UnitedHealth Group (UNH) Q4 FY2025 earnings: revenue $113.2 billion, up 12.3% on the year

UnitedHealth Group Inc. (UNH) reported revenue of $113.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 12.3% on the same quarter a year earlier. Net income was $10 million, down 99.8% on the year, and diluted earnings per share $0.01. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue

$113.2 billion

+12.3% on the year · +0.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

0.3%

7.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$10 million

-99.8% on the year · -99.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.01

-99.8% on the year · -99.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 21 new.

Revenue rose 12% in 2025: Full-year revenues reached $447.6 billion, up $47.3 billion from 2024. Fourth-quarter revenues were $113.2 billion against $100.8 billion a year earlier.
$2.8 billion charge hit 2025 earnings: Full-year earnings from operations of $19.0 billion included a $2.8 billion charge. Adjusted earnings from operations were $21.7 billion, excluding that charge.
Operating margin fell to 2.7%: UnitedHealthcare earnings from operations were $9.4 billion, a 2.7% margin against 5.2% in 2024. Management cited Biden-era Medicare funding reductions, Inflation Reduction Act effects and medical cost trends.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	113,215	113,161	100,807	+0.0%	+12.3%
Cost of revenue	12,680	12,566	12,464	+0.9%	+1.7%
Gross profit	100,535	100,595	88,343	-0.1%	+13.8%
Gross margin	88.8%	88.9%	87.6%
Selling, general and administrative	16,997	15,223	12,494	+11.7%	+36.0%
Operating income	380	4,315	7,773	-91.2%	-95.1%
Operating margin	0.3%	3.8%	7.7%
Interest expense	974	1,003	1,003	-2.9%	-2.9%
Pre-tax income	-720	3,229	6,791
Income tax	-938	686	1,007
Effective tax rate	n/a	21.2%	14.8%
Net income	10.0	2,348	5,543	-99.6%	-99.8%
Net margin	0.0%	2.1%	5.5%
Diluted EPS	$0.01	$2.59	$5.98	-99.6%	-99.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,108	5,945	2,369	-81.4%	-53.2%
Capital expenditure	948	890	912	+6.5%	+3.9%
Free cash flow	160	5,055	1,457	-96.8%	-89.0%
Free cash flow margin	0.1%	4.5%	1.4%
Cash from investing	-2,611	-4,558	-1,119
Cash from financing	-1,031	-2,765	-8,342
Depreciation and amortisation	1,117	1,099	1,041	+1.6%	+7.3%
Share-based compensation	176	223	187	-21.1%	-5.9%
Buybacks	0.0	0.0	4,972
Dividends paid	2,002	2,002	1,932	0.0%	+3.6%
Dividend per share	n/a	$2.21	n/a
Diluted shares, weighted	910m	908m	927m	+0.2%	-1.8%
Shares outstanding at period end	906m	906m	915m	0.0%	-1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	100,090	101,569	98,268	-1.5%	+1.9%
Redeemable equity	1,608	4,244	4,323	-62.1%	-62.8%
Debt	78,389	80,136	76,904	-2.2%	+1.9%
Other liabilities	129,494	129,320	118,783	+0.1%	+9.0%
Total liabilities and equity	309,581	315,269	298,278	-1.8%	+3.8%
Fixed assets	10,762	11,104	10,553	-3.1%	+2.0%
Goodwill	110,499	110,340	106,734	+0.1%	+3.5%
Intangible assets	20,474	22,785	23,268	-10.1%	-12.0%
Investments	58,007	56,400	56,155	+2.8%	+3.3%
Cash and equivalents	24,365	27,210	25,312	-10.5%	-3.7%
Receivables	23,018	22,672	22,365	+1.5%	+2.9%
Inventory	3,300	n/a	3,800		-13.2%
Other assets	59,156	64,758	50,091	-8.7%	+18.1%
Total assets	309,581	315,269	298,278	-1.8%	+3.8%

Questions

What was UnitedHealth Group's revenue in Q4 FY2025?

UnitedHealth Group (UNH) reported revenue of $113.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 12.3% on the same quarter a year earlier.

