The company is a health care and well-being enterprise operating through two complementary business groupings, Optum and UnitedHealthcare, organized into reportable segments consisting of Optum Health, Optum Insight, Optum Rx, and UnitedHealthcare. Optum provides care delivery, data and analytics, technology, consulting and pharmacy care services to patients, physicians, hospitals, health plans, employers, government agencies, and life sciences companies, while operating Optum Bank as a banking subsidiary. UnitedHealthcare offers health benefit plans and administrative services to individuals, employers, and government-sponsored programs through its Employer & Individual, Medicare & Retirement, and Community & State units, serving seniors, Medicaid beneficiaries, and commercial members.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 447,567 | 400,278 | 371,622 | 4 |
| · UnitedHealthcare | 344,903 | 298,208 | 281,360 | |
| · Optum Rx | 154,726 | 133,231 | 116,087 | |
| · Optum Health | 101,957 | 105,358 | 95,319 | |
| · Optum Insight | 19,417 | 18,757 | 18,932 | |
| · Corporate and Eliminations / Optum Eliminations | (173,436) | (155,276) | (140,076) | |
| Cost of revenue | 50,655 | 46,694 | 38,770 | 1 |
| Selling, general and administrative | 59,592 | 53,013 | 54,628 | 1 |
| Depreciation, depletion and amortization | 4,361 | 4,099 | 3,972 | |
| Total operating expenses | 428,603 | 367,991 | 339,264 | |
| Operating income | 18,964 | 32,287 | 32,358 | 2 |
| Interest expense | 4,002 | 3,906 | 3,246 | 1 |
| Income before income taxes | 14,697 | 20,071 | 29,112 | |
| Income tax provision | 1,890 | 4,829 | 5,968 | 1 |
| — of which current | 3,642 | 5,125 | 6,213 | 1 |
| Net income incl. noncontrolling interests | 12,807 | 15,242 | 23,144 | |
| Less: noncontrolling interests | 751 | 837 | 763 | |
| Net income attributable to common | 12,056 | 14,405 | 22,381 | 2 |
| Diluted earnings per share | $13.23 | $15.51 | $23.86 | 1 |
| Weighted-average diluted shares | 911 | 929 | 938 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 12,807 | 15,242 | 23,144 | |
| Depreciation, depletion and amortization | 4,361 | 4,099 | 3,972 | |
| Share-based compensation | 971 | 1,018 | 1,059 | |
| Deferred income taxes | (1,752) | (296) | (245) | |
| Change in receivables | 764 | 1,437 | 3,114 | |
| Change in payables | 1,665 | 2,463 | 3,516 | |
| Net cash provided by operating activities | 19,697 | 24,204 | 29,068 | 4 |
| Capital expenditure | 3,622 | 3,499 | 3,386 | 1 |
| Acquisitions, net of cash | 4,509 | 13,408 | 10,136 | |
| Net cash used in investing activities | (8,685) | (20,527) | (15,574) | |
| Dividends paid | 7,916 | 7,533 | 6,761 | 2 |
| Repurchases of common stock | 5,545 | 9,000 | 8,000 | 1 |
| Debt issued | 2,969 | 17,811 | 6,394 | |
| Debt repaid | 3,050 | 3,000 | 2,125 | |
| Net cash used in financing activities | (11,644) | (3,512) | (11,529) | |
| Cash and equivalents at end of period | 24,365 | 25,312 | 25,427 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 24,365 | 25,312 | |
| Short-term investments | 3,756 | 3,801 | |
| Receivables, net | 23,018 | 22,365 | 1 |
| Inventories | 3,300 | 3,800 | 1 |
| Total current assets | 90,582 | 85,779 | |
| Property, plant and equipment, net | 10,762 | 10,553 | |
| Goodwill | 110,499 | 106,734 | 1 |
| Intangible assets, net | 20,474 | 23,268 | |
| Total assets | 309,581 | 298,278 | 1 |
| Current debt | 6,069 | 4,545 | |
| Total current liabilities | 114,897 | 103,769 | |
| Long-term debt | 72,320 | 72,359 | |
| Total liabilities | 207,883 | 195,687 | |
| Redeemable interests (temporary equity) | 1,608 | 4,323 | |
| Noncontrolling interests | 5,980 | 5,610 | |
| Total equity | 100,090 | 98,268 |
| Segments · as filed in the segment note · $ millions | UnitedHealthcare | Optum Rx | Optum Health | Optum Insight | Corporate and Eliminations / Optum Eliminations | Consolidated |
|---|---|---|---|---|---|---|
| Net sales | 344,903 | 154,726 | 101,957 | 19,417 | (173,436) | 447,567 |
| Operating income | 9,425 | 7,193 | (278) | 2,624 | — | 18,964 |
| · operating margin | 2.7% | 4.6% | -0.3% | 13.5% | — | 4.2% |
| Assets | 124,051 | 62,262 | 100,991 | 35,400 | (13,123) | 309,581 |
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Products | 53,380 | 11.9% |
| Services | 38,038 | 8.5% |
| Other (filed total less lines shown) | 356,149 | 79.6% |
| Total revenues, as filed | 447,567 | 100.0% |
Product lines cover 20% of filed revenue; the rest is not tagged on this axis.
