UnitedHealth Group (UNH) Financials

$307.10 +3.75 (+1.24%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$307.32 +0.22 (+0.07%)

As of 08/22/2025 08:00 PM Eastern

Annual Income Statements for UnitedHealth Group

This table shows UnitedHealth Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5,619	5,813	7,017	10,558	11,986	13,839	15,403	17,285	20,120	22,381	14,405
Consolidated Net Income / (Loss)	5,619	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Net Income / (Loss) Continuing Operations	5,619	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Total Pre-Tax Income	9,656	10,231	11,863	14,023	15,944	17,981	20,742	22,310	26,343	29,112	20,071
Total Operating Income	10,274	11,021	12,930	15,209	17,344	19,685	22,405	23,970	28,435	32,358	32,287
Total Gross Profit	126,654	140,909	160,424	177,052	199,255	214,038	226,396	256,563	79,617	90,958	89,399
Total Revenue	130,480	157,107	184,840	201,164	226,253	242,155	257,141	287,597	324,162	371,622	400,278
Operating Revenue	130,480	157,107	184,840	201,164	226,253	242,155	257,141	287,597	324,162	371,622	400,278
Total Cost of Revenue	3,826	16,206	24,416	24,112	26,998	28,117	30,745	31,034	244,545	280,664	310,879
Operating Cost of Revenue	3,826	16,206	24,416	24,112	26,998	28,117	30,745	31,034	244,545	280,664	310,879
Total Operating Expenses	116,374	129,880	147,494	161,838	181,905	194,353	203,991	232,593	51,182	58,600	57,112
Selling, General & Admin Expense	21,263	24,312	28,401	29,557	34,074	35,193	41,704	42,579	47,782	54,628	53,013
Depreciation Expense	1,478	1,693	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099
Total Other Income / (Expense), net	-618	-790	-1,067	-1,186	-1,400	-1,704	-1,663	-1,660	-2,092	-3,246	-12,216
Interest Expense	618	790	1,067	1,186	1,400	1,704	1,663	1,660	2,092	3,246	3,906
Other Income / (Expense), net	-	-	-	-	-	-	-	-	0.00	0.00	-8,310
Income Tax Expense	4,037	4,363	4,790	3,200	3,562	3,742	4,973	4,578	5,704	5,968	4,829
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	55	56	265	396	400	366	447	519	763	837
Basic Earnings per Share	$5.78	$6.10	$7.37	$10.95	$12.45	$14.55	$16.23	$18.33	$21.47	$24.12	$15.64
Weighted Average Basic Shares Outstanding	972M	953M	952M	964M	963M	951M	949M	943M	937M	928M	921M
Diluted Earnings per Share	$5.70	$6.01	$7.25	$10.72	$12.19	$14.33	$16.03	$18.08	$21.18	$23.86	$15.51
Weighted Average Diluted Shares Outstanding	986M	967M	968M	985M	983M	966M	961M	956M	950M	938M	929M
Weighted Average Basic & Diluted Shares Outstanding	972.10M	953M	952.10M	964.20M	962.70M	948.57M	1.89B	940.90M	932.85M	921.93M	914.71M
Cash Dividends to Common per Share	$1.41	$1.88	$2.38	$2.88	$3.45	$4.14	$4.83	$5.60	$6.40	$7.29	$8.18

This table shows UnitedHealth Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	4,761	5,611	5,474	5,841	5,455	-1,409	4,216	6,055	5,543	6,292	3,406
Consolidated Net Income / (Loss)	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784	6,474	3,572
Net Income / (Loss) Continuing Operations	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784	6,474	3,572
Total Pre-Tax Income	6,215	7,332	7,229	7,692	6,859	1.00	5,665	7,614	6,791	8,106	4,082
Total Operating Income	6,891	8,086	8,057	8,526	7,689	7,931	7,875	8,708	7,773	9,119	5,150
Total Gross Profit	-136,369	22,681	22,887	23,388	22,002	23,005	22,057	23,029	-44,150	23,774	20,012
Total Revenue	82,787	91,931	92,903	92,361	94,427	99,796	98,855	100,820	100,807	109,575	111,616
Operating Revenue	82,787	91,931	92,903	92,361	94,427	99,796	98,855	100,820	100,807	109,575	111,616
Total Cost of Revenue	219,156	69,250	70,016	68,973	72,425	76,791	76,798	77,791	144,957	85,801	91,604
Operating Cost of Revenue	219,156	69,250	70,016	68,973	72,425	76,791	76,798	77,791	144,957	85,801	91,604
Total Operating Expenses	-143,260	14,595	14,830	14,862	14,313	15,074	14,182	14,321	-51,923	14,655	14,862
Selling, General & Admin Expense	13,009	13,625	13,809	13,855	13,339	14,077	13,162	13,280	12,494	13,594	13,778
Depreciation Expense	982	970	1,021	1,007	974	997	1,020	1,041	1,041	1,061	1,084
Total Other Income / (Expense), net	-676	-754	-828	-834	-830	-7,930	-2,210	-1,094	-982	-1,013	-1,068
Interest Expense	676	754	828	834	830	844	985	1,074	1,003	998	1,027
Other Income / (Expense), net	-	0.00	-	0.00	-	-7,086	-1,225	-20	21	-15	-41
Income Tax Expense	1,307	1,558	1,572	1,654	1,184	1,222	1,244	1,356	1,007	1,632	510
Net Income / (Loss) Attributable to Noncontrolling Interest	147	163	183	197	220	188	205	203	241	182	166
Basic Earnings per Share	$5.09	$6.01	$5.89	$6.31	$5.91	($1.53)	$4.58	$6.56	$6.03	$6.90	$3.76
Weighted Average Basic Shares Outstanding	937M	933M	930M	926M	928M	922M	921M	923M	921M	912M	907M
Diluted Earnings per Share	$5.02	$5.95	$5.82	$6.24	$5.85	($1.53)	$4.54	$6.51	$5.99	$6.85	$3.74
Weighted Average Diluted Shares Outstanding	950M	943M	940M	936M	938M	922M	928M	930M	929M	918M	910M
Weighted Average Basic & Diluted Shares Outstanding	932.85M	931.03M	926.31M	924.93M	921.93M	920.39M	923.42M	920.28M	914.71M	907.14M	905.67M

This table details how cash moves in and out of UnitedHealth Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	219	3,428	-493	1,551	-1,115	119	5,936	4,454	1,990	2,062	165
Net Cash From Operating Activities	8,051	9,740	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204
Net Cash From Continuing Operating Activities	8,051	9,740	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204
Net Income / (Loss) Continuing Operations	5,619	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Consolidated Net Income / (Loss)	5,619	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Depreciation Expense	1,478	1,693	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099
Non-Cash Adjustments To Reconcile Net Income	66	171	403	814	567	591	627	-144	594	554	5,967
Changes in Operating Assets and Liabilities, net	888	2,008	264	-286	336	913	2,887	1,652	1,573	1,398	-1,104
Net Cash From Investing Activities	-2,534	-18,395	-9,355	-8,599	-12,385	-12,699	-12,532	-10,372	-28,476	-15,574	-20,527
Net Cash From Continuing Investing Activities	-2,534	-18,395	-9,355	-8,599	-12,385	-12,699	-12,532	-10,372	-28,476	-15,574	-20,527
Purchase of Property, Plant & Equipment	-1,525	-1,556	-1,705	-2,023	-2,063	-2,071	-2,051	-2,454	-2,802	-3,386	-3,499
Acquisitions	-1,923	-16,164	-1,760	-2,131	-5,997	-8,343	-7,139	-4,821	-21,458	-10,136	-13,408
Purchase of Investments	-9,928	-9,939	-17,547	-14,588	-14,010	-18,131	-16,577	-17,139	-18,825	-18,314	-27,308
Divestitures	-	-	-	-	-	-	221	15	3,414	685	2,041
Sale and/or Maturity of Investments	10,727	9,408	11,620	10,269	9,911	15,627	13,741	15,296	11,988	16,537	27,833
Other Investing Activities, net	115	-144	37	-126	-226	219	-727	-1,269	-793	-960	-6,186
Net Cash From Financing Activities	-5,293	12,239	-1,011	-3,441	-4,365	-5,625	-3,590	-7,455	4,226	-11,529	-3,512
Net Cash From Continuing Financing Activities	-5,293	12,239	-1,011	-3,441	-4,365	-5,625	-3,590	-7,455	4,226	-11,529	-3,512
Repayment of Debt	-1,744	-1,593	-3,559	-8,319	-4,187	-2,069	-2,737	-3,445	-4,959	-3,275	-4,796
Repurchase of Common Equity	-4,008	-1,200	-1,280	-1,500	-4,500	-6,118	-4,250	-6,338	-7,176	-8,730	-9,280
Payment of Dividends	-1,362	-1,786	-2,261	-2,773	-3,320	-3,932	-4,584	-5,280	-5,991	-6,761	-7,533
Issuance of Debt	1,997	15,648	3,968	5,291	6,935	5,444	4,864	5,631	15,551	6,405	17,811
Issuance of Common Equity	462	402	429	688	838	1,037	1,440	1,355	1,253	1,353	1,846
Other Financing Activities, net	-638	768	1,692	3,172	-131	13	1,677	622	5,548	-521	-1,560
Cash Interest Paid	644	639	1,055	1,133	1,410	1,627	1,704	1,653	1,945	3,035	3,594
Cash Income Taxes Paid	4,024	4,401	4,726	4,004	3,257	3,542	4,935	3,966	5,222	6,078	4,620

