UnitedHealth GroupUNHEarnings & Financial Report
UnitedHealth Group Incorporated is an American multinational for-profit company specializing in health insurance and health care services based in Eden Prairie, Minnesota. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's seventh-largest company by revenue and the largest health care company by revenue. The company is ranked seventh on the 2025 Fortune Global 500.
Revenue
$98.9B
Gross Profit
$87.5B
Operating Profit
$7.9B
Net Profit
$4.2B
Gross Margin
88.5%
Operating Margin
8.0%
Net Margin
4.3%
YoY Growth
6.4%
EPS
$4.54
UnitedHealth Group Q2 FY2024 Financial Summary
UnitedHealth Group reported revenue of $98.9B (up 6.4% YoY) for Q2 FY2024, with a net profit of $4.2B (down 23.0% YoY) (4.3% margin). Cost of goods sold was $11.3B, operating expenses totaled $79.6B.
Key Financial Metrics
| Total Revenue | $98.9B |
|---|---|
| Net Profit | $4.2B |
| Gross Margin | 88.5% |
| Operating Margin | 8.0% |
| Report Period | Q2 FY2024 |
Revenue Breakdown
UnitedHealth Group Q2 FY2024 revenue of $98.9B breaks down across 4 segments, led by Unitedhealthcare at $73.9B (74.7% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Unitedhealthcare | $73.9B | 74.7% |
| Products | $12.2B | 12.4% |
| Services | $8.8B | 8.9% |
| Optum Insight | $4.5B | 4.6% |
UnitedHealth Group Revenue by Segment — Quarterly Trend
UnitedHealth Group revenue by segment across the last 4 reported quarters, showing how each business line (such as Unitedhealthcare and Products) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Products | $13.5B | $13.3B | $13.6B | $13.0B |
| Services | $10.3B | $9.8B | $9.0B | $9.0B |
| Optum Insight | — | $4.9B | $4.8B | $4.6B |
UnitedHealth Group Annual Revenue by Year
UnitedHealth Group annual revenue history includes year-by-year totals (for example, 2025 revenue was $447.6B).
| Year | Annual Revenue |
|---|---|
| 2025 | $447.6B |
| 2024 | $400.3B |
| 2023 | $371.6B |
| 2022 | $324.2B |
UnitedHealth Group Quarterly Revenue & Net Profit History
UnitedHealth Group results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $113.2B | +12.3% | $10.0M | 0.0% |
| Q3 FY2025 | $113.2B | +12.2% | $2.3B | 2.1% |
| Q2 FY2025 | $111.6B | +12.9% | $3.4B | 3.1% |
| Q1 FY2025 | $109.6B | +9.8% | $6.3B | 5.7% |
| Q4 FY2024 | $100.8B | +6.8% | $5.5B | 5.5% |
| Q3 FY2024 | $100.8B | +9.2% | $6.1B | 6.0% |
| Q2 FY2024 | $98.9B | +6.4% | $4.2B | 4.3% |
| Q1 FY2024 | $99.8B | +8.6% | $-1.4B | -1.4% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $99.80B | $98.86B | $100.82B | $100.81B | $109.58B | $111.62B | $113.16B | $113.22B |
| YoY Growth | 8.6% | 6.4% | 9.2% | 6.8% | 9.8% | 12.9% | 12.2% | 12.3% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $284.21B | $286.06B | $299.31B | $298.28B | $309.79B | $308.57B | $315.27B | $309.58B |
| Liabilities | $187.29B | $186.82B | $194.85B | $195.69B | $204.62B | $203.79B | $209.46B | $207.88B |
| Equity | $92.37B | $94.68B | $99.88B | $98.27B | $100.81B | $100.47B | $101.57B | $100.09B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $1.14B | $6.75B | $13.95B | $2.37B | $5.46B | $7.19B | $5.95B | $1.11B |