UnitedHealth

UNH · Health Care · Market cap $386B

Q4 FY25 Dec 31, 2025 reported Mar 2, 2026

Revenue$113.2B +12% year over year

Gross profit$100.5B

Operating profit$0.4B

Net profit$0B 0% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	113.2	100%	+12%
Products	53.4	47%	+6%
Services	38	34%	+6%
Optum Insight	19.4	17%	+4%
Other	2.4	2%
Cost of revenue	−12.7	11%
Gross profit	100.5	89% margin	+1pp
SG&A	−17	15%	+3pp
Other	−83.2	73%	+0pp
Operating profit	0.4	0% margin	−7pp
Interest & other costs	−1.3
Net profit	0	0%	−5pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	113.2	100%	+12%
Unitedhealthcare	87.1	77%	+16%
Optum Health	25.9	23%	+0%
Cost of revenue	−12.6	11%
Gross profit	100.6	89% margin	+1pp
SG&A	−15.2	13%	+0pp
Other	−81.1	72%	+0pp
Operating profit	4.3	4% margin	−5pp
Tax	−0.7
Interest & other costs	−1.3
Net profit	2.3	2%	−4pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	111.6	100%	+13%
Unitedhealthcare	86.1	77%	+17%
Optum Health	25.2	23%	−7%
Cost of revenue	−13	12%
Gross profit	98.6	88% margin	+0pp
SG&A	−13.8	12%	−1pp
Other	−79.7	71%	+0pp
Operating profit	5.2	5% margin	−3pp
Tax	−0.5
Interest & other costs	−1.3
Net profit	3.4	3%	−1pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	109.6	100%	+10%
Unitedhealthcare	84.6	77%	+12%
Optum Health	25.3	23%	−5%
Cost of revenue	−12.4	11%
Gross profit	97.2	89% margin	+0pp
SG&A	−13.6	12%	−2pp
Other	−74.5	68%	+0pp
Operating profit	9.1	8% margin	+0pp
Tax	−1.6
Interest & other costs	−1.2
Net profit	6.3	6%	+7pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q4 FY25	Dec 31, 2025	Mar 2, 2026	$113.2B	+12%	0%	$0B	0%
Q3 FY25	Jul 1 – Sep 30, 2025	Oct 28, 2025	$113.2B	+12%	4%	$2.3B	2%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 11, 2025	$111.6B	+13%	5%	$3.4B	3%
Q1 FY25	Jan 1 – Mar 31, 2025	May 7, 2025	$109.6B	+10%	8%	$6.3B	6%