UnitedHealth Group Incorporated (UNH) Q2 FY2026 Financial Statements: Revenue $112.03B, Net earnings $5.48B
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PeriodQ2 FY2026
Published
UnitedHealth Group reported net earnings attributable to common shareholders of $5.48 billion for Q2 FY2026, the quarter ended June 30, 2026, up 61.0% from a year earlier, or $6.04 per diluted share against $3.74. Total revenues were $112.03 billion, up 0.4%, while earnings from operations were $7.99 billion, up 55.2%. UnitedHealth Group's medical care ratio was 86.7%, down 2.7 points from a year earlier, which the company attributed to favorable development of prior-period medical cost reserves, affordability and medical cost management initiatives, and pricing.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $112,032,000,000 | up 0.4% |
| Net earnings | $5,484,000,000 | up 61.0% |
| Diluted EPS | $6.04 | up 61.5% |
| Earnings from operations | $7,991,000,000 | up 55.2% |
| Medical care ratio | 86.7% | down 2.7 points |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | UNH |
|---|---|
| CIK | 0000731766 |
| Company | UnitedHealth Group Incorporated |
| Business type | healthcare |
| Schema template | Diversified health care (health benefits plus health services): revenue split the way the company reports it (premiums, products, services, investment and other income); operating costs split into medical costs, operating costs, cost of products sold and depreciation and amortization; earnings from operations, net earnings and per-share figures; the medical care ratio the company reports (medical costs divided by premium revenue); and a balance sheet and cash flow on the company's own lines. Gross profit is not used because the company does not present one. |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); share counts in actual shares (not millions); per-share amounts in dollars; ratios in percent. Figures keep the sign the statement prints: amounts shown in parentheses (interest expense, income tax provision, cash outflows) are negative. |
UNH annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Fiscal year | 2025 | 2024 | 2023 |
| Income statement | |||
| Premiums | 352,229,000,000 | 308,810,000,000 | 290,827,000,000 |
| Products revenue | 53,380,000,000 | 50,226,000,000 | 42,583,000,000 |
| Services revenue | 38,038,000,000 | 36,040,000,000 | 34,123,000,000 |
| Investment and other income | 3,920,000,000 | 5,202,000,000 | 4,089,000,000 |
| Total revenues | 447,567,000,000 | 400,278,000,000 | 371,622,000,000 |
| Medical costs | 313,995,000,000 | 264,185,000,000 | 241,894,000,000 |
| Operating costs | 59,592,000,000 | 53,013,000,000 | 54,628,000,000 |
| Cost of products sold | 50,655,000,000 | 46,694,000,000 | 38,770,000,000 |
| Depreciation and amortization | 4,361,000,000 | 4,099,000,000 | 3,972,000,000 |
| Total operating costs | 428,603,000,000 | 367,991,000,000 | 339,264,000,000 |
| Operating income | 18,964,000,000 | 32,287,000,000 | 32,358,000,000 |
| Interest expense | -4,002,000,000 | -3,906,000,000 | -3,246,000,000 |
| Loss on sale of subsidiary and subsidiaries held for sale | -265,000,000 | -8,310,000,000 | 0 |
| Earnings before income taxes | 14,697,000,000 | 20,071,000,000 | 29,112,000,000 |
| Provision for income taxes | -1,890,000,000 | -4,829,000,000 | -5,968,000,000 |
| Net earnings | 12,807,000,000 | 15,242,000,000 | 23,144,000,000 |
| Earnings attributable to noncontrolling interests | -751,000,000 | -837,000,000 | -763,000,000 |
| Net earnings attributable to unitedhealth group common shareholders | 12,056,000,000 | 14,405,000,000 | 22,381,000,000 |
| Basic EPS | 13.28 | 15.64 | 24.12 |
| Diluted EPS | 13.23 | 15.51 | 23.86 |
| Basic shares | 908,000,000 | 921,000,000 | 928,000,000 |
| Diluted shares | 911,000,000 | 929,000,000 | 938,000,000 |
| Cash flow | |||
| Cash flows from operating activities | 19,697,000,000 | 24,204,000,000 | 29,068,000,000 |
