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UNITEDHEALTH GROUP INCUNH

Sector
Healthcare
Industry
Hospital & Medical Service Plans
Exchange
NYSE

Stock Price $UNH

Latest filings

You are here#4 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K173

UNH filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 173 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $447.57B
YoY changeLargest recent move+17.7%in FY16Latest +11.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All UNH Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

UNITEDHEALTH GROUP INC Financial Overview 2021–2025

Updated Jul 10, 2026

UnitedHealth Group generated $447.6 billiona in revenue in FY2025, yet saw its earnings from operations collapse by 41% to $19.0 billion as medical care activity severely outpaced pricing assumptions. The core investment reality is clear: while the business reliably drives double-digit top-line expansion across its insurance and health services segments, profitability is increasingly constrained by structural cost spikes and Medicare Advantage funding reductions.

The sheer scale of the enterprise has expanded relentlessly, with total revenue growing from $287.6 billion in FY2021 to $447.6 billionb in FY2025. UnitedHealthcare and Optum Rx drove a combined 16% revenue increase in the latest fiscal year. However, mounting expense pressures have aggressively compressed margins. In Q3 2025, medical costs surged 21% to $80 billion, driving the Medical Care Ratio up to 89.9%. This operational strain followed a turbulent FY2024, where the company absorbed a $7.98 billion net loss primarily driven by an $8.3 billion hit from divesting its South American operations and $2.2 billion in direct response costs from the Change Healthcare cyberattack.

Investors have adjusted expectations to reflect these intensifying cost dynamics and internal restructuring efforts. At the close of FY2025, the market valued the healthcare provider at a $299.1 billionc market cap. Shares closed at $330.11, representing a multiple of 25.0x trailing earnings.

Recent Developments (Q4 2025 and Q1 2026)

UnitedHealth Group stabilized operational momentum in Q1 2026 as total revenues increased 2% year-over-year to $111.7 billiond. Earnings from operations reached $9.0 billion, lifting diluted earnings per share to $6.90. To protect margins, UnitedHealthcare deliberately shed 1.1 million members through stricter benefit designs, which also pushed Optum Health revenues down 3%. Leadership shifted in March 2026 with Dennis Stankiewicz appointed as Chief Accounting Officer, while the company executed $500 million in forward share repurchases.

Bulls argue that achieving robust earnings despite targeted enrollment reductions proves management's strong pricing discipline. Bears warn that losing over a million covered lives permanently impairs the scale required to offset persistent medical cost inflation. At 27.5x earnings as of May 5, 2026, the stock reflects a premium valuation that aggressively prices in a swift margin recovery.

What to watch: closure of the $3.0 billione in pending acquisitions during the second half of 2026; further membership attrition in Medicare Advantage and Medicaid.

