UNH UnitedHealth Group FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-03-02 · 911M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

S&P 500 · HEALTH CARE · CIK 731766
REVENUE$447.6B+11.8% YoY
NET INCOME$12.1B-16.3% YoY
OPERATING CASH FLOW$19.7B-18.6% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$16.1B-22.4% YoY
77
FILING SCORE / 100
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How the score is computed: 7 management claims are checked against the filed statements and 9 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 9/14 on claims and 16/18 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG16 CHECKS · 0 red · 2 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues447,567400,278371,6224
Cost of revenue50,65546,69438,7701
Selling, general and administrative59,59253,01354,6281
Depreciation, depletion and amortization4,3614,0993,972
Total operating expenses428,603367,991339,264
Operating income18,96432,28732,3582
Interest expense4,0023,9063,2461
Income before income taxes14,69720,07129,112
Income tax provision1,8904,8295,9681
— of which current3,6425,1256,2131
Net income incl. noncontrolling interests12,80715,24223,144
Less: noncontrolling interests751837763
Net income attributable to common12,05614,40522,3812
Diluted earnings per share$13.23$15.51$23.861
Weighted-average diluted shares9119299381
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests12,80715,24223,144
Depreciation, depletion and amortization4,3614,0993,972
Share-based compensation9711,0181,059
Deferred income taxes(1,752)(296)(245)
Change in receivables7641,4373,114
Change in payables1,6652,4633,516
Net cash provided by operating activities19,69724,20429,0684
Capital expenditure3,6223,4993,3861
Acquisitions, net of cash4,50913,40810,136
Net cash used in investing activities(8,685)(20,527)(15,574)
Dividends paid7,9167,5336,7612
Repurchases of common stock5,5459,0008,0001
Debt issued2,96917,8116,394
Debt repaid3,0503,0002,125
Net cash used in financing activities(11,644)(3,512)(11,529)
Cash and equivalents at end of period24,36525,31225,427
Balance sheet · $ millions20252024
Cash and cash equivalents24,36525,312
Short-term investments3,7563,801
Receivables, net23,01822,3651
Inventories3,3003,8001
Total current assets90,58285,779
Property, plant and equipment, net10,76210,553
Goodwill110,499106,7341
Intangible assets, net20,47423,268
Total assets309,581298,2781
Current debt6,0694,545
Total current liabilities114,897103,769
Long-term debt72,32072,359
Total liabilities207,883195,687
Redeemable interests (temporary equity)1,6084,323
Noncontrolling interests5,9805,610
Total equity100,09098,268
Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total operating expenses · IS428,603367,991+60,612+16.5%—
Total revenues · IS447,567400,278+47,289+11.8%—
Debt issued · CF2,96917,811−14,842-83.3%—
Operating income · IS18,96432,287−13,323-41.3%—
Total liabilities · BS207,883195,687+12,196+6.2%—
Net cash used in investing activities · CF(8,685)(20,527)+11,842+57.7%—
Total assets · BS309,581298,278+11,303+3.8%—
Total current liabilities · BS114,897103,769+11,128+10.7%—
Acquisitions, net of cash · CF4,50913,408−8,899-66.4%—
Net cash used in financing activities · CF(11,644)(3,512)−8,132-231.5%—
Selling, general and administrative · IS59,59253,013+6,579+12.4%—
Income before income taxes · IS14,69720,071−5,374-26.8%—
Total current assets · BS90,58285,779+4,803+5.6%—
Net cash provided by operating activities · CF19,69724,204−4,507-18.6%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
12.2%
sector median 13.1%
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 0.65
moderate
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 3.3%
sector median 14.5%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsSEP 24MAR 25JUN 25SEP 25MAR 26
Total revenues100,820109,575111,616113,161111,721
Cost of revenue11,83412,39013,01912,56612,823
Selling, general and administrative13,28013,59413,77815,22315,390
Depreciation, depletion and amortization1,0411,0611,0841,0991,029
Total operating expenses92,112100,456106,466108,846102,731
Operating income8,7089,1195,1504,3158,990
Interest expense1,0749981,0271,003955
Income before income taxes7,6148,1064,0823,2297,963
Income tax provision1,3561,6325106861,482
Net income incl. noncontrolling interests6,2586,4743,5722,5436,481
Less: noncontrolling interests203182166195201
Net income attributable to common6,0556,2923,4062,3486,280
Diluted earnings per share$6.51$6.85$3.74$2.59$6.90
Weighted-average diluted shares930918910908910
Net cash provided by operating activities—5,456——8,912
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total operating expenses108,846102,731−6,115-5.6%
Income before income taxes3,2297,963+4,734+146.6%
Operating income4,3158,990+4,675+108.3%
Net income incl. noncontrolling interests2,5436,481+3,938+154.9%
Net income attributable to common2,3486,280+3,932+167.5%
Net cash provided by operating activities5,4568,912+3,456+63.3%
Total revenues113,161111,721−1,440-1.3%
Income tax provision6861,482+796+116.0%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$281,908M10-K cover · as of 2025-06-30
Insider Form 4s, 90d27 filings · 0 buys / 1 sellsnet selling · −$284,000
· Conway Patrick HughSELL $284,000Form 4 filed 2026-04-27 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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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.