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Fundamentals · EDGAR XBRL · Health Care

UNH

Latest: Q2 FY26 · Thesis page →
Revenue$112.0B+0.4% YoY
Net income$5.5B+61.0% YoY
Free cash flow$10.3B+62.7% YoY
Gross margin—

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$40.8B$81.5B$122.3BQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
-1%2%6%10%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+12%+12%+2%+0%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue$100.8B$100.8B$109.6B$111.6B$113.2B$113.2B$111.7B$112.0B
YoY————+12.2%+12.3%+2.0%+0.4%
Cost of goods sold$11.8B$12.5B$12.4B$13.0B$12.6B$12.7B$12.8B$13.4B
YoY————+6.2%+1.7%+3.5%+2.7%
Gross profit————————
YoY————————
Research & development————————
YoY————————
Selling, general & administrative$13.3B$12.5B$13.6B$13.8B$15.2B$17.0B$15.4B$14.3B
YoY————+14.6%+36.0%+13.2%+3.6%
Operating income$8.7B$7.8B$9.1B$5.2B$4.3B$380.0M$9.0B$8.0B
YoY————-50.4%-95.1%-1.4%+55.2%
Pretax income$7.6B$6.8B$8.1B$4.1B$3.2B$-720.0M$8.0B$7.0B
YoY————-57.6%-110.6%-1.8%+70.7%
Income tax$1.4B$1.0B$1.6B$510.0M$686.0M$-938.0M$1.5B$1.3B
YoY————-49.4%-193.1%-9.2%+154.5%
Net income$6.1B$5.5B$6.3B$3.4B$2.3B$10.0M$6.3B$5.5B
YoY————-61.2%-99.8%-0.2%+61.0%
EPS — basic$6.56—$6.90$3.76$2.59—$6.92$6.06
YoY————-60.5%—+0.3%+61.2%
EPS — diluted$6.51—$6.85$3.74$2.59—$6.90$6.04
YoY————-60.2%—+0.7%+61.5%
Weighted shares — basic923.0M—912.0M907.0M906.0M—908.0M902.0M
Weighted shares — diluted930.0M—918.0M910.0M908.0M—910.0M906.0M

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Cash & equivalents$32.4B$25.3B$30.7B$28.6B$27.2B$24.4B$28.0B$28.6B
YoY————-16.0%-3.7%-8.8%-0.0%
Marketable securities (current)————————
YoY————————
Accounts receivable$20.0B$22.4B$26.9B$24.1B$22.7B$23.0B$26.6B$21.6B
YoY————+13.2%+2.9%-1.3%-10.6%
Inventory—$3.8B———$3.3B——
YoY—————-13.2%——
Total current assets$92.3B$85.8B$96.3B$93.7B$95.1B$90.6B$91.1B$86.9B
YoY————+3.0%+5.6%-5.4%-7.3%
Total assets$299.3B$298.3B$309.8B$308.6B$315.3B$309.6B$312.6B$309.7B
YoY————+5.3%+3.8%+0.9%+0.4%
Total current liabilities$101.6B$103.8B$113.5B$110.8B$115.5B$114.9B$114.1B$111.8B
YoY————+13.7%+10.7%+0.6%+0.9%
Total liabilities$194.9B$195.7B$204.6B$203.8B$209.5B$207.9B$207.3B$203.8B
YoY————+7.5%+6.2%+1.3%-0.0%
Total equity————————
YoY————————
Shares outstanding923.0M915.0M910.0M905.0M906.0M906.0M908.0M905.0M
YoY————-1.8%-1.0%-0.2%+0.0%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Operating cash flow$13.9B$2.4B$5.5B$7.2B$5.9B$1.1B$8.9B$11.1B
YoY————-57.4%-53.2%+63.3%+53.8%
Capital expenditures$991.0M$912.0M$898.0M$886.0M$890.0M$948.0M$763.0M$799.0M
YoY————-10.2%+3.9%-15.0%-9.8%
Free cash flow$13.0B$1.5B$4.6B$6.3B$5.1B$160.0M$8.1B$10.3B
YoY————-61.0%-89.0%+78.8%+62.7%
Dividends paid————————
YoY————————
Share repurchases$956.0M$5.0B$3.0B$2.5B$0$0$0$1.6B
YoY————-100.0%-100.0%-100.0%-35.3%

Margins & ratios

Derived from the reported dollars above — no separate source.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Gross margin————————
Operating margin8.6%7.7%8.3%4.6%3.8%0.3%8.0%7.1%
Net margin6.0%5.5%5.7%3.1%2.1%0.0%5.6%4.9%
Free cash flow margin12.8%1.4%4.2%5.6%4.5%0.1%7.3%9.2%
Effective tax rate17.8%14.8%20.1%12.5%21.2%130.3%18.6%18.6%
Current ratio0.91x0.83x0.85x0.85x0.82x0.79x0.80x0.78x
Total liabilities / equity————————

Peer comparison — latest full year

Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
UNH FY25 · this stock$447.6B+11.8%—4.2%2.7%3.6%
CVS FY25$402.1B+7.8%—1.2%0.4%1.9%
CI FY25$274.9B+11.2%—3.3%——
ELV FY25$199.1B+12.5%—3.6%2.8%1.6%
JNJ FY25$94.2B+6.0%67.9%—28.5%20.9%
LLY FY25$65.2B+44.7%——31.7%—
MRK FY25$65.0B+1.3%——28.1%19.0%
ABBV FY25$61.2B+8.6%—24.6%6.9%29.1%
BMY FY25$48.2B-0.2%——14.6%26.7%
TMO FY25$44.6B+3.9%—17.4%15.0%14.1%
ABT FY25$44.3B+5.7%—18.2%14.7%16.7%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.