This table details how cash moves in and out of UnitedHealth Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-15,480	18,548	-100	-2,898	-13,488	2,987	-2,128	6,114	-6,808	5,405	-2,121
Net Cash From Operating Activities	-4,533	16,327	11,032	6,902	-5,193	1,144	6,746	13,945	2,369	5,456	7,188
Net Cash From Continuing Operating Activities	-4,533	16,327	11,032	6,902	-5,193	1,144	6,746	13,945	2,369	5,456	7,188
Net Income / (Loss) Continuing Operations	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784	6,474	3,572
Consolidated Net Income / (Loss)	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784	6,474	3,572
Depreciation Expense	982	970	1,021	1,007	974	997	1,020	1,041	1,041	1,061	1,084
Non-Cash Adjustments To Reconcile Net Income	-81	431	82	279	-238	7,637	1,727	-812	-2,585	487	268
Changes in Operating Assets and Liabilities, net	-10,342	9,152	4,272	-422	-11,604	-6,269	-422	7,458	-1,871	-2,566	2,264
Net Cash From Investing Activities	-15,369	-11,020	-728	-2,639	-1,187	-6,340	-7,417	-5,651	-1,119	-74	-1,442
Net Cash From Continuing Investing Activities	-15,369	-11,020	-728	-2,639	-1,187	-6,340	-7,417	-5,651	-1,119	-74	-1,442
Purchase of Property, Plant & Equipment	-866	-760	-829	-838	-959	-743	-853	-991	-912	-898	-886
Acquisitions	-14,304	-7,826	-335	-228	-1,747	-3,006	-25	-8,643	-1,734	-702	-32
Purchase of Investments	-4,642	-4,894	-4,331	-3,773	-5,316	-4,798	-5,332	-9,821	-7,357	-4,135	-4,045
Sale and/or Maturity of Investments	1,872	2,575	5,076	2,497	6,389	5,290	4,619	11,894	6,030	5,352	4,155
Other Investing Activities, net	-843	-115	-309	-297	-239	-3,083	-5,826	1,910	813	309	-634
Net Cash From Financing Activities	4,392	13,190	-10,459	-7,104	-7,156	8,231	-1,196	-2,205	-8,342	99	-7,947
Net Cash From Continuing Financing Activities	4,392	13,190	-10,459	-7,104	-7,156	8,231	-1,196	-2,205	-8,342	99	-7,947
Repayment of Debt	-1,209	-2,379	-1,123	1,182	-955	-1,313	-1,190	-1,401	-892	-505	-1,411
Repurchase of Common Equity	-1,176	-2,000	-3,000	-1,500	-2,230	-3,072	-	-956	-5,252	-3,000	-2,545
Payment of Dividends	-1,541	-1,537	-1,747	-1,739	-1,738	-1,729	-1,935	-1,937	-1,932	-1,912	-2,000
Issuance of Debt	9,629	13,750	-3,930	-3,426	11	12,114	2,426	3,271	-	3,911	-942
Issuance of Common Equity	169	344	284	411	314	486	258	867	235	360	221
Other Financing Activities, net	-1,480	5,012	-943	-2,032	-2,558	1,745	-755	-2,049	-501	1,245	-1,270
Effect of Exchange Rate Changes	30	51	55	-57	48	-48	4.00	14	-	15	14
Other Net Changes in Cash	-	-	-	-	-	0.00	-	11	-	-91	66

This table presents UnitedHealth Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	86,382	111,254	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278
Total Current Assets	23,556	31,639	33,879	37,084	38,692	42,634	53,718	61,758	69,069	78,437	85,779
Cash & Equivalents	7,495	10,923	10,430	11,981	10,866	10,985	16,921	21,375	23,365	25,427	25,312
Short-Term Investments	1,741	1,988	2,845	3,509	3,458	3,260	2,860	2,532	4,546	4,201	3,801
Accounts Receivable	9,750	13,324	15,651	15,830	18,250	21,462	25,404	28,082	30,450	38,970	48,454
Prepaid Expenses	1,052	2,406	1,848	2,663	3,086	3,851	4,457	5,320	6,621	6,084	8,212
Plant, Property, & Equipment, net	4,418	4,861	5,901	7,013	8,458	8,704	8,626	8,969	10,128	11,450	10,553
Total Noncurrent Assets	58,408	74,754	83,030	94,961	105,071	122,551	134,945	141,479	166,508	183,833	201,946
Long-Term Investments	18,827	18,792	23,868	28,341	32,510	37,209	41,242	43,114	43,728	47,609	52,354
Goodwill	32,940	44,453	47,584	54,556	58,910	65,659	71,337	75,795	93,352	103,732	106,734
Intangible Assets	3,669	8,391	8,541	8,489	9,325	10,349	10,856	10,044	14,401	15,194	23,268
Other Noncurrent Operating Assets	2,972	3,118	3,037	3,575	4,326	9,334	11,510	12,526	15,027	17,298	19,590
Total Liabilities & Shareholders' Equity	86,382	111,254	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278
Total Liabilities	52,540	75,793	82,621	87,036	95,994	111,727	126,750	135,727	159,358	174,801	195,687
Total Current Liabilities	30,623	42,898	49,252	50,463	53,209	61,782	72,420	78,292	89,237	99,054	103,769
Short-Term Debt	1,399	6,634	7,193	2,857	1,973	3,870	4,819	3,620	3,110	4,274	4,545
Accounts Payable	9,247	11,994	13,361	15,180	16,705	19,005	22,495	24,643	27,715	31,958	34,337
Current Deferred Revenue	1,972	2,142	1,968	2,269	2,396	2,622	2,842	2,571	3,075	3,355	3,317
Other Current Liabilities	18,005	22,128	26,730	30,157	32,135	36,285	42,264	47,458	55,337	59,467	61,570
Total Noncurrent Liabilities	21,917	32,895	33,369	36,573	42,785	49,945	54,330	57,435	70,121	75,747	91,918
Long-Term Debt	16,007	25,331	25,777	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359
Noncurrent Deferred & Payable Income Tax Liabilities	2,065	3,587	2,761	2,182	2,474	2,993	3,367	3,265	2,769	3,021	3,620
Other Noncurrent Operating Liabilities	3,845	3,977	4,831	5,556	5,730	10,144	12,315	11,787	12,839	14,463	15,939
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,388	1,736	2,012	2,189	1,908	1,726	2,211	1,434	4,897	4,498	4,323
Total Equity & Noncontrolling Interests	32,454	33,725	38,177	49,833	54,319	60,436	68,328	75,045	81,450	94,421	98,268
Total Preferred & Common Equity	32,454	33,830	38,274	47,776	51,696	57,616	65,491	71,760	77,772	88,756	92,658
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	32,454	33,830	38,274	47,776	51,696	57,616	65,491	71,760	77,772	88,756	92,658
Common Stock	10	39	10	1,713	10	16	10	10	9.00	9.00	9.00
Retained Earnings	33,836	37,125	40,945	48,730	55,846	61,178	69,295	77,134	86,156	95,774	96,036
Accumulated Other Comprehensive Income / (Loss)	-1,392	-3,334	-2,681	-2,667	-4,160	-3,578	-3,814	-5,384	-8,393	-7,027	-3,387
Noncontrolling Interest	0.00	-105	-97	2,057	2,623	2,820	2,837	3,285	3,678	5,665	5,610

