How does UnitedHealth Group (UNH) make money?

UnitedHealth Group (UNH) generates revenue primarily from Unitedhealthcare, which accounted for 84.9% of total revenue in TTM through Q1 2026. The company reported $449.71B in revenue and converted 2.7% of it into net profit, equivalent to roughly $12.04B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of UnitedHealth Group (UNH)?

UnitedHealth Group (UNH) reported a gross profit margin of 18.8% in TTM through Q1 2026, equivalent to $84.55B in gross profit on $449.71B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of UnitedHealth Group (UNH)?

UnitedHealth Group (UNH) reported an operating profit margin of 4.2% in TTM through Q1 2026, equivalent to $18.84B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of UnitedHealth Group (UNH)?

UnitedHealth Group (UNH) reported a net profit margin of 2.7% in TTM through Q1 2026, equivalent to $12.04B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is UnitedHealth Group (UNH) profitable?

Yes. UnitedHealth Group (UNH) reported $12.04B in net income for TTM through Q1 2026, with a net profit margin of 2.7%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does UnitedHealth Group (UNH) spend on capital expenditures?

UnitedHealth Group (UNH) spent $3.49B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 0.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does UnitedHealth Group (UNH) generate?

UnitedHealth Group (UNH) generated $19.67B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 4.4%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of UnitedHealth Group (UNH)?

UnitedHealth Group (UNH) had an effective tax rate of 12% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of UnitedHealth Group (UNH)?

UnitedHealth Group (UNH) reports revenue across 4 reportable product segments, led by Unitedhealthcare at 69.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How UnitedHealth Group Makes Money: 2026 Visual Revenue Map

UnitedHealth Group (UNH) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 5, 2026).

UnitedHealth Group discloses geographic revenue only in annual filings. to view the full breakdown.

UnitedHealth Group (UNH) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for UnitedHealth Group (UNH) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Unitedhealthcare	$313.60B	69.7%
Optumrx	$74.08B	16.5%
Optumhealth	$52.79B	11.7%
Optuminsight	$9.24B	2.1%
Total	$449.71B	100%

Unitedhealthcare$313.60B
Optumrx$74.08B
Optumhealth$52.79B
Optuminsight$9.24B
Total$449.71B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, UnitedHealth Group (UNH) reports revenue across 4 operating segments; the largest segment was Unitedhealthcare at 69.7%, followed by Optumrx (16.5%) and Optumhealth (11.7%).

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