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Health Care

57 companies side by side, each showing its newest quarter, so you can see who is big in the sector and who turns it into profit. That is 60 minus the 3 whose statement we cannot draw; they are listed at the foot of the page.

Every figure here is one quarter, the newest each company has filed, so the quarters differ from row to row, and the rows run from the largest of those quarters down. The ranking on All companies adds up the last four instead, which is what makes companies on different fiscal years comparable.

Company Revenue, one quarter Year over year Operating margin Net profit Net margin
UNH UnitedHealth Q2 FY26 Year over year +0% Operating margin 7% Net margin 5% $112.0B +0% 7% $5.5B 5%
CVS CVS Health Q2 FY26 Year over year +7% Operating margin 4% Net margin 3% $106.1B +7% 4% $3.0B 3%
MCK McKesson Q1 FY27 Year over year +8% Operating margin 1% Net margin 1% $105.4B +8% 1% $0.6B 1%
COR Cencora Q3 FY26 Year over year +5% Operating margin 1% Net margin 1% $84.8B +5% 1% $0.8B 1%
CI Cigna Q2 FY26 Year over year +7% Operating margin 4% Net margin 2% $71.7B +7% 4% $1.7B 2%
CAH Cardinal Health Q2 FY26 Year over year +19% Operating margin 1% Net margin 1% $65.6B +19% 1% $0.5B 1%
ELV Elevance Health Q3 FY26 Year over year +1% Operating margin 2% Net margin 3% $51.4B +1% 2% $1.4B 3%
CNC Centene Q3 FY26 Year over year +2% Operating margin −1% Net margin 0% $50.6B +2% −1% −$0.1B 0%
HUM Humana Q1 FY26 Year over year +23% Operating margin 4% Net margin 3% $39.6B +23% 4% $1.2B 3%
JNJ Johnson & Johnson Q3 FY26 Year over year +6% Operating margin 28% Net margin 1% $25.4B +6% 28% $0.2B 1%
LLY Eli Lilly Q3 FY26 Year over year +39% Operating margin 35% Net margin 26% $24.4B +39% 35% $6.5B 26%
HCA HCA Healthcare Q3 FY26 Year over year +4% Operating margin 12% Net margin 8% $19.8B +4% 12% $1.6B 8%
MRK Merck & Co. Q3 FY25 Year over year +4% Operating margin 38% Net margin 33% $17.3B +4% 38% $5.8B 33%
ABBV AbbVie Q2 FY26 Year over year +10% Operating margin 38% Net margin 21% $17.0B +10% 38% $3.6B 21%
PFE Pfizer Q1 FY26 Year over year +5% Operating margin −22% Net margin 19% $14.5B +5% −22% $2.7B 19%
BMY Bristol Myers Squibb Q3 FY26 Year over year +7% Operating margin −3% Net margin 17% $13.1B +7% −3% $2.2B 17%
TMO Thermo Fisher Scientific Q3 FY26 Year over year +9% Operating margin 19% Net margin 14% $12.1B +9% 19% $1.7B 14%
ABT Abbott Laboratories Q1 FY26 Year over year +8% Operating margin 12% Net margin 10% $11.2B +8% 12% $1.1B 10%
AMGN Amgen Q2 FY26 Year over year +10% Operating margin 35% Net margin 24% $10.1B +10% 35% $2.4B 24%
MDT Medtronic Q1 FY27 Year over year +14% Operating margin 18% Net margin 15% $9.8B +14% 18% $1.5B 15%
GILD Gilead Sciences Q3 FY26 Year over year +7% Operating margin 42% Net margin 29% $8.3B +7% 42% $2.4B 29%
DHR Danaher Q3 FY26 Year over year +8% Operating margin 19% Net margin 19% $6.6B +8% 19% $1.2B 19%
SYK Stryker Q3 FY26 Year over year +8% Operating margin 16% Net margin 12% $6.5B +8% 16% $0.8B 12%
GEHC GE HealthCare Q3 FY26 Year over year +7% Operating margin 15% Net margin 11% $5.5B +7% 15% $0.6B 11%
BSX Boston Scientific Q2 FY26 Year over year +8% Operating margin 22% Net margin 17% $5.4B +8% 22% $0.9B 17%
REGN Regeneron Pharmaceuticals Q3 FY26 Year over year +36% Operating margin 40% Net margin 38% $5.1B +36% 40% $1.9B 38%
BDX Becton Dickinson Q3 FY26 Year over year −10% Operating margin 13% Net margin 8% $5.0B −10% 13% $0.4B 8%
UHS Universal Health Services Q1 FY26 Year over year +10% Operating margin 11% Net margin 8% $4.5B +10% 11% $0.3B 8%
