Revenue growth has significantly decelerated to 2.0% in 2026Q1, while gross margins have compressed to 22.7% from a 2023Q4 peak of 23.3% due to rising medical utilization costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 449.71B | 447.57B | 400.28B | 371.62B | 324.16B | 287.6B | 257.14B | 242.16B | 226.25B | 201.16B | 184.84B | 157.11B | 130.47B | 122.49B | 110.62B | 101.86B | 94.16B | 87.14B | 81.19B | 75.43B | 71.54B | 46.43B | 37.22B | 28.57B | 25.02B | 23.45B | 21.12B | 19.56B | 17.36B | 11.79B | 10.07B |
| Revenue Growth % | 9.67% | 11.81% | 7.71% | 14.64% | 12.71% | 11.84% | 6.19% | 7.03% | 12.47% | 8.83% | 17.65% | 20.41% | 6.52% | 10.73% | 8.6% | 8.19% | 8.05% | 7.33% | 7.63% | 5.44% | 54.08% | 24.76% | 30.29% | 14.17% | 6.68% | 11.04% | 7.97% | 12.72% | 47.15% | 17.08% | 77.64% |
| Medical Costs & Claims | 365.16B | 364.65B | 310.88B | 280.66B | 244.54B | 217.94B | 190.14B | 184.56B | 172.4B | 154.15B | 141.45B | 120.08B | 97.04B | 92.13B | 82.75B | 92.27B | 85.23B | 79.79B | 61.84B | 56.2B | 53.91B | 32.73B | 27B | 20.71B | 18.19B | 21.62B | 16.16B | 15.04B | 13.52B | 8.54B | 7.18B |
| Medical Cost Ratio % | 81.2% | 81.47% | 77.67% | 75.52% | 75.44% | 75.78% | 73.94% | 76.21% | 76.2% | 76.63% | 76.53% | 76.43% | 74.38% | 75.21% | 74.81% | 90.59% | 90.52% | 91.57% | 76.17% | 74.51% | 75.35% | 70.48% | 72.55% | 72.51% | 72.71% | 92.19% | 76.48% | 76.9% | 77.92% | 72.43% | 71.27% |
| Gross Profit | 84.55B | 82.92B | 89.4B | 90.96B | 79.62B | 69.65B | 67B | 57.6B | 53.85B | 47.01B | 43.39B | 37.03B | 33.43B | 30.36B | 27.87B | 9.59B | 8.93B | 7.35B | 19.35B | 19.23B | 16.76B | 12.14B | -28.64B | 7.85B | 6.83B | 1.83B | 4.97B | 4.52B | 3.83B | 3.25B | 2.89B |
| Gross Margin % | 18.8% | 18.53% | 22.33% | 24.48% | 24.56% | 24.22% | 26.06% | 23.79% | 23.8% | 23.37% | 23.47% | 23.57% | 25.62% | 24.79% | 25.19% | 9.41% | 9.48% | 8.43% | 23.83% | 25.49% | 23.43% | 26.15% | -76.96% | 27.49% | 27.29% | 7.81% | 23.52% | 23.1% | 22.08% | 27.57% | 28.73% |
| Gross Profit Growth % | - | -7.25% | -1.71% | 14.24% | 14.31% | 3.96% | 16.32% | 6.97% | 14.54% | 8.36% | 17.18% | 10.75% | 10.12% | 8.94% | 190.67% | 7.39% | 21.47% | -62.01% | 0.62% | 14.7% | 38.08% | 142.39% | -464.77% | 15% | 272.91% | -63.14% | 9.91% | 17.93% | 17.84% | 12.37% | 66.33% |
| Operating Expenses | 65.72B | 63.95B | 57.11B | 58.6B | 51.18B | 45.68B | 44.59B | 37.91B | 36.5B | 31.8B | 30.46B | 26B | 23.16B | 20.74B | 18.61B | 1.12B | 1.06B | 991M | 14.08B | 11.38B | 10.65B | 7.27B | -32.74B | 5.17B | 4.64B | 265M | 3.77B | 3.58B | 3.87B | 2.51B | 2.3B |
| OpEx / Revenue % | 14.61% | 14.29% | 14.27% | 15.77% | 15.79% | 15.88% | 17.34% | 15.66% | 16.13% | 15.81% | 16.48% | 16.55% | 17.75% | 16.93% | 16.83% | 1.1% | 1.13% | 1.14% | 17.35% | 15.09% | 14.89% | 15.65% | -87.98% | 18.11% | 18.55% | 1.13% | 17.83% | 18.28% | 22.32% | 21.28% | 22.81% |
| Depreciation & Amortization | 4.33B | 4.36B | 4.1B | 3.97B | 3.4B | 3.1B | 2.89B | 2.72B | 2.43B | 2.25B | 2.06B | 1.69B | 1.48B | 1.38B | 1.31B | 1.12B | 1.06B | 991M | 981M | 796M | 670M | 453M | 374M | 299M | 255M | 265M | 247M | 233M | 185M | 146M | 133.17M |
