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UnitedHealth Group Incorporated

Managed Healthcare and Health ServicesFounded 1977
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
8 historical events · Editorial analysis

UnitedHealth Company Profile: Revenue, Business Model & Strategy

Research depth: 8 milestones · 9 FAQs

UnitedHealth Group reported $447.6 billion in 2025 revenue, up 12%, with $19.0 billion in earnings from operations. In Q2 2026 revenue was $112.0 billion, and the company guided to more than $439 billion in 2026 revenue and adjusted EPS of $19.50 to $20.00.

How UnitedHealth makes money: UnitedHealth makes money in two connected ways. UnitedHealthcare collects premiums from employers, individuals and government programs (Medicare Advantage and Medicaid) and earns fees for administering self-funded…

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)$447.6B
Employees390,000
CEOStephen J. Hemsley
Founded1977
IndustryHealthcare
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Healthcare

UnitedHealth Group Incorporated key figures

UnitedHealth Group Incorporated had revenue of $447.6B for fiscal year 2025, up 11.8% from FY2024. Net income was $12.1B, a net margin of 2.7%.

Source: UnitedHealth Group Incorporated annual report (Form 10-K, SEC EDGAR, filed 2026-03-02) · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
+10.3% a year
Compound annual rate, $184.8B to $447.6B
Peak revenue year
FY2025
The latest annual year is the highest in this series
Revenue per employee
$1.1M
FY2025 revenue divided by 390,000 employees; headcount may use another date
Current chief executive
Stephen J. Hemsley
In the role since 2025 (1 year)
Documented transactions
4
Between 2003 and 2023
Founded
1977
49 years ago
Where was UnitedHealth founded?
UnitedHealth was founded in Minnetonka, Minnesota, United States in 1977.
When did UnitedHealth start?
UnitedHealth was founded in 1977.
Who founded UnitedHealth?
UnitedHealth was founded by Richard T. Burke.
How old is UnitedHealth?
UnitedHealth is 49 years old as of 2026.
In-Depth Analysis
248 words · 2 min read

UnitedHealth Group began as Charter Med, founded by Richard Burke in Minnesota in 1974. In 1977 he formed United HealthCare Corporation to manage HMOs created after the federal HMO Act of 1973. The company went public in 1984 and, under CEO William McGuire in the 1990s and 2000s, grew through acquisitions such as Oxford Health Plans (2004) and PacifiCare (2005).

Optum and vertical integration

In 2011, under CEO Stephen Hemsley, UnitedHealth grouped its pharmacy, care delivery and technology businesses under Optum. Optum Rx grew with the $12.8 billion Catamaran deal in 2015, Optum Health added physician groups and home health providers such as LHC Group, and Optum Insight added Change Healthcare in 2022. By 2025 Optum generated $270.6 billion in revenue before eliminations, while UnitedHealthcare generated $344.9 billion.

The 2024-2025 shocks

A February 2024 ransomware attack on Change Healthcare disrupted U.S. claims processing for weeks. In December 2024 UnitedHealthcare CEO Brian Thompson was killed in New York. In 2025 medical costs surged, CEO Andrew Witty stepped down in May, Hemsley returned, and earnings from operations fell to $19.0 billion on $447.6 billion in revenue. The company also confirmed DOJ criminal and civil inquiries into its Medicare business.

The 2026 reset

For 2026 UnitedHealth guided to more than $439 billion in revenue, trading some membership for margin. It sold Optum UK and a stake in Florida WellMed clinics to TPG. After Q2 2026 revenue of $112.0 billion and a 4.9% net margin, it raised adjusted EPS guidance to $19.50-$20.00.

Table of Contents

UnitedHealth Group Incorporated Key Facts

CompanyUnitedHealth Group Incorporated
Annual revenue change+11.8% (FY2024–FY2025)
Financials$447.6B (FY2025, last reviewed October 2026)
Market Cap$450.0B
FY2025 net income$12.1B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1977
Founder(s)Richard T. Burke
CEOStephen J. Hemsley
HeadquartersEden Prairie, Minnesota
IndustryHealthcare
Employees390,000+

UnitedHealth Company Profile: Revenue, Business Model & Strategy

"UnitedHealth Group reported USD 447.6 billion in 2025 revenue, but the strategic story is the interaction between UnitedHealthcare and Optum: one finances and manages care risk, the other delivers services, pharmacy, data, and care infrastructure."

UnitedHealth Group reported $447.6 billion in 2025 revenue, up 12%, with $19.0 billion in earnings from operations. In Q2 2026 revenue was $112.0 billion, and the company guided to more than $439 billion in 2026 revenue and adjusted EPS of $19.50 to $20.00.

