Selected Financial Data
since 2005
Income Statement
UnitedHealth Group Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues, customers | Earnings from operations | Net earnings attributable to UnitedHealth Group common shareholders |
|---|---|---|---|
| Dec 31, 2025 | 443,647) | 18,964) | 12,056) |
| Dec 31, 2024 | 395,076) | 32,287) | 14,405) |
| Dec 31, 2023 | 367,533) | 32,358) | 22,381) |
| Dec 31, 2022 | 322,132) | 28,435) | 20,120) |
| Dec 31, 2021 | 285,273) | 23,970) | 17,285) |
| Dec 31, 2020 | 255,639) | 22,405) | 15,403) |
| Dec 31, 2019 | 240,269) | 19,685) | 13,839) |
| Dec 31, 2018 | 224,871) | 17,344) | 11,986) |
| Dec 31, 2017 | 200,136) | 15,209) | 10,558) |
| Dec 31, 2016 | 184,012) | 12,930) | 7,017) |
| Dec 31, 2015 | 156,397) | 11,021) | 5,813) |
| Dec 31, 2014 | 129,695) | 10,274) | 5,619) |
| Dec 31, 2013 | 121,744) | 9,623) | 5,625) |
| Dec 31, 2012 | 109,938) | 9,254) | 5,526) |
| Dec 31, 2011 | 101,208) | 8,464) | 5,142) |
| Dec 31, 2010 | 93,546) | 7,864) | 4,634) |
| Dec 31, 2009 | 86,546) | 6,359) | 3,822) |
| Dec 31, 2008 | 80,415) | 5,263) | 2,977) |
| Dec 31, 2007 | 74,287) | 7,849) | 4,654) |
| Dec 31, 2006 | 70,671) | 6,984) | 4,159) |
| Dec 31, 2005 | 44,866) | 5,373) | 3,300) |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period examined, the financial performance of the company demonstrates a generally positive trajectory, though with some notable fluctuations. Revenues, earnings from operations, and net earnings attributable to UnitedHealth Group common shareholders all exhibited growth over the majority of the timeframe. However, the most recent years show a deviation from this trend, particularly in net earnings.
- Revenue Growth
- Revenues experienced substantial growth from 2005 to 2025, increasing from US$44,866 million to US$443,647 million. The rate of growth was particularly strong between 2005 and 2012. While growth continued after 2012, the percentage increase year-over-year began to moderate. A significant increase is observed between 2021 and 2022, followed by further growth in 2023, but a slight decrease is noted in 2024 and 2025.
- Operational Performance
- Earnings from operations generally followed the trend of revenue growth. From 2005 to 2017, a consistent upward trend is apparent, increasing from US$5,373 million to US$15,209 million. A further increase to US$17,344 million occurred in 2018, reaching US$23,970 million in 2021. However, earnings from operations decreased in 2022, 2024 and 2025, falling to US$32,287 million and US$18,964 million respectively. This suggests potential challenges in maintaining operational efficiency or increased operational costs in those years.
- Net Income Trend
- Net earnings attributable to UnitedHealth Group common shareholders also demonstrated growth from 2005 to 2021, rising from US$3,300 million to US$20,120 million. The period between 2015 and 2021 saw particularly strong growth in net earnings. However, a substantial decline in net earnings is observed in 2022, falling to US$22,381 million, and a more significant decrease in 2024 and 2025, reaching US$14,405 million, US$12,056 million respectively. This divergence from the prior trend warrants further investigation to determine the underlying causes, such as changes in tax rates, one-time expenses, or shifts in profitability.
In summary, while the company experienced considerable growth in revenues and operational earnings for much of the period, the recent decline in net earnings suggests a potential shift in financial performance. The decrease in net earnings, coupled with the leveling off of revenue growth in the latest years, indicates a need for careful monitoring and analysis of the factors impacting profitability.
