Eden Prairie, MN · Founded · employees
UnitedHealth Group generated $447.6B in revenue for fiscal year 2025, a +11.8% year-over-year change. Gross margin was 88.7%. Net income reached $12.8B.
UnitedHealth is witnessing a rare contraction in its core government business while its 'unlimited' cash pile is largely ring-fenced by regulators. Investors must look past headline EPS to see a business battling significant enrollment losses, rising medical costs, and an unquantified mountain of legal and tax risks. UnitedHealth delivered a resilient headline quarter: revenues rose 2% to $111.7B and GAAP net earnings were stable at $6.48B, but beneath the surface there are emerging cracks. UnitedHealthcare served ~1.1 million fewer people (driven by an ~690k drop in Medicare Advantage and reduced Medicaid eligibility), Optum margins compressed (Optum earnings down $597M year-over-year) and operating costs rose meaningfully, driven by investments and restructuring.
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2025 | $447.6B | +11.8% | 88.7% | 4.2% | $12.8B | $13.23 |
| FY2024 | $400.3B | +7.7% | 0.0% | 8.1% | $14.4B | $15.51 |
| FY2023 | $371.6B | +14.6% | 89.6% | 8.7% | $23.1B | $23.86 |
| FY2022 | $324.2B | +12.7% | 8.8% | 8.8% | $20.6B | $21.18 |
| FY2021 | $287.6B | +11.8% | 8.3% | 8.3% | $17.7B | $18.08 |
| FY2020 | $257.1B | +6.2% | 88.0% | 8.7% | $15.8B | $16.03 |
| FY2019 | $242.2B | +7.0% | 88.4% | 8.1% | $14.2B | $14.33 |
| FY2018 | $226.2B | — | 0.0% | 7.7% | $12.4B | $12.19 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2025 | $19.7B | $-3.6B | $16.1B | $-8.7B | $-11.6B |
| FY2024 | $24.2B | $-3.5B | $20.7B | $-20.5B | $-3.5B |
| FY2023 | $29.1B | $-3.4B | $25.7B | $-15.6B | $-11.5B |
| FY2022 | $26.2B | $-2.8B | $23.4B | $-28.5B | $4.2B |
| FY2021 | $22.3B | $-2.5B | $19.9B | $-10.4B | $-7.5B |
| FY2020 | $22.2B | $-2.1B | $20.1B | $-12.5B | $-3.6B |
| FY2019 | $18.5B | $-2.1B | $16.4B | $-12.7B | $-3.7B |
| FY2018 | $15.7B | $-2.1B | $13.7B | $-12.4B | $-4.4B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2025 | $309.6B | $207.9B | $100.1B | $24.4B | $77.7B |
| FY2024 | $298.3B | $195.7B | $98.3B | $25.3B | $76.9B |
| FY2023 | $273.7B | $174.8B | $94.4B | $25.4B | $61.5B |
| FY2022 | $245.7B | $159.4B | $81.5B | $23.4B | $56.8B |
| FY2021 | $212.2B | $135.7B | $75.0B | $21.4B | $46.0B |
| FY2020 | $197.3B | $126.8B | $68.3B | $16.9B | $43.5B |
| FY2019 | $173.9B | $111.7B | $60.4B | $11.0B | $39.8B |
| FY2018 | $152.2B | $96.0B | $54.3B | $10.9B | $35.2B |
UnitedHealth Group generated $447.6B in revenue for fiscal year 2025. That represents a +11.8% change from $400.3B in fiscal year 2024.
Yes, UnitedHealth Group is profitable. The company reported net income of $12.8B in fiscal year 2025, representing a net profit margin of 2.9%. In the prior fiscal year 2024, net income was $14.4B.
UnitedHealth Group's gross margin for fiscal year 2025 was 88.7%, calculated from gross profit of $396.9B on revenue of $447.6B. Over the past 4 years, gross margins have ranged between 8% and 90%.
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