| Capital expenditures | -3,622,000,000 | -3,499,000,000 | -3,386,000,000 |
| Cash paid for acquisitions net of cash assumed | -4,509,000,000 | -13,408,000,000 | -10,136,000,000 |
| Cash flows used for investing activities | -8,685,000,000 | -20,527,000,000 | -15,574,000,000 |
| Common share repurchases | -5,545,000,000 | -9,000,000,000 | -8,000,000,000 |
| Cash dividends paid | -7,916,000,000 | -7,533,000,000 | -6,761,000,000 |
| Cash flows used for financing activities | -11,644,000,000 | -3,512,000,000 | -11,529,000,000 |
| Free cash flow | 16,075,000,000 | 20,705,000,000 | 25,682,000,000 |
| Key metrics | |||
| Medical care ratio percent | 89.1 | 85.5 | 83.2 |
| Cash dividends paid per share | 8.73 | 8.18 | 7.29 |
| Balance sheet | |||
| Cash and cash equivalents | 24,365,000,000 | 25,312,000,000 | |
| Short term investments | 3,756,000,000 | 3,801,000,000 | |
| Accounts receivable net | 23,018,000,000 | 22,365,000,000 | |
| Other current receivables net | 29,697,000,000 | 26,089,000,000 | |
| Prepaid expenses and other current assets | 9,746,000,000 | 8,212,000,000 | |
| Total current assets | 90,582,000,000 | 85,779,000,000 | |
| Long term investments | 54,251,000,000 | 52,354,000,000 | |
| Property equipment and capitalized software net | 10,762,000,000 | 10,553,000,000 | |
| Goodwill | 110,499,000,000 | 106,734,000,000 | |
| Other intangible assets net | 20,474,000,000 | 23,268,000,000 | |
| Other assets | 23,013,000,000 | 19,590,000,000 | |
| Total assets | 309,581,000,000 | 298,278,000,000 | |
| Medical costs payable | 39,337,000,000 | 34,224,000,000 | |
| Accounts payable and accrued liabilities | 38,032,000,000 | 34,337,000,000 | |
| Short term borrowings and current maturities of long term debt | 6,069,000,000 | 4,545,000,000 | |
| Unearned revenues | 3,413,000,000 | 3,317,000,000 | |
| Other current liabilities | 28,046,000,000 | 27,346,000,000 | |
| Total current liabilities | 114,897,000,000 | 103,769,000,000 | |
| Long term debt less current maturities | 72,320,000,000 | 72,359,000,000 | |
| Deferred income taxes | 2,421,000,000 | 3,620,000,000 | |
| Other liabilities | 18,245,000,000 | 15,939,000,000 | |
| Total liabilities | 207,883,000,000 | 195,687,000,000 | |
| Redeemable noncontrolling interests | 1,608,000,000 | 4,323,000,000 | |
| Nonredeemable noncontrolling interests | 5,980,000,000 | 5,610,000,000 | |
| Total equity | 100,090,000,000 | 98,268,000,000 | |
| Common shares outstanding | 906,000,000 | 915,000,000 | |
| Total debt | 78,389,000,000 | 76,904,000,000 | |
UNH quarterly income statement, balance sheet and cash flow
| Q2 FY2026 | Q2 FY2025 | |
|---|---|---|
| Label | Q2 FY2026 | Q2 FY2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Fiscal year | 2026 | 2025 |
| Fiscal quarter | 2 | 2 |
| Income statement | ||
| Premiums | 86,956,000,000 | 87,905,000,000 |
| Products revenue | 13,835,000,000 | 13,564,000,000 |
| Services revenue | 10,018,000,000 | 9,039,000,000 |
| Investment and other income | 1,223,000,000 | 1,108,000,000 |
| Total revenues | 112,032,000,000 | 111,616,000,000 |
| Medical costs | 75,358,000,000 | 78,585,000,000 |
| Operating costs | 14,268,000,000 | 13,778,000,000 |
| Cost of products sold | 13,375,000,000 | 13,019,000,000 |
| Depreciation and amortization | 1,040,000,000 | 1,084,000,000 |
| Total operating costs | 104,041,000,000 | 106,466,000,000 |
| Operating income | 7,991,000,000 | 5,150,000,000 |
| Interest expense | -962,000,000 | -1,027,000,000 |
| Loss on sale of subsidiary and subsidiaries held for sale | -61,000,000 | -41,000,000 |
| Earnings before income taxes | 6,968,000,000 | 4,082,000,000 |
| Provision for income taxes | -1,298,000,000 | -510,000,000 |
| Net earnings | 5,670,000,000 | 3,572,000,000 |
| Earnings attributable to noncontrolling interests | -186,000,000 | -166,000,000 |
| Net earnings attributable to unitedhealth group common shareholders | 5,484,000,000 | 3,406,000,000 |
| Basic EPS | 6.06 | 3.76 |
| Diluted EPS | 6.04 | 3.74 |
