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UnitedHealth (UNH) Stock Analysis

Financial ServicesHospital & Medical Service Plans

Q2 2026 · +0.4% revenue · +0.3% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▼−8.5 ppvs trend
Net income▲+114.8 ppvs trend
Diluted EPS▲+114.4 ppvs trend
Free cash flow▲+38.7 ppvs trend

Outperformed in 3 of 4 metrics

How the cash was deployedQ2 2026
Operating cash flow$19.96B
$1.56B (7.8 %)
Share buybacks$1.65B (8.2 %)
Dividends paid$4.09B (20.5 %)
Debt repayment$2.50B (12.5 %)
Returned to shareholders this quarter$5.74B▼ −39.3%
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+0.4% +0.3%
100.82B
Q3 24
100.81B
Q4 24*
109.58B
Q1 25
111.62B
Q2 25
113.16B
Q3 25
113.22B
Q4 25*
111.72B
Q1 26
112.03B
Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueReversal
$112.03B
▲+0.4% ▲+0.3%
99.80B
98.86B
100.82B
100.81B
109.58B
111.62B
113.16B
113.22B
111.72B
112.03B
Direction flipped this quarter — watch for a one-off or a new trend.
Net incomeReversal
$5.48B
▲+61.0% ▼−12.7%
−1.41B
4.22B
6.05B
5.54B
6.29B
3.41B
2.35B
10.00M
6.28B
5.48B
Direction flipped this quarter — watch for a one-off or a new trend.
Free cash flowSlowing
$18.40B
▲+69.4% ▲+126%
401.00M
6.29B
19.25B
−8.09B
4.56B
10.86B
15.91B
−18.73B
8.15B
18.40B
Still moving the same direction, but at a smaller pace than the prior quarter.
Diluted Reversal
$6.04
▲+61.5% ▼−12.5%
-1.53
4.54
6.51
5.99
6.85
3.74
2.59
0.05
6.90
6.04
Direction flipped this quarter — watch for a one-off or a new trend.

Margins

Gross marginAccelerating
88.1 %
▼−0.3 pp ▼−0.5 pp
88.92
88.53
88.26
87.64
88.69
88.34
88.90
88.80
88.52
88.06
Moving faster than the prior quarter — the trend is picking up speed.
Operating marginReversal
7.1 %
▲+2.5 pp ▼−0.9 pp
7.95
7.97
8.64
7.71
8.32
4.61
3.81
0.34
8.05
7.13
Direction flipped this quarter — watch for a one-off or a new trend.
Net marginReversal
4.9 %
▲+1.8 pp ▼−0.7 pp
-1.41
4.26
6.01
5.50
5.74
3.05
2.07
0.01
5.62
4.90
Direction flipped this quarter — watch for a one-off or a new trend.
Metric
Q2 2025Same quarter, prior year
Q1 2026Previous quarter
Q2 2026Latest quarter
YoYQoQ
Revenue$111.62B$111.72B$112.03B+0.4%+0.3%
Cost of revenue$13.02B$12.82B$13.38B+2.7%+4.3%
Gross profit$98.60B$98.90B$98.66B+0.1%−0.2%
Operating expenses$106.47B$102.73B$104.04B−2.3%+1.3%
Operating income$5.15B$8.99B$7.99B+55.2%−11.1%
Net income$3.41B$6.28B$5.48B+61.0%−12.7%
Diluted $3.74$6.90$6.04+61.5%−12.5%
Operating cash flow$12.64B$8.91B$19.96B+57.9%+124%
$1.78B$763.00M$1.56B−12.4%+105%
Free cash flow$10.86B$8.15B$18.40B+69.4%+126%
Gross margin88.3 %88.5 %88.1 %−0.3 pp−0.5 pp
Operating margin4.6 %8.0 %7.1 %+2.5 pp−0.9 pp
Net margin3.1 %5.6 %4.9 %+1.8 pp−0.7 pp