This table presents UnitedHealth Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	245,705	283,679	280,164	282,063	273,720	284,210	286,056	299,309	298,278	309,790	308,573
Total Current Assets	69,069	93,895	89,869	91,905	78,437	88,942	92,038	92,258	85,779	96,285	93,699
Cash & Equivalents	23,365	41,913	41,813	38,915	25,427	28,414	26,286	32,400	25,312	30,717	28,596
Short-Term Investments	4,546	4,584	4,466	5,182	4,201	4,296	5,037	4,734	3,801	3,574	3,424
Accounts Receivable	30,450	37,110	34,083	38,425	38,970	46,481	49,877	47,485	48,454	52,958	52,724
Prepaid Expenses	6,621	6,451	5,884	5,767	6,084	6,132	7,424	7,639	8,212	9,036	8,955
Plant, Property, & Equipment, net	10,128	10,637	10,926	11,070	11,450	10,429	9,801	10,139	10,553	10,734	10,923
Total Noncurrent Assets	166,508	179,147	179,369	179,088	183,833	184,839	184,217	196,912	201,946	202,771	203,951
Long-Term Investments	43,728	46,884	45,988	45,474	47,609	45,928	46,113	48,689	52,354	51,863	52,466
Goodwill	93,352	100,406	101,669	101,703	103,732	105,664	105,436	105,978	106,734	107,566	107,677
Intangible Assets	14,401	16,165	15,643	15,200	15,194	15,543	14,729	23,594	23,268	22,947	22,510
Other Noncurrent Operating Assets	15,027	15,692	16,069	16,711	17,298	17,704	17,939	18,651	19,590	20,395	21,298
Total Liabilities & Shareholders' Equity	245,705	283,679	280,164	282,063	273,720	284,210	286,056	299,309	298,278	309,790	308,573
Total Liabilities	159,358	193,057	188,008	188,083	174,801	187,292	186,822	194,854	195,687	204,621	203,789
Total Current Liabilities	89,237	116,482	112,981	114,179	99,054	104,431	104,670	101,565	103,769	113,471	110,781
Short-Term Debt	3,110	9,931	6,321	5,290	4,274	9,787	11,371	3,909	4,545	9,986	5,698
Accounts Payable	27,715	29,856	29,516	31,164	31,958	30,738	30,886	33,080	34,337	33,566	34,330
Current Deferred Revenue	3,075	14,487	14,852	15,311	3,355	3,206	2,572	3,320	3,317	3,296	3,032
Other Current Liabilities	55,337	62,208	62,292	62,414	59,467	60,700	59,841	61,256	61,570	66,623	67,721
Total Noncurrent Liabilities	70,121	76,575	75,027	73,904	75,747	82,861	82,152	93,289	91,918	91,150	93,008
Long-Term Debt	54,513	60,657	59,268	58,079	58,263	63,850	63,727	74,101	72,359	71,285	73,495
Noncurrent Deferred & Payable Income Tax Liabilities	2,769	2,834	2,498	2,210	3,021	4,167	3,631	4,014	3,620	3,902	3,804
Other Noncurrent Operating Liabilities	12,839	13,084	13,261	13,615	14,463	14,844	14,794	15,174	15,939	15,963	15,709
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	4,897	4,801	4,788	4,416	4,498	4,548	4,558	4,574	4,323	4,358	4,315
Total Equity & Noncontrolling Interests	81,450	85,821	87,368	89,564	94,421	92,370	94,676	99,881	98,268	100,811	100,469
Total Preferred & Common Equity	77,772	81,312	82,353	84,494	88,756	86,688	89,359	94,535	92,658	95,038	94,724
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	77,772	81,312	82,353	84,494	88,756	86,688	89,359	94,535	92,658	95,038	94,724
Common Stock	9.00	9.00	9.00	9.00	9.00	9.00	382	470	9.00	9.00	9.00
Retained Earnings	86,156	88,852	89,994	93,173	95,774	90,118	92,400	96,518	96,036	97,934	97,250
Accumulated Other Comprehensive Income / (Loss)	-8,393	-7,549	-7,650	-8,688	-7,027	-3,439	-3,423	-2,453	-3,387	-2,905	-2,535
Noncontrolling Interest	3,678	4,509	5,015	5,070	5,665	5,682	5,317	5,346	5,610	5,773	5,745