| Basic shares | 902,000,000 | 907,000,000 |
| Diluted shares | 906,000,000 | 910,000,000 |
| Key metrics | ||
| Medical care ratio percent | 86.7 | 89.4 |
| Cash dividends paid per share | 2.32 | 2.21 |
| Balance sheet | ||
| Cash and cash equivalents | 28,585,000,000 | |
| Short term investments | 2,883,000,000 | |
| Accounts receivable net | 21,573,000,000 | |
| Other current receivables net | 24,722,000,000 | |
| Prepaid expenses and other current assets | 9,097,000,000 | |
| Total current assets | 86,860,000,000 | |
| Long term investments | 57,716,000,000 | |
| Property equipment and capitalized software net | 10,762,000,000 | |
| Goodwill | 110,645,000,000 | |
| Other intangible assets net | 19,749,000,000 | |
| Other assets | 23,995,000,000 | |
| Total assets | 309,727,000,000 | |
| Medical costs payable | 38,930,000,000 | |
| Accounts payable and accrued liabilities | 39,741,000,000 | |
| Short term borrowings and current maturities of long term debt | 3,827,000,000 | |
| Unearned revenues | 2,986,000,000 | |
| Other current liabilities | 26,336,000,000 | |
| Total current liabilities | 111,820,000,000 | |
| Long term debt less current maturities | 69,501,000,000 | |
| Deferred income taxes | 2,722,000,000 | |
| Other liabilities | 19,735,000,000 | |
| Total liabilities | 203,778,000,000 | |
| Redeemable noncontrolling interests | 1,436,000,000 | |
| Nonredeemable noncontrolling interests | 6,066,000,000 | |
| Total equity | 104,513,000,000 | |
| Common shares outstanding | 905,000,000 | |
| Total debt | 73,328,000,000 | |
UNH year-to-date income statement and cash flow
| Six months ended June 30, 2026 | |
|---|---|
| Label | Six months ended June 30, 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 10-Q |
| Income statement | |
| Premiums | 174,517,000,000 |
| Products revenue | 27,085,000,000 |
| Services revenue | 19,797,000,000 |
| Investment and other income | 2,354,000,000 |
| Total revenues | 223,753,000,000 |
| Medical costs | 148,847,000,000 |
| Operating costs | 29,658,000,000 |
| Cost of products sold | 26,198,000,000 |
| Depreciation and amortization | 2,069,000,000 |
| Total operating costs | 206,772,000,000 |
| Operating income | 16,981,000,000 |
| Interest expense | -1,917,000,000 |
| Loss on sale of subsidiary and subsidiaries held for sale | -133,000,000 |
| Earnings before income taxes | 14,931,000,000 |
| Provision for income taxes | -2,780,000,000 |
| Net earnings | 12,151,000,000 |
| Earnings attributable to noncontrolling interests | -387,000,000 |
| Net earnings attributable to unitedhealth group common shareholders | 11,764,000,000 |
| Basic EPS | 12.98 |
| Diluted EPS | 12.94 |
| Basic shares | 905,000,000 |
| Diluted shares | 908,000,000 |
| Cash flow | |
| Cash flows from operating activities | 19,964,000,000 |
| Capital expenditures | -1,562,000,000 |
| Cash paid for acquisitions net of cash assumed | -98,000,000 |
| Cash flows used for investing activities | -4,245,000,000 |
| Common share repurchases | -1,646,000,000 |
| Cash dividends paid | -4,092,000,000 |
| Cash flows used for financing activities | -11,615,000,000 |
| Free cash flow | 18,402,000,000 |
| Key metrics | |
| Medical care ratio percent | 85.3 |
| Cash dividends paid per share | 4.53 |
| Prior year comparative | |
| Label | Six months ended June 30, 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 10-Q |
| Income statement | |
| Premiums | 174,439,000,000 |
| Products revenue | 26,600,000,000 |
| Services revenue | 18,011,000,000 |
| Investment and other income | 2,141,000,000 |
| Total revenues | 221,191,000,000 |
| Medical costs | 151,996,000,000 |
| Operating costs | 27,372,000,000 |
| Cost of products sold | 25,409,000,000 |
| Depreciation and amortization | 2,145,000,000 |
| Total operating costs | 206,922,000,000 |
| Operating income | 14,269,000,000 |
| Interest expense | -2,025,000,000 |
| Loss on sale of subsidiary and subsidiaries held for sale | -56,000,000 |
| Earnings before income taxes | 12,188,000,000 |
