Filing Flows › UnitedHealth Group (UNH) › Q1 2025
UnitedHealth Group (UNH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
UnitedHealth Group (UNH) reported revenue of $109.6B for the first quarter 2025 (Q1 2025), +10% from a year earlier and +9% from the quarter before. Operating margin was 8.3%, net earnings $6.3B (5.7% of revenue).
UnitedHealth Group, Q1 2025: revenue $109.6B (+10% year over year), operating margin 8.3%, net earnings $6.3B, operating cash flow $5.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $109.6B | +9% | +10% |
| Operating profit | $9.1B | +17% | +15% |
| Net earnings | $6.3B | +14% | — |
| Operating cash flow | $5.5B | +130% | +377% |
| Free cash flow | $4.6B | +213% | 11× |
What changed
Revenue was $109.6B in Q1 2025, up 10% year over year and up 9% from the previous quarter.
Operating profit was $9.1B, a 8.3% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 8% margin then. Total costs grew 9% against revenue growth of 10%. The fastest-growing cost line was Cost of revenue (+12%). Net earnings were $6.3B. The effective tax rate was 20.1%.
Operating cash flow was $5.5B (up 377% year over year), 84% of net income including minority interests. Non-cash charges added back $1.1B of depreciation and amortization and $0.38B of share-based compensation. Working capital and other items used $2.5B. Capital expenditures of $0.90B left free cash flow of $4.6B.
Questions
What was UnitedHealth Group's revenue in the first quarter 2025?
UnitedHealth Group (UNH) reported revenue of $109.6B for the first quarter 2025 (Q1 2025), +10% from a year earlier and +9% from the quarter before.
Was UnitedHealth Group profitable in the first quarter 2025?
Operating profit was $9.1B (8.3% of revenue) and net earnings $6.3B.
Source: UnitedHealth Group 10-Q on SEC EDGAR.