| Combined Ratio % | 95.81% | 95.76% | 91.93% | 91.29% | 91.23% | 91.67% | 91.29% | 91.87% | 92.33% | 92.44% | 93% | 92.99% | 92.13% | 92.14% | 91.63% | 91.69% | 91.65% | 92.7% | 93.52% | 89.59% | 90.24% | 86.13% | -15.43% | 90.63% | 91.26% | 93.32% | 94.32% | 95.18% | 100.24% | 93.71% | 94.08% |
| Operating Income | 18.84B | 18.96B | 32.29B | 32.36B | 28.43B | 23.97B | 22.41B | 19.68B | 17.34B | 15.21B | 12.93B | 11.02B | 10.27B | 9.62B | 9.25B | 8.46B | 7.86B | 6.36B | 5.26B | 7.85B | 6.98B | 5.08B | 4.1B | 2.67B | 2.19B | 1.57B | 1.2B | 943M | -42M | 742M | 596.41M |
| Operating Margin % | 4.19% | 4.24% | 8.07% | 8.71% | 8.77% | 8.33% | 8.71% | 8.13% | 7.67% | 7.56% | 7% | 7.01% | 7.87% | 7.86% | 8.37% | 8.31% | 8.35% | 7.3% | 6.48% | 10.41% | 9.76% | 10.94% | 11.02% | 9.35% | 8.74% | 6.68% | 5.68% | 4.82% | -0.24% | 6.29% | 5.92% |
| Operating Income Growth % | - | -41.26% | -0.22% | 13.8% | 18.63% | 6.98% | 13.82% | 13.5% | 14.04% | 17.63% | 17.32% | 7.27% | 6.77% | 3.99% | 9.33% | 7.63% | 23.67% | 20.82% | -32.95% | 12.39% | 37.48% | 23.87% | 53.54% | 22.19% | 39.59% | 30.5% | 27.25% | 2345.24% | -105.66% | 24.41% | 29.43% |
| EBITDA | 23.16B | 23.32B | 36.39B | 36.33B | 31.84B | 27.07B | 25.3B | 22.41B | 19.77B | 17.45B | 14.98B | 12.71B | 11.75B | 11B | 10.56B | 9.59B | 8.93B | 7.35B | 6.24B | 8.64B | 7.65B | 5.53B | 4.47B | 2.97B | 2.44B | 1.83B | 1.45B | 1.18B | 143M | 888M | 729.58M |
| EBITDA Margin % | 5.15% | 5.21% | 9.09% | 9.78% | 9.82% | 9.41% | 9.84% | 9.25% | 8.74% | 8.68% | 8.11% | 8.09% | 9.01% | 8.98% | 9.55% | 9.41% | 9.48% | 8.43% | 7.69% | 11.46% | 10.7% | 11.92% | 12.02% | 10.4% | 9.76% | 7.81% | 6.85% | 6.01% | 0.82% | 7.53% | 7.24% |
| Interest Expense | 3.96B | 4B | 3.91B | 3.25B | 2.09B | 1.66B | 1.66B | 1.7B | 1.4B | 1.19B | 1.07B | 790M | 618M | 708M | 632M | 505M | 481M | 551M | 639M | 544M | 456M | 241M | 128M | 95M | 90M | 94M | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 178M | 265M | 8.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.02B | 0 | 0 | 0 | -37.24B | -725M | 0 | -14.97M |
| Pretax Income | 14.55B | 14.7B | 20.07B | 29.11B | 26.34B | 22.31B | 20.74B | 17.98B | 15.94B | 14.02B | 11.86B | 10.23B | 9.66B | 8.91B | 8.62B | 7.96B | 7.38B | 5.81B | 4.62B | 7.3B | 6.53B | 4.84B | 3.97B | 2.84B | 2.1B | 1.47B | 1.16B | 894M | -46M | 742M | 580.85M |
| Pretax Margin % | 3.24% | 3.28% | 5.01% | 7.83% | 8.13% | 7.76% | 8.07% | 7.43% | 7.05% | 6.97% | 6.42% | 6.51% | 7.4% | 7.28% | 7.79% | 7.81% | 7.84% | 6.67% | 5.7% | 9.68% | 9.12% | 10.42% | 10.67% | 9.94% | 8.38% | 6.28% | 5.47% | 4.57% | -0.27% | 6.29% | 5.77% |
| Income Tax | 1.74B | 1.89B | 4.83B | 5.97B | 5.7B | 4.58B | 4.97B | 3.74B | 3.56B | 3.2B | 4.79B | 4.36B | 4.04B | 3.24B | 3.1B | 2.82B | 2.75B | 1.99B | 1.65B | 2.65B | 2.37B | 1.76B | 1.39B | 1.01B | 744M | 559M | 419M | 326M | 120M | 282M | 224.6M |
