How does UnitedHealth Group (UNH) make money?

UnitedHealth Group (UNH) generates revenue primarily from Unitedhealthcare, which accounted for 88.4% of total revenue in TTM through Q2 2026. The company reported $450B in revenue and converted 3.1% of it into net profit, equivalent to roughly $14.1B 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 22.5% in TTM through Q2 2026, equivalent to $101B in gross profit on $450B 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 4.8% in TTM through Q2 2026, equivalent to $21.7B 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 3.1% in TTM through Q2 2026, equivalent to $14.1B 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 $14.1B in net income for TTM through Q2 2026, with a net profit margin of 3.1%. 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 $3.4B on capital expenditures (CapEx) during TTM through Q2 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 $23.6B in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 5.2%. 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 14.5% in TTM through Q2 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 76.5% of total revenue in TTM through Q2 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 Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 16, 2026).

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

UnitedHealth Group (UNH) Revenue by Product Segment — TTM through Q2 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), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Unitedhealthcare	$344B	76.5%
Optumrx	$55.9B	12.4%
Optumhealth	$42.9B	9.5%
Optuminsight	$6.92B	1.5%
Total	$450B	100%

Unitedhealthcare$344B
Optumrx$55.9B
Optumhealth$42.9B
Optuminsight$6.92B
Total$450B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, UnitedHealth Group (UNH) reports revenue across 4 reportable product segments; the largest segment was Unitedhealthcare at 76.5%, followed by Optumrx (12.4%) and Optumhealth (9.5%).

Frequently asked questions

Data & methodology

UnitedHealth Group (UNH) Key Financials

Charts, filings, and peer comparison for every metric

Trains Company Knowledge

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

UNH Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation