UNH financial statements

The full income statement, balance sheet, and cash-flow statement for UnitedHealth Group Incorporated Common Stock (DE) (UNH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 923.4M2024-09 920.3M2024-12 914.7M2025-03 907.1M2025-06 905.7M2025-09 905.8M2025-12 907.7M2026-03 908.1M2026-06 897.6M-2.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	448B YoY+11.8%	400B YoY+7.7%	372B YoY+14.6%	324B YoY+12.7%	288B YoY+11.8%
Cost of revenue	50.7B YoY+8.5%	46.7B YoY+20.4%	38.8B YoY+15.0%	33.7B YoY+8.6%	31.0B YoY+0.9%
Selling, general & administrative	59.6B YoY+12.4%	53.0B YoY-3.0%	54.6B YoY+14.3%	47.8B YoY+12.2%	42.6B YoY+2.1%
Amortization of intangibles	1.70B YoY+0.0%	1.70B YoY+6.3%	1.60B YoY+23.1%	1.30B YoY+8.3%	1.20B YoY+9.1%
Operating income	19.0B YoY-41.3%	32.3B YoY-0.2%	32.4B YoY+13.8%	28.4B YoY+18.6%	24.0B YoY+7.0%
Interest expense	4.00B YoY+2.5%	3.91B YoY+20.3%	3.25B YoY+55.2%	2.09B YoY+26.0%	1.66B YoY-0.2%
Pre-tax income	14.7B YoY-26.8%	20.1B YoY-31.1%	29.1B YoY+10.5%	26.3B YoY+18.1%	22.3B YoY+7.6%
Income tax	1.89B YoY-60.9%	4.83B YoY-19.1%	5.97B YoY+4.6%	5.70B YoY+24.6%	4.58B YoY-7.9%
	12.1B YoY-16.3%	14.4B YoY-35.6%	22.4B YoY+11.2%	20.1B YoY+16.4%	17.3B YoY+12.2%
Net income to non-controlling interest	751M YoY-10.3%	837M YoY+9.7%	763M YoY+47.0%	519M YoY+16.1%	447M YoY+22.1%
	$13.23 YoY-14.7%	$15.51 YoY-35.0%	$23.86 YoY+12.7%	$21.18 YoY+17.1%	$18.08 YoY+12.8%
EPS (basic)	$13.28 YoY-15.1%	$15.64 YoY-35.2%	$24.12 YoY+12.3%	$21.47 YoY+17.1%	$18.33 YoY+12.9%
	908M YoY-1.4%	921M YoY-0.8%	928M YoY-1.0%	937M YoY-0.6%	943M YoY-0.6%
	911M YoY-1.9%	929M YoY-1.0%	938M YoY-1.3%	950M YoY-0.6%	956M YoY-0.5%
Dividends per share	$8.73 YoY+6.7%	$8.18 YoY+12.2%	$7.29 YoY+13.9%	$6.40 YoY+14.3%	$5.60 YoY+15.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	90.6B YoY+5.6%	85.8B YoY+9.4%	78.4B YoY+13.6%	69.1B YoY+11.8%	61.8B YoY+15.0%
Cash & equivalents	24.4B YoY-3.7%	25.3B YoY-0.5%	25.4B YoY+8.8%	23.4B YoY+9.3%	21.4B YoY+26.3%
Short-term investments	3.76B YoY-1.2%	3.80B YoY-9.5%	4.20B YoY-7.6%	4.55B YoY+79.5%	2.53B YoY-11.5%
Accounts receivable	23.0B YoY+2.9%	22.4B YoY+5.1%	21.3B YoY+20.3%	17.7B YoY+24.4%	14.2B YoY+10.5%
Inventory	3.30B YoY-13.2%	3.80B YoY+35.7%	2.80B YoY-20.0%	3.50B YoY+20.7%	2.90B
Prepaid expenses	9.75B YoY+18.7%	8.21B YoY+35.0%	6.08B YoY-8.1%	6.62B YoY+24.5%	5.32B YoY+19.4%
	310B YoY+3.8%	298B YoY+9.0%	274B YoY+11.4%	246B YoY+15.8%	212B YoY+7.6%
Property, plant & equipment	10.8B YoY+2.0%	10.6B YoY-7.8%	11.4B YoY+13.1%	10.1B YoY+12.9%	8.97B YoY+4.0%
Goodwill	110B YoY+3.5%	107B YoY+2.9%	104B YoY+11.1%	93.4B YoY+23.2%	75.8B YoY+6.2%
Intangible assets	20.5B YoY-12.0%	23.3B YoY+53.1%	15.2B YoY+5.5%	14.4B YoY+43.4%	10.0B YoY-7.5%
