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UnitedHealth Group UNH Q4 2025 Annual earnings

Reported January 27, 2026 · Before market open

Revenue$113.22BMiss by $556.8M
EPS$2.11Beat by $0.01
Revenue estimate$113.77B
EPS estimate$2.10

Next report

Oct 13, 2026 (In 1 week)
Revenue estimate$111.31B
EPS estimate$4.12

Financials

Q4 2025

Income statement

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Revenue$113.22B+12.3%
Gross profit$100.54B+13.8%
Operating income$380.0M-95.1%
Net income$10.0M-99.8%
EPS (diluted)$0.02-99.7%

Balance sheet

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Cash & equivalents$24.4B-3.7%
Total debt$83.0B+1.5%
Total equity$100.09B+1.9%
Total assets$309.58B+3.8%

Cash flow

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Operating cash flow$1.1B-53.2%
CapEx$948.0M+3.9%
Free cash flow$160.0M-89.0%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$299.03B-35.8%
Enterprise value$357.67B-31.5%
P/E24.8×-7.5×
P/S0.7×-0.5×

Profitability

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Gross margin88.7%+0.3pp
Operating margin4.2%-3.8pp
Net margin2.7%-0.9pp
FCF margin3.6%-1.6pp

Returns & leverage

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Return on equity12.2%-2.8pp
Debt / equity0.8×0.0×
Current ratio0.8×0.0×

Segments

By segment

See full
UnitedHealthcare$87.1B+17.5%
Optum Rx$41.5B+15.9%
Optum Insight$5.0B+5.5%

FAQ

When did UnitedHealth Group report Q4 2025 earnings?
UnitedHealth Group (UNH) reported Q4 2025 earnings on January 27, 2026 before market open.
What were UnitedHealth Group's Q4 2025 revenue and EPS?
UnitedHealth Group reported revenue of $113.22B and eps of $2.11 for Q4 2025.
Did UnitedHealth Group beat estimates in Q4 2025?
Revenue missed the consensus estimate of $113.77B by $556.8M. EPS beat the consensus estimate of $2.10 by $0.01.
How did UnitedHealth Group's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 12.3% from $100.81B a year earlier and eps declined 69.0% from $6.81.
Where can I find UnitedHealth Group's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000731766-26-000025) and the 10-K periodic report (0000731766-26-000062) directly on SEC EDGAR. The filing index links above go to sec.gov.