UnitedHealth Group UNH

Health insurance & healthcare services. UnitedHealth Group Incorporated, listed on NYSE.

Based on the FY2025 annual report (Jan 2025 – Dec 2025)

UnitedHealth Group's market cap is
about $354.6 billion.

#26 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $447.567B.

Share price (close): $395.72; Close on Nov 5, 2026 · per share
P/E ratio: 29.9x; Closing price ÷ latest annual EPS
Market cap: $354.6B; #26 of 289
Revenue: $447.567B; #4 of 299 · +11.8% YoY
Operating income: $18.964B; #17 of 231 · −41.3% YoY
Net income: $12.056B; #34 of 298 · −16.3% YoY
Free cash flow: $16.075B; #22 of 261 · −22.4% YoY
Total assets: $309.581B; #27 of 299 · +3.8% YoY
Dividends paid: $7.916B; #17 of 214 · +5.1% YoY
Dividend per share: $8.73; #12 of 205 · +6.7% YoY
Dividend yield: 2.2%; #67 of 203
Shares outstanding: 906,000,000 shares; As of Dec 31, 2025

Size, put in perspective

Revenue every second$14,200$1.23B a day

Net income every second$382$33M a day

Buying Elevance Health with a year's profit12.9% of itBased on Elevance Health's market cap of about $93.36 billion

Market cap vs Elevance Health3.8×UnitedHealth Group ÷ Elevance Health

Calculated from the FY2025 annual report, spread evenly over 365 days.

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue11.3%
SG&A and other84.4%
Taxes, interest & other1.5%
Net income2.7%

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: +11.8%; #94 of 299; Revenue is growing steadily. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: 4.2%; #201 of 231; 4.2% of revenue was kept as operating profit, which is on the low side. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: 2.7%; #266 of 298; After taxes, 2.7% of revenue was left as net income. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: 3.6%; #222 of 261; Little cash is left after capital spending. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: 12.2%; #185 of 276; Earnings relative to equity are about average. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 207.7%; #150 of 244; Liabilities are more than twice equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$19.697B
Capital spending−$3.622B
Free cash flow (FCF)$16.075B
Dividends paid−$7.916B

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 67%Equity 32%

Total assets$309.581B
Total liabilities$207.883B
Total equity$100.09B
Cash and equivalents$24.365B

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
UnitedHealth GroupUNH	$447.567B	$12.056B	+11.8%	4.2%	2.7%
Elevance HealthELV	$199.125B	$5.662B	+12.5%	3.6%	2.8%
Cigna GroupCI	$274.9B	$5.957B	+11.2%	3.4%	2.2%
HumanaHUM	$129.664B	$1.188B	+10.1%	2.1%	0.9%
CenteneCNC	$194.777B	−$6.674B	+19.4%	−3.9%	−3.4%

Head-to-head comparisons

What the company does

UnitedHealth Group runs UnitedHealthcare, the largest US health insurer, together with Optum, its care delivery, pharmacy and data services business.

The fiscal year ends around December each year.

Related companies: Elevance Health, Cigna Group, Humana, Centene

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	287.597B	324.162B	371.622B	400.278B	447.567B
Cost of revenue	31.034B	33.703B	38.77B	46.694B	50.655B
Gross profit	256.563B	290.459B	332.852B	353.584B	396.912B
Operating income	23.97B	28.435B	32.358B	32.287B	18.964B
Pretax income	22.31B	26.343B	29.112B	20.071B	14.697B
Net income	17.285B	20.12B	22.381B	14.405B	12.056B
EPS (diluted)	$18.08	$21.18	$23.86	$15.51	$13.23
Operating cash flow	22.343B	26.206B	29.068B	24.204B	19.697B
Capital expenditures	2.454B	2.802B	3.386B	3.499B	3.622B
Free cash flow (FCF)	19.889B	23.404B	25.682B	20.705B	16.075B
Dividends paid	5.28B	5.991B	6.761B	7.533B	7.916B
Total assets	212.206B	245.705B	273.72B	298.278B	309.581B
Total liabilities	135.727B	159.358B	174.801B	195.687B	207.883B
Total equity	75.045B	81.45B	94.421B	98.268B	100.09B
Cash and equivalents	21.375B	23.365B	25.427B	25.312B	24.365B
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for UnitedHealth Group Incorporated · CIK 0000731766 · US-GAAP