UnitedHealth Group Incorporated (UNH) financials

NYSE · Healthcare · Medical - Healthcare Plans · 390,000 employees · CEO Stephen J. Hemsley

Price: $406.97 -0.96%
Market cap: $365B
Enterprise value: $414B
Last report: Q3 '26 filed 2026-10-13
Next report: 2027-01-20 EPS est. $2.28

Revenue (TTM)$450B+3.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)5.3%-0.7 pp vs a year agoOperating income $23.9B

Net income (TTM)$15.9B-9.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$22.8B+31.4% vs a year agoCapex $3.37B

Diluted EPS (TTM)$17.52-8.6% vs a year agoSum of the last 4 quarters

Net cash-$45.8B+7.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $365B
Revenue: $450B
Revenue growth: 0%
Profit margin: 3.5%
P/E: 23.2×
P/S: 0.8×
EV / EBITDA: 14.8×
Free cash flow: $22.8B
Net income: $15.9B
Revenue estimate: $448B
Earnings: 2027-01-20
Dividend: $9.06

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-13): revenue beat by 1.2%, EPS beat by 13.3%Revenue $113B vs $111B expected (+1.2%); EPS $4.69 vs $4.14 (+13.3%).
Revenue growth slowing: -0.4% year on yearQ3 '26 revenue $113B, against an average of 6.7% over the four quarters before.
Operating margin 5.3% (TTM), -0.7 pp on a year agoOperating income grew -9.2% while revenue grew 3.3%.
21.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $19.7B vs operating income $23.9B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 0.7% of revenue (a year ago 0.8%)$3.37B invested in the last 4 quarters (-6.1% on a year earlier). Free cash flow $22.8B = 143.7% of net income.
Returned $17.9B to shareholders = 78.6% of free cash flowBuybacks $9.77B (a year earlier $5.78B), dividends $8.17B, stock-based pay $1.02B (TTM).
Diluted share count down 1.1% in a year902M diluted shares in Q3 '26, 912M a year earlier.
Net debt $45.8BCash + short-term investments $28.5B, debt incl. leases $74.3B; a year ago net debt $49.5B.
Total Optum: revenue -2.3%, margin 6.2% (was 4.6%)Fastest-growing reported segment in Q2 '26: operating income $4.05B on revenue $65.7B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$113B	$113B	-0.4%
Gross margin	19.5%	18.2%	+1.3 pp
Operating income	$6.56B	$4.32B	+52.1%
Operating margin	5.8%	3.8%	+2.0 pp
Net income	$4.11B	$2.35B	+75.0%
Diluted EPS	$4.56	$2.59	+76.1%
Operating cash flow	$5.12B	$5.95B	-13.8%
Capex	$859M	$890M	-3.5%
Free cash flow	$4.26B	$5.06B	-15.6%
R&D	$0	$0	–
Stock-based compensation	$219M	$223M	-1.8%

Reported vs consensus

2026-10-13

	Actual	Consensus	vs consensus
Revenue	$113B	$111B	+1.2%
EPS (as estimated)	$4.69	$4.14	+13.3%

From the report of 2026-10-13 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Unitedhealthcare	–	–	–	–	–
Premiums	$87B	–	77.6%	–	–
UnitedHealthcare	–	–	–	–	–
Intersegment Eliminations	–	–	–	–	–
Optumrx	–	–	–	–	–
Corporate and Eliminations	–	–	–	–	–
Optum Rx	–	–	–	–	–
Optumhealth	–	–	–	–	–
Optum Health	–	–	–	–	–
Products	$13.8B	–	12.3%	–	–
Services	$10B	–	8.9%	–	–
Optum Insight	–	–	–	–	–
Optuminsight	–	–	–	–	–
Investment and other income	$1.22B	–	1.1%	–	–
Optum Eliminations	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Total Optum	$65.7B	-2.3%	$4.05B	+31.7%	6.2%	4.6%	$9.92B
Unitedhealthcare	–	–	$3.94B	+90.0%	–	–	$11.8B
Optum Health	–	–	$1.19B	+177.4%	–	–	–
Optum Insight	–	–	$1.37B	+13.6%	–	–	–
Optum Rx	–	–	$1.49B	+3.4%	–	–	–
Corporate (unallocated)	–	–	$0	–	–	–	$0

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $26.2B
Capex: -$3.37B
Buybacks: -$9.77B
Dividends: -$8.17B
Acquisitions: -$1.61B
Net debt issued: -$5.82B
Stock-based compensation: $1.02B
Free cash flow: $22.8B
Returned to shareholders / FCF: 78.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	23.2×	26.3×	22.4× – 32.3×
EV / EBITDA	14.8×	16.8×	14.9× – 18.6×
EV / Sales	0.9×	1.4×	0.8× – 1.7×
Price / FCF	16.0×	21.2×	18.7× – 23.8×
Price / Book	3.5×	5.4×	3.2× – 6.6×
FCF yield	6.2%	4.8%	4.2% – 5.4%
Return on invested capital	10.0%	12.5%	8.2% – 14.3%
Return on equity	16.1%	20.7%	12.8% – 25.9%

Analysts

Consensus target $478.68 (+17.6%)
range $380.00 – $531.00 · rating Buy

Strong buy0

Buy43

Hold7

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$448B	+0.2%	$20.60	+55.7%	19.8×	18
FY2027	$463B	+3.3%	$23.42	+13.7%	17.4×	18
FY2028	$488B	+5.3%	$27.18	+16.1%	15.0×	15
FY2029	$511B	+4.7%	$31.31	+15.2%	13.0×	9
FY2030	$543B	+6.3%	$34.92	+11.5%	11.7×	6

