UNH

MKT CAP:$321B

UnitedHealth Group Incorporated

Market Cap

$321B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$353.29+$16.89 (+5.02%)

Apr 24, 2026

Company Details

UnitedHealth Group Incorporated operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment offers consumer...

CEO

Stephen J. Hemsley

IPO Date

Oct 17, 1984

Website

www.unitedhealthgroup.com

Key Metrics TTM

Revenue

$400.3B

+18.3% YoY

Net Income

$14.4B

EPS (Diluted)

$15.50

Free Cash Flow

$20.7B

Revenue / Share

$431.80

Gross Margin

22.3%

Operating Margin

8.1%

Net Margin

3.6%

FCF Margin

5.2%

P/S

0.8x

P/E

22.3x

Earnings Reports

Q4 2024

Feb 27, 2025

$100.8B+6.8%EPS $5.98

Q3 2024

Nov 4, 2024

$100.8BEPS $6.51

Q2 2024

Aug 9, 2024

$98.9BEPS $4.54

Q1 2024

May 8, 2024

$99.8BEPS -$1.53

FY 2023

Dec 29, 2023

$371.6B+14.6%EPS $23.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$64.4B	$15.7B	$5.0B
Q2 20	$62.1B	$20.0B	$9.2B
Q3 20	$65.1B	$15.5B	$4.7B
Q4 20	$65.5B	$15.8B	$3.5B
Q1 21	$70.2B	$17.7B	$6.7B
Q2 21	$71.3B	$17.1B	$6.0B
Q3 21	$72.3B	$17.2B	$5.7B
Q4 21	$73.7B	$17.6B	$5.5B
Q1 22	$80.1B	$19.1B	$7.0B
Q3 22	$80.9B	$20.0B	$7.5B
Q4 22	$82.8B	$20.9B	$6.9B
Q4 23	$94.4B	$22.0B	$7.7B
Q1 24	$99.8B	$23.0B	$7.9B
Q2 24	$98.9B	$22.1B	$7.9B
Q3 24	$100.8B	$23.0B	$8.7B
Q4 24	$100.8B	$21.3B	$7.8B

Valuation

Quarter	P/S	P/E
Q1 20	1.0x	17.3x
Q2 20	1.1x	16.1x
Q3 20	1.1x	17.2x
Q4 20	1.3x	21.2x
Q1 21	1.4x	21.2x
Q2 21	1.4x	26.1x
Q3 21	1.4x	24.7x
Q4 21	1.6x	27.3x
Q1 22	1.6x	27.6x
Q3 22	1.6x	26.1x
Q4 22	1.4x	23.9x
Q4 23	1.5x	24.1x
Q1 24	1.3x	32.1x
Q2 24	1.2x	35.1x
Q3 24	1.4x	37.9x
Q4 24	1.2x	32.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$2.9B	$2.5B
Q2 20	$10.0B	$9.6B
Q3 20	$3.1B	$2.6B
Q4 20	$6.1B	$5.5B
Q1 21	$6.0B	$5.4B
Q2 21	$5.5B	$5.0B
Q3 21	$7.6B	$7.0B
Q4 21	$3.2B	$2.5B
Q1 22	$5.3B	$4.8B
Q3 22	$18.5B	$17.8B
Q4 22	-$4.5B	-$5.4B
Q4 23	-$5.2B	-$6.2B
Q1 24	$1.1B	$401M
Q2 24	$6.7B	$5.9B
Q3 24	$13.9B	$13.0B
Q4 24	$2.4B	$1.5B

Capital Expenditures

Quarter	CapEx
Q1 20	$469M
Q2 20	$451M
Q3 20	$557M
Q4 20	$574M
Q1 21	$568M
Q2 21	$562M
Q3 21	$629M
Q4 21	$695M
Q1 22	$555M
Q3 22	$724M
Q4 22	$866M
Q4 23	$959M
Q1 24	$743M
Q2 24	$853M
Q3 24	$991M
Q4 24	$912M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+6.8%	+7.1%
Q2 20	+2.5%	-5.3%
Q3 20	+7.9%	+9.3%
Q4 20	+7.5%	+11.0%
Q1 21	+9.0%	+6.8%
Q2 21	+14.8%	+23.5%
Q3 21	+11.1%	+10.2%
Q4 21	+12.6%	+10.1%
Q1 22	+14.2%	+15.4%
Q3 22	+13.4%	+12.4%
Q4 22	+14.4%	+13.9%
Q4 23	+28.0%	+27.2%
Q1 24	+24.5%	+25.5%
Q2 24	+22.2%	+23.9%
Q3 24	+21.8%	+21.4%
Q4 24	+6.8%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$231M	0.4%
Q2 20	$157M	0.3%
Q3 20	$139M	0.2%
Q4 20	$152M	0.2%
Q1 21	$256M	0.4%
Q2 21	$170M	0.2%
Q3 21	$165M	0.2%
Q4 21	$209M	0.3%
Q1 22	$299M	0.4%
Q3 22	$171M	0.2%
Q4 22	$250M	0.3%
Q4 23	$208M	0.2%
Q1 24	$372M	0.4%
Q2 24	$222M	0.2%
Q3 24	$237M	0.2%
Q4 24	$187M	0.2%