This table displays calculated financial ratios and metrics derived from UnitedHealth Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.52%	20.41%	17.65%	8.83%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%
EBITDA Growth	6.86%	8.19%	17.86%	16.48%	13.28%	13.32%	12.90%	7.02%	17.59%	14.12%	-22.72%
EBIT Growth	6.77%	7.27%	17.32%	17.63%	14.04%	13.50%	13.82%	6.99%	18.63%	13.80%	-25.90%
NOPAT Growth	-2.37%	5.73%	21.96%	52.26%	14.75%	15.73%	9.27%	11.85%	16.94%	15.47%	-4.69%
Net Income Growth	-0.95%	4.43%	20.54%	53.02%	14.40%	15.00%	10.75%	12.45%	16.39%	12.14%	-34.14%
EPS Growth	3.64%	5.44%	20.63%	47.86%	13.71%	17.56%	11.86%	12.79%	17.15%	12.65%	-35.00%
Operating Cash Flow Growth	15.16%	20.98%	0.56%	38.81%	15.57%	17.50%	20.10%	0.76%	17.29%	10.92%	-16.73%
Free Cash Flow Firm Growth	-26.54%	-249.46%	219.29%	6.14%	-5.92%	37.06%	52.09%	7.37%	-67.37%	155.85%	-22.60%
Invested Capital Growth	8.51%	54.08%	0.82%	10.74%	15.20%	11.84%	3.11%	4.68%	30.42%	16.44%	16.40%
Revenue Q/Q Growth	1.81%	6.91%	2.18%	2.30%	2.88%	1.20%	1.65%	2.97%	2.87%	3.23%	1.62%
EBITDA Q/Q Growth	3.02%	-1.50%	5.36%	5.06%	3.02%	3.13%	-5.82%	8.25%	5.16%	2.22%	-22.52%
EBIT Q/Q Growth	3.14%	-2.62%	5.89%	5.48%	3.09%	3.13%	-6.58%	9.22%	4.98%	2.53%	-25.54%
NOPAT Q/Q Growth	1.02%	-3.02%	6.40%	22.65%	-4.16%	3.74%	-7.37%	10.97%	4.20%	3.70%	1.33%
Net Income Q/Q Growth	1.50%	-4.21%	6.89%	22.85%	-4.30%	3.67%	-7.70%	11.57%	3.60%	3.43%	0.72%
EPS Q/Q Growth	2.52%	-4.60%	7.09%	21.82%	-4.39%	4.22%	-7.93%	12.16%	3.72%	3.60%	0.91%
Operating Cash Flow Q/Q Growth	20.34%	12.50%	-33.44%	-7.91%	46.30%	25.99%	-0.47%	-11.43%	-22.83%	-2.22%	45.44%
Free Cash Flow Firm Q/Q Growth	22.49%	27.27%	-35.71%	-34.68%	134.47%	95.79%	-7.11%	-7.78%	-79.84%	205.21%	329.54%
Invested Capital Q/Q Growth	1.03%	-6.03%	6.80%	27.65%	9.03%	-1.15%	-1.43%	4.74%	52.26%	24.26%	1.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.07%	89.69%	86.79%	88.01%	88.07%	88.39%	88.04%	89.21%	24.56%	24.48%	22.33%
EBITDA Margin	9.01%	8.09%	8.11%	8.68%	8.74%	9.25%	9.84%	9.41%	9.82%	9.78%	7.01%
Operating Margin	7.87%	7.02%	7.00%	7.56%	7.67%	8.13%	8.71%	8.33%	8.77%	8.71%	8.07%
EBIT Margin	7.87%	7.02%	7.00%	7.56%	7.67%	8.13%	8.71%	8.33%	8.77%	8.71%	5.99%
Profit (Net Income) Margin	4.31%	3.74%	3.83%	5.38%	5.47%	5.88%	6.13%	6.17%	6.37%	6.23%	3.81%
Tax Burden Percent	58.19%	57.36%	59.62%	77.18%	77.66%	79.19%	76.02%	79.48%	78.35%	79.50%	75.94%
Interest Burden Percent	93.98%	92.83%	91.75%	92.20%	91.93%	91.34%	92.58%	93.07%	92.64%	89.97%	83.71%
Effective Tax Rate	41.81%	42.64%	40.38%	22.82%	22.34%	20.81%	23.98%	20.52%	21.65%	20.50%	24.06%
Return on Invested Capital (ROIC)	26.84%	21.46%	21.49%	30.93%	31.39%	32.03%	32.64%	35.14%	34.87%	32.86%	26.91%
ROIC Less NNEP Spread (ROIC-NNEP)	30.02%	30.18%	54.02%	42.15%	41.09%	44.85%	41.57%	41.98%	44.22%	50.84%	123.23%
Return on Net Nonoperating Assets (RNNOA)	-10.11%	-4.53%	-2.79%	-7.46%	-8.51%	-7.98%	-8.87%	-11.01%	-9.52%	-7.88%	-11.78%
Return on Equity (ROE)	16.73%	16.93%	18.70%	23.47%	22.88%	24.05%	23.77%	24.12%	25.35%	24.98%	15.13%
Cash Return on Invested Capital (CROIC)	18.67%	-21.11%	20.68%	20.74%	17.26%	20.86%	29.58%	30.57%	8.46%	17.68%	11.75%
Operating Return on Assets (OROA)	12.21%	11.15%	11.05%	11.62%	11.91%	12.07%	12.07%	11.71%	12.42%	12.46%	8.38%
Return on Assets (ROA)	6.68%	5.94%	6.04%	8.27%	8.50%	8.73%	8.50%	8.66%	9.01%	8.91%	5.33%
Return on Common Equity (ROCE)	16.09%	16.20%	17.82%	21.91%	21.02%	22.21%	22.05%	22.52%	23.28%	22.46%	13.62%
Return on Equity Simple (ROE_SIMPLE)	17.31%	17.35%	18.48%	22.65%	23.95%	24.71%	24.08%	24.71%	26.54%	26.08%	16.45%
Net Operating Profit after Tax (NOPAT)	5,979	6,321	7,709	11,738	13,469	15,588	17,033	19,051	22,278	25,725	24,519
NOPAT Margin	4.58%	4.02%	4.17%	5.84%	5.95%	6.44%	6.62%	6.62%	6.87%	6.92%	6.13%
Net Nonoperating Expense Percent (NNEP)	-3.18%	-8.72%	-32.53%	-11.22%	-9.70%	-12.82%	-8.92%	-6.84%	-9.36%	-17.97%	-96.32%
Return On Investment Capital (ROIC_SIMPLE)	11.99%	-	-	-	-	-	-	-	16.02%	16.39%	14.00%
Cost of Revenue to Revenue	2.93%	10.32%	13.21%	11.99%	11.93%	11.61%	11.96%	10.79%	75.44%	75.52%	77.67%
SG&A Expenses to Revenue	16.30%	15.47%	15.37%	14.69%	15.06%	14.53%	16.22%	14.81%	14.74%	14.70%	13.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	89.19%	82.67%	79.80%	80.45%	80.40%	80.26%	79.33%	80.87%	15.79%	15.77%	14.27%
Earnings before Interest and Taxes (EBIT)	10,274	11,021	12,930	15,209	17,344	19,685	22,405	23,970	28,435	32,358	23,977
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11,752	12,714	14,985	17,454	19,772	22,405	25,296	27,073	31,835	36,330	28,076
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.56	2.91	3.56	4.06	4.27	4.52	4.83	6.36	6.18	5.40	5.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.64	0.63	0.74	0.96	0.98	1.08	1.23	1.59	1.48	1.29	1.16
Price to Earnings (P/E)	14.77	16.96	19.42	18.38	18.40	18.84	20.55	26.40	23.88	21.42	32.32
Dividend Yield	1.63%	1.81%	1.66%	1.44%	1.50%	1.50%	1.45%	1.16%	1.24%	1.41%	1.62%
Earnings Yield	6.77%	5.90%	5.15%	5.44%	5.43%	5.31%	4.87%	3.79%	4.19%	4.67%	3.09%
Enterprise Value to Invested Capital (EV/IC)	3.18	2.81	3.72	4.67	4.68	4.95	5.74	7.93	6.57	5.64	4.80
Enterprise Value to Revenue (EV/Rev)	0.56	0.64	0.73	0.93	0.95	1.05	1.18	1.53	1.47	1.28	1.18
Enterprise Value to EBITDA (EV/EBITDA)	6.27	7.90	8.94	10.66	10.87	11.36	12.02	16.25	14.92	13.07	16.77
Enterprise Value to EBIT (EV/EBIT)	7.17	9.12	10.37	12.24	12.39	12.93	13.57	18.36	16.71	14.68	19.64
Enterprise Value to NOPAT (EV/NOPAT)	12.33	15.90	17.39	15.86	15.95	16.32	17.85	23.10	21.32	18.46	19.21
Enterprise Value to Operating Cash Flow (EV/OCF)	9.16	10.32	13.68	13.69	13.67	13.78	13.71	19.69	18.13	16.34	19.46
Enterprise Value to Free Cash Flow (EV/FCFF)	17.72	0.00	18.07	23.65	29.01	25.07	19.70	26.55	87.84	34.32	43.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.51	0.90	0.82	0.61	0.65	0.65	0.62	0.60	0.67	0.63	0.75
Long-Term Debt to Equity	0.47	0.71	0.64	0.55	0.62	0.59	0.55	0.55	0.63	0.59	0.71
Financial Leverage	-0.34	-0.15	-0.05	-0.18	-0.21	-0.18	-0.21	-0.26	-0.22	-0.16	-0.10
Leverage Ratio	2.51	2.85	3.09	2.84	2.69	2.75	2.80	2.79	2.81	2.80	2.84
Compound Leverage Factor	2.35	2.65	2.84	2.62	2.47	2.52	2.59	2.59	2.61	2.52	2.38
Debt to Total Capital	33.96%	47.41%	45.07%	37.86%	39.40%	39.55%	38.13%	37.56%	40.02%	38.73%	42.84%