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Balance Sheet: Assets
UnitedHealth Group Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 90,582) | 309,581) |
| Dec 31, 2024 | 85,779) | 298,278) |
| Dec 31, 2023 | 78,437) | 273,720) |
| Dec 31, 2022 | 69,069) | 245,705) |
| Dec 31, 2021 | 61,758) | 212,206) |
| Dec 31, 2020 | 53,718) | 197,289) |
| Dec 31, 2019 | 42,634) | 173,889) |
| Dec 31, 2018 | 38,692) | 152,221) |
| Dec 31, 2017 | 37,084) | 139,058) |
| Dec 31, 2016 | 33,879) | 122,810) |
| Dec 31, 2015 | 31,639) | 111,383) |
| Dec 31, 2014 | 23,556) | 86,382) |
| Dec 31, 2013 | 20,380) | 81,882) |
| Dec 31, 2012 | 21,052) | 80,885) |
| Dec 31, 2011 | 20,350) | 67,889) |
| Dec 31, 2010 | 18,393) | 63,063) |
| Dec 31, 2009 | 18,200) | 59,045) |
| Dec 31, 2008 | 14,990) | 55,815) |
| Dec 31, 2007 | 15,544) | 50,899) |
| Dec 31, 2006 | 16,044) | 48,320) |
| Dec 31, 2005 | 10,640) | 41,374) |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period from 2005 to 2025, both current assets and total assets exhibited a generally increasing trend. However, the rate of growth varied significantly throughout the timeframe.
- Current Assets
- Current assets demonstrated substantial growth between 2005 and 2007, increasing from US$10,640 million to US$15,544 million. A slight decrease was observed in 2008, followed by renewed growth through 2011, reaching US$20,350 million. The period from 2011 to 2014 showed moderate increases, culminating in US$31,639 million in 2015. A significant acceleration in growth occurred between 2015 and 2018, with current assets reaching US$42,634 million. The pace of increase continued to accelerate, reaching US$78,437 million in 2022 and US$85,779 million in 2023, before moderating slightly to US$90,582 million in 2025.
- Total Assets
- Total assets increased steadily from US$41,374 million in 2005 to US$59,045 million in 2009. Growth accelerated between 2009 and 2012, with total assets reaching US$80,885 million. A slight dip occurred in 2013, followed by a period of rapid expansion. By 2015, total assets had more than doubled since 2005, reaching US$111,383 million. Continued growth was observed through 2018, reaching US$152,221 million. The period from 2019 to 2022 saw particularly strong growth, with total assets increasing from US$173,889 million to US$245,705 million. Growth continued, albeit at a slower rate, reaching US$273,720 million in 2023 and US$298,278 million in 2025.
- Relationship between Current and Total Assets
- The proportion of current assets to total assets remained relatively stable over the observed period, generally fluctuating between 24% and 30%. This suggests that the growth in current assets was broadly in line with the overall growth of the company’s asset base. However, a slight upward trend in this proportion is noticeable in the later years, indicating a potentially increasing reliance on more liquid assets.
The consistent upward trajectory of both asset categories suggests a period of sustained expansion and investment. The acceleration in growth observed in the latter half of the period indicates a potentially more aggressive growth strategy or significant acquisitions.
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Balance Sheet: Liabilities and Stockholders’ Equity
UnitedHealth Group Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity attributable to UnitedHealth Group | |
|---|---|---|---|---|
| Dec 31, 2025 | 114,897) | 207,883) | 78,389) | 94,110) |
| Dec 31, 2024 | 103,769) | 195,687) | 76,904) | 92,658) |
| Dec 31, 2023 | 99,054) | 174,801) | 62,537) | 88,756) |
| Dec 31, 2022 | 89,237) | 159,358) | 57,623) | 77,772) |
| Dec 31, 2021 | 78,292) | 135,727) | 46,003) | 71,760) |
| Dec 31, 2020 | 72,420) | 126,750) | 43,467) | 65,491) |
| Dec 31, 2019 | 61,782) | 11,727) | 40,678) | 57,616) |
| Dec 31, 2018 | 53,209) | 95,994) | 36,554) | 51,696) |
| Dec 31, 2017 | 50,463) | 87,036) | 31,692) | 47,776) |
| Dec 31, 2016 | 49,252) | 82,621) | 32,970) | 38,274) |
| Dec 31, 2015 | 42,898) | 75,922) | 32,094) | 33,830) |
| Dec 31, 2014 | 30,623) | 52,540) | 17,406) | 32,454) |
| Dec 31, 2013 | 27,881) | 48,558) | 16,860) | 32,149) |
| Dec 31, 2012 | 27,116) | 47,586) | 16,754) | 31,178) |
| Dec 31, 2011 | 23,922) | 39,597) | 11,638) | 28,292) |
| Dec 31, 2010 | 23,700) | 37,238) | 11,142) | 25,825) |
| Dec 31, 2009 | 22,163) | 35,439) | 11,173) | 23,606) |
| Dec 31, 2008 | 19,761) | 35,035) | 12,794) | 20,780) |
| Dec 31, 2007 | 18,492) | —) | 11,009) | 20,063) |
| Dec 31, 2006 | 18,497) | —) | 7,456) | 20,810) |
| Dec 31, 2005 | 16,644) | —) | 7,111) | 17,733) |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period from 2005 to 2025, a consistent upward trend is observed in both current liabilities and total liabilities. Shareholders’ equity attributable to UnitedHealth Group also generally increased, though with less consistent growth than liabilities.
