UnitedHealth Group Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	352,229	308,810	290,827	257,157	226,233
Total Interest & Dividend Income	3,920	4,492	3,813	1,819	1,484
Gain (Loss) on Sale of Investments	-	710	276	211	840
Non-Insurance Activities Revenue	53,380	50,226	42,583	37,424	34,437
Other Revenue	38,038	36,040	34,123	27,551	24,603
Total Revenue	447,567	400,278	371,622	324,162	287,597
Revenue Growth (YoY)	11.81%	7.71%	14.64%	12.71%	11.84%
Policy Benefits	313,995	264,185	241,894	210,842	186,911
Depreciation & Amortization	4,361	4,099	3,972	3,400	3,103
Selling, General & Administrative	59,592	53,013	54,628	47,782	42,579
Non-Insurance Activities Expense	50,655	46,694	38,770	33,703	31,034
Total Operating Expenses	428,603	367,991	339,264	295,727	263,627
Operating Income	18,964	32,287	32,358	28,435	23,970
Interest Expense	-4,002	-3,906	-3,246	-2,092	-1,660
EBT Excluding Unusual Items	14,962	28,381	29,112	26,343	22,310
Gain (Loss) on Sale of Assets	-265	-8,310	-	-	-
Pretax Income	14,697	20,071	29,112	26,343	22,310
Income Tax Expense	1,890	4,829	5,968	5,704	4,578
Earnings From Continuing Ops.	12,807	15,242	23,144	20,639	17,732
Minority Interest in Earnings	-751	-837	-763	-519	-447
Net Income	12,056	14,405	22,381	20,120	17,285
Net Income to Common	12,056	14,405	22,381	20,120	17,285
Net Income Growth	-16.31%	-35.64%	11.24%	16.40%	12.22%
Shares Outstanding (Basic)	911	921	928	937	943
Shares Outstanding (Diluted)	911	929	938	950	956
Shares Change (YoY)	-1.94%	-0.96%	-1.26%	-0.63%	-0.52%
EPS (Basic)	13.23	15.64	24.12	21.47	18.33
EPS (Diluted)	13.23	15.51	23.86	21.18	18.08
EPS Growth	-14.70%	-35.00%	12.65%	17.15%	12.79%
Free Cash Flow	16,075	20,705	25,682	23,404	19,889
Free Cash Flow Per Share	17.64	22.29	27.38	24.64	20.80
Dividend Per Share	8.730	8.180	7.290	6.400	5.600
Dividend Growth	6.72%	12.21%	13.91%	14.29%	15.94%
Operating Margin	4.24%	8.07%	8.71%	8.77%	8.33%
Profit Margin	2.69%	3.60%	6.02%	6.21%	6.01%
Free Cash Flow Margin	3.59%	5.17%	6.91%	7.22%	6.92%
EBITDA	23,325	34,986	35,130	30,835	26,173
EBITDA Margin	5.21%	8.74%	9.45%	9.51%	9.10%
D&A For EBITDA	4,361	2,699	2,772	2,400	2,203
EBIT	18,964	32,287	32,358	28,435	23,970
EBIT Margin	4.24%	8.07%	8.71%	8.77%	8.33%
Effective Tax Rate	12.86%	24.06%	20.50%	21.65%	20.52%
Revenue as Reported	447,567	400,278	371,622	324,162	287,597

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.