UnitedHealth Group (UNH) FY2025 income statement Sankey chart
Source: 10-K · filed 2026-03-02 · SEC EDGAR · GAAP
UnitedHealth Group (UNH) FY2025 (year ended 2025-12-31): revenue $447.6B (+12% Y/Y), operating income $19.0B, net income $12.1B (3% margin). Sankey chart of where the money comes from and goes, from the 10-K filed 2026-03-02.
How to read this chart
Left: revenue sources flowing into revenue. This company does not report a separate cost of revenue or gross profit, so revenue splits straight into operating expenses (red) and operating profit (green). Wider band = bigger amount; "Y/Y" = vs. a year earlier.
- Out of every 100 dollars of revenue, 2.7 dollars ended up as net profit.
- The biggest single cost is Medical costs: $314.0B, or 70% of revenue.
- Operating margin 4.2%, down 3.8 percentage points from a year earlier (8.1%).
Worth noting
- Effective tax rate 13% (vs. 24%)
Cash flow
Operating cash flow $19.7B, capex $3.6B, free cash flow (derived = OCF − capex) $16.1B.
Key figures
| Item | FY2025 | Prior year | Y/Y | % of revenue |
|---|---|---|---|---|
| Revenue | $447.6B | $400.3B | +12% | — |
| Operating expenses | $428.6B | $368.0B | +16% | 95.8% |
| Operating income | $19.0B | $32.3B | -41% | 4.2% |
| Net income | $12.1B | $14.4B | -16% | 2.7% |
Source: UnitedHealth Group Form 10-K filed Mar 2, 2026 (accession 0000731766-26-000062) via SEC EDGAR · FY25 = fiscal year ended Dec 31, 2025 · GAAP, as reported · Y/Y vs. prior-year period · Note: (±N pp) = change vs the prior-year period in percentage points · Not investment advice / 不构成投资建议 · Created 2026-10-24 · OneChart Earnings · onechartearnings.com
UnitedHealth Group · Quarters
UnitedHealth Group · Fiscal years
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Quarters
- Q2 FY2025
- Q1 FY2025
- Q4 FY2024
- Q3 FY2024
- Q2 FY2024
- Q1 FY2024
- Q4 FY2023
- Q3 FY2023
- Q2 FY2023
- Q1 FY2023
- Q4 FY2022
- Q3 FY2022
- Q2 FY2022
- Q1 FY2022
- Q4 FY2021
- Q3 FY2021
- Q2 FY2021
- Q1 FY2021
- Q4 FY2020
- Q3 FY2020
- Q2 FY2020
- Q1 FY2020
- Q4 FY2019
- Q3 FY2019
- Q2 FY2019
- Q1 FY2019
- Q4 FY2018
- Q3 FY2018
- Q2 FY2018
- Q1 FY2018
- Q4 FY2017
- Q3 FY2017
- Q2 FY2017
- Q1 FY2017
- Q4 FY2016
- Q3 FY2016
- Q2 FY2016
- Q1 FY2016
- Q4 FY2015
- Q3 FY2015
- Q2 FY2015
- Q1 FY2015
- Q4 FY2014
- Q3 FY2014
- Q2 FY2014
- Q1 FY2014
- Q4 FY2013
- Q3 FY2013
- Q2 FY2013
- Q1 FY2013
- Q4 FY2012
- Q3 FY2012
- Q2 FY2012
- Q1 FY2012
- Q4 FY2011
- Q3 FY2011
- Q2 FY2011
- Q1 FY2011
- Q4 FY2010
- Q3 FY2010
- Q2 FY2010
- Q1 FY2010
- Q4 FY2009
- Q3 FY2009
- Q2 FY2009
Fiscal years
- FY2023
- FY2022
- FY2021
- FY2020
- FY2019
- FY2018
- FY2017
- FY2016
- FY2015
- FY2014
- FY2013
- FY2012
- FY2011
- FY2010
- FY2009