03—Filings

Recent SEC Filings

  1. 8-KUNITEDHEALTH GROUP INC 8-K Report, Financial Results (Oct 13, 2026)UnitedHealth Group (UNH) reported third quarter 2026 results on October 13, 2026, with consolidated revenues of $112.7 billion (versus $113.2 billion a year earlier), earnings from operations of $6.6 billion (up from $4.3 billion), and a net margin of 3.6%. GAAP diluted EPS was $4.56 and adjusted EPS was $4.69, compared with $2.59 and $2.92 in the year-ago quarter. The improvement was driven primarily by a lower medical care ratio of 88.4% (versus 89.9%), which included $610 million of favorable prior-period reserve development, and an operating cost ratio that fell to 12.8% from 13.5%. Cash flow from operations was $5.1 billion, or 1.2x net income. Management raised its full-year 2026 outlook to at least $19.50 GAAP EPS and at least $20.50 adjusted EPS. Segment performance was mixed. UnitedHealthcare revenue declined to $86.3 billion, but operating margin improved to 3.3% from 2.1%, and membership fell to 48.3 million, with Medicare Advantage and Medicaid enrollment both contracting. Optum revenue fell to $66.9 billion, largely because Optum Health revenue dropped 10% as it exited markets lacking sufficient value-based care scale. Optum Health's earnings rebounded to $735 million from $41 million, Optum Insight grew revenue 3% to $5.5 billion, and Optum Rx earnings rose to $1.7 billion even as adjusted scripts declined to 393 million. Management also paired the results with a set of affordability, prior-authorization, and governance commitments, including a $1 billion United Health Foundation pledge. Investors should weigh the strong margin recovery against the shrinking membership base and the fact that part of the earnings lift came from favorable reserve development, which may not recur. Balance-sheet metrics show the company continuing to return capital while deleveraging only gradually. The debt-to-capital ratio rose to 41.7% from 41.2% in the prior quarter, above management's target of about 40.0% by year-end. Year-to-date, the company repurchased $5.0 billion of stock and paid $6.2 billion in dividends. Non-GAAP adjustments exclude intangible amortization, South American divestiture impacts, and certain restructuring items, so GAAP and adjusted figures should be reviewed together.
  2. 8-KUNITEDHEALTH GROUP INC 8-K Report, Regulation FD Disclosure (Sep 8, 2026)UnitedHealth Group Incorporated (UNH) has filed an 8-K report on September 8, 2026, primarily to announce upcoming participation in the Wells Fargo 21st Annual Healthcare Conference. Senior leadership will be available to discuss the company's strategy, market positions, recent performance, and outlook for its various end markets during an interview format at the conference on September 9, 2026. This provides investors with an opportunity for direct engagement and insight into the company's forward-looking perspectives. The company will also be providing a live audio webcast of the presentation, accessible via the Investor Relations section of its website. Investors should note that the information disclosed under Item 7.01 of this 8-K is not considered 'filed' for regulatory purposes under Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference into other SEC filings, unless specifically stated otherwise. This filing serves as a pre-announcement of management's participation and the topics to be covered.
  3. 8-KUNITEDHEALTH GROUP INC 8-K Report, Financial Results (Jul 16, 2026)UnitedHealth Group (UNH) reported second quarter 2026 results on July 16, 2026, with revenues of $112.0 billion (up modestly from $111.6 billion a year earlier) and earnings from operations of $8.0 billion, versus $5.2 billion in Q2 2025. Diluted EPS was $6.04 and adjusted EPS was $6.38, compared with $3.74 and $4.08 a year earlier. The improvement was driven primarily by a medical care ratio of 86.7%, down from 89.4% a year ago, which benefited from pricing discipline, benefit design changes, favorable member mix, and $860 million of net favorable prior-period reserve development. Operating cost ratio rose to 12.7% from 12.3% as the company invested in technology, AI, care delivery, and community programs. Cash flow from operations was $11.1 billion, or 1.9x net income, though management attributed part of this to the timing of a substantial government payment. Management raised full-year 2026 guidance: diluted EPS is now expected at $18.45 to $18.95 and adjusted EPS at $19.50 to $20.00, up from $17.10 and $17.75 in January. The updated outlook assumes a full-year MCR of 88.1% (±25 bps), cash flows from operations of about $24 billion, and share repurchases of at least $5 billion. Segment trends were mixed: UnitedHealthcare membership fell to 48.5 million (down 525,000 sequentially) with Medicare Advantage seniors down 965,000 since year-end 2025, while UnitedHealthcare operating margin recovered to 4.6% from 2.4%. Optum earnings rose to $4.0 billion with a 6.2% margin, though Optum Health revenue fell 5% on roughly 700,000 fewer value-based-care patients. The filing also highlights a set of affordability and governance commitments, including prior-authorization reductions, a fee-based pharmacy model, a $1 billion commitment to the United Health Foundation, and ACA profit rebates. Investors should note that the guidance raise rests on a strong first half with a reserve release contributing to results, that membership continues to contract, and that the company's debt-to-capital ratio of 41.2% remains above its roughly 40% year-end target.
  4. 8-KUNITEDHEALTH GROUP INC 8-K Report, Shareholder Vote Results (Jun 5, 2026)UnitedHealth Group Inc. (UNH) filed an 8-K report detailing the outcomes of its 2026 Annual Meeting of Shareholders, held on June 1, 2026. The report indicates strong shareholder support for the company's leadership and financial oversight. All nine director nominees were overwhelmingly elected for one-year terms, reflecting confidence in the current board. Additionally, shareholders provided a non-binding advisory vote of approval for the company's executive compensation, with over 82% of the votes cast in favor. The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was also overwhelmingly ratified, underscoring shareholder confidence in the company's financial reporting and auditing processes. A notable outcome was the rejection of a shareholder proposal requesting an independent board chair. This proposal received only approximately 20.24% of the votes cast, indicating that the majority of shareholders do not believe such a policy change is necessary at this time. Overall, the meeting results suggest a generally positive sentiment among UNH shareholders regarding the company's governance, executive compensation, and auditor selection.
  5. 8-KUNITEDHEALTH GROUP INC 8-K Report, Regulation FD Disclosure (May 11, 2026)UnitedHealth Group Inc. (UNH) has filed a Current Report (8-K) on May 11, 2026, to announce that senior leaders will participate in an interview format at the Bank of America Securities Health Care Conference 2026 on May 12, 2026. The discussion will cover key aspects of the company's strategy, market positions, recent performance, and outlook for its end markets. This event provides investors with an opportunity to gain direct insights into management's perspective on the business and its future prospects. Investors are encouraged to tune into the live audio webcast, which will be accessible via the Investor Relations section of UnitedHealth Group's website. While this filing itself does not contain new financial data, it serves as a notification for an upcoming event where material information may be discussed. It is important to note that the information presented in this Item 7.01 is for disclosure purposes and is not considered 'filed' for regulatory purposes, unless expressly incorporated into future filings.
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04—See also

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