| Provision for income taxes | -2,142,000,000 |
| Net earnings | 10,046,000,000 |
| Earnings attributable to noncontrolling interests | -348,000,000 |
| Net earnings attributable to unitedhealth group common shareholders | 9,698,000,000 |
| Basic EPS | 10.66 |
| Diluted EPS | 10.61 |
| Basic shares | 910,000,000 |
| Diluted shares | 914,000,000 |
| Cash flow | |
| Cash flows from operating activities | 12,644,000,000 |
| Capital expenditures | -1,784,000,000 |
| Cash paid for acquisitions net of cash assumed | -734,000,000 |
| Cash flows used for investing activities | -1,516,000,000 |
| Common share repurchases | -5,545,000,000 |
| Cash dividends paid | -3,912,000,000 |
| Cash flows used for financing activities | -7,848,000,000 |
| Free cash flow | 10,860,000,000 |
| Key metrics | |
| Medical care ratio percent | 87.1 |
| Cash dividends paid per share | 4.31 |
UNH trailing twelve month income statement and cash flow
| Twelve months ended June 30, 2026 | |
|---|---|
| Label | Twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 10-Q |
| Source accessions | 10-K, 10-Q |
| Derivation | Computed, not printed in either filing: full year 2025 from the FY2025 10-K (accession 0000731766-26-000062), plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both from the Q2 2026 10-Q (accession 0000731766-26-000197). |
| Income statement | |
| Premiums | 352,307,000,000 |
| Products revenue | 53,865,000,000 |
| Services revenue | 39,824,000,000 |
| Investment and other income | 4,133,000,000 |
| Total revenues | 450,129,000,000 |
| Medical costs | 310,846,000,000 |
| Operating costs | 61,878,000,000 |
| Cost of products sold | 51,444,000,000 |
| Depreciation and amortization | 4,285,000,000 |
| Total operating costs | 428,453,000,000 |
| Operating income | 21,676,000,000 |
| Earnings before income taxes | 17,440,000,000 |
| Net earnings | 14,912,000,000 |
| Net earnings attributable to unitedhealth group common shareholders | 14,122,000,000 |
| Cash flow | |
| Cash flows from operating activities | 27,017,000,000 |
| Capital expenditures | -3,400,000,000 |
| Free cash flow | 23,617,000,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | none; the company reports in US dollars |
Notes
- Sources: the three fiscal years (2023, 2024, 2025) and the December 31, 2025 and 2024 balance sheets come from the FY2025 Form 10-K (accession 0000731766-26-000062, filed March 2, 2026). The quarters ended June 30, 2026 and June 30, 2025, the six-month periods and the June 30, 2026 balance sheet come from the Q2 2026 Form 10-Q (accession 0000731766-26-000197, filed August 10, 2026).
- The 10-Q's December 31, 2025 balance sheet column matches the 10-K's balance sheet line for line.
- Line items follow the company's own statement captions. operating_income is the line the company labels "Earnings from operations". net_earnings_attributable_to_unitedhealth_group_common_shareholders is the figure earnings per share is based on; net_earnings includes the share belonging to noncontrolling interests.
- Signs follow the statements: interest expense, the provision for income taxes, the loss on sale of subsidiaries, earnings attributable to noncontrolling interests and every cash outflow are printed in parentheses and are stored as negative numbers.
- medical_care_ratio_percent is the medical care ratio as printed in the results summary of each filing's Management's Discussion and Analysis, which the company defines as medical costs divided by premium revenue.
- capital_expenditures is the cash flow line "Purchases of property, equipment and capitalized software".
- Computed figures, not printed in the filings: free_cash_flow is cash flows from operating activities less purchases of property, equipment and capitalized software; total_debt is "Short-term borrowings and current maturities of long-term debt" plus "Long-term debt, less current maturities". The trailing-twelve-month block is also computed, as described in that block.