IQV IQVIA Q3 FY26 Year over year +8% Operating margin 13% Net margin 8% $4.4B +8% 13% $0.4B 8%
LH Labcorp Q3 FY26 Year over year +7% Operating margin 11% Net margin 7% $3.8B +7% 11% $0.3B 7%
VTRS Viatris Q2 FY26 Year over year +5% Operating margin 0% Net margin – $3.8B +5% 0% – –
DVA DaVita Q3 FY26 Year over year +5% Operating margin 14% Net margin 6% $3.6B +5% 14% $0.2B 6%
HSIC Henry Schein Q2 FY26 Year over year +7% Operating margin 5% Net margin 3% $3.5B +7% 5% $0.1B 3%
VRTX Vertex Pharmaceuticals Q2 FY26 Year over year +12% Operating margin 37% Net margin 33% $3.3B +12% 37% $1.1B 33%
DGX Quest Diagnostics Q3 FY26 Year over year +10% Operating margin 15% Net margin 10% $3.1B +10% 15% $0.3B 10%
ISRG Intuitive Surgical Q3 FY26 Year over year +22% Operating margin 19% Net margin 17% $3.0B +22% 19% $0.5B 17%
BAX Baxter International Q3 FY26 Year over year +5% Operating margin 8% Net margin 10% $3.0B +5% 8% $0.3B 10%
BIIB Biogen Q1 FY26 Year over year +2% Operating margin 19% Net margin 13% $2.5B +2% 19% $0.3B 13%
ZTS Zoetis Q2 FY26 Year over year +0% Operating margin 35% Net margin 28% $2.5B +0% 35% $0.7B 28%
SOLV Solventum Q2 FY26 Year over year +2% Operating margin 8% Net margin 4% $2.2B +2% 8% $0.1B 4%
ZBH Zimmer Biomet Q2 FY26 Year over year +5% Operating margin 15% Net margin 9% $2.2B +5% 15% $0.2B 9%
A Agilent Technologies Q3 FY26 Year over year +8% Operating margin 24% Net margin 19% $1.9B +8% 24% $0.4B 19%
EW Edwards Lifesciences Q2 FY26 Year over year +14% Operating margin 29% Net margin 14% $1.7B +14% 29% $0.2B 14%
WAT Waters Q2 FY26 Year over year +113% Operating margin −5% Net margin −8% $1.6B +113% −5% −$0.1B −8%
INCY Incyte Q3 FY26 Year over year +14% Operating margin −45% Net margin −50% $1.6B +14% −45% −$0.8B −50%
STE Steris Q1 FY27 Year over year +7% Operating margin 19% Net margin 13% $1.5B +7% 19% $0.2B 13%
RMD ResMed Q1 FY27 Year over year +6% Operating margin 32% Net margin 30% $1.4B +6% 32% $0.4B 30%
DXCM Dexcom Q3 FY26 Year over year +11% Operating margin 24% Net margin 20% $1.3B +11% 24% $0.3B 20%
IDXX Idexx Laboratories Q2 FY26 Year over year +10% Operating margin 35% Net margin 28% $1.2B +10% 35% $0.3B 28%
COO Cooper Companies Q3 FY26 Year over year +1% Operating margin 21% Net margin 41% $1.1B +1% 21% $0.4B 41%
ALGN Align Technology Q2 FY26 Year over year +4% Operating margin 15% Net margin 10% $1.1B +4% 15% $0.1B 10%
MTD Mettler Toledo Q2 FY26 Year over year +4% Operating margin 33% Net margin 23% $1.0B +4% 33% $0.2B 23%
VEEV Veeva Systems Q2 FY27 Year over year +18% Operating margin 30% Net margin 29% $0.9B +18% 30% $0.3B 29%
WST West Pharmaceutical Services Q3 FY26 Year over year +9% Operating margin 31% Net margin 24% $0.9B +9% 31% $0.2B 24%
PODD Insulet Q2 FY26 Year over year +24% Operating margin 16% Net margin 12% $0.8B +24% 16% $0.1B 12%
RVTY Revvity Q2 FY26 Year over year +1% Operating margin 12% Net margin 7% $0.7B +1% 12% $0.1B 7%
TECH Bio-Techne Q4 FY26 Year over year +1% Operating margin 23% Net margin 17% $0.3B +1% 23% $0.1B 17%

Diagrams

the 9 largest

Cost of revenue Operating expenses Tax and other Net profit, or operating profit where the bar ends there Net loss

In the bar on each card, every block is its share of revenue. Where income from outside revenue lifted profit above what operations earned, the bar ends at that operating profit: revenue cannot account for the rest, and the net margin is on the card.

The rest of the sector

3 companies

In the index, in this sector, and not in the table above. A bank, an insurer or a property trust does not have an income statement this shape, so there is no diagram to draw; the rest are ones we have not drawn yet. Each one still has a page.