UnitedHealth Group Incorporated (UNH) Income Statement
UNH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUNH revenue and net income
Where UNH's revenue goes
2025Each bar shows an amount and its share of revenue. UNH kept 2.7% of revenue as net income.
UNH profit margins
UNH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.8% | +11.4% | +11.7% | +11.0% |
| Gross profit | −7.3% | +1.4% | +4.4% | +8.4% |
| Operating income | −41.3% | −12.6% | −3.3% | +5.6% |
| Net income | −16.3% | −15.7% | −4.8% | +7.6% |
| EPS (diluted) | −41.1% | −9.8% | −0.7% | +10.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UNH quarterly EPS vs estimates
UnitedHealth beat the analyst EPS estimate in 6 of the last 8 quarters.
UNH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $447.57B | $400.28B | $371.62B | $324.16B | $287.60B | $257.14B | $242.16B | $226.25B | $201.16B | $184.84B |
| Cost of revenue | $364.65B | $310.88B | $280.66B | $244.54B | $217.94B | $190.14B | $184.56B | $172.40B | $154.15B | $141.45B |
| Gross profit | $82.92B | $89.40B | $90.96B | $79.62B | $69.65B | $67.00B | $57.60B | $53.85B | $47.01B | $43.39B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $59.59B | $53.01B | $54.63B | $47.78B | $42.58B | $41.70B | $35.19B | $34.07B | $29.56B | $28.40B |
| Total operating expenses | $63.95B | $57.11B | $58.60B | $51.18B | $45.68B | $44.59B | $37.91B | $36.50B | $31.80B | $30.46B |
| Operating income | $18.96B | $32.29B | $32.36B | $28.43B | $23.97B | $22.41B | $19.68B | $17.34B | $15.21B | $12.93B |
| Interest income | $4.00B | $3.91B | $3.25B | $2.09B | $1.66B | $1.66B | $1.70B | $1.40B | $1.19B | $1.07B |
| Interest expense | $4.00B | $3.91B | $3.25B | $2.09B | $1.66B | $1.66B | $1.70B | $1.40B | $1.19B | $1.07B |
| Income before taxes | $14.70B | $20.07B | $29.11B | $26.34B | $22.31B | $20.74B | $17.98B | $15.94B | $14.02B | $11.86B |
| Income taxes | $1.89B | $4.83B | $5.97B | $5.70B | $4.58B | $4.97B | $3.74B | $3.56B | $3.20B | $4.79B |
| Net income | $12.06B | $14.40B | $22.38B | $20.12B | $17.29B | $15.40B | $13.84B | $11.99B | $10.56B | $7.02B |
| EBITDA | $23.06B | $28.08B | $36.33B | $31.84B | $27.07B | $25.30B | $22.41B | $19.77B | $17.45B | $14.98B |
| EPS (diluted) | $16.31 | $27.67 | $25.12 | $22.19 | $19.01 | $16.87 | $15.11 | $12.87 | $10.08 | $8.05 |
| Gross margin | 18.5% | 22.3% | 24.5% | 24.6% | 24.2% | 26.1% | 23.8% | 23.8% | 23.4% | 23.5% |
| Operating margin | 4.2% | 8.1% | 8.7% | 8.8% | 8.3% | 8.7% | 8.1% | 7.7% | 7.6% | 7.0% |
| Net margin | 2.7% | 3.6% | 6.0% | 6.2% | 6.0% | 6.0% | 5.7% | 5.3% | 5.2% | 3.8% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $112.69B | $112.03B | $111.72B | $113.22B | $113.16B | $111.62B | $109.58B | $100.81B | $100.82B | $98.86B | $99.80B | $94.43B |
| Cost of revenue | $90.69B | $75.36B | $86.31B | $94.72B | $92.52B | $91.60B | $85.80B | $79.50B | $77.79B | $76.80B | $76.79B | $72.42B |
| Gross profit | $22.00B | $36.67B | $25.41B | $18.49B | $20.64B | $20.01B | $23.77B | $21.31B | $23.03B | $22.06B | $23.00B | $22.00B |