Short-Term Debt to Total Capital	2.73%	9.84%	9.83%	3.41%	2.13%	3.76%	4.23%	2.96%	2.16%	2.65%	2.53%
Long-Term Debt to Total Capital	31.23%	37.57%	35.23%	34.44%	37.27%	35.79%	33.90%	34.60%	37.86%	36.09%	40.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.71%	2.42%	2.62%	5.07%	4.88%	4.42%	4.43%	3.85%	5.96%	6.29%	5.53%
Common Equity to Total Capital	63.33%	50.17%	52.32%	57.07%	55.72%	56.02%	57.45%	58.59%	54.02%	54.97%	51.62%
Debt to EBITDA	1.48	2.51	2.20	1.82	1.85	1.82	1.72	1.70	1.81	1.72	2.74
Net Debt to EBITDA	-0.91	0.02	-0.28	-0.70	-0.52	-0.48	-0.69	-0.78	-0.44	-0.40	-0.16
Long-Term Debt to EBITDA	1.36	1.99	1.72	1.65	1.75	1.64	1.53	1.57	1.71	1.60	2.58
Debt to NOPAT	2.91	5.06	4.28	2.70	2.71	2.61	2.55	2.41	2.59	2.43	3.14
Net Debt to NOPAT	-1.78	0.04	-0.54	-1.03	-0.76	-0.69	-1.03	-1.10	-0.63	-0.57	-0.19
Long-Term Debt to NOPAT	2.68	4.01	3.34	2.46	2.57	2.36	2.27	2.22	2.45	2.26	2.95
Altman Z-Score	3.30	2.87	3.16	3.52	3.64	3.53	3.55	4.16	3.90	3.79	3.41
Noncontrolling Interest Sharing Ratio	3.82%	4.36%	4.69%	6.68%	8.11%	7.67%	7.23%	6.64%	8.16%	10.11%	9.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.74	0.69	0.73	0.73	0.69	0.74	0.79	0.77	0.79	0.83
Quick Ratio	0.62	0.61	0.59	0.62	0.61	0.58	0.62	0.66	0.65	0.69	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,160	-6,217	7,416	7,871	7,405	10,149	15,436	16,573	5,408	13,837	10,710
Operating Cash Flow to CapEx	527.93%	625.96%	574.49%	672.07%	761.66%	891.50%	1,081.13%	910.47%	935.26%	858.48%	691.74%
Free Cash Flow to Firm to Interest Expense	6.73	-7.87	6.95	6.64	5.29	5.96	9.28	9.98	2.59	4.26	2.74
Operating Cash Flow to Interest Expense	13.03	12.33	9.18	11.46	11.22	10.84	13.33	13.46	12.53	8.96	6.20
Operating Cash Flow Less CapEx to Interest Expense	10.56	10.36	7.58	9.76	9.75	9.62	12.10	11.98	11.19	7.91	5.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.55	1.59	1.58	1.54	1.55	1.49	1.39	1.40	1.42	1.43	1.40
Accounts Receivable Turnover	15.53	13.62	12.76	12.78	13.28	12.20	10.97	10.75	11.08	10.71	9.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	30.96	33.86	34.35	31.15	29.25	28.22	29.68	32.69	33.95	34.44	36.38
Accounts Payable Turnover	0.46	1.53	1.93	1.69	1.69	1.57	1.48	1.32	9.34	9.41	9.38
Days Sales Outstanding (DSO)	23.50	26.80	28.61	28.56	27.49	29.93	33.26	33.94	32.95	34.09	39.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	796.83	239.20	189.52	216.02	215.53	231.78	246.34	277.20	39.07	38.80	38.92
Cash Conversion Cycle (CCC)	-773.33	-212.40	-160.91	-187.46	-188.05	-201.86	-213.08	-243.26	-6.12	-4.71	0.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,185	35,723	36,016	39,883	45,947	51,386	52,983	55,461	72,331	84,219	98,028
Invested Capital Turnover	5.86	5.33	5.15	5.30	5.27	4.98	4.93	5.30	5.07	4.75	4.39
Increase / (Decrease) in Invested Capital	1,819	12,538	293	3,867	6,064	5,439	1,597	2,478	16,870	11,888	13,809
Enterprise Value (EV)	73,712	100,493	134,028	186,136	214,848	254,470	304,061	439,994	475,062	474,902	470,905
Market Capitalization	82,981	98,600	136,286	194,029	220,597	260,700	316,569	456,293	480,503	479,439	465,535
Book Value per Share	$33.81	$35.49	$40.21	$49.30	$53.74	$60.81	$69.02	$76.19	$83.24	$95.96	$100.68
Tangible Book Value per Share	($4.33)	($19.95)	($18.75)	($15.76)	($17.19)	($19.41)	($17.60)	($14.95)	($32.09)	($32.62)	($40.58)
Total Capital	51,248	67,426	73,159	83,714	92,781	102,840	114,006	122,482	143,970	161,456	179,495
Total Debt	17,406	31,965	32,970	31,692	36,554	40,678	43,467	46,003	57,623	62,537	76,904
Total Long-Term Debt	16,007	25,331	25,777	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359
Net Debt	-10,657	262	-4,173	-12,139	-10,280	-10,776	-17,556	-21,018	-14,016	-14,700	-4,563
Capital Expenditures (CapEx)	1,525	1,556	1,705	2,023	2,063	2,071	2,051	2,454	2,802	3,386	3,499
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14,904	-17,536	-21,455	-26,012	-26,868	-29,523	-33,664	-36,821	-44,969	-45,971	-42,558
Debt-free Net Working Capital (DFNWC)	-5,668	-4,625	-8,180	-10,522	-12,544	-15,278	-13,883	-12,914	-17,058	-16,343	-13,445
Net Working Capital (NWC)	-7,067	-11,259	-15,373	-13,379	-14,517	-19,148	-18,702	-16,534	-20,168	-20,617	-17,990
Net Nonoperating Expense (NNE)	360	453	636	915	1,087	1,349	1,264	1,319	1,639	2,581	9,277
Net Nonoperating Obligations (NNO)	-10,657	262	-4,173	-12,139	-10,280	-10,776	-17,556	-21,018	-14,016	-14,700	-4,563
Total Depreciation and Amortization (D&A)	1,478	1,693	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099
Debt-free, Cash-free Net Working Capital to Revenue	-11.42%	-11.16%	-11.61%	-12.93%	-11.88%	-12.19%	-13.09%	-12.80%	-13.87%	-12.37%	-10.63%
Debt-free Net Working Capital to Revenue	-4.34%	-2.94%	-4.43%	-5.23%	-5.54%	-6.31%	-5.40%	-4.49%	-5.26%	-4.40%	-3.36%
Net Working Capital to Revenue	-5.42%	-7.17%	-8.32%	-6.65%	-6.42%	-7.91%	-7.27%	-5.75%	-6.22%	-5.55%	-4.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.78	$6.10	$7.37	$10.95	$12.45	$14.55	$16.23	$18.33	$21.47	$24.12	$15.64
Adjusted Weighted Average Basic Shares Outstanding	972M	953M	952M	964M	963M	951M	949M	943M	937M	928M	921M
Adjusted Diluted Earnings per Share	$5.70	$6.01	$7.25	$10.72	$12.19	$14.33	$16.03	$18.08	$21.18	$23.86	$15.51
Adjusted Weighted Average Diluted Shares Outstanding	986M	967M	968M	985M	983M	966M	961M	956M	950M	938M	929M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	953.70M	950.67M	951.17M	967.66M	959.54M	948.57M	1.89B	940.90M	932.85M	921.93M	914.71M
Normalized Net Operating Profit after Tax (NOPAT)	5,979	6,321	7,709	11,738	13,469	15,588	17,033	19,051	22,278	25,725	24,519
Normalized NOPAT Margin	4.58%	4.02%	4.17%	5.84%	5.95%	6.44%	6.62%	6.62%	6.87%	6.92%	6.13%
Pre Tax Income Margin	7.40%	6.51%	6.42%	6.97%	7.05%	7.43%	8.07%	7.76%	8.13%	7.83%	5.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.62	13.95	12.12	12.82	12.39	11.55	13.47	14.44	13.59	9.97	6.14
NOPAT to Interest Expense	9.67	8.00	7.23	9.90	9.62	9.15	10.24	11.48	10.65	7.93	6.28
EBIT Less CapEx to Interest Expense	14.16	11.98	10.52	11.12	10.92	10.34	12.24	12.96	12.25	8.93	5.24
NOPAT Less CapEx to Interest Expense	7.21	6.03	5.63	8.19	8.15	7.93	9.01	10.00	9.31	6.88	5.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.24%	30.44%	31.97%	25.62%	26.81%	27.61%	29.07%	29.78%	29.03%	29.21%	49.42%
Augmented Payout Ratio	95.57%	50.89%	50.06%	39.48%	63.16%	70.58%	56.02%	65.52%	63.80%	66.93%	110.31%

