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UnitedHealth Group (UNH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · UnitedHealth Group (UNH) Q3 2026 earnings results →
Q3 2026 Revenue down 0% year over year to $112.7B · 4¢ of every $1 of revenue kept as net profit · operating margin 5.8%
UnitedHealth Group made $112.7B in Q3 2026 (-0.4% Y/Y). Operating margin 5.8%, net earnings $4.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $112.7B in Q3 2026, roughly flat year over year and up 1% from the previous quarter.
Operating profit was $6.6B, a 5.8% margin (up 2.0 points year over year). Total costs fell 2% while revenue was flat. Net earnings were $4.1B, up 75% year over year. The effective tax rate was 22.2%.
Operating cash flow was $5.1B (down 14% year over year), 119% of net income including minority interests. Non-cash charges added back $1.1B of depreciation and amortization and $0.22B of share-based compensation. Working capital and other items used $0.47B. Capital expenditures of $0.86B left free cash flow of $4.3B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $112.7B | -0.4% | 5.8% | $4.1B | $5.1B |
| Q2 2026 | 10-Q | Aug 10, 2026 | $112.0B | +0.4% | 7.1% | $5.5B | $11.1B |
| Q1 2026 | 10-Q | May 5, 2026 | $111.7B | +2% | 8.0% | $6.3B | $8.9B |
| Q4 2025 | 10-K | Mar 2, 2026 | $113.2B | +12% | 0.3% | $218M | $1.1B |
| Q3 2025 | 10-Q | Oct 28, 2025 | $113.2B | +12% | 3.8% | $2.3B | $5.9B |
| Q2 2025 | 10-Q | Aug 11, 2025 | $111.6B | +13% | 4.6% | $3.4B | $7.2B |
| Q1 2025 | 10-Q | May 7, 2025 | $109.6B | +10% | 8.3% | $6.3B | $5.5B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About UnitedHealth Group
The terms “we,” “our,” “us,” “its,” “UnitedHealth Group,” or the “Company” used in this report refer to UnitedHealth Group Incorporated and its subsidiaries. UnitedHealth Group Incorporated is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve.
In its own words, from its 10-K, filed Mar 2, 2026.
UnitedHealth Group against its Hospital & Medical Service Plans peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.4% against the peers' median +6%. Operating margin: 5.8% against the peers' median 1.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| UNH UnitedHealth Group | Q3 2026 | $112.7B | -0.4% | 5.8% |
| CI Cigna | Q3 2026 | $73.7B | +6% | 3.3% |
| ELV Elevance Health | Q3 2026 | $51.4B | +1% | 2.5% |
| CNC Centene | Q3 2026 | $50.6B | +2% | -0.6% |
| HUM Humana | Q3 2026 | $41.2B | +26% | 0.2% |
| MOH Molina Healthcare | Q3 2026 | $11.1B | -3% | 1.0% |
| OSCR Oscar Health | Q3 2026 | $5.1B | +72% | 3.5% |
| ALHC Alignment Healthcare | Q3 2026 | $1.4B | +37% | -0.3% |
| CLOV Clover Health Investments | Q3 2026 | $759M | +53% | 0.8% |
Source: UnitedHealth Group 10-Q on SEC EDGAR · CIK 731766 · Hospital & Medical Service Plans
Guidance and outlook
13F: who owns UNH and who is buying
More on UNH
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results