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UnitedHealth Group UNH Medical costs

Other financials

Income statement

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Revenue$111.72B+2.0%
Gross profit$98.9B+1.8%
Operating income$9.0B-1.4%
Net income$6.3B-0.2%
EPS (diluted)$6.90+0.7%

Balance sheet

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Cash & equivalents$28.0B-8.8%
Total debt$77.9B-4.1%
Total equity$103.90B+3.1%
Total assets$312.64B+0.9%

Cash flow

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Operating cash flow$8.9B+63.3%
CapEx$763.0M-15.0%
Free cash flow$8.1B+78.8%

Valuation

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Market cap$388.59B+37.8%
Enterprise value$438.5B+31.7%
P/E32.3×+19.0×
P/S0.9×+0.2×

Profitability

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Gross margin88.6%+0.4pp
Operating margin4.2%-4.0pp
Net margin2.7%-2.7pp
FCF margin4.4%-1.7pp

Returns & leverage

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Return on equity11.8%-11.1pp
Debt / equity0.8×-0.1×
Current ratio0.8×-0.1×

Where this comes from

Reported directly by UnitedHealth Group in its filing.

Tagged under the XBRL concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet.

The official record: UnitedHealth Group’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is UnitedHealth Group's medical costs?
UnitedHealth Group (UNH) reported medical costs of $73.49B in Q1 2026.
How has UnitedHealth Group's medical costs changed year-over-year?
UnitedHealth Group's medical costs increased by 0.1% year-over-year, from $73.41B to $73.49B.
What is the long-term trend for UnitedHealth Group's medical costs?
Over 4 years (2021 to 2025), UnitedHealth Group's medical costs has grown at a 13.8% compound annual growth rate (CAGR), from $186.91B to $314B.
What does medical costs mean?
Reflects the direct expenses incurred for medical claims, healthcare services, and pharmacy benefits provided to insurance members. This is the largest cost component for a health insurer and is a key driver of the medical loss ratio.