Filing Flows › UnitedHealth Group (UNH) › Q3 2025
UnitedHealth Group (UNH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
UnitedHealth Group (UNH) reported revenue of $113.2B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +1% from the quarter before. Operating margin was 3.8%, net earnings $2.3B (2.1% of revenue).
UnitedHealth Group, Q3 2025: revenue $113.2B (+12% year over year), operating margin 3.8%, net earnings $2.3B, operating cash flow $5.9B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $113.2B | +1% | +12% |
| Operating profit | $4.3B | -16% | -50% |
| Net earnings | $2.3B | -31% | -61% |
| Operating cash flow | $5.9B | -17% | -57% |
| Free cash flow | $5.1B | -20% | -61% |
What changed
Revenue was $113.2B in Q3 2025, up 12% year over year and up 1% from the previous quarter.
Operating profit was $4.3B, a 3.8% margin (down 4.8 points year over year). Operating profit fell $4.4B even though revenue rose $12.3B versus a year earlier, so costs grew faster than sales. Total costs grew 18% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $2.3B, down 61% year over year. The effective tax rate was 21.2%.
Operating cash flow was $5.9B (down 57% year over year), 234% 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 added $2.1B. Capital expenditures of $0.89B left free cash flow of $5.1B.
Questions
What was UnitedHealth Group's revenue in the third quarter 2025?
UnitedHealth Group (UNH) reported revenue of $113.2B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +1% from the quarter before.
Was UnitedHealth Group profitable in the third quarter 2025?
Operating profit was $4.3B (3.8% of revenue) and net earnings $2.3B.
Source: UnitedHealth Group 10-Q on SEC EDGAR.