Filing Flows › UnitedHealth Group (UNH) › Q4 2025
UnitedHealth Group (UNH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
UnitedHealth Group (UNH) reported revenue of $113.2B for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and 0% from the quarter before. Operating margin was 0.3%, net earnings $218M (0.2% of revenue).
UnitedHealth Group, Q4 2025: revenue $113.2B (+12% year over year), operating margin 0.3%, net earnings $218M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $113.2B | 0% | +12% |
| Operating profit | $380M | -91% | — |
| Net earnings | $218M | -91% | — |
| Operating cash flow | $1.1B | -81% | -53% |
| Free cash flow | $160M | -97% | -89% |
What changed
Revenue was $113.2B in Q4 2025, up 12% year over year and roughly flat from the previous quarter.
Operating profit was $0.38B, a 0.3% margin (down 7.4 points year over year). Operating profit fell $7.4B even though revenue rose $12.4B versus a year earlier, so costs grew faster than sales. Total costs grew 21% against revenue growth of 12%. The fastest-growing cost line was SG&A (+36%). Net earnings were $0.01B, down 100% year over year.
Operating cash flow was $1.1B (down 53% year over year), 508% of net income including minority interests. Non-cash charges added back $1.1B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $0.40B. Capital expenditures of $0.95B left free cash flow of $0.16B.
Questions
What was UnitedHealth Group's revenue in the fourth quarter 2025?
UnitedHealth Group (UNH) reported revenue of $113.2B for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and 0% from the quarter before.
Was UnitedHealth Group profitable in the fourth quarter 2025?
Operating profit was $380M (0.3% of revenue) and net earnings $218M.
Source: UnitedHealth Group 10-K on SEC EDGAR.