- Current Liabilities
- Current liabilities demonstrate a substantial and relatively steady increase throughout the analyzed period. Starting at US$16,644 million in 2005, they rose to US$114,897 million in 2025. The rate of increase appears to accelerate after 2015, indicating a growing reliance on short-term financing or an expansion of short-term obligations.
- Total Liabilities
- Total liabilities exhibit a similar upward trajectory, though values are missing for the earlier years. From 2008 onwards, total liabilities increased from US$35,035 million to US$207,883 million in 2025. This growth parallels the increase in current liabilities, suggesting that the overall debt burden of the company has significantly expanded over time. A particularly large increase is noted between 2019 and 2020, jumping from US$11,727 million to US$126,750 million, which is an anomaly and requires further investigation.
- Total Debt
- Total debt also shows an increasing trend, though with some fluctuations. Beginning at US$7,111 million in 2005, it reached US$78,389 million in 2025. While the growth is not as dramatic as that of current liabilities, it still represents a significant increase in the company’s debt obligations. The period between 2015 and 2025 shows a more pronounced upward trend in total debt.
- Shareholders’ Equity
- Shareholders’ equity attributable to UnitedHealth Group generally increased from US$17,733 million in 2005 to US$94,110 million in 2025. However, the growth rate is less consistent than that of liabilities. There are periods of slower growth, and the increase is not as steep as the rise in debt. This suggests that while equity is growing, it is not keeping pace with the expansion of liabilities, potentially indicating increased financial leverage.
In summary, the company has experienced substantial growth in both liabilities and shareholders’ equity over the analyzed period. However, the rate of increase in liabilities, particularly current liabilities and total liabilities, has been consistently higher than the growth in shareholders’ equity, suggesting a potential shift towards greater reliance on debt financing.
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Cash Flow Statement
UnitedHealth Group Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash flows from operating activities | Cash flows used for investing activities | Cash flows from (used for) financing activities |
|---|---|---|---|
| Dec 31, 2025 | 19,697) | (8,685) | (11,644) |
| Dec 31, 2024 | 24,204) | (20,527) | (3,512) |
| Dec 31, 2023 | 29,068) | (15,574) | (11,529) |
| Dec 31, 2022 | 26,206) | (28,476) | 4,226) |
| Dec 31, 2021 | 22,343) | (10,372) | (7,455) |
| Dec 31, 2020 | 22,174) | (12,532) | (3,590) |
| Dec 31, 2019 | 18,463) | (12,699) | (5,625) |
| Dec 31, 2018 | 15,713) | (12,385) | (4,365) |
| Dec 31, 2017 | 13,596) | (8,599) | (3,441) |
| Dec 31, 2016 | 9,795) | (9,355) | (1,011) |
| Dec 31, 2015 | 9,740) | (18,395) | 12,239) |
| Dec 31, 2014 | 8,051) | (2,534) | (5,293) |
| Dec 31, 2013 | 6,991) | (3,089) | (4,946) |
| Dec 31, 2012 | 7,155) | (8,649) | 471) |
| Dec 31, 2011 | 6,968) | (4,172) | (2,490) |
| Dec 31, 2010 | 6,273) | (5,339) | (1,611) |
| Dec 31, 2009 | 5,625) | (976) | (2,275) |
| Dec 31, 2008 | 4,238) | (5,072) | (605) |
| Dec 31, 2007 | 5,877) | (4,147) | (3,185) |
| Dec 31, 2006 | 6,526) | (2,101) | 474) |
| Dec 31, 2005 | 4,326) | (3,489) | 593) |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Over the period examined, the company demonstrates significant fluctuations in its cash flow activities. Operating cash flow generally increased, while investing and financing activities exhibited more volatile patterns. A notable shift in cash flow utilization is observed, particularly in investing and financing, impacting overall liquidity.
- Operating Activities
- Cash flow from operating activities generally trended upward from 2005 to 2023, increasing from US$4.326 billion to US$29.068 billion. This indicates a strengthening ability to generate cash from core business operations. However, a decrease is noted in 2024 and 2025, falling to US$24.204 billion and US$19.697 billion respectively, suggesting a potential slowdown in operational cash generation. The largest increases occurred between 2016 and 2020, coinciding with substantial growth in reported figures.
