Earnings quality
Compare earnings and operating cash flow for earnings quality.
UnitedHealth Group Incorporated
Ticker UNH · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-03-02 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 4.2%; equity ratio is 10.5%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin4.2%
Equity ratio10.5%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
UnitedHealth Group Incorporated is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $400.3B | $447.6B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $32.3B | $19.0B |
| Income tax | $4.8B | $1.9B |
| Net income | $14.4B | $12.1B |
| Basic EPS | 15.64 | 13.28 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $25.3B | $24.4B |
| Current assets | $85.8B | $90.6B |
| Non-current assets* | $212.5B | $219.0B |
| Total assets | $298.3B | $309.6B |
| Current liabilities | $103.8B | $114.9B |
| Non-current liabilities* | $91.9B | $93.0B |
| Total liabilities | $195.7B | $207.9B |
| Stockholders’ equity | $32.1B | $32.5B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $24.2B | $19.7B |
| Investing cash flow | -$20.5B | -$8.7B |
| Financing cash flow | -$3.5B | -$11.6B |
| Cash at end of period | $25.3B | $24.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B | |
| Operating profit | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B | |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B | |
| Total assets | $212.2B | $245.7B | $273.7B | $298.3B | $309.6B | |
| Cash & equivalents | $21.4B | $23.4B | $25.4B | $25.3B | $24.4B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $400.3B to $447.6B (▲ +11.8%). Operating profit went from $32.3B to $19.0B (▼ -41.3%).
Operating cash flow was $19.7B (prior $24.2B), with cash on the balance sheet at $24.4B versus $25.3B.
Liquidity & leverage
Cash moved from $25.3B to $24.4B; current liabilities $114.9B.
Capital buffer
Stockholders’ equity moved from $32.1B to $32.5B.
Was this page helpful?
Source: SEC EDGAR 0000731766-26-000062
(UnitedHealth Group Incorporated), period end 2025-12-31.