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Stocks · Health care · Hospital & Medical Service Plans

UnitedHealth Group

UNH Clue Score44
United States Fiscal year ends December CIK 0000731766
$379.30 +2.25% Close, 9 Oct 2026
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Price $379.30 −6.34% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue184.84Operating income12.93Net income7.02EPS, diluted7.25Fiscal year 2017Revenue201.16 +8.8%Operating income15.21Net income10.56 +50.5%EPS, diluted10.72 +47.9%Fiscal year 2018Revenue226.25 +12.5%Operating income17.34Net income11.99 +13.5%EPS, diluted12.19 +13.7%Fiscal year 2019Revenue242.16 +7.0%Operating income19.69Net income13.84 +15.5%EPS, diluted14.33 +17.6%Fiscal year 2020Revenue257.14 +6.2%Operating income22.41Net income15.40 +11.3%EPS, diluted16.03 +11.9%Fiscal year 2021Revenue287.60 +11.8%Operating income23.97Net income17.29 +12.2%EPS, diluted18.08 +12.8%Fiscal year 2022Revenue324.16 +12.7%Operating income28.44Net income20.12 +16.4%EPS, diluted21.18 +17.1%Fiscal year 2023Revenue371.62 +14.6%Operating income32.36Net income22.38 +11.2%EPS, diluted23.86 +12.7%Fiscal year 2024Revenue400.28 +7.7%Operating income32.29Net income14.41 −35.6%EPS, diluted15.51 −35.0%Fiscal year 2025Revenue447.57 +11.8%Operating income18.96Net income12.06 −16.3%EPS, diluted13.23 −14.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 184.84 201.16 226.25 242.16 257.14 287.60 324.16 371.62 400.28 447.57
Growth +8.8% +12.5% +7.0% +6.2% +11.8% +12.7% +14.6% +7.7% +11.8%
Operating income 12.93 15.21 17.34 19.69 22.41 23.97 28.44 32.36 32.29 18.96
Net income 7.02 10.56 11.99 13.84 15.40 17.29 20.12 22.38 14.41 12.06
Growth +50.5% +13.5% +15.5% +11.3% +12.2% +16.4% +11.2% −35.6% −16.3%
EPS, diluted 7.25 10.72 12.19 14.33 16.03 18.08 21.18 23.86 15.51 13.23
Growth +47.9% +13.7% +17.6% +11.9% +12.8% +17.1% +12.7% −35.0% −14.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin7.0%Net margin3.8%Free cash flow margin4.4%Fiscal year 2017Operating margin7.6%Net margin5.2%Free cash flow margin5.8%Fiscal year 2018Operating margin7.7%Net margin5.3%Free cash flow margin6.0%Fiscal year 2019Operating margin8.1%Net margin5.7%Free cash flow margin6.8%Fiscal year 2020Operating margin8.7%Net margin6.0%Free cash flow margin7.8%Fiscal year 2021Operating margin8.3%Net margin6.0%Free cash flow margin6.9%Fiscal year 2022Operating margin8.8%Net margin6.2%Free cash flow margin7.2%Fiscal year 2023Operating margin8.7%Net margin6.0%Free cash flow margin6.9%Fiscal year 2024Operating margin8.1%Net margin3.6%Free cash flow margin5.2%Fiscal year 2025Operating margin4.2%Net margin2.7%Free cash flow margin3.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 7.0% 7.6% 7.7% 8.1% 8.7% 8.3% 8.8% 8.7% 8.1% 4.2%
Net margin 3.8% 5.2% 5.3% 5.7% 6.0% 6.0% 6.2% 6.0% 3.6% 2.7%
Free cash flow margin 4.4% 5.8% 6.0% 6.8% 7.8% 6.9% 7.2% 6.9% 5.2% 3.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow9.80Capital expenditure−1.71Free cash flow8.09Buybacks−1.28Dividends paid−2.26Fiscal year 2017Operating cash flow13.60Capital expenditure−2.02Free cash flow11.57 +43.1%Buybacks−1.50Dividends paid−2.77Fiscal year 2018Operating cash flow15.71Capital expenditure−2.06Free cash flow13.65 +17.9%Buybacks−4.50Dividends paid−3.32Fiscal year 2019Operating cash flow18.46Capital expenditure−2.07Free cash flow16.39 +20.1%Buybacks−5.50Dividends paid−3.93Fiscal year 2020Operating cash flow22.17Capital expenditure−2.05Free cash flow20.12 +22.8%Buybacks−4.25Dividends paid−4.58Fiscal year 2021Operating cash flow22.34Capital expenditure−2.45Free cash flow19.89 −1.2%Buybacks−5.00Dividends paid−5.28Fiscal year 2022Operating cash flow26.21Capital expenditure−2.80Free cash flow23.40 +17.7%Buybacks−7.00Dividends paid−5.99Fiscal year 2023Operating cash flow29.07Capital expenditure−3.39Free cash flow25.68 +9.7%Buybacks−8.00Dividends paid−6.76Fiscal year 2024Operating cash flow24.20Capital expenditure−3.50Free cash flow20.71 −19.4%Buybacks−9.00Dividends paid−7.53Fiscal year 2025Operating cash flow19.70Capital expenditure−3.62Free cash flow16.08 −22.4%Buybacks−5.55Dividends paid−7.92
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 9.80 13.60 15.71 18.46 22.17 22.34 26.21 29.07 24.20 19.70
Capital expenditure −1.71 −2.02 −2.06 −2.07 −2.05 −2.45 −2.80 −3.39 −3.50 −3.62
Free cash flow 8.09 11.57 13.65 16.39 20.12 19.89 23.40 25.68 20.71 16.08
Growth +43.1% +17.9% +20.1% +22.8% −1.2% +17.7% +9.7% −19.4% −22.4%
Buybacks −1.28 −1.50 −4.50 −5.50 −4.25 −5.00 −7.00 −8.00 −9.00 −5.55
Dividends paid −2.26 −2.77 −3.32 −3.93 −4.58 −5.28 −5.99 −6.76 −7.53 −7.92

