# UnitedHealth Group Inc. (UNH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/UNH/thesis · /stocks/UNH/memo

## Financial Snapshot

---
ticker: UNH
step: 04
generated: 2026-05-11
source: quick-research
---

### UnitedHealth Group Incorporated (UNH) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $371.6B | $400.3B | $448.0B | +12% |
| Adjusted Operating Margin | 8.8% | 5.2% | 2.7% | -2.5pp |
| Net Income | $22.4B | $14.4B | $12.1B | -16% |
| Adjusted EPS | $25.12 | $27.66 | $26.50 | -4% |
| Medical Loss Ratio | 83.2% | 85.5% | 88.9% | +3.4pp |

#### Segment Revenue (FY2025 approximate)

| Segment | Revenue | YoY |
|---------|---------|-----|
| UnitedHealthcare | ~$300B | +13% |
| Optum Rx | ~$130B | +12% |
| Optum Health | ~$110B | -2% (under pressure) |
| Optum Insight | ~$20B | +5% |
| Inter-segment eliminations | ($112B) | |

#### Membership (FY2025)

| Segment | Members |
|---------|---------|
| Total US Medical | ~50M |
| Medicare Advantage | ~7.8M (+755K growth in 2025 including dual-eligible) |
| Commercial Risk + Fee | ~26M |
| Medicaid | ~7M |
| Optum Rx PBM | ~60M+ |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Cash Flow from Operations | ~$24B (sharply down from $29.7B in 2024) |
| Capital Expenditures | ~($3.5B) |
| Free Cash Flow | ~$20B |
| Cash & Investments | ~$130B (mostly held to back insurance liabilities) |
| Total Debt | ~$80B |
| Stockholders' Equity | ~$96B |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~13x | EV/EBITDA: ~10x | Dividend Yield: ~2.9%
- ROE: ~13% (down from 22%+ pre-pressure) | ROIC: ~10%
- Debt/Capital: ~45%

#### Growth Profile
2025 was the most challenging year in UNH's modern history. Revenue grew 12% but profits fell to $12.1B (lowest since 2018), and operating margin collapsed from 5.2% → 2.7% under three pressures: (1) CMS Medicare Advantage funding cuts under V28 risk model, (2) Inflation Reduction Act drug pricing changes, and (3) elevated medical cost trend across Medicare cohorts. Management's 2026 outlook is for revenue >$439B (~2% decline) — the first revenue decline in a decade. Triggered a ~20% single-day plunge in January 2026.

#### Forward Estimates
- **2026E Revenue:** ~$439-445B (UNH guidance: revenue decline first time in a decade)
- **2026E EPS:** ~$22-24 (consensus, materially below 2024 peak of $27.66)
- **2027E EPS:** ~$26-28 (consensus, with recovery assumed if Medicare reset stabilizes)
- **Medical Cost Trend:** Management modeling continued elevated trend

#### Capital Return
- Dividend ~$8/share annual (~$7.3B), grown each of last 15+ years
- Buybacks moderated in 2025/26 to preserve capital amid investigation overhang
- Insider buying: Notable Hemsley + other executive open-market purchases following stock decline

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/UNH/fundamental

## Navigation

- Overview: /stocks/UNH
- Financials (this page): /stocks/UNH/financials
- Thesis: /stocks/UNH/thesis
- Investment Memo: /stocks/UNH/memo
- Coverage universe: /stocks