UnitedHealth Group Incorporated stock research
FY2025 Q3
UnitedHealth Group (UNH) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased while cost of revenue decreased, resulting in a larger gross profit and an improved gross margin compared to both the prior quarter and the same quarter last year.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased while cost of revenue decreased, resulting in a larger gross profit and an improved gross margin compared to both the prior quarter and the same quarter last year.
- The strongest observable margin driver is the decline in cost of revenue from the prior quarter, which allowed gross profit to grow faster than revenue.
- Compared to the prior quarter, gross margin improved as revenue grew and cost of revenue fell. Compared to the same quarter last year, gross margin improved as revenue and gross profit increased while cost of revenue rose at a slower rate.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
88.9%
Gross profit
$100.6B
Revenue
$113.2B
Cost of revenue
$12.6B
Quarter-over-quarter change
+0.6 pts
Year-over-year change
+0.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $100.8B | $88.3B | $12.5B | 87.6% |
| Mar 31, 2025 | $109.6B | $97.2B | $12.4B | 88.7% |
| Jun 30, 2025 | $111.6B | $98.6B | $13.0B | 88.3% |
| Sep 30, 2025 | $113.2B | $100.6B | $12.6B | 88.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+0.6 pts
Year-over-year change
Sep 30, 2024
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the decline in cost of revenue from the prior quarter, which allowed gross profit to grow faster than revenue.
Compared to the prior quarter, gross margin improved as revenue grew and cost of revenue fell. Compared to the same quarter last year, gross margin improved as revenue and gross profit increased while cost of revenue rose at a slower rate.
Monitor the trajectory of cost of revenue relative to revenue in upcoming periods.