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash10.43Total debt32.97Net cash (debt)−22.54Shareholders’ equity38.18Debt to equity0.86Fiscal year 2017Cash11.98Total debt31.69Net cash (debt)−19.71Shareholders’ equity49.83Debt to equity0.64Fiscal year 2018Cash10.87Total debt36.55Net cash (debt)−25.69Shareholders’ equity54.32Debt to equity0.67Fiscal year 2019Cash10.99Total debt40.68Net cash (debt)−29.69Shareholders’ equity60.44Debt to equity0.67Fiscal year 2020Cash16.92Total debt43.47Net cash (debt)−26.55Shareholders’ equity68.33Debt to equity0.64Fiscal year 2021Cash21.38Total debt46.00Net cash (debt)−24.63Shareholders’ equity75.05Debt to equity0.61Fiscal year 2022Cash23.37Total debt54.51Net cash (debt)−31.15Shareholders’ equity81.45Debt to equity0.67Fiscal year 2023Cash25.43Total debt58.26Net cash (debt)−32.84Shareholders’ equity94.42Debt to equity0.62Fiscal year 2024Cash25.31Total debt72.36Net cash (debt)−47.05Shareholders’ equity98.27Debt to equity0.74Fiscal year 2025Cash24.37Total debt72.32Net cash (debt)−47.96Shareholders’ equity100.09Debt to equity0.72
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 10.43 11.98 10.87 10.99 16.92 21.38 23.37 25.43 25.31 24.37
Total debt 32.97 31.69 36.55 40.68 43.47 46.00 54.51 58.26 72.36 72.32
Net cash (debt) −22.54 −19.71 −25.69 −29.69 −26.55 −24.63 −31.15 −32.84 −47.05 −47.96
Shareholders’ equity 38.18 49.83 54.32 60.44 68.33 75.05 81.45 94.42 98.27 100.09
Debt to equity 0.86 0.64 0.67 0.67 0.64 0.61 0.67 0.62 0.74 0.72

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
7.0% 7.6% 7.7% 8.1% 8.7% 8.3% 8.8% 8.7% 8.1% 4.2%
6.4% 7.0% 7.0% 7.4% 8.1% 7.8% 8.1% 7.8% 5.0% 3.3%
3.8% 5.2% 5.3% 5.7% 6.0% 6.0% 6.2% 6.0% 3.6% 2.7%
4.4% 5.8% 6.0% 6.8% 7.8% 6.9% 7.2% 6.9% 5.2% 3.6%
Spending
15.4% 14.7% 15.1% 14.5% 16.2% 14.8% 14.7% 14.7% 13.2% 13.3%
0.9% 1.0% 0.9% 0.9% 0.8% 0.9% 0.9% 0.9% 0.9% 0.8%
40.4% 22.8% 22.3% 20.8% 24.0% 20.5% 21.7% 20.5% 24.1% 12.9%
Returns
18.4% 21.2% 22.1% 22.9% 22.5% 23.0% 24.7% 23.7% 14.7% 12.0%
5.7% 7.6% 7.9% 8.0% 7.8% 8.1% 8.2% 8.2% 4.8% 3.9%
Balance and payout
0.86 0.64 0.67 0.67 0.64 0.61 0.67 0.62 0.74 0.72
67.3% 62.6% 63.1% 64.3% 64.2% 64.0% 64.9% 63.9% 65.6% 67.1%
32.2% 26.3% 27.7% 28.4% 29.8% 30.5% 29.8% 30.2% 52.3% 65.7%
43.8% 36.9% 57.3% 57.5% 43.9% 51.7% 55.5% 57.5% 79.9% 83.7%