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NYSE · Healthcare

UnitedHealth Group Inc. (UNH)

As-reported financials and SEC filings for UnitedHealth Group Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About UnitedHealth Group Inc.

UnitedHealth Group is a health care and well-being company operating through two main businesses: Optum and UnitedHealthcare. Optum provides information and technology-enabled health services including patient care, data analytics, and pharmacy care services to patients, care providers, payers, employers, governments, and life sciences companies. UnitedHealthcare offers health benefits to individuals, employers, seniors, and economically disadvantaged populations to simplify access to affordable, high-quality care.

Snapshot

Revenue
$447.57B
Revenue growth (YoY)
11.8%
Net income
$12.06B
Diluted EPS
$13.23
Gross margin
—
Operating margin
4.2%
Net margin
2.7%
FCF margin
3.6%
ROE
12.0%
net income / fiscal-year-end equity
P/E
26.9×
trailing when available, otherwise FY EPS
Market cap
$368.64B
Long-term debt / equity
0.72×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at UnitedHealth Group

  • Revenue grew 11.8% to $447.6B in FY2025, faster than the 7.7% the year before.
  • Operating margin is 4.2% in FY2025, -4.1 pp against 8.3% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $112.0B, up 0.4% from Q2 FY2025.
  • Free cash flow was $16.1B in FY2025, 3.6% of revenue.
  • Net income fell 16.3% to $12.1B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where UnitedHealth Group’s fundamentals sit among the 570 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin4.2%
58th percentile of 410
Net margin2.7%
58th percentile of 429
FCF margin3.6%
51st percentile of 385
Revenue growth (YoY)+11.8%
54th percentile of 552
ROE12.0%
76th percentile of 481
P/E26.9×
54th percentile of 183
Long-term debt / equity0.72×
66th percentile of 251
Short interest2.05d
17th percentile of 568

No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $660,910. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 9 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
9
+7 quant / multi-strat
Initiated / added
6
1 new, 5 added
Reduced / exited
13
10 trimmed, 3 exited
Combined position
$6.95B
reported long value
InvestorAs ofPosition valueSharesChange
Dodge & CoxQ2 2026$3.77B9.1MReduced
AQR Capital ManagementquantQ2 2026$729.1M1.8MAdded
Millennium ManagementquantQ2 2026$672.3M1.6MAdded
Citadel AdvisorsquantQ2 2026$442.3M1.1MReduced
Point72 Asset ManagementquantQ2 2026$345.3M830.9KAdded
Ruane Cunniff (Sequoia)Q2 2026$293.2M705.6KReduced
D. E. ShawquantQ2 2026$205.2M493.7KReduced
Renaissance TechnologiesquantQ2 2026$152.5M367.0KReduced
Tiger Global ManagementQ2 2026$123.6M297.5KReduced
Two Sigma InvestmentsquantQ2 2026$81.8M196.7KReduced
Yacktman Asset ManagementQ2 2026$71.4M171.8KAdded
Gotham Asset ManagementQ2 2026$35.5M85.5KReduced
First Eagle Investment ManagementQ2 2026$17.6M42.4KAdded
Bridgewater AssociatesQ2 2026$2.6M6.2KNew
Soros Fund ManagementQ2 2026$1.6M3.9KReduced
Hound PartnersQ2 2026$1.3M3.1KReduced

No longer held by: Appaloosa (as of Q2 2026), Markel Group (as of Q2 2026), Scion Asset Management (as of Q3 2025)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
2
$661K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-21
filed 2026-08-25
Patrick Hugh ConwayChief Executive Officer, OptumSell1.2K$390.00$456K
2026-08-05
filed 2026-08-07
Patrick Hugh ConwayChief Executive Officer, OptumSell500$410.00$205K
2026-04-23
filed 2026-04-27
Patrick Hugh ConwayChief Executive Officer, OptumSell800$355.00$284K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
14.0M
settled 2026-10-15
Change vs prior
-12.2%
vs previous settlement
Days to cover
2.05
at avg daily volume
Avg daily volume
6.8M
FINRA reported
SettlementShares shortChangeDays to cover
2026-10-1514.0M-12.2%2.05
2026-09-3016.0M+20.7%3.28
2026-09-1513.2M-13.6%2.47
2026-08-3115.3M-1.1%3.63
2026-08-1415.5M+2.5%3.84
2026-07-3115.1M-13.0%2.52
2026-07-1517.3M-5.8%3.46
2026-06-3018.4M+7.2%2.65

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$447.57B$400.28B$371.62B$324.16B$287.60B
Gross profit————
Operating income$18.96B$32.29B$32.36B$28.43B$23.97B
Pre-tax income$14.70B$20.07B$29.11B$26.34B$22.31B
Net income$12.06B$14.40B$22.38B$20.12B$17.29B
Diluted EPS$13.23$15.51$23.86$21.18$18.08

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$19.70B$24.20B$29.07B$26.21B$22.34B
Capital expenditure$3.62B$3.50B$3.39B$2.80B$2.45B
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$112.03B0.4%$5.48B$6.04
Q1 FY2026$111.72B2.0%$6.28B$6.90
Q4 FY202512.3%
Q3 FY2025$113.16B12.2%$2.35B$2.59
Q2 FY2025$111.62B12.9%$3.41B$3.74
Q1 FY2025$109.58B9.8%$6.29B$6.85
Q4 FY20246.8%
Q3 FY2024$100.82B9.2%$6.05B$6.51

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorHealthcare
SIC industryHospital & Medical Service Plans
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2021
SEC CIK731766

Selected SEC filings

10-K2026-03-02
View on EDGAR →
10-K2025-02-27
View on EDGAR →
10-Q2026-08-10
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
10-Q2025-10-28
View on EDGAR →
10-Q2025-08-11
View on EDGAR →
8-K2026-10-13
View on EDGAR →
8-K2026-09-08
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

UNH head to head

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.