- common_shares_outstanding is the share count on the closing balance rows of the statement of changes in equity, printed in millions. The 10-Q reports that forward share repurchase contracts covering 6.4 million shares bought by a counterparty were settled on July 1, 2026, after the June 30, 2026 balance sheet date.
- cash_dividends_paid_per_share is taken from the statement of changes in equity, which prints it in the caption of the cash dividends row (for example, "Cash dividends paid on common shares ($ 2.32 per share)" for the second quarter of 2026).
- Diluted earnings per share for the second quarter and first six months of 2026 ($6.04 and $12.94) are slightly below net earnings attributable to common shareholders divided by diluted shares. The 10-Q explains that the calculation of basic and diluted earnings per share includes an immaterial reduction to net earnings attributable to common shareholders for undistributed earnings attributable to shares held by the counterparty to its forward share repurchase contracts.
- The 10-Q presents its cash flow statement for the six months ended June 30 only, so the two quarters carry no cash flow block; the six-month cash flows are in year_to_date. The 10-Q prints no June 30, 2025 balance sheet, and the 10-K prints no December 31, 2023 balance sheet, so those periods carry none.
- No stock split, currency translation or depositary-share adjustment applies: the company reports in US dollars, its common stock trades directly on the NYSE, and it has had no stock split in the periods covered.
Uncertainties
- Three-month cash flow figures for the second quarters of 2026 and 2025 are not given here. The 10-Q prints cash flows only for the six-month periods, and the first-quarter figures needed to separate out the second quarter are not in these two filings.
- Weighted-average share counts are printed rounded to the nearest million, so dividing net earnings by them reproduces the printed earnings per share only approximately.
Company details
| Value | |
|---|---|
| Name | Unitedhealth Group Inc |
| Ticker | UNH |
| CIK | 0000731766 |
| Exchange | NYSE |
| State | Minnesota |
| Incorporation | Delaware |
| SIC | 6324 |
| Office | Finance |
| Industry | Hospital & Medical Service Plans |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 10-Q |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-03-02 | 0000731766-26-000062 | https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/0000731766-26-000062-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-08-10 | 0000731766-26-000197 | https://www.sec.gov/Archives/edgar/data/731766/000073176626000197/0000731766-26-000197-index.htm | facts |
FAQ · UnitedHealth financial statements
How much did UnitedHealth Group earn in Q2 FY2026?
UnitedHealth Group reported net earnings attributable to common shareholders of $5.48 billion for Q2 FY2026, the quarter ended June 30, 2026. That is up 61.0% from $3.41 billion in the same quarter a year earlier.
What was UnitedHealth Group's diluted EPS in Q2 FY2026?
UnitedHealth Group reported diluted earnings per share of $6.04 for Q2 FY2026, the quarter ended June 30, 2026, against $3.74 in the same quarter a year earlier, up 61.5%.
What was UnitedHealth Group's revenue in Q2 FY2026?
UnitedHealth Group's total revenues were $112.03 billion for Q2 FY2026, up 0.4% from $111.62 billion a year earlier. On that revenue, UnitedHealth Group's earnings from operations were $7.99 billion, up 55.2% from $5.15 billion.
What was UnitedHealth Group's medical care ratio in Q2 FY2026?
UnitedHealth Group's medical care ratio, its medical costs as a share of premium revenue, was 86.7% for Q2 FY2026, down 2.7 points from 89.4% a year earlier. The company attributed the lower ratio to favorable development of prior-period medical cost reserves, affordability and medical cost management initiatives, and pricing.
Where can I get UnitedHealth Group Incorporated (UNH) financial data in machine-readable form?
Ticker Scout publishes UnitedHealth Group Incorporated's financial statements as JSON at https://tickerscout.ai/unh/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/unh/narrative.md and https://tickerscout.ai/unh/events.md. UnitedHealth Group Incorporated's SEC CIK is 0000731766. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does UnitedHealth Group Incorporated (UNH) next file with the SEC?
UnitedHealth Group Incorporated (UNH) is expected to file its next Form 10-Q with the SEC on or around October 27, 2026. That date is a projection rather than a company-announced date: it is derived from UnitedHealth Group Incorporated's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000731766-26-000197.
How this page was built
This page was built from two of UnitedHealth Group Incorporated's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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