This table displays calculated financial ratios and metrics derived from UnitedHealth Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.26%	14.70%	15.65%	14.18%	14.06%	8.56%	6.41%	9.16%	6.76%	9.80%	12.91%
EBITDA Growth	24.73%	17.03%	14.42%	14.99%	10.03%	-79.66%	-15.51%	2.06%	1.99%	451.85%	-19.26%
EBIT Growth	24.36%	16.35%	12.97%	14.26%	11.58%	-89.55%	-17.46%	1.90%	1.37%	977.40%	-23.17%
NOPAT Growth	19.75%	15.99%	13.33%	15.71%	16.90%	-152,174.20%	-2.53%	6.94%	4.07%	100.08%	-26.67%
Net Income Growth	17.11%	12.16%	8.81%	12.15%	15.63%	-121.15%	-21.85%	3.64%	1.92%	630.22%	-19.20%
EPS Growth	17.84%	12.90%	8.99%	12.43%	16.53%	-125.71%	-21.99%	4.33%	2.39%	547.71%	-17.62%
Operating Cash Flow Growth	-240.86%	206.96%	60.56%	-62.79%	-14.56%	-92.99%	-38.85%	102.04%	145.62%	376.92%	6.55%
Free Cash Flow Firm Growth	-653.02%	-370.26%	279.17%	-220.95%	51.64%	-137,206.04%	-955.54%	-59.83%	-30.08%	99.99%	107.56%
Invested Capital Growth	30.42%	24.71%	5.39%	42.68%	16.44%	35.51%	47.98%	42.59%	16.40%	9.11%	2.68%
Revenue Q/Q Growth	2.34%	11.05%	1.06%	-0.58%	2.24%	5.69%	-0.94%	1.99%	-0.01%	8.70%	1.86%
EBITDA Q/Q Growth	-5.03%	15.03%	0.24%	5.01%	-9.13%	-78.74%	316.40%	26.84%	-9.19%	15.05%	-39.08%
EBIT Q/Q Growth	-7.65%	17.34%	-0.36%	5.82%	-9.82%	-89.01%	686.98%	30.65%	-10.29%	16.81%	-43.88%
NOPAT Q/Q Growth	-5.92%	17.02%	-0.99%	6.15%	-4.94%	-152,318.94%	100.06%	16.46%	-7.50%	10.01%	-38.12%
Net Income Q/Q Growth	-8.84%	17.64%	-2.03%	6.74%	-6.01%	-121.52%	462.08%	41.55%	-7.57%	11.93%	-44.83%
EPS Q/Q Growth	-9.55%	18.53%	-2.18%	7.22%	-6.25%	-126.15%	396.73%	43.39%	-7.99%	14.36%	-45.40%
Operating Cash Flow Q/Q Growth	-124.44%	460.18%	-32.43%	-37.44%	-175.24%	122.03%	489.69%	106.72%	-83.01%	130.31%	31.74%
Free Cash Flow Firm Q/Q Growth	-201.77%	38.13%	141.78%	-559.77%	59.31%	-175,566.97%	99.74%	14.11%	66.88%	84.89%	276.03%
Invested Capital Q/Q Growth	52.26%	-6.22%	-3.47%	3.51%	24.26%	9.14%	5.42%	-0.26%	1.43%	2.30%	-0.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-164.72%	24.67%	24.64%	25.32%	23.30%	23.05%	88.53%	22.84%	-43.80%	21.70%	17.93%
EBITDA Margin	9.51%	9.85%	9.77%	10.32%	9.17%	1.85%	7.76%	9.65%	8.76%	9.28%	5.55%
Operating Margin	8.32%	8.80%	8.67%	9.23%	8.14%	7.95%	7.97%	8.64%	7.71%	8.32%	4.61%
EBIT Margin	8.32%	8.80%	8.67%	9.23%	8.14%	0.85%	6.73%	8.62%	7.73%	8.31%	4.58%
Profit (Net Income) Margin	5.93%	6.28%	6.09%	6.54%	6.01%	-1.22%	4.47%	6.21%	5.74%	5.91%	3.20%
Tax Burden Percent	78.97%	78.75%	78.25%	78.50%	82.74%	-122,100.00%	78.04%	82.19%	85.17%	79.87%	87.51%
Interest Burden Percent	90.19%	90.68%	89.72%	90.22%	89.21%	0.12%	85.19%	87.64%	87.13%	89.04%	79.90%
Effective Tax Rate	21.03%	21.25%	21.75%	21.50%	17.26%	122,200.00%	21.96%	17.81%	14.83%	20.13%	12.49%
Return on Invested Capital (ROIC)	33.35%	38.08%	37.07%	45.25%	31.99%	-46,102.81%	29.51%	34.01%	28.85%	28.36%	17.39%
ROIC Less NNEP Spread (ROIC-NNEP)	36.40%	40.66%	39.91%	47.38%	36.77%	-115,776.34%	41.40%	39.30%	37.53%	44.73%	41.88%
Return on Net Nonoperating Assets (RNNOA)	-7.83%	-11.13%	-10.52%	-16.50%	-5.70%	17,158.41%	-6.28%	-6.74%	-3.59%	-2.19%	-1.57%
Return on Equity (ROE)	25.52%	26.95%	26.55%	28.75%	26.29%	-28,944.40%	23.24%	27.28%	25.26%	26.17%	15.82%
Cash Return on Invested Capital (CROIC)	8.46%	15.90%	32.20%	7.87%	17.68%	-0.27%	-9.60%	-5.68%	11.75%	19.65%	23.37%
Operating Return on Assets (OROA)	11.79%	11.70%	11.85%	12.66%	11.65%	1.13%	9.16%	11.68%	10.82%	11.47%	6.51%
Return on Assets (ROA)	8.39%	8.36%	8.32%	8.96%	8.60%	-1.64%	6.09%	8.41%	8.03%	8.16%	4.55%
Return on Common Equity (ROCE)	23.43%	24.68%	23.78%	25.86%	23.63%	-25,928.65%	20.85%	24.61%	22.74%	23.54%	14.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	26.15%	26.38%	26.48%	0.00%	18.63%	16.69%	16.01%	0.00%	24.13%	0.00%
Net Operating Profit after Tax (NOPAT)	5,442	6,368	6,305	6,693	6,362	-9,683,751	6,146	7,157	6,620	7,283	4,507
NOPAT Margin	6.57%	6.93%	6.79%	7.25%	6.74%	-9,703.55%	6.22%	7.10%	6.57%	6.65%	4.04%
Net Nonoperating Expense Percent (NNEP)	-3.05%	-2.58%	-2.84%	-2.12%	-4.78%	69,673.53%	-11.89%	-5.29%	-8.68%	-16.37%	-24.49%
Return On Investment Capital (ROIC_SIMPLE)	3.91%	-	-	-	4.05%	-	-	-	3.78%	4.00%	2.51%
Cost of Revenue to Revenue	264.72%	75.33%	75.36%	74.68%	76.70%	76.95%	11.47%	77.16%	143.80%	78.30%	82.07%
SG&A Expenses to Revenue	15.71%	14.82%	14.86%	15.00%	14.13%	14.11%	13.31%	13.17%	12.39%	12.41%	12.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-173.05%	15.88%	15.96%	16.09%	15.16%	15.10%	80.56%	14.20%	-51.51%	13.37%	13.32%
Earnings before Interest and Taxes (EBIT)	6,891	8,086	8,057	8,526	7,689	845	6,650	8,688	7,794	9,104	5,109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,873	9,056	9,078	9,533	8,663	1,842	7,670	9,729	8,835	10,165	6,193
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.18	5.32	5.35	5.44	5.40	5.24	5.25	5.71	5.02	5.04	2.99
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.48	1.29	1.26	1.28	1.29	1.20	1.22	1.37	1.16	1.17	0.67
Price to Earnings (P/E)	23.88	20.88	20.87	21.21	21.42	29.57	33.24	37.71	32.32	21.67	13.29
Dividend Yield	1.24%	1.42%	1.44%	1.42%	1.41%	1.53%	1.52%	1.36%	1.62%	1.60%	2.73%
Earnings Yield	4.19%	4.79%	4.79%	4.71%	4.67%	3.38%	3.01%	2.65%	3.09%	4.61%	7.53%
Enterprise Value to Invested Capital (EV/IC)	6.57	6.17	6.47	6.54	5.64	5.00	4.92	5.61	4.80	4.83	2.89
Enterprise Value to Revenue (EV/Rev)	1.47	1.25	1.22	1.23	1.28	1.21	1.24	1.38	1.18	1.18	0.68
Enterprise Value to EBITDA (EV/EBITDA)	14.92	12.63	12.36	12.47	13.07	12.69	13.22	14.96	16.77	13.31	8.24
Enterprise Value to EBIT (EV/EBIT)	16.71	14.16	13.90	14.05	14.68	14.27	14.87	16.83	19.64	15.02	9.38
Enterprise Value to NOPAT (EV/NOPAT)	21.32	18.09	17.73	17.87	18.46	19.24	20.16	22.40	19.21	17.77	11.27
Enterprise Value to Operating Cash Flow (EV/OCF)	18.13	11.25	10.24	14.91	16.34	33.08	49.61	32.57	19.46	16.98	9.94
Enterprise Value to Free Cash Flow (EV/FCFF)	87.84	43.11	20.62	97.79	34.32	0.00	0.00	0.00	43.97	25.65	12.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.78	0.71	0.67	0.63	0.76	0.76	0.75	0.75	0.77	0.76
Long-Term Debt to Equity	0.63	0.67	0.64	0.62	0.59	0.66	0.64	0.71	0.71	0.68	0.70
Financial Leverage	-0.22	-0.27	-0.26	-0.35	-0.16	-0.15	-0.15	-0.17	-0.10	-0.05	-0.04
Leverage Ratio	2.81	3.00	2.95	2.97	2.80	3.03	2.96	2.93	2.84	2.94	2.91
Compound Leverage Factor	2.54	2.72	2.64	2.68	2.50	0.00	2.52	2.57	2.47	2.62	2.33
Debt to Total Capital	40.02%	43.79%	41.58%	40.27%	38.73%	43.17%	43.08%	42.75%	42.84%	43.59%	43.05%