Long-term investments	54.3B YoY+3.6%	52.4B YoY+10.0%	47.6B YoY+8.9%	43.7B YoY+1.4%	43.1B YoY+4.5%
Other non-current assets	23.0B YoY+17.5%	19.6B YoY+13.3%	17.3B YoY+15.1%	15.0B YoY+20.0%	12.5B YoY+8.8%
	115B YoY+10.7%	104B YoY+4.8%	99.1B YoY+11.0%	89.2B YoY+14.0%	78.3B YoY+8.1%
Accrued liabilities	38.0B YoY+10.8%	34.3B YoY+7.4%	32.0B YoY+15.3%	27.7B YoY+12.5%	24.6B YoY+9.5%
Deferred revenue	3.41B YoY+2.9%	3.32B YoY-1.1%	3.35B YoY+9.1%	3.08B YoY+19.6%	2.57B YoY-9.5%
Short-term & current debt	6.07B YoY+33.5%	4.54B YoY+6.3%	4.27B YoY+37.4%	3.11B YoY-14.1%	3.62B YoY-24.9%
Other current liabilities	28.0B YoY+2.6%	27.3B YoY+1.0%	27.1B YoY+3.0%	26.3B YoY+14.4%	23.0B YoY+12.7%
	208B YoY+6.2%	196B YoY+11.9%	175B YoY+9.7%	159B YoY+17.4%	136B YoY+7.1%
Long-term debt	72.3B YoY-0.1%	72.4B YoY+24.2%	58.3B YoY+6.9%	54.5B YoY+28.6%	42.4B YoY+9.7%
Operating lease liability (total)	4.62B YoY-5.6%	4.89B YoY-0.2%	4.90B YoY+1.4%	4.83B	—
Deferred tax liabilities	2.42B YoY-33.1%	3.62B YoY+19.8%	3.02B YoY+9.1%	2.77B YoY-15.2%	3.27B YoY-3.0%
Other non-current liabilities	18.2B YoY+14.5%	15.9B YoY+10.2%	14.5B YoY+12.6%	12.8B YoY+8.9%	11.8B YoY-4.3%
	100B YoY+1.9%	98.3B YoY+4.1%	94.4B YoY+15.9%	81.5B YoY+8.5%	75.0B YoY+9.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY+0.0%	9.00M YoY-10.0%	10.0M YoY+0.0%
Additional paid-in capital	559M	0.00	0.00	—	0.00
Retained earnings	95.6B YoY-0.5%	96.0B YoY+0.3%	95.8B YoY+11.2%	86.2B YoY+11.7%	77.1B YoY+11.3%
Accumulated other comprehensive income	-2.06B YoY+39.1%	-3.39B YoY+51.8%	-7.03B YoY+16.3%	-8.39B YoY-55.9%	-5.38B YoY-41.2%
Non-controlling interest	5.98B YoY+6.6%	5.61B YoY-1.0%	5.67B YoY+54.0%	3.68B YoY+12.0%	3.29B YoY+15.8%
Total equity incl. non-controlling	100B YoY+1.9%	98.3B YoY+4.1%	94.4B YoY+15.9%	81.5B YoY+8.5%	75.0B YoY+9.8%
Total liabilities & equity	310B YoY+3.8%	298B YoY+9.0%	274B YoY+11.4%	246B YoY+15.8%	212B YoY+7.6%
	906M YoY-1.0%	915M YoY-1.0%	924M YoY-1.1%	934M YoY-0.7%	941M YoY-0.5%
	906M YoY-1.0%	915M YoY-1.0%	924M YoY-1.1%	934M YoY-0.7%	941M YoY-0.5%
	908M YoY-0.8%	915M YoY-0.8%	922M YoY-1.2%	933M YoY-0.9%	941M YoY-0.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	19.7B YoY-18.6%	24.2B YoY-16.7%	29.1B YoY+10.9%	26.2B YoY+17.3%	22.3B YoY+0.8%
Depreciation & amortization	4.36B YoY+6.4%	4.10B YoY+3.2%	3.97B YoY+16.8%	3.40B YoY+9.6%	3.10B YoY+7.3%
Intangible amortization	1.70B YoY+0.0%	1.70B YoY+6.3%	1.60B YoY+23.1%	1.30B YoY+8.3%	1.20B YoY+9.1%
Share-based compensation	971M YoY-4.6%	1.02B YoY-3.9%	1.06B YoY+14.5%	925M YoY+15.6%	800M YoY+17.8%
Deferred income taxes	-1.75B YoY-491.9%	-296M YoY-20.8%	-245M YoY+63.6%	-673M YoY-617.7%	130M YoY+1725.0%