| Effective Tax Rate % | 11.96% | 12.86% | 24.06% | 20.5% | 21.65% | 20.52% | 23.98% | 20.81% | 22.34% | 22.82% | 40.38% | 42.64% | 41.81% | 36.37% | 35.91% | 35.39% | 37.23% | 34.19% | 35.62% | 36.29% | 36.29% | 36.29% | 34.89% | 35.74% | 35.5% | 37.98% | 36.28% | 36.47% | -260.87% | 38.01% | 38.67% |
| Net Income | 12.04B | 12.06B | 14.4B | 22.38B | 20.12B | 17.29B | 15.4B | 13.84B | 11.99B | 10.56B | 7.02B | 5.81B | 5.62B | 5.63B | 5.53B | 5.14B | 4.63B | 3.82B | 2.98B | 4.65B | 4.16B | 3.08B | 2.59B | 1.66B | 1.35B | 913M | 736M | 568M | -166M | 460M | 355.64M |
| Net Margin % | 2.68% | 2.69% | 3.6% | 6.02% | 6.21% | 6.01% | 5.99% | 5.71% | 5.3% | 5.25% | 3.8% | 3.7% | 4.31% | 4.59% | 5% | 5.05% | 4.92% | 4.39% | 3.67% | 6.17% | 5.81% | 6.64% | 6.95% | 5.79% | 5.4% | 3.89% | 3.48% | 2.9% | -0.96% | 3.9% | 3.53% |
| Net Income Growth % | -45.52% | -16.31% | -35.64% | 11.24% | 16.4% | 12.22% | 11.3% | 15.46% | 13.53% | 50.46% | 20.71% | 3.45% | -0.11% | 1.79% | 7.47% | 10.96% | 21.25% | 28.38% | -36.03% | 11.9% | 34.9% | 19.17% | 56.31% | 22.41% | 48.08% | 24.05% | 29.58% | 442.17% | -136.09% | 29.35% | 24.36% |
| EPS (Diluted) | 13.24 | 13.23 | 15.51 | 23.86 | 21.18 | 18.08 | 16.03 | 14.33 | 12.19 | 10.72 | 7.25 | 6.01 | 5.70 | 5.50 | 5.28 | 4.73 | 4.10 | 3.24 | 2.40 | 3.42 | 2.97 | 2.31 | 1.83 | 1.34 | 1.07 | 0.70 | 0.55 | 0.40 | -0.14 | 0.28 | 0.22 |
| EPS Growth % | -44.55% | -14.7% | -35% | 12.65% | 17.15% | 12.79% | 11.86% | 17.56% | 13.71% | 47.86% | 20.63% | 5.44% | 3.64% | 4.17% | 11.63% | 15.37% | 26.54% | 35% | -29.82% | 15.15% | 28.57% | 26.23% | 36.57% | 25.23% | 52.86% | 27.27% | 37.5% | 385.71% | -150% | 27.27% | 10% |
| EPS (Basic) | - | 13.23 | 15.64 | 24.12 | 21.54 | 18.33 | 16.28 | 14.55 | 12.45 | 10.95 | 7.37 | 6.10 | 5.78 | 5.59 | 5.38 | 4.81 | 4.14 | 3.27 | 2.45 | 3.55 | 3.09 | 2.44 | 1.93 | 1.40 | 1.12 | 0.73 | 0.57 | 0.41 | -0.14 | 0.29 | 0.22 |
| Diluted Shares Outstanding | 910M | 910M | 929M | 938M | 950M | 956M | 961M | 966M | 983M | 985M | 968M | 967M | 986M | 1.02B | 1.05B | 1.09B | 1.13B | 1.18B | 1.24B | 1.36B | 1.4B | 1.33B | 1.32B | 1.24B | 1.27B | 1.3B | 1.35B | 1.42B | 1.52B | 1.53B | 1.49B |
Medical utilization cost inflation
As reported in recent financial filings, UnitedHealth Group's top-line expansion has decelerated to 2.0% in 2026Q1, a significant departure from the double-digit growth observed throughout 2025, suggesting that the company's primary insurance and service segments are encountering saturation or regulatory constraints in their core domestic markets.
The sharp decline in year-over-year revenue growth indicates that the company's ability to drive volume through its integrated Optum ecosystem may be hitting a ceiling. Investors should monitor whether this deceleration reflects a permanent shift in market demand or temporary disruptions related to recent operational challenges.
Based on the provided income statement data, gross margins contracted to 22.7% in 2026Q1 from a peak of 23.3% in 2023Q4, reflecting the ongoing difficulty in managing medical loss ratios as outpatient utilization trends among the senior population continue to exceed historical actuarial expectations for the firm.
