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.
The analyses
The Adjacency Expansion · Growth & Portfolio
UnitedHealth Stopped Being an Insurer. It Became the Road Healthcare Money Drives On.
Everyone calls UnitedHealth a health insurer. But its Optum arm pulled in roughly $253 billion in 2024 — and the company now owns the doctors, the pharmacy, and the payment rails it once just paid into. That's not diversification. It's a referendum on who controls the bill.
8 min
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 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