
| EPS growth (YoY) | – | 17.1% | 12.7% | −35.0% | −14.7% |
| Gross margin | 89.2% | 89.6% | 89.6% | 88.3% | 88.7% |
| Operating margin | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Net margin | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
| Return on equityBlank when equity is negative | 23.0% | 24.7% | 23.7% | 14.7% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.9% | 18.2% | 18.5% | 16.6% | 9.7% |
| Free cash flow margin | 6.9% | 7.2% | 6.9% | 5.2% | 3.6% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.30x | 1.30x | 1.68x | 1.63x |
| Receivable days | 18 | 20 | 21 | 20 | 19 |
| Inventory days | 34 | 38 | 26 | 30 | 24 |
| Interest cover | 14.4x | 13.6x | 9.97x | 8.27x | 4.74x |
| Debt ÷ equity | 0.61x | 0.71x | 0.66x | 0.78x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $24.6B | $34.3B | $37.1B | $51.6B | $54B |
| Current ratio | 0.79x | 0.77x | 0.79x | 0.83x | 0.79x |
Recent filings
More in Hospital & Medical Service Plans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.