Company profile
SEC EDGAR ↗- Industry
- Hospital & Medical Service Plans
- Listed
- NYSE: UNH
- Incorporated
- DE
- Headquarters
- Eden Prairie, MN
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $447.6B
- Net income
- $12.1B
- Total assets
- $309.6B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $447.6B | $12.1B | $309.6B |
| FY2024 | $400.3B | $14.4B | $298.3B |
| FY2023 | $371.6B | $22.4B | $273.7B |
| FY2022 | $324.2B | $20.1B | $245.7B |
| FY2021 | $287.6B | $17.3B | $212.2B |
| FY2020 | $257.1B | $15.4B | $197.3B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Record on UnitedHealth, and the casebook each one belongs to.
| Fork date | Decision type | What UnitedHealth chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2011 | The Cross-Subsidy | Unify under Optum brand | $150.9 billion of 2024 revenue booked from 'affiliated customers', nearly 60% of Optum's entire reported revenue (2024) | Read the story → | The Cross-Subsidy Casebook → |
Run one of these yourself
The decisions UnitedHealth faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Crisis & ReinventionThe Crisis ResponseWhat is one more quarter of not acting worth?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Optum Began as a 2011 Rebrand of Three Businesses UnitedHealth Already Owned
The Optum story is told as a master plan: an insurer that built a health-services empire from scratch. It wasn't built — it was rebranded. In 2011 UnitedHealth bolted a new name onto three businesses it already owned, and the same data and referral loops that make it a $400 billion machine are now the precise thing the DOJ is trying to take apart.
8 min
The Crisis Response · Crisis & Reinvention
The DOJ Flagged UnitedHealth's Single Point of Failure in 2022. 192.7 Million People Paid.
One unprotected Citrix portal went dark and took down a clearinghouse handling a third of Americans' health records. The DOJ had warned in 2022 that putting it inside the nation's biggest insurer created a single point of failure. The court disagreed. Then 192.7 million people paid for it.
8 min
The Cross-Subsidy · Business Model
Optum bills UnitedHealthcare $150B a year — and calls it revenue
Wall Street says Optum 'overtook' UnitedHealth's insurer. The filings say otherwise: in 2024, UnitedHealth stripped out $150.9 billion of intercompany sales on consolidation — and the company's own segment disclosures show that flow running almost entirely one way, Optum selling to its own sister insurer. The services arm didn't win. It got fed.
8 min
The Moat Anatomy · Moat & Competition
Optum Steers Patients Into UnitedHealth's Own Doctors — and in 2025 the DOJ Sued to Break It
On $400.3 billion in 2024 revenue, the popular story is that UnitedHealth wins by being the biggest insurer. It isn't, and that isn't the moat. The moat is Optum steering patients into UnitedHealth's own doctors and data - and in October 2025 the DOJ sued to break exactly that.
8 min