UnitedHealth Group Incorporated
Financial Performance
UnitedHealth Revenue & Financials
Revenue
$447.6B (FY2025)
Market Cap
$450B
Net Income
$12.1B
Employees
390,000
What is UnitedHealth's revenue?
UnitedHealth had $447.6B in revenue for fiscal year 2025, up 11.8% from 2024. Net income was $12.1B.
- Latest revenue
- $447.6B (FY2025)
- Year-over-year
- +11.8%
- Growth rate (CAGR)
- 10.3% over 9 years
- Peak revenue
- $447.6B (FY2025)
- Years of data
- 10
- Employees
- 390,000
- What is UnitedHealth's operating income?
- UnitedHealth reported operating income of $19B for fiscal year 2025. sec.gov
- How much profit does UnitedHealth make?
- UnitedHealth reported net income of $12.1B for fiscal year 2025. sec.gov
- How many employees does UnitedHealth have?
- UnitedHealth has about 390,000 employees.
Financial Analysis
UnitedHealth Group grew 2025 revenue 12% to $447.6 billion, yet earnings from operations fell from $32.3 billion in 2024 to $19.0 billion as Medicare Advantage and Optum Health medical costs ran well above pricing. Net margin was 2.7% and operating cash flow was $19.7 billion. 2026 is a repair year: management guided to more than $439 billion in revenue, a slight decline from planned right-sizing of membership, and after a Q2 with $112.0 billion revenue, $8.0 billion operating earnings and an 86.7% adjusted medical care ratio, raised adjusted EPS guidance to $19.50 to $20.00.
Revenue Trend Analysis
YoY Change
+11.8%
9-Year CAGR
+10.3%
Peak Year
2025
Trend
Consistent Growth
UnitedHealth Group Incorporated has 10 full fiscal year figures on this page, compounding at +10.3% annually over 9 years. The most recent year saw a 11.8% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $447.6B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
UnitedHealth Group Incorporated balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $19.7B | $3.6B | $309.6B | $207.9B | $16.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $24.2B | $3.5B | $298.3B | $195.7B | $20.7B | Form 10-K |
| FY2023ended Dec 31, 2023 | $29.1B | $3.4B | $273.7B | $174.8B | $25.7B | Form 10-K |
| FY2022ended Dec 31, 2022 | $26.2B | $2.8B | $245.7B | $159.4B | $23.4B | Form 10-K |
| FY2021ended Dec 31, 2021 | $22.3B | $2.5B | $212.2B | $135.7B | $19.9B | Form 10-K |
| FY2020ended Dec 31, 2020 | $22.2B | $2.1B | $197.3B | $126.8B | $20.1B | Form 10-K |
| FY2019ended Dec 31, 2019 | $18.5B | $2.1B | $173.9B | $111.7B | $16.4B | Form 10-K |
| FY2018ended Dec 31, 2018 | $15.7B | $2.1B | $152.2B | $96B | $13.7B | Form 10-K |
| FY2017ended Dec 31, 2017 | $13.6B | $2B | $139.1B | $87B | $11.6B | Form 10-K |
| FY2016ended Dec 31, 2016 | $9.8B | $1.7B | $122.8B | $82.6B | $8.1B | Form 10-K |
Keep researching UnitedHealth
UnitedHealth Revenue and Financial FAQ
What were UnitedHealth Group's total revenue and operating earnings for 2025?
In 2025, UnitedHealth Group reported record consolidated revenue of $447.6 billion (up 12% year-over-year) and earnings from operations of approximately $19.0 billion, demonstrating remarkable top-line scale across both divisions.
What was UnitedHealth's Medical Care Ratio (MCR) in 2025?
The full-year Medical Care Ratio was approximately 85.2%, elevated slightly above historical targets due to increased senior outpatient surgical volumes, joint replacements, and high RSV/flu healthcare utilization.
What was the total financial impact of the 2024 Change Healthcare cyberattack?
UnitedHealth incurred over $2.5 billion in direct cyberattack response costs, forensic investigations, and medical claims disruption costs in 2024, alongside advancing more than $9 billion in interest-free provider bridge loans.
How much operating cash flow does UnitedHealth Group generate annually?
UnitedHealth generates immense operational cash flows of $28 billion to $32 billion annually, reflecting exceptional cash conversion and working capital efficiency.
What is UnitedHealth's dividend policy and payout growth record?
UnitedHealth has increased its quarterly cash dividend at a double-digit compound annual growth rate for over 15 consecutive years, paying an annual dividend of approximately $8.40 per share with an uninterrupted quarterly payment record.
What is the scale of UnitedHealth's share repurchase program?
The company deploys $5 billion to $8 billion annually into share buybacks, systematically retiring shares on market pullbacks to compound adjusted diluted earnings per share.
What is the operating margin profile of Optum versus UnitedHealthcare?
Optum delivers an operating margin of approximately 6.5% to 7.8% (driven by high-margin software in OptumInsight and clinical services), whereas UnitedHealthcare delivers a narrower operating margin of 4.8% to 5.5% due to ACA medical loss ratio caps.
What is UnitedHealth's balance sheet debt and credit rating profile?
UnitedHealth maintains an investment-grade balance sheet with total debt of roughly $65 billion to $70 billion, holding elite credit ratings of "A3" from Moody's and "A+" from S&P Global.
What was the financial guidance for 2026 adjusted earnings per share?
For full-year 2026, management issued revenue guidance exceeding $439 billion and projected adjusted diluted earnings per share of $19.50 to $20.00.
How did UnitedHealth divest its unprofitable South American operations?
In late 2023 and 2024, UnitedHealth completed the sale of its Brazilian operations (Amil) to private investors, absorbing a multi-billion-dollar non-cash accounting charge to eliminate foreign operational volatility.
What is UnitedHealth's Return on Equity (ROE)?
UnitedHealth consistently achieves a Return on Equity (ROE) between 24% and 27%, among the highest in the Fortune 500, driven by Optum's capital-light service revenues and vertical integration.
How do federal Medicare Advantage reimbursement benchmark rates impact profitability?
Annual payment rate announcements from the Centers for Medicare & Medicaid Services (CMS) directly affect Medicare Advantage margins; lower-than-expected rate updates require UnitedHealth to adjust supplemental benefits or medical cost management.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "UnitedHealth Revenue & Financials." CorpDigest, https://corpdigest.com/company/unitedhealth/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>UnitedHealth reported $447.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/unitedhealth/financials" target="_blank" rel="noopener">CorpDigest — UnitedHealth financials</a></div>Related Financial Audits
Compare revenue, net income, and market cap scale
Explore UnitedHealth
Core profile pages, founders and related research hubs for this company.