- Investing Activities
- Cash used for investing activities was consistently negative, indicating ongoing investments. The magnitude of these investments varied considerably. From 2005 to 2008, cash used ranged from approximately US$2.1 billion to US$5.1 billion annually. A significant increase in cash outflow for investing activities occurred in 2015 (US$18.395 billion) and again in 2022 (US$28.476 billion), potentially reflecting major acquisitions or capital expenditures. A decrease is observed in 2025 to US$8.685 billion, suggesting a reduction in investment activity.
- Financing Activities
- Cash flows from financing activities were highly variable. Positive cash flows were observed in several years, notably 2006, 2015, and 2022, suggesting periods of capital raising through debt or equity. However, substantial negative cash flows were also present, particularly in 2007, 2009, 2014, and 2025. The negative cash flow in 2025 (US$11.644 billion) is the largest in the period, potentially indicating significant debt repayment, dividend payouts, or share repurchases. The overall pattern suggests an active management of capital structure and shareholder returns.
The company’s ability to consistently generate positive cash flow from operations, despite substantial and fluctuating investments and financing activities, suggests a robust underlying business model. However, the recent declines in operating cash flow and the large negative financing cash flow in the latest years warrant further investigation to assess potential risks and sustainability of these trends.
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Per Share Data
UnitedHealth Group Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 13.28 | 13.23 | 8.73 |
| Dec 31, 2024 | 15.64 | 15.51 | 8.18 |
| Dec 31, 2023 | 24.12 | 23.86 | 7.29 |
| Dec 31, 2022 | 21.47 | 21.18 | 6.40 |
| Dec 31, 2021 | 18.33 | 18.08 | 5.60 |
| Dec 31, 2020 | 16.23 | 16.03 | 4.83 |
| Dec 31, 2019 | 14.55 | 14.33 | 4.14 |
| Dec 31, 2018 | 12.45 | 12.19 | 3.45 |
| Dec 31, 2017 | 10.95 | 10.72 | 2.88 |
| Dec 31, 2016 | 7.37 | 7.25 | 2.38 |
| Dec 31, 2015 | 6.10 | 6.01 | 1.88 |
| Dec 31, 2014 | 5.78 | 5.70 | 1.41 |
| Dec 31, 2013 | 5.59 | 5.50 | 1.05 |
| Dec 31, 2012 | 5.38 | 5.28 | 0.80 |
| Dec 31, 2011 | 4.81 | 4.73 | 0.61 |
| Dec 31, 2010 | 4.14 | 4.10 | 0.41 |
| Dec 31, 2009 | 3.27 | 3.24 | 0.03 |
| Dec 31, 2008 | 2.45 | 2.40 | 0.03 |
| Dec 31, 2007 | 3.55 | 3.42 | 0.03 |
| Dec 31, 2006 | 3.09 | 2.97 | 0.03 |
| Dec 31, 2005 | 2.61 | 2.48 | 0.02 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Over the period examined, per share earnings exhibited a generally positive trajectory, though with some fluctuations. Basic earnings per share increased from $2.61 in 2005 to $24.12 in 2022 before decreasing to $13.28 in 2025. Diluted earnings per share followed a similar pattern, rising from $2.48 in 2005 to $23.86 in 2022 and then declining to $13.23 in 2025. Dividend per share demonstrated substantial growth, particularly after 2010, increasing from $0.03 to $8.73 by 2025.
- Earnings Per Share (EPS)
- From 2005 to 2008, both basic and diluted EPS showed growth, followed by a decline in 2008. A recovery and subsequent growth phase occurred between 2009 and 2022, with both metrics consistently increasing. The period from 2022 to 2025 witnessed a significant decrease in both basic and diluted EPS. The difference between basic and diluted EPS remained relatively consistent throughout the period, typically ranging from $0.13 to $0.27.
- Dividend Per Share
- The dividend per share remained constant at $0.03 from 2005 to 2009. A substantial increase was observed in 2010, rising to $0.41, and continued to grow steadily throughout the remainder of the period. The growth rate accelerated after 2015, indicating an increasing commitment to returning value to shareholders. The dividend per share consistently increased year-over-year from 2010 through 2025.
The substantial growth in dividend per share, contrasted with the recent decline in earnings per share, suggests a potential shift in capital allocation strategy. While the company historically reinvested earnings, the increasing dividend payout ratio may indicate a greater emphasis on direct shareholder returns. The decrease in EPS from 2022 to 2025 warrants further investigation to determine the underlying causes and potential implications for future performance.
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