U

UnitedHealth Group Incorporated

UNH · CIK 0000731766

19 fiscal years · 69 SEC filings · every number carries its receipt

Revenue (FY)
$447.57B11.8%
FY2025
Net income (FY)
$12.06B16.3%
FY2025
Free cash flow (FY)
$16.07B22.4%
FY2025
Diluted EPS (FY)
$13.2314.7%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$200B$400BFY2007 · Revenue $75.43B · Net income $4.65B · 0001193125-10-027229 · filed 2010-02-10FY07Revenue $75.43BNet income $4.65B0001193125-10-027229 · filed 2010-02-10FY2008 · Revenue $81.19B · Net income $2.98B · 0001193125-11-030615 · filed 2011-02-10FY08Revenue $81.19BNet income $2.98B0001193125-11-030615 · filed 2011-02-10FY2009 · Revenue $87.14B · Net income $3.82B · 0000731766-12-000009 · filed 2012-02-09FY09Revenue $87.14BNet income $3.82B0000731766-12-000009 · filed 2012-02-09FY2010 · Revenue $94.16B · Net income $4.63B · 0000731766-13-000005 · filed 2013-02-07FY10Revenue $94.16BNet income $4.63B0000731766-13-000005 · filed 2013-02-07FY2011 · Revenue $101.86B · Net income $5.14B · 0000731766-14-000008 · filed 2014-02-12FY11Revenue $101.86BNet income $5.14B0000731766-14-000008 · filed 2014-02-12FY2012 · Revenue $110.62B · Net income $5.53B · 0000731766-15-000007 · filed 2015-02-10FY12Revenue $110.62BNet income $5.53B0000731766-15-000007 · filed 2015-02-10FY2013 · Revenue $122.49B · Net income $5.63B · 0000731766-16-000058 · filed 2016-02-09FY13Revenue $122.49BNet income $5.63B0000731766-16-000058 · filed 2016-02-09FY2014 · Revenue $130.47B · Net income $5.62B · 0000731766-17-000009 · filed 2017-02-08FY14Revenue $130.47BNet income $5.62B0000731766-17-000009 · filed 2017-02-08FY2015 · Revenue $157.11B · Net income $5.81B · 0000731766-18-000005 · filed 2018-02-13FY15Revenue $157.11BNet income $5.81B0000731766-18-000005 · filed 2018-02-13FY2016 · Revenue $184.84B · Net income $7.02B · 0000731766-19-000005 · filed 2019-02-12FY16Revenue $184.84BNet income $7.02B0000731766-19-000005 · filed 2019-02-12FY2017 · Revenue $201.16B · Net income $10.56B · 0000731766-20-000006 · filed 2020-02-14FY17Revenue $201.16BNet income $10.56B0000731766-20-000006 · filed 2020-02-14FY2018 · Revenue $226.25B · Net income $11.99B · 0000731766-21-000013 · filed 2021-03-01FY18Revenue $226.25BNet income $11.99B0000731766-21-000013 · filed 2021-03-01FY2019 · Revenue $242.16B · Net income $13.84B · 0000731766-22-000008 · filed 2022-02-15FY19Revenue $242.16BNet income $13.84B0000731766-22-000008 · filed 2022-02-15FY2020 · Revenue $257.14B · Net income $15.40B · 0000731766-23-000008 · filed 2023-02-24FY20Revenue $257.14BNet income $15.40B0000731766-23-000008 · filed 2023-02-24FY2021 · Revenue $287.60B · Net income $17.29B · 0000731766-24-000081 · filed 2024-02-28FY21Revenue $287.60BNet income $17.29B0000731766-24-000081 · filed 2024-02-28FY2022 · Revenue $324.16B · Net income $20.12B · 0000731766-25-000063 · filed 2025-02-27FY22Revenue $324.16BNet income $20.12B0000731766-25-000063 · filed 2025-02-27FY2023 · Revenue $371.62B · Net income $22.38B · 0000731766-26-000062 · filed 2026-03-02FY23Revenue $371.62BNet income $22.38B0000731766-26-000062 · filed 2026-03-02FY2024 · Revenue $400.28B · Net income $14.40B · 0000731766-26-000062 · filed 2026-03-02FY24Revenue $400.28BNet income $14.40B0000731766-26-000062 · filed 2026-03-02FY2025 · Revenue $447.57B · Net income $12.06B · 0000731766-26-000062 · filed 2026-03-02FY25Revenue $447.57BNet income $12.06B0000731766-26-000062 · filed 2026-03-02FY25Revenue $447.57BNet income $12.06B0000731766-26-000062 · filed 2026-03-02FY07FY10FY13FY16FY19FY22FY25