Change in receivables	764M YoY-46.8%	1.44B YoY-53.9%	3.11B YoY+23.4%	2.52B YoY+152.3%	1.00B YoY+45.3%
	-8.69B YoY+57.7%	-20.5B YoY-31.8%	-15.6B YoY+45.3%	-28.5B YoY-174.5%	-10.4B YoY+17.2%
Capital expenditure	3.62B YoY+3.5%	3.50B YoY+3.3%	3.39B YoY+20.8%	2.80B YoY+14.2%	2.45B YoY+19.6%
Free cash flow	16.1B YoY-22.4%	20.7B YoY-19.4%	25.7B YoY+9.7%	23.4B YoY+17.7%	19.9B YoY-1.2%
Acquisitions	4.51B YoY-66.4%	13.4B YoY+32.3%	10.1B YoY-52.8%	21.5B YoY+345.1%	4.82B YoY-32.5%
Purchases of investments	17.4B YoY-36.4%	27.3B YoY+49.1%	18.3B YoY-2.7%	18.8B YoY+9.8%	17.1B YoY+3.4%
Sales/maturities of investments	8.45B YoY-9.4%	9.32B YoY+1.0%	9.23B YoY+51.8%	6.08B YoY-26.3%	8.25B YoY+13.8%
Other investing activities	341M YoY+248.0%	98.0M YoY+207.7%	-91.0M YoY-111.5%	793M YoY-37.5%	1.27B YoY+74.6%
	-11.6B YoY-231.5%	-3.51B YoY+69.5%	-11.5B YoY-372.8%	4.23B YoY+156.7%	-7.46B YoY-107.7%
Long-term debt issued	2.97B YoY-83.3%	17.8B YoY+178.6%	6.39B YoY-56.9%	14.8B YoY+113.7%	6.93B YoY+42.5%
Long-term debt repaid	3.05B YoY+1.7%	3.00B YoY+41.2%	2.13B YoY-29.5%	3.02B YoY-4.3%	3.15B YoY+0.0%
Common stock issued	827M YoY-55.2%	1.85B YoY+36.4%	1.35B YoY+8.0%	1.25B YoY-7.5%	1.35B YoY-5.9%
Common stock repurchased	5.54B YoY-38.4%	9.00B YoY+12.5%	8.00B YoY+14.3%	7.00B YoY+40.0%	5.00B YoY+17.6%
Dividends paid	7.92B YoY+5.1%	7.53B YoY+11.4%	6.76B YoY+12.9%	5.99B YoY+13.5%	5.28B YoY+15.2%
Other financing activities	63.0M YoY+103.8%	-1.65B YoY-43.0%	-1.15B YoY+40.8%	-1.94B YoY-559.0%	-295M YoY+35.7%
FX effect on cash	40.0M YoY+165.6%	-61.0M YoY-162.9%	97.0M YoY+185.3%	34.0M YoY+154.8%	-62.0M YoY+46.6%
Net change in cash	-947M YoY-723.5%	-115M YoY-105.6%	2.06B YoY+3.6%	1.99B YoY-55.3%	4.45B YoY-25.0%
Interest paid	4.03B YoY+12.1%	3.59B YoY+18.4%	3.04B YoY+56.0%	1.95B YoY+17.7%	1.65B YoY-3.0%
Income taxes paid	3.71B YoY-19.6%	4.62B YoY-24.0%	6.08B YoY+16.4%	5.22B YoY+31.7%	3.97B YoY-19.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	300B YoY-35.2%	463B YoY-5.0%	487B YoY-1.7%	495B YoY+4.8%	472B YoY+42.5%
P/E	24.9× YoY-22.6%	32.1× YoY+43.1%	22.5× YoY-11.9%	25.5× YoY-6.7%	27.3× YoY+27.0%
P/S	0.7× YoY-42.1%	1.2× YoY-14.5%	1.4× YoY-14.0%	1.6× YoY-4.3%	1.6× YoY+27.4%
P/B	3.0× YoY-36.4%	4.7× YoY-13.4%	5.4× YoY-14.3%	6.3× YoY+0.8%	6.3× YoY+29.8%
P/FCF	18.6× YoY-16.6%	22.3× YoY+21.3%	18.4× YoY+16.5%	15.8× YoY-33.4%	23.8× YoY+44.2%
	4.0% YoY+29.2%	3.1% YoY-30.1%	4.5% YoY+13.5%	3.9% YoY+7.2%	3.7% YoY-21.3%
	5.4% YoY+19.9%	4.5% YoY-17.6%	5.4% YoY-14.2%	6.3% YoY+50.2%	4.2% YoY-30.7%
	2.6% YoY+63.5%	1.6% YoY+16.8%	1.4% YoY+14.7%	1.2% YoY+8.2%	1.1% YoY-19.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: UNH's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all UNH filings on SEC EDGAR → Not investment advice.