Filing Flows › UnitedHealth Group (UNH) › Q2 2025
UnitedHealth Group (UNH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
UnitedHealth Group (UNH) reported revenue of $111.6B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +2% from the quarter before. Operating margin was 4.6%, net earnings $3.4B (3.1% of revenue).
UnitedHealth Group, Q2 2025: revenue $111.6B (+13% year over year), operating margin 4.6%, net earnings $3.4B, operating cash flow $7.2B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111.6B | +2% | +13% |
| Operating profit | $5.2B | -44% | -35% |
| Net earnings | $3.4B | -46% | -19% |
| Operating cash flow | $7.2B | +32% | +7% |
| Free cash flow | $6.3B | +38% | +7% |
What changed
Revenue was $111.6B in Q2 2025, up 13% year over year and up 2% from the previous quarter.
Operating profit was $5.2B, a 4.6% margin (down 3.4 points year over year). Operating profit fell $2.7B even though revenue rose $12.8B versus a year earlier, so costs grew faster than sales. Total costs grew 17% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $3.4B, down 19% year over year. The effective tax rate was 12.5%.
Operating cash flow was $7.2B (up 7% year over year), 201% of net income including minority interests. Non-cash charges added back $1.1B of depreciation and amortization and $0.20B of share-based compensation. Working capital and other items added $2.3B. Capital expenditures of $0.89B left free cash flow of $6.3B.
Questions
What was UnitedHealth Group's revenue in the second quarter 2025?
UnitedHealth Group (UNH) reported revenue of $111.6B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +2% from the quarter before.
Was UnitedHealth Group profitable in the second quarter 2025?
Operating profit was $5.2B (4.6% of revenue) and net earnings $3.4B.
Source: UnitedHealth Group 10-Q on SEC EDGAR.