revenue 5.9× since FY2007 · net margin 6.2% → 2.7%

MarginsNet marginFCF margin
0%5%FY2007 · Net margin 6.2% · FCF margin 6.6%FY07Net margin 6.2%FCF margin 6.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 3.7% · FCF margin 4.2%FY08Net margin 3.7%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 4.4% · FCF margin 5.6%FY09Net margin 4.4%FCF margin 5.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 4.9% · FCF margin 5.7%FY10Net margin 4.9%FCF margin 5.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 5.0% · FCF margin 5.8%FY11Net margin 5.0%FCF margin 5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 5.0% · FCF margin 5.5%FY12Net margin 5.0%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 4.6% · FCF margin 4.6%FY13Net margin 4.6%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 4.3% · FCF margin 5.0%FY14Net margin 4.3%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.7% · FCF margin 5.2%FY15Net margin 3.7%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.8% · FCF margin 4.4%FY16Net margin 3.8%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 5.2% · FCF margin 5.8%FY17Net margin 5.2%FCF margin 5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 5.3% · FCF margin 6.0%FY18Net margin 5.3%FCF margin 6.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 5.7% · FCF margin 6.8%FY19Net margin 5.7%FCF margin 6.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 6.0% · FCF margin 7.8%FY20Net margin 6.0%FCF margin 7.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 6.0% · FCF margin 6.9%FY21Net margin 6.0%FCF margin 6.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 6.2% · FCF margin 7.2%FY22Net margin 6.2%FCF margin 7.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 6.0% · FCF margin 6.9%FY23Net margin 6.0%FCF margin 6.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 3.6% · FCF margin 5.2%FY24Net margin 3.6%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 2.7% · FCF margin 3.6%FY25Net margin 2.7%FCF margin 3.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 2.7%FCF margin 3.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 2.7% · free cash flow 3.6% of revenue