| Sales, general & admin | — | — | $15.39B | $17.00B | $15.22B | $13.78B | $13.59B | $12.49B | $13.28B | $13.16B | — | — |
| Total operating expenses | $15.44B | $28.68B | $16.42B | $18.11B | $16.32B | $14.86B | $14.65B | $13.54B | $14.32B | $14.18B | $15.07B | $14.31B |
| Operating income | $6.56B | $7.99B | $8.99B | $380.0M | $4.32B | $5.15B | $9.12B | $7.77B | $8.71B | $7.88B | $7.93B | $7.69B |
| Interest income | — | — | — | $974.0M | $1.00B | $1.03B | $998.0M | $1.00B | $1.07B | $985.0M | — | — |
| Interest expense | $963.0M | $962.0M | $955.0M | $974.0M | $1.00B | $1.03B | $998.0M | $1.00B | $1.07B | $985.0M | $844.0M | $830.0M |
| Income before taxes | $5.52B | $6.97B | $7.96B | −$720.0M | $3.23B | $4.08B | $8.11B | $6.79B | $7.61B | $5.67B | $1.0M | $6.86B |
| Income taxes | $1.22B | $1.30B | $1.48B | −$938.0M | $686.0M | $510.0M | $1.63B | $1.01B | $1.36B | $1.24B | $1.22B | $1.18B |
| Net income | $4.11B | $5.48B | $6.28B | $10.0M | $2.35B | $3.41B | $6.29B | $5.54B | $6.05B | $4.22B | −$1.41B | $5.46B |
| EBITDA | $7.56B | $8.97B | $10.09B | $1.37B | $5.33B | $6.19B | $10.16B | $8.84B | $9.73B | $7.67B | $1.84B | $8.66B |
| EPS (diluted) | $4.69 | $6.38 | $7.23 | $2.11 | $2.92 | $4.08 | $7.20 | $6.81 | $7.15 | $6.80 | $6.91 | $6.16 |
| Gross margin | 19.5% | 32.7% | 22.7% | 16.3% | 18.2% | 17.9% | 21.7% | 21.1% | 22.8% | 22.3% | 23.1% | 23.3% |
| Operating margin | 5.8% | 7.1% | 8.0% | 0.3% | 3.8% | 4.6% | 8.3% | 7.7% | 8.6% | 8.0% | 7.9% | 8.1% |
| Net margin | 3.6% | 4.9% | 5.6% | 0.0% | 2.1% | 3.1% | 5.7% | 5.5% | 6.0% | 4.3% | −1.4% | 5.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UNH's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UNH financial results
In fiscal year 2025 (ended December 31, 2025), UnitedHealth reported revenue of $447.6 billion, up 11.8% from the year before. It had net income of $12.1 billion (down 16.3%), a net profit margin of 2.7%. Diluted earnings per share came to $16.31. Over five years revenue grew at an average rate of 11.7% a year.
See the UNH stock overview for the latest quote and news, or the UNH chart for price history and technical indicators.
UNH income statement FAQ
What is UnitedHealth's annual revenue?
UnitedHealth reported total revenue of $447.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.8% from $400.3 billion the previous year.
Is UnitedHealth profitable?
Yes. UnitedHealth reported net income of $12.1 billion in fiscal 2025, a net profit margin of 2.7%; its operating margin was 4.2%.
What is UnitedHealth's gross margin?
UnitedHealth's gross margin was 18.5% in fiscal 2025: for every $100 of revenue, UnitedHealth kept $19 after the direct cost of its products and services.
How fast is UnitedHealth growing?
Revenue grew 11.7% a year on average over the last five fiscal years, from $257.1 billion to $447.6 billion.
What are UnitedHealth's earnings per share?
UnitedHealth earned $16.31 per diluted share in fiscal 2025, compared with $27.67 a year earlier.
When does UnitedHealth's fiscal year end?
UnitedHealth's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.