Short-Term Debt to Total Capital	2.16%	6.16%	4.01%	3.36%	2.65%	5.74%	6.52%	2.14%	2.53%	5.36%	3.10%
Long-Term Debt to Total Capital	37.86%	37.63%	37.57%	36.91%	36.09%	37.44%	36.56%	40.61%	40.31%	38.23%	39.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.96%	5.78%	6.21%	6.03%	6.29%	6.00%	5.66%	5.44%	5.53%	5.43%	5.47%
Common Equity to Total Capital	54.02%	50.44%	52.21%	53.70%	54.97%	50.83%	51.26%	51.81%	51.62%	50.98%	51.49%
Debt to EBITDA	1.81	2.13	1.91	1.78	1.72	2.03	2.09	2.15	2.74	2.23	2.27
Net Debt to EBITDA	-0.44	-0.69	-0.78	-0.74	-0.40	-0.14	-0.06	-0.22	-0.16	-0.13	-0.15
Long-Term Debt to EBITDA	1.71	1.83	1.73	1.63	1.60	1.76	1.77	2.05	2.58	1.96	2.10
Debt to NOPAT	2.59	3.05	2.74	2.55	2.43	3.08	3.18	3.22	3.14	2.98	3.10
Net Debt to NOPAT	-0.63	-0.98	-1.12	-1.06	-0.57	-0.21	-0.10	-0.32	-0.19	-0.18	-0.21
Long-Term Debt to NOPAT	2.45	2.62	2.48	2.34	2.26	2.67	2.70	3.06	2.95	2.62	2.88
Altman Z-Score	3.61	2.96	3.10	3.21	3.50	3.18	3.33	3.49	3.23	3.20	2.63
Noncontrolling Interest Sharing Ratio	8.16%	8.43%	10.45%	10.04%	10.11%	10.42%	10.28%	9.78%	9.97%	10.08%	9.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.81	0.80	0.80	0.79	0.85	0.88	0.91	0.83	0.85	0.85
Quick Ratio	0.65	0.72	0.71	0.72	0.69	0.76	0.78	0.83	0.75	0.77	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11,428	-7,070	2,954	-13,581	-5,526	-9,707,839	-25,272	-21,707	-7,189	-1,086	1,912
Operating Cash Flow to CapEx	-523.44%	2,148.29%	1,330.76%	823.63%	-541.50%	153.97%	790.86%	1,407.16%	259.76%	607.57%	811.29%
Free Cash Flow to Firm to Interest Expense	-16.91	-9.38	3.57	-16.28	-6.66	-11,502.18	-25.66	-20.21	-7.17	-1.09	1.86
Operating Cash Flow to Interest Expense	-6.71	21.65	13.32	8.28	-6.26	1.36	6.85	12.98	2.36	5.47	7.00
Operating Cash Flow Less CapEx to Interest Expense	-7.99	20.65	12.32	7.27	-7.41	0.48	5.98	12.06	1.45	4.57	6.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.42	1.33	1.37	1.37	1.43	1.34	1.36	1.36	1.40	1.38	1.42
Accounts Receivable Turnover	11.08	9.88	10.68	10.41	10.71	9.08	9.18	9.17	9.16	8.25	8.24
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	33.95	33.90	34.26	35.05	34.44	36.03	37.19	37.14	36.38	38.75	40.80
Accounts Payable Turnover	9.34	3.44	5.70	7.42	9.41	1.53	0.00	0.00	9.38	9.95	10.26
Days Sales Outstanding (DSO)	32.95	36.93	34.16	35.06	34.09	40.20	39.75	39.80	39.86	44.26	44.29
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	39.07	106.09	63.99	49.21	38.80	238.79	0.00	0.00	38.92	36.69	35.56
Cash Conversion Cycle (CCC)	-6.12	-69.16	-29.83	-14.15	-4.71	-198.59	39.75	39.80	0.94	7.57	8.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	72,331	67,829	65,478	67,778	84,219	91,917	96,896	96,642	98,028	100,286	99,491
Invested Capital Turnover	5.07	5.50	5.46	6.25	4.75	4.75	4.75	4.79	4.39	4.27	4.31
Increase / (Decrease) in Invested Capital	16,870	13,438	3,351	20,274	11,888	24,088	31,418	28,864	13,809	8,369	2,595
Enterprise Value (EV)	475,062	418,834	423,752	443,313	474,902	459,383	476,252	542,011	470,905	484,329	287,768
Market Capitalization	480,503	432,317	440,627	460,029	479,439	454,154	468,715	539,904	465,535	479,081	283,001
Book Value per Share	$83.24	$87.17	$88.45	$91.22	$95.96	$94.03	$97.09	$102.38	$100.68	$103.90	$104.42
Tangible Book Value per Share	($32.09)	($37.80)	($37.55)	($34.99)	($32.62)	($37.44)	($33.47)	($37.94)	($40.58)	($38.78)	($39.09)
Total Capital	143,970	161,210	157,745	157,349	161,456	170,555	174,332	182,465	179,495	186,440	183,977
Total Debt	57,623	70,588	65,589	63,369	62,537	73,637	75,098	78,010	76,904	81,271	79,193
Total Long-Term Debt	54,513	60,657	59,268	58,079	58,263	63,850	63,727	74,101	72,359	71,285	73,495
Net Debt	-14,016	-22,793	-26,678	-26,202	-14,700	-5,001	-2,338	-7,813	-4,563	-4,883	-5,293
Capital Expenditures (CapEx)	866	760	829	838	959	743	853	991	912	898	886
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44,969	-59,153	-63,070	-61,081	-45,971	-38,412	-32,584	-42,532	-42,558	-41,491	-43,404
Debt-free Net Working Capital (DFNWC)	-17,058	-12,656	-16,791	-16,984	-16,343	-5,702	-1,261	-5,398	-13,445	-7,200	-11,384
Net Working Capital (NWC)	-20,168	-22,587	-23,112	-22,274	-20,617	-15,489	-12,632	-9,307	-17,990	-17,186	-17,082
Net Nonoperating Expense (NNE)	534	594	648	655	687	-9,682,530	1,725	899	836	809	935
Net Nonoperating Obligations (NNO)	-14,016	-22,793	-26,678	-26,202	-14,700	-5,001	-2,338	-7,813	-4,563	-4,883	-5,293
Total Depreciation and Amortization (D&A)	982	970	1,021	1,007	974	997	1,020	1,041	1,041	1,061	1,084
Debt-free, Cash-free Net Working Capital to Revenue	-13.87%	-17.61%	-18.10%	-16.97%	-12.37%	-10.12%	-8.45%	-10.80%	-10.63%	-10.12%	-10.27%
Debt-free Net Working Capital to Revenue	-5.26%	-3.77%	-4.82%	-4.72%	-4.40%	-1.50%	-0.33%	-1.37%	-3.36%	-1.76%	-2.69%
Net Working Capital to Revenue	-6.22%	-6.72%	-6.63%	-6.19%	-5.55%	-4.08%	-3.28%	-2.36%	-4.49%	-4.19%	-4.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.09	$6.01	$5.89	$6.31	$5.91	($1.53)	$4.58	$6.56	$6.03	$6.90	$3.76
Adjusted Weighted Average Basic Shares Outstanding	937M	933M	930M	926M	928M	922M	921M	923M	921M	912M	907M
Adjusted Diluted Earnings per Share	$5.02	$5.95	$5.82	$6.24	$5.85	($1.53)	$4.54	$6.51	$5.99	$6.85	$3.74
Adjusted Weighted Average Diluted Shares Outstanding	950M	943M	940M	936M	938M	922M	928M	930M	929M	918M	910M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	932.85M	931.03M	926.31M	924.93M	921.93M	920.39M	923.42M	920.28M	914.71M	907.14M	905.67M
Normalized Net Operating Profit after Tax (NOPAT)	5,442	6,368	6,305	6,693	6,362	5,552	6,146	7,157	6,620	7,283	4,507
Normalized NOPAT Margin	6.57%	6.93%	6.79%	7.25%	6.74%	5.56%	6.22%	7.10%	6.57%	6.65%	4.04%
Pre Tax Income Margin	7.51%	7.98%	7.78%	8.33%	7.26%	0.00%	5.73%	7.55%	6.74%	7.40%	3.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.19	10.72	9.73	10.22	9.26	1.00	6.75	8.09	7.77	9.12	4.97
NOPAT to Interest Expense	8.05	8.45	7.61	8.02	7.66	-11,473.64	6.24	6.66	6.60	7.30	4.39
EBIT Less CapEx to Interest Expense	8.91	9.72	8.73	9.22	8.11	0.12	5.89	7.17	6.86	8.22	4.11
NOPAT Less CapEx to Interest Expense	6.77	7.44	6.61	7.02	6.51	-11,474.52	5.37	5.74	5.69	6.40	3.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.03%	28.99%	29.31%	29.33%	29.21%	43.06%	47.88%	48.50%	49.42%	33.64%	35.23%
Augmented Payout Ratio	63.80%	60.39%	62.34%	63.64%	66.93%	103.75%	93.50%	89.85%	110.31%	73.78%	88.44%

