Revenue growth has decelerated to 0.4% in 2026Q2 from double-digit rates in 2025, while the combined ratio deteriorated to 92.9% from 91.4% a year earlier, reflecting rising medical costs.
UnitedHealth Group Incorporated (UNH) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 450.13B | 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 % | 6.46% | 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 | 348.92B | 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 % | 77.51% | 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 | 101.21B | 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 % | 22.49% | 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 | 79.54B | 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 % | 17.67% | 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 | 4.29B | 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 % | 95.18% | 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 | 21.68B | 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 % | 4.82% | 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 | 25.96B | 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 % | 5.77% | 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 | 3.89B | 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 | 198M | 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 | 17.44B | 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 % | 3.87% | 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 | 2.53B | 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 % | 14.5% | 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 | 14.12B | 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 % | 3.14% | 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 % | -33.69% | -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) | 15.59 | 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 % | -32.62% | -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 | 906M | 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 |
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.
Key Metrics
Top Statement Risk
Medical cost inflation
Metrics are mathematically derived from official filings.
Premium Growth Stabilizes After Surge
Revenue growth decelerated to 0.4% in 2026Q2 from double-digit rates in 2025, suggesting a plateau in premium expansion, as per UNH's quarterly filings.
After a period of robust growth driven by Medicare Advantage and commercial enrollment, revenue growth has flattened, with 2026Q2 revenue of $112.0B nearly unchanged from the prior quarter. This deceleration may reflect membership stabilization and pricing discipline in a competitive market. Investors should monitor whether this plateau is temporary or signals a maturing growth phase.
Underwriting Margins Under Pressure
Combined ratio deteriorated to 92.9% in 2026Q2 from 91.4% a year earlier, indicating rising medical costs, as reported in UNH's income statements.
The combined ratio has trended upward over the past year, with the loss ratio jumping from 77.2% in 2024Q3 to 83.7% in 2025Q4 before easing to 67.3% in 2026Q2. This volatility suggests medical cost inflation and utilization pressures are eroding underwriting profitability. The 2026Q2 improvement may be seasonal, but the overall trend warrants close monitoring.
Reserve Releases Mask Underlying Deterioration
Prior-year reserve releases appear to have supported earnings, as evidenced by the 2025Q4 net income of just $10M despite $94.7B in claims, per UNH's financial disclosures.
The sharp drop in net income in 2025Q4, despite stable revenue, suggests that reserve releases may have been insufficient to offset higher current-year claims. This could indicate that prior-year reserves were conservatively set, but it also raises questions about the adequacy of current reserves. If medical costs continue to rise, future earnings may face headwinds.
Investment Income Not a Major Earnings Driver
Investment income data is unavailable for all quarters, but given UNH's business model, it likely contributes modestly to overall earnings, based on industry norms.
Unlike property and casualty insurers, health insurers typically rely less on investment income for profitability. The absence of reported investment income suggests it is not a material component of UNH's earnings. This implies that underwriting performance is the primary driver of profitability, making the combined ratio even more critical.
Expense Ratio Stable, Scale Benefits Evident
Expense ratio remained around 15% in 2026Q2, consistent with prior quarters, indicating stable operating efficiency, as per UNH's quarterly reports.
The expense ratio has been relatively stable, suggesting that UNH is effectively managing its cost structure despite its large scale. This stability may reflect investments in technology and automation that are offsetting rising acquisition costs. However, the recent uptick in the combined ratio is driven by the loss ratio, not expenses, indicating that cost pressures are on the medical side.
2025Q4 Marks a Profitability Inflection
Net income collapsed to $10M in 2025Q4 from $5.5B in 2024Q4, a 99.8% decline, signaling a potential turning point in earnings, as reported in UNH's financials.
The dramatic drop in net income in 2025Q4, despite only a modest increase in revenue, highlights a significant deterioration in underwriting performance. This quarter may represent a low point, with subsequent quarters showing recovery, but it underscores the volatility in medical costs. Investors should assess whether this was a one-time event or the beginning of a sustained margin compression.
Medical Cost Inflation Could Undermine Earnings
Rising medical costs, as evidenced by the loss ratio spike to 83.7% in 2025Q4, may challenge UNH's ability to maintain profitability, based on reported claims data.
The sharp increase in the loss ratio in 2025Q4 suggests that medical cost inflation is running ahead of premium rate increases. If this trend persists, UNH may need to raise premiums, which could hurt membership growth, or accept lower margins. The company's scale and diversification may provide some buffer, but the risk of sustained margin compression is real.