Cash engineOperating cash flowFree cash flow
$0$10B$20B$30BFY2007 · OCF $5.88B · FCF $5.01B · 0001193125-10-027229 · filed 2010-02-10FY07OCF $5.88BFCF $5.01B0001193125-10-027229 · filed 2010-02-10FY2008 · OCF $4.24B · FCF $3.45B · 0001193125-11-030615 · filed 2011-02-10FY08OCF $4.24BFCF $3.45B0001193125-11-030615 · filed 2011-02-10FY2009 · OCF $5.63B · FCF $4.89B · 0000731766-12-000009 · filed 2012-02-09FY09OCF $5.63BFCF $4.89B0000731766-12-000009 · filed 2012-02-09FY2010 · OCF $6.27B · FCF $5.39B · 0000731766-13-000005 · filed 2013-02-07FY10OCF $6.27BFCF $5.39B0000731766-13-000005 · filed 2013-02-07FY2011 · OCF $6.97B · FCF $5.90B · 0000731766-14-000008 · filed 2014-02-12FY11OCF $6.97BFCF $5.90B0000731766-14-000008 · filed 2014-02-12FY2012 · OCF $7.16B · FCF $6.08B · 0000731766-15-000007 · filed 2015-02-10FY12OCF $7.16BFCF $6.08B0000731766-15-000007 · filed 2015-02-10FY2013 · OCF $6.99B · FCF $5.68B · 0000731766-16-000058 · filed 2016-02-09FY13OCF $6.99BFCF $5.68B0000731766-16-000058 · filed 2016-02-09FY2014 · OCF $8.05B · FCF $6.53B · 0000731766-17-000009 · filed 2017-02-08FY14OCF $8.05BFCF $6.53B0000731766-17-000009 · filed 2017-02-08FY2015 · OCF $9.74B · FCF $8.18B · 0000731766-18-000005 · filed 2018-02-13FY15OCF $9.74BFCF $8.18B0000731766-18-000005 · filed 2018-02-13FY2016 · OCF $9.79B · FCF $8.09B · 0000731766-19-000005 · filed 2019-02-12FY16OCF $9.79BFCF $8.09B0000731766-19-000005 · filed 2019-02-12FY2017 · OCF $13.60B · FCF $11.57B · 0000731766-20-000006 · filed 2020-02-14FY17OCF $13.60BFCF $11.57B0000731766-20-000006 · filed 2020-02-14FY2018 · OCF $15.71B · FCF $13.65B · 0000731766-21-000013 · filed 2021-03-01FY18OCF $15.71BFCF $13.65B0000731766-21-000013 · filed 2021-03-01FY2019 · OCF $18.46B · FCF $16.39B · 0000731766-22-000008 · filed 2022-02-15FY19OCF $18.46BFCF $16.39B0000731766-22-000008 · filed 2022-02-15FY2020 · OCF $22.17B · FCF $20.12B · 0000731766-23-000008 · filed 2023-02-24FY20OCF $22.17BFCF $20.12B0000731766-23-000008 · filed 2023-02-24FY2021 · OCF $22.34B · FCF $19.89B · 0000731766-24-000081 · filed 2024-02-28FY21OCF $22.34BFCF $19.89B0000731766-24-000081 · filed 2024-02-28FY2022 · OCF $26.21B · FCF $23.40B · 0000731766-25-000063 · filed 2025-02-27FY22OCF $26.21BFCF $23.40B0000731766-25-000063 · filed 2025-02-27FY2023 · OCF $29.07B · FCF $25.68B · 0000731766-26-000062 · filed 2026-03-02FY23OCF $29.07BFCF $25.68B0000731766-26-000062 · filed 2026-03-02FY2024 · OCF $24.20B · FCF $20.70B · 0000731766-26-000062 · filed 2026-03-02FY24OCF $24.20BFCF $20.70B0000731766-26-000062 · filed 2026-03-02FY2025 · OCF $19.70B · FCF $16.07B · 0000731766-26-000062 · filed 2026-03-02FY25OCF $19.70BFCF $16.07B0000731766-26-000062 · filed 2026-03-02FY25OCF $19.70BFCF $16.07B0000731766-26-000062 · filed 2026-03-02’09’13’17’21’25

FY2025: $19.70B operating cash − $3.62B capex = $16.07B free cash flow

Returns on capitalReturn on equityReturn on assets
0%10%20%FY2008 · ROE 14.3% · ROA 5.3%FY08ROE 14.3%ROA 5.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 16.2% · ROA 6.5%FY09ROE 16.2%ROA 6.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 17.9% · ROA 7.3%FY10ROE 17.9%ROA 7.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 18.2% · ROA 7.6%FY11ROE 18.2%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 17.7% · ROA 6.8%FY12ROE 17.7%ROA 6.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 17.5% · ROA 6.9%FY13ROE 17.5%ROA 6.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 17.3% · ROA 6.5%FY14ROE 17.3%ROA 6.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 17.2% · ROA 5.2%FY15ROE 17.2%ROA 5.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 18.4% · ROA 5.7%FY16ROE 18.4%ROA 5.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 21.2% · ROA 7.6%FY17ROE 21.2%ROA 7.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 22.1% · ROA 7.9%FY18ROE 22.1%ROA 7.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 22.9% · ROA 8.0%FY19ROE 22.9%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 22.5% · ROA 7.8%FY20ROE 22.5%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 23.0% · ROA 8.1%FY21ROE 23.0%ROA 8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 24.7% · ROA 8.2%FY22ROE 24.7%ROA 8.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 23.7% · ROA 8.2%FY23ROE 23.7%ROA 8.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 14.7% · ROA 4.8%FY24ROE 14.7%ROA 4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 12.0% · ROA 3.9%FY25ROE 12.0%ROA 3.9%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 12.0%ROA 3.9%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 14% (FY2008) → 12% (FY2025) · on assets 3.9%

