UnitedHealth Group Incorporated stock research
FY2025 Q4
UnitedHealth Group (UNH) Gross Margin — Quarter Ended Dec 31, 2025
Revenue remained