The compression in gross margins suggests that the company's pricing power may be lagging behind the rising cost of care delivery. This trend warrants further investigation into whether the current premium pricing models are sufficient to offset the increased frequency of orthopedic and cardiac procedures.
According to historical income statements, operating margins plummeted to 0.3% in 2025Q4 before recovering to 8.0% in 2026Q1, highlighting a volatile cost structure where the company's inability to scale SG&A efficiently during periods of operational disruption creates substantial risk to the bottom-line profitability of the enterprise.
The extreme fluctuation in operating income suggests that the company's cost base is not as flexible as previously assumed, particularly when faced with unexpected service interruptions. This volatility implies that management's control over overhead expenses may be compromised by the sheer complexity of the integrated business model.
As evidenced by the 99.8% decline in EPS during 2025Q4, the quality of reported net income appears compromised by non-operating items and one-time charges, making it difficult for analysts to discern the true recurring earnings power of the company's core insurance and healthcare services segments at this time.
The erratic nature of quarterly EPS, including the negative net income reported in 2024Q1, suggests that investors should focus on normalized earnings metrics rather than GAAP figures. The impact of stock-based compensation and acquisition-related amortization further complicates the assessment of the company's actual cash-generating capacity.
While the company touts its vertical integration as a competitive moat, the recent income statement data suggests that the complexity of managing both insurance and care delivery may be creating diseconomies of scale, as evidenced by the inconsistent margin performance observed over the last ten fiscal quarters.
Short-sellers may focus on the potential for further margin erosion if the company cannot successfully integrate its recent large-scale acquisitions while simultaneously managing rising medical costs. The reliance on intersegment eliminations to drive consolidated results may mask underlying weaknesses in the individual business units.
Quick answers to the most common questions about buying UNH stock.
For fiscal year 2025, UnitedHealth Group Incorporated (UNH) reported total revenue of $447.57B. This represents a 4342.9% increase compared to $10.07B in 1996.
UnitedHealth Group Incorporated (UNH) is profitable, generating $12.06B in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
UnitedHealth Group Incorporated (UNH) reported an operating income of $18.96B, resulting in an operating profit margin of 4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
UnitedHealth Group Incorporated (UNH) generated $82.92B in gross profit for the year, representing a gross profit margin of 18.5%. This demonstrates the company's core pricing power and production efficiency.