Key Financial Trends

UnitedHealth Group (NYSE: UNH) has demonstrated a solid financial performance over the past four years with consistent revenue growth and robust profitability.

Positive trends observed:

Operating Revenue has increased steadily from approximately $70.2 billion in Q1 2021 to about $111.6 billion in Q2 2025, indicating strong top-line growth.
Net Income attributable to common shareholders shows a strong rebound from a loss in Q1 2024 (-$1.41 billion) to positive $3.41 billion in Q2 2025, suggesting improved operational efficiency and profitability.
Consistent generation of positive cash flow from operating activities, with $7.19 billion in Q2 2025 and $5.46 billion in Q1 2025, showing strong cash generation capability.
Steady repayments of debt across quarters, reducing financial leverage; for example, $1.41 billion repaid in Q2 2025 and $505 million in Q1 2025.
Healthy retained earnings growth with $97.25 billion in Q2 2025 up from $69.02 billion in Q2 2021, supporting balance sheet strength and shareholder equity.
Robust investments in property, plant, and equipment, reflecting reinvestment in the business to support growth — approximately $886 million in Q2 2025.
Consistent dividend payments and equity repurchases, with $2 billion paid in dividends and $2.54 billion in stock repurchases during Q2 2025, indicating management confidence and shareholder return focus.

Neutral observations:

Goodwill and intangible assets remain significant with goodwill valued at approximately $107.7 billion in Q2 2025, reflecting acquisition strategy but may require monitoring for impairment risk.
Total liabilities have increased over the years, standing at $203.8 billion in Q2 2025, though equity growth offsets this, showing the company is still well-capitalized.
Interest expense remains fairly stable around $1 billion per quarter, indicating manageable financing costs but exposure to interest rate fluctuations.

Negative factors to consider:

Significant use of cash in acquisitions and purchase of investments, with $32 million acquisitions and $4.05 billion investments purchased in Q2 2025, which may stress liquidity if not managed carefully.
Net cash used in financing activities was large at $7.95 billion in Q2 2025, largely driven by repayments and repurchases, potentially constraining financial flexibility in the short term.
Negative net change in cash and equivalents in several quarters, including a $2.12 billion decrease in Q2 2025, signaling potential liquidity management areas to watch.
Quarterly fluctuations in net income and cash flow, especially the loss in early 2024 quarters, could indicate volatility in earnings quality or operational challenges that should be monitored.
Accumulated other comprehensive loss of about $2.5 billion in Q2 2025, indicating some unfavorable items affecting equity outside net income.

Summary: UnitedHealth Group has shown notable revenue growth, recovering profitability, and strong cash flow generation in recent quarters, reflecting operational strength. The company is actively investing in capital expenditures and acquisitions to drive future growth while maintaining shareholder returns through dividends and buybacks. However, investors should watch ongoing cash usage in financing activities and potential volatility in earnings. Overall, UnitedHealth Group's financial trajectory appears positive, supported by solid fundamentals and strategic investments.

08/23/25 09:41 AMAI Generated. May Contain Errors.

Frequently Asked Questions About UnitedHealth Group's Financials

When does UnitedHealth Group's fiscal year end?

According to the most recent income statement we have on file, UnitedHealth Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has UnitedHealth Group's net income changed over the last 10 years?

UnitedHealth Group's net income appears to be on an upward trend, with a most recent value of $15.24 billion in 2024, rising from $5.62 billion in 2014. The previous period was $23.14 billion in 2023. View UnitedHealth Group's forecast to see where analysts expect UnitedHealth Group to go next.

What is UnitedHealth Group's operating income?

UnitedHealth Group's total operating income in 2024 was $32.29 billion, based on the following breakdown:

Total Gross Profit: $89.40 billion
Total Operating Expenses: $57.11 billion

How has UnitedHealth Group's revenue changed over the last 10 years?

Over the last 10 years, UnitedHealth Group's total revenue changed from $130.48 billion in 2014 to $400.28 billion in 2024, a change of 206.8%.

How much debt does UnitedHealth Group have?

UnitedHealth Group's total liabilities were at $195.69 billion at the end of 2024, a 11.9% increase from 2023, and a 272.5% increase since 2014.

How much cash does UnitedHealth Group have?

In the past 10 years, UnitedHealth Group's cash and equivalents has ranged from $7.50 billion in 2014 to $25.43 billion in 2023, and is currently $25.31 billion as of their latest financial filing in 2024.

How has UnitedHealth Group's book value per share changed over the last 10 years?

Over the last 10 years, UnitedHealth Group's book value per share changed from 33.81 in 2014 to 100.68 in 2024, a change of 197.8%.

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This page (NYSE:UNH) was last updated on 8/23/2025 by MarketBeat.com Staff

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