Revenue

$447.6B

Founded

1977

Author: CorpDigest Research DeskCompany Research

Recorded annual revenue change

UnitedHealth Group Incorporated had $400.3B of annual revenue in FY2024 and $447.6B in FY2025. Revenue rose 11.8% between those fiscal years.

Source for FY2025

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Explore UnitedHealth In Depth

Detailed research across every dimension of UnitedHealth — history, financials, leadership, and strategy.

Company History

A managed-care company became a vertically integrated health insurer, pharmacy, care, and data platform.

Full UnitedHealth history →

Revenue & Financials

UnitedHealth had $447.6B in revenue for fiscal year 2025. Data covers 10 fiscal years. Market capitalization stands at approximately $450B.

UnitedHealth financials →

Founders

UnitedHealth was founded by Richard T. Burke in 1977. Explore each founder's background, motivations, and their role in building the company.

UnitedHealth founders →

CEO & Leadership

UnitedHealth is currently led by Stephen J. Hemsley. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

UnitedHealth CEO history →

Business Model

UnitedHealth makes money in two connected ways. UnitedHealthcare collects premiums from employers, individuals and government programs (Medicare Advantage and Medicaid) and earns fees for administering self-funded…

How UnitedHealth makes money →

Acquisitions

UnitedHealth has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

UnitedHealth acquisitions →

Competitive Strategy

UnitedHealth is focused on pricing and benefit design, medical cost management, Medicare Advantage discipline, Medicaid and employer offerings, Optum Rx scale, Optum Health care delivery, technology, data analytics, and…

UnitedHealth strategy →

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CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Sources & References

All data point citations [1], [2], etc. in the tables above refer to these primary sources.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Primary source: www.sec.gov/Archives/edgar/data/731766/000073176626000062/un

Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Frequently Asked Questions About UnitedHealth

How does UnitedHealth Group make money?

UnitedHealth earns most of its revenue from health insurance premiums collected by UnitedHealthcare from employers, individuals, Medicare Advantage and Medicaid. Optum adds pharmacy benefit management (Optum Rx), care delivery (Optum Health) and data and technology services (Optum Insight). Total 2025 revenue was $447.6 billion.

Who is the CEO of UnitedHealth Group?

Stephen J. Hemsley has been chair and CEO since May 13, 2025, when he replaced Andrew Witty. Hemsley previously ran the company from 2006 to 2017. Tim Noel is CEO of UnitedHealthcare, and Robert Hunter was named UnitedHealthcare president in September 2026.

Who owns UnitedHealth Group?

UnitedHealth Group is a publicly traded company listed on the NYSE as UNH and a member of the Dow Jones Industrial Average. It is owned by its shareholders, mainly large institutional investors and index funds; no single controlling owner exists.

Who are UnitedHealth Group's competitors?

In insurance, UnitedHealthcare competes with Elevance Health, CVS Health (Aetna), Cigna, Humana, Centene, Molina and Kaiser Permanente. Optum Rx competes with CVS Caremark and Cigna's Express Scripts, while Optum Health competes with hospital systems and physician groups.

What was UnitedHealth Group revenue in 2025?

Revenue was $447.6 billion in 2025, up 12% from $400.3 billion in 2024. Earnings from operations fell to $19.0 billion and net margin was 2.7% because medical costs rose faster than premiums.

What is UnitedHealth's 2026 outlook?

UnitedHealth expects more than $439 billion in 2026 revenue. In July 2026 it raised adjusted EPS guidance to $19.50-$20.00 after Q2 revenue of $112.0 billion and $8.0 billion in earnings from operations.

Where is UnitedHealth Group headquartered?

UnitedHealth Group is headquartered in Eden Prairie, Minnesota, in the Minneapolis-St. Paul area.

Does UnitedHealth own Optum?

Yes, UnitedHealth Group entirely owns Optum. Optum is the massive health services and pharmacy benefits (PBM) arm of the company, and it actually generates slightly more operating earnings than the insurance side (UnitedHealthcare).

Who founded UnitedHealth Group?

The company was originally founded in 1974 by Richard Burke, who officially incorporated it as Charter Med Incorporated to organize healthcare for doctors.

Strategic Face-Off

Head-to-Head Comparisons

How does UnitedHealth Group Incorporated stack up against its biggest rivals? Compare revenue, business models, SWOT, and competitive moats side by side.

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UnitedHealth Group Incorporated vs CVS Health Corp.

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UnitedHealth Group Incorporated vs The Cigna Group

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UnitedHealth Group Incorporated vs Humana Inc.

Revenue scale, margin comparison, and long-term moat analysis.

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Explore UnitedHealth

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.