Balance sheetLiabilitiesEquity
$0$100B$200B$300BFY2008 · Liabilities $35.03B · Equity $20.78BFY08Liabilities $35.03BEquity $20.78B0001193125-10-027229 · filed 2010-02-10FY2009 · Liabilities $35.44B · Equity $23.61BFY09Liabilities $35.44BEquity $23.61B0001193125-11-030615 · filed 2011-02-10FY2010 · Liabilities $37.24B · Equity $25.82BFY10Liabilities $37.24BEquity $25.82B0000731766-12-000009 · filed 2012-02-09FY2011 · Liabilities $39.60B · Equity $28.29BFY11Liabilities $39.60BEquity $28.29B0000731766-13-000005 · filed 2013-02-07FY2012 · Liabilities $47.59B · Equity $31.18BFY12Liabilities $47.59BEquity $31.18B0000731766-14-000008 · filed 2014-02-12FY2013 · Liabilities $48.56B · Equity $32.15BFY13Liabilities $48.56BEquity $32.15B0000731766-15-000007 · filed 2015-02-10FY2014 · Liabilities $52.54B · Equity $32.45BFY14Liabilities $52.54BEquity $32.45B0000731766-16-000058 · filed 2016-02-09 · 0000731766-15-000007 · filed 2015-02-10FY2015 · Liabilities $75.79B · Equity $33.73BFY15Liabilities $75.79BEquity $33.73B0000731766-17-000009 · filed 2017-02-08FY2016 · Liabilities $82.62B · Equity $38.18BFY16Liabilities $82.62BEquity $38.18B0000731766-18-000005 · filed 2018-02-13FY2017 · Liabilities $87.04B · Equity $49.83BFY17Liabilities $87.04BEquity $49.83B0000731766-19-000005 · filed 2019-02-12FY2018 · Liabilities $95.99B · Equity $54.32BFY18Liabilities $95.99BEquity $54.32B0000731766-20-000006 · filed 2020-02-14FY2019 · Liabilities $111.73B · Equity $60.44BFY19Liabilities $111.73BEquity $60.44B0000731766-21-000013 · filed 2021-03-01FY2020 · Liabilities $126.75B · Equity $68.33BFY20Liabilities $126.75BEquity $68.33B0000731766-22-000008 · filed 2022-02-15FY2021 · Liabilities $135.73B · Equity $75.05BFY21Liabilities $135.73BEquity $75.05B0000731766-23-000008 · filed 2023-02-24FY2022 · Liabilities $159.36B · Equity $81.45BFY22Liabilities $159.36BEquity $81.45B0000731766-24-000081 · filed 2024-02-28FY2023 · Liabilities $174.80B · Equity $94.42BFY23Liabilities $174.80BEquity $94.42B0000731766-25-000063 · filed 2025-02-27FY2024 · Liabilities $195.69B · Equity $98.27BFY24Liabilities $195.69BEquity $98.27B0000731766-26-000062 · filed 2026-03-02FY2025 · Liabilities $207.88B · Equity $100.09BFY25Liabilities $207.88BEquity $100.09B0000731766-26-000062 · filed 2026-03-02FY25Liabilities $207.88BEquity $100.09B0000731766-26-000062 · filed 2026-03-02’09’13’17’21’25

FY2025: $309.58B assets · $207.88B liabilities · $100.09B equity

The receipts