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UNH

UnitedHealth Group Incorporated

UNH

UnitedHealth Group Incorporated • NYSE
$329.91 ▲ 0.06% (+0.20)
Market Cap $298.85 B
52w High $622.83
52w Low $234.60
Dividend Yield 8.62%
P/E 17.19
Volume 2.45M
Outstanding Shares 905.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $113.161B ▲ $16.322B ▲ $2.348B ▼ 2.075% ▼ $2.59 ▼ $5.331B ▼
Q2-2025 $111.616B ▲ $14.862B ▲ $3.406B ▼ 3.052% ▼ $3.76 ▼ $6.193B ▼
Q1-2025 $109.575B ▲ $14.655B ▲ $6.292B ▲ 5.742% ▲ $6.91 ▲ $10.165B ▲
Q4-2024 $100.807B ▼ $13.535B ▼ $5.543B ▼ 5.499% ▼ $5.98 ▼ $8.835B ▼
Q3-2024 $100.82B $14.321B $6.055B 6.006% $6.56 $9.729B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.614B ▼ $315.269B ▲ $209.456B ▲ $95.787B ▲
Q2-2025 $32.02B ▼ $308.573B ▼ $203.789B ▼ $94.724B ▼
Q1-2025 $34.291B ▲ $309.79B ▲ $204.621B ▲ $95.038B ▲
Q4-2024 $29.113B ▼ $298.278B ▼ $195.687B ▲ $92.658B ▼
Q3-2024 $37.134B $299.309B $194.854B $94.535B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.543B ▼ $5.945B ▼ $-4.558B ▼ $-2.765B ▲ $-1.357B ▲ $5.055B ▼
Q2-2025 $3.572B ▼ $7.188B ▲ $-1.442B ▼ $-7.947B ▼ $-2.121B ▼ $6.302B ▲
Q1-2025 $6.474B ▲ $5.456B ▲ $-74M ▲ $99M ▲ $5.405B ▲ $4.558B ▲
Q4-2024 $5.543B ▼ $2.369B ▼ $-1.119B ▲ $-8.342B ▼ $-7.088B ▼ $1.457B ▼
Q3-2024 $6.055B $13.945B $-5.651B $-2.205B $6.114B $12.954B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Optumhealth
Optumhealth
 $25.66Bn ▲$25.31Bn ▼$25.20Bn ▼$25.90Bn ▲
Optuminsight
Optuminsight
 $4.78Bn ▲$4.63Bn ▼$4.83Bn ▲$4.92Bn ▲
Optumrx
Optumrx
 $35.77Bn ▲$35.13Bn ▼$38.46Bn ▲$39.68Bn ▲
Unitedhealthcare
Unitedhealthcare
 $74.13Bn ▲$84.62Bn ▲$86.10Bn ▲$87.07Bn ▲
Intersegment Eliminations
Intersegment Eliminations
 $-38430.00M ▲$-38930.00M ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement UnitedHealth’s revenue has climbed steadily over the past five years, showing the strength of its core insurance and services businesses. Profitability also improved for several years, but the most recent year stands out as a step back: earnings fell even as sales kept rising. That suggests pressure on margins, likely from higher medical costs, one‑time charges, or heavier spending on growth initiatives. Overall, it looks like a very large, still‑growing business that hit a bump in profitability recently, rather than a broken earnings story, but the shift from smooth profit growth to more volatility is important to watch.

Balance Sheet

Balance Sheet The balance sheet looks like that of a mature, system‑critical healthcare player. Total assets have grown consistently, reflecting acquisitions, technology investments, and a broader footprint. Cash levels have stayed solid, not surging but comfortably supporting operations and flexibility. Debt has risen over time, but so has shareholder equity, indicating that the company is financing growth with a mix of borrowing and retained profits rather than leaning excessively on one or the other. The overall picture is of a sizable, well‑capitalized company with meaningful but manageable leverage and no obvious signs of financial strain.

Cash Flow

Cash Flow Cash generation is a clear strength. UnitedHealth regularly converts its earnings into cash, with operating cash flow staying robust and free cash flow remaining firmly positive across the period. There is some year‑to‑year noise, but no sign of a structural decline. Capital spending has been steady and relatively moderate, implying ongoing investment in technology, facilities, and infrastructure without overextending. This combination of strong recurring cash inflows and disciplined investment supports balance sheet health, allows for strategic flexibility, and helps absorb periods of weaker accounting profits.

Competitive Edge

Competitive Edge UnitedHealth occupies a dominant position in U.S. healthcare, combining the scale of one of the largest insurers with a vast health services and provider network through Optum. Its size gives it strong bargaining power with hospitals, doctors, and drugmakers, and its integrated model lets it capture value across insurance, care delivery, and pharmacy services. The tight link between UnitedHealthcare (the insurer) and Optum (the services and technology arm) creates a self‑reinforcing ecosystem that is difficult for smaller rivals to copy. At the same time, its prominence brings significant scrutiny from regulators and policymakers, and its complexity increases execution risk. Competitive threats are less about traditional insurers and more about policy changes, tech‑enabled entrants, and shifting expectations around cost, access, and quality.

Innovation and R&D

Innovation and R&D Rather than classic lab‑style R&D, UnitedHealth pours resources into data, software, and new care models. Optum is the center of this effort, using large‑scale data analytics, artificial intelligence, and digital tools to predict risk, guide treatment decisions, and streamline administration. Platforms like OptumIQ and the AI marketplace show a push to embed analytics into everyday healthcare decisions. Digital health offerings, telehealth, in‑home care programs, and member tools like the UCard and mobile apps all aim to simplify the patient experience and support value‑based care. These initiatives can deepen its moat if they truly lower costs and improve outcomes, but they’re complex to implement, tightly regulated, and may take time to fully translate into stable, higher margins.

Summary

UnitedHealth looks like a large, diversified healthcare company with strong underlying growth, very solid cash generation, and a balance sheet that supports continued investment. Its integrated insurer‑plus‑services model, powered by Optum’s data and technology, provides a meaningful edge and helps differentiate it from traditional health plans. The main financial watch point is the recent disconnect between rising revenue and weaker profit, which hints at cost pressures, regulatory or medical‑trend headwinds, or heavier spending that needs to prove its worth. Structurally, the business appears well positioned, but it operates in a highly regulated, politically sensitive industry where policy changes, medical inflation, and the complexity of value‑based care and AI adoption can significantly influence future performance.

NEWS

November 26, 2025 · 9:00 AM UTC

Smart Meter Opinion Editorial: Remote Patient Monitoring Works. UnitedHealthcare's 2026 Rollback Ignores the Evidence, and Patients Will Pay the Price.

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November 18, 2025 · 6:45 AM UTC

Scott Gottlieb, M.D., Joins UnitedHealth Group Board of Directors

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November 7, 2025 · 6:50 AM UTC

UnitedHealth Group Board Authorizes Payment of Quarterly Dividend

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October 28, 2025 · 5:55 AM UTC

UnitedHealth Group Reports Third Quarter 2025 Results and Raises Full Year 2025 Earnings Outlook

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October 8, 2025 · 3:02 PM UTC

UNITEDHEALTH ALERT: Bragar Eagel & Squire, P.C. Continues Investigation into UnitedHealth Group Incorporated on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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