Revenue Segments

Quarter	Intersegment Eliminations	Optumhealth	Optuminsight	Optumrx	Unitedhealthcare
Q1 20	-$19.5B	$9.2B	$2.5B	$21.6B	$51.1B
Q2 20	-$19.7B	$9.1B	$2.6B	$21.4B	$49.1B
Q3 20	-$20.2B	$10.5B	$2.8B	$22.1B	$50.4B
Q4 20	-$20.7B	$11.0B	$2.9B	$22.5B	$50.3B
Q1 21	-$21.3B	$12.4B	$2.9B	$21.6B	$55.1B
Q2 21	-$22.5B	$13.3B	$3.0B	$22.5B	$55.5B
Q3 21	-$23.4B	$13.8B	$3.1B	$23.3B	$55.9B
Q4 21	-$23.7B	$14.6B	$3.3B	$23.8B	$56.4B
Q1 22	-$25.7B	$16.7B	$3.2B	$23.9B	$62.6B
Q3 22	-$27.7B	$18.5B	$3.7B	$25.2B	$62.0B
Q4 22	-$28.1B	$18.4B	$4.4B	$25.9B	$63.0B
Q1 24	-$36.6B	$26.7B	$4.5B	$30.8B	$75.4B
Q2 24	-$37.9B	$27.1B	$4.5B	$32.4B	$73.9B
Q3 24	-$38.0B	$25.9B	$4.9B	$34.2B	$74.9B
Q4 24	-$38.4B	$25.7B	$4.8B	$35.8B	$74.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$24.6B	$3.4B	$28.0B
Q3 22	$38.8B	$3.7B	$42.5B
Q4 22	$23.4B	$4.5B	$27.9B
Q1 23	$41.9B	$4.6B	$46.5B
Q2 23	$41.8B	$4.5B	$46.3B
Q3 23	$38.9B	$5.2B	$44.1B
Q4 23	$25.4B	$4.2B	$29.6B
Q1 24	$28.4B	$4.3B	$32.7B
Q2 24	$26.3B	$5.0B	$31.3B
Q3 24	$32.4B	$4.7B	$37.1B
Q4 24	$25.3B	$3.8B	$29.1B
Q1 25	$30.7B	$3.6B	$34.3B
Q2 25	$28.6B	$3.4B	$32.0B
Q3 25	$27.2B	$3.4B	$30.6B
Q4 25	$24.4B	$3.8B	$28.1B
Q1 26	$28.0B	$3.2B	$31.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	962M	0.0%	-1.3%
Q2 20	960M	-0.2%	-0.4%
Q3 20	962M	+0.2%	-0.1%
Q4 20	961M	-0.1%	-0.1%
Q1 21	957M	-0.4%	-0.5%
Q2 21	956M	-0.1%	-0.4%
Q3 21	955M	-0.1%	-0.7%
Q4 21	955M	0.0%	-0.6%
Q1 22	954M	-0.1%	-0.3%
Q3 22	948M	-0.6%	-0.8%
Q4 22	947M	-0.1%	-0.8%
Q4 23	935M	-1.3%	-2.1%
Q1 24	922M	-1.4%	-3.4%
Q2 24	928M	+0.7%	-2.1%
Q3 24	930M	+0.2%	-1.8%
Q4 24	927M	-0.3%	-0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$198.2K	325K
Q2 20	$191.2K	325K
Q3 20	$200.4K	325K
Q4 20	$198.4K	330K
Q1 21	$212.7K	330K
Q2 21	$216.1K	330K
Q3 21	$219.2K	330K
Q4 21	$210.7K	350K
Q1 22	$229.0K	350K
Q3 22	$231.1K	350K
Q4 22	$207.0K	400K
Q4 23	$236.1K	400K
Q1 24	$249.5K	400K
Q2 24	$247.1K	400K
Q3 24	$252.1K	400K
Q4 24	$252.0K	400K

Revenue / Employee