No geographic revenue tagged.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total operating expenses · IS | 428,603 | 367,991 | +60,612 | +16.5% | — |
| Total revenues · IS | 447,567 | 400,278 | +47,289 | +11.8% | — |
| · UnitedHealthcare · IS | 344,903 | 298,208 | +46,695 | +15.7% | — |
| · Optum Rx · IS | 154,726 | 133,231 | +21,495 | +16.1% | — |
| · Corporate and Eliminations / Optum Eliminations · IS | (173,436) | (155,276) | −18,160 | -11.7% | — |
| Debt issued · CF | 2,969 | 17,811 | −14,842 | -83.3% | — |
| Operating income · IS | 18,964 | 32,287 | −13,323 | -41.3% | — |
| Total liabilities · BS | 207,883 | 195,687 | +12,196 | +6.2% | — |
| Net cash used in investing activities · CF | (8,685) | (20,527) | +11,842 | +57.7% | — |
| Total assets · BS | 309,581 | 298,278 | +11,303 | +3.8% | — |
| Total current liabilities · BS | 114,897 | 103,769 | +11,128 | +10.7% | — |
| Acquisitions, net of cash · CF | 4,509 | 13,408 | −8,899 | -66.4% | — |
| Net cash used in financing activities · CF | (11,644) | (3,512) | −8,132 | -231.5% | — |
| Selling, general and administrative · IS | 59,592 | 53,013 | +6,579 | +12.4% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 12.2% sector median 13.2% | adequate |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | -1.0% sector median -0.3% | shrinking |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.78 sector median 0.64 | moderate |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 3.3% sector median 15.1% | stable |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 109,575 | 111,616 | 113,161 | 111,721 | 112,032 |
| Cost of revenue | 12,390 | 13,019 | 12,566 | 12,823 | 13,375 |
| Selling, general and administrative | 13,594 | 13,778 | 15,223 | 15,390 | 14,268 |
| Depreciation, depletion and amortization | 1,061 | 1,084 | 1,099 | 1,029 | 1,040 |
| Total operating expenses | 100,456 | 106,466 | 108,846 | 102,731 | 104,041 |
| Operating income | 9,119 | 5,150 | 4,315 | 8,990 | 7,991 |
| Interest expense | 998 | 1,027 | 1,003 | 955 | 962 |
| Income before income taxes | 8,106 | 4,082 | 3,229 | 7,963 | 6,968 |
| Income tax provision | 1,632 | 510 | 686 | 1,482 | 1,298 |
| Net income incl. noncontrolling interests | 6,474 | 3,572 | 2,543 | 6,481 | 5,670 |
| Less: noncontrolling interests | 182 | 166 | 195 | 201 | 186 |
| Net income attributable to common | 6,292 | 3,406 | 2,348 | 6,280 | 5,484 |
| Diluted earnings per share | $6.85 | $3.74 | $2.59 | $6.90 | $6.04 |
| Weighted-average diluted shares | 918 | 910 | 908 | 910 | 906 |
| Net cash provided by operating activities | 5,456 | — | — | 8,912 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 5,456 | 8,912 | +3,456 | +63.3% |
| Total operating expenses | 102,731 | 104,041 | +1,310 | +1.3% |
| Selling, general and administrative | 15,390 | 14,268 | −1,122 | -7.3% |
| Operating income | 8,990 | 7,991 | −999 | -11.1% |
| Income before income taxes | 7,963 | 6,968 | −995 | -12.5% |
| Net income incl. noncontrolling interests | 6,481 | 5,670 | −811 | -12.5% |
| Net income attributable to common | 6,280 | 5,484 | −796 | -12.7% |
| Cost of revenue | 12,823 | 13,375 | +552 | +4.3% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $281,908M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 27 filings · 0 buys / 2 sells | net selling · −$660,910 |
| · Conway Patrick Hugh | SELL $455,910 | Form 4 filed 2026-08-25 · open market |
| · Conway Patrick Hugh | SELL $205,000 | Form 4 filed 2026-08-07 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from UnitedHealth Group's Form 10-K for FY2025 (accession 0000731766-26-000062), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. UNH is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.