How much did UnitedHealth Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $10 million, down 99.8% on the year, and diluted earnings per share $0.01.

When did UnitedHealth Group report Q4 FY2025 results?

UnitedHealth Group filed its 10-K for the year that ended with the quarter on 2 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	73,743	80,149	80,332	80,894	82,787	91,931	92,903	92,361	94,427	99,796	98,855	100,820	100,807	109,575	111,616	113,161	113,215	111,721	112,032	112,694
Cost of revenue	8,000	8,487	8,596	8,306	8,314	9,405	9,748	9,423	10,194	11,056	11,340	11,834	12,464	12,390	13,019	12,566	12,680	12,823	13,375	13,707
Gross profit	65,743	71,662	71,736	72,588	74,473	82,526	83,155	82,938	84,233	88,740	87,515	88,986	88,343	97,185	98,597	100,595	100,535	98,898	98,657	98,987
Gross margin	89%	89%	89%	90%	90%	90%	90%	90%	89%	89%	89%	88%	88%	89%	88%	89%	89%	89%	88%	88%
SG&A	11,272	11,401	11,709	11,663	13,009	13,625	13,809	13,855	13,339	14,077	13,162	13,280	12,494	13,594	13,778	15,223	16,997	15,390	14,268	14,369
Operating income	5,541	6,950	7,132	7,462	6,891	8,086	8,057	8,526	7,689	7,931	7,875	8,708	7,773	9,119	5,150	4,315	380	8,990	7,991	6,563
Operating margin	8%	9%	9%	9%	8%	9%	9%	9%	8%	8%	8%	9%	8%	8%	5%	4%	0%	8%	7%	6%
Interest expense	431	433	467	516	676	754	828	834	830	844	985	1,074	1,003	998	1,027	1,003	974	955	962	963
Pre-tax income	5,110	6,517	6,665	6,946	6,215	7,332	7,229	7,692	6,859	1.0	5,665	7,614	6,791	8,106	4,082	3,229	-720	7,963	6,968	5,524
Tax rate	18%	21%	22%	22%	21%	21%	22%	22%	17%	122200%	22%	18%	15%	20%	12%	21%	n/a	19%	19%	22%
Net income	4,071	5,027	5,070	5,262	4,761	5,611	5,474	5,841	5,455	-1,409	4,216	6,055	5,543	6,292	3,406	2,348	10.0	6,280	5,484	4,110
Net margin	6%	6%	6%	7%	6%	6%	6%	6%	6%	-1%	4%	6%	5%	6%	3%	2%	0%	6%	5%	4%
Diluted EPS	$4.26	$5.27	$5.34	$5.55	$5.03	$5.95	$5.82	$6.24	$5.83	-$1.53	$4.54	$6.51	$5.98	$6.85	$3.74	$2.59	$0.01	$6.90	$6.04	$4.56
Operating cash flow	3,218	5,319	6,871	18,549	-4,533	16,327	11,032	6,902	-5,193	1,144	6,746	13,945	2,369	5,456	7,188	5,945	1,108	8,912	11,052	5,123
Capital expenditure	695	555	657	724	866	760	829	838	959	743	853	991	912	898	886	890	948	763	799	859
Free cash flow	2,523	4,764	6,214	17,825	-5,399	15,567	10,203	6,064	-6,152	401	5,893	12,954	1,457	4,558	6,302	5,055	160	8,149	10,253	4,264
Buybacks	1,050	2,500	2,500	1,000	1,000	2,000	3,000	1,500	1,500	3,072	0.0	956	4,972	3,000	2,545	0.0	0.0	0.0	1,646	3,385
Dividends paid	1,365	1,363	1,545	1,542	1,541	1,537	1,747	1,739	1,738	1,729	1,935	1,937	1,932	1,912	2,000	2,002	2,002	2,005	2,087	2,078
Shares outstanding	941m	939m	935m	935m	934m	932m	927m	925m	924m	920m	921m	923m	915m	910m	905m	906m	906m	908m	905m	896m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 2 March 2026: the filing.