Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Revenues 

Microsoft Excel

Revenues as Reported

UnitedHealth Group Inc., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
UnitedHealthcare 295,795 279,109 248,818 222,042 200,143
Optum Health 39,236 36,091 29,363 23,778 16,647
Optum Insight 6,640 7,922 5,176 4,095 3,822
Optum Rx 53,405 44,411 38,775 35,358 35,027
Optum 99,281 88,424 73,314 63,231 55,496
Revenues, unaffiliated customers 395,076 367,533 322,132 285,273 255,639

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


The revenue data reflects a clear upward trajectory across multiple business segments over the five-year period. There is consistent growth observed in both the UnitedHealthcare and Optum divisions, contributing to an overall increase in revenues from unaffiliated customers.

UnitedHealthcare Segment
This segment shows steady growth each year, increasing from $200.1 billion in 2020 to nearly $296 billion in 2024. The growth appears robust, with more significant increments occurring in the later years, especially between 2022 and 2023 where revenue rose by over $30 billion.
Optum Segment
Composed of Optum Health, Optum Insight, and Optum Rx, this segment also demonstrates strong revenue growth. The total Optum revenue increased from approximately $55.5 billion in 2020 to around $99.3 billion in 2024, nearly doubling over the period.
Optum Health
Optum Health revenues exhibited significant growth from $16.6 billion in 2020 to $39.2 billion in 2024. This reflects an expansion more than doubling the segment's revenue within five years, signaling strong market demand or successful business strategies in health services.
Optum Insight
Revenue growth in Optum Insight shows more variability. Starting at $3.8 billion in 2020, it peaked at $7.9 billion in 2023 but then declined to $6.6 billion in 2024. Despite the dip in the final year, the overall trend remains positive with more than a 70% increase over the period.
Optum Rx
Optum Rx shows consistent revenue increases from $35 billion in 2020 to $53.4 billion in 2024. The growth pace accelerates notably in the final years, with a substantial jump from 2023 to 2024, indicating expanding pharmacy care services or volume increases.
Revenues from Unaffiliated Customers
Total revenues from unaffiliated customers improve markedly from $255.6 billion in 2020 to $395.1 billion in 2024. The continuous increase underscores overall strong business growth and customer base expansion outside existing affiliated entities, reflecting robust demand and market penetration.

In summary, the data indicates robust and sustained revenue expansion across the majority of the company’s segments, with particular strength in UnitedHealthcare and Optum Health. The slight fluctuation within Optum Insight suggests possible market or operational challenges mitigating against more consistent growth. Overall, the firm exhibits strong revenue growth trends, particularly in its diversified healthcare services and pharmacy operations.