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 319 figures UnitedHealth Group Incorporated tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$39.7B	$34.3B	+15.8%	$38B	$34.3B	+10.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$21.6B	$24.1B	-10.6%	$23B	$22.4B	+2.9%
Accounts Receivable, Allowance for Credit Loss, Current	$1.21B2025-12-31	$985M	+22.6%	$1.21B	$985M	+22.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$7.55B2025-12-31	$6.97B	+8.2%	$7.55B	$6.97B	+8.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$2.52B	-$2.54B	+0.6%	-$2.06B	-$3.39B	+39.1%
Additional Paid in Capital	$0	–	–	$559M	$0	–
Allowance for Doubtful Other Receivables, Current	$3.76B2025-12-31	$2.86B	+31.4%	$3.76B	$2.86B	+31.4%
Amortization of Intangible Assets	–	–	–	$1.7B	$1.7B	0.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12M	13M	-7.7%	12M	6M	+100.0%
Assets	$310B	$309B	+0.4%	$310B	$298B	+3.8%
Assets, Current	$86.9B	$93.7B	-7.3%	$90.6B	$85.8B	+5.6%
Assets, Fair Value Disclosure	$81.9B	$77.5B	+5.6%	$75.6B	$74.5B	+1.5%
Buildings and Improvements, Gross	$4.09B2025-12-31	$4.22B	-3.0%	$4.09B	$4.22B	-3.0%
Business Combination, Consideration Transferred	$100M2025-12-31	–	–	$4.8B	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$1.89B2025-12-31	–	–	$1.89B	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$305M2025-12-31	–	–	$305M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	$811M2025-12-31	–	–	$811M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	$536M2025-12-31	–	–	$536M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	$32M2025-12-31	–	–	$32M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$525M2025-12-31	$10.6B	-95.0%	$525M	$10.6B	-95.0%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$923M2025-12-31	–	–	$923M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$965M2025-12-31	–	–	$965M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	$355M2025-12-31	–	–	$355M	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$247M2025-12-31	–	–	$247M	–	–
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest	$4.84B2025-12-31	–	–	$4.84B	–	–
Capitalized Computer Software, Accumulated Amortization	$3.83B2025-12-31	$3.33B	+15.1%	$3.83B	$3.33B	+15.1%
Capitalized Computer Software, Amortization	–	–	–	$1.7B	$1.4B	+21.4%
Capitalized Computer Software, Gross	$9.85B2025-12-31	$8.98B	+9.6%	$9.85B	$8.98B	+9.6%
Capitalized Computer Software, Net	$6.02B2025-12-31	$5.66B	+6.4%	$6.02B	$5.66B	+6.4%
Cash and Cash Equivalents, at Carrying Value	$28.6B	$28.6B	0.0%	$24.4B	$25.3B	-3.7%
Cash and Cash Equivalents, Fair Value Disclosure	$28.6B	$28.6B	0.0%	$24.4B	$25.3B	-3.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$28.6B	$28.6B	0.0%	$24.4B	$25.3B	-3.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$584M	-$2.12B	+127.5%	-$947M	-$115M	-723.5%
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations	$635M	-$2.19B	+129.0%	-$592M	$104M	-669.2%
Common Stock, Dividends, Per Share, Cash Paid	$2.32	$2.21	+5.0%	$8.73	$8.18	+6.7%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	3B	3B	0.0%	3B	3B	0.0%
Common Stock, Shares, Issued	905M	905M	0.0%	906M	915M	-1.0%
Common Stock, Shares, Outstanding	905M	905M	0.0%	906M	915M	-1.0%
Common Stock, Value, Issued	$9M	$9M	0.0%	$9M	$9M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$186M	$166M	+12.0%	$751M	$837M	-10.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$5.53B	$3.78B	+46.4%	$13.4B	$18B	-25.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$5.71B	$3.94B	+44.9%	$14.1B	$18.9B	-25.2%
Cost of Goods and Services Sold	$13.4B	$13B	+2.7%	$50.7B	$46.7B	+8.5%
Costs and Expenses	$104B	$106B	-2.3%	$429B	$368B	+16.5%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.66B	$1.26B	+32.4%
Current Income Tax Expense (Benefit)	–	–	–	$3.64B	$5.13B	-28.9%
Current State and Local Tax Expense (Benefit)	–	–	–	$598M	$416M	+43.8%
Current Year Claims and Claims Adjustment Expense	$75.6B	$78.6B	-3.8%	$313B	$265B	+18.3%
Debt Instrument, Face Amount	–	–	–	$42.6B2020-12-31	$39.8B	+6.9%
Debt Securities, Available-for-sale	$50.3B	$46.6B	+7.9%	$48.2B	$46.9B	+2.7%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$109M	$131M	-16.8%	$229M	$62M	+269.4%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$1.89B	$2.21B	-14.2%	$1.63B	$2.96B	-45.1%
Debt Securities, Available-for-sale, Amortized Cost	$52.1B	$48.7B	+7.0%	$49.6B	$49.8B	-0.5%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10	$7.92B	$5.54B	+43.0%	$6.95B	$5.44B	+27.7%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	$12.8B	$12B	+6.8%	$12B	$12.1B	-1.2%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$14.2B	$14.4B	-1.5%	$13.8B	$14.8B	-7.2%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$2.96B	$3.53B	-16.2%	$3.86B	$3.95B	-2.4%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	$7.69B	$5.19B	+48.2%	$6.74B	$5.09B	+32.5%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	$12.4B	$11.5B	+8.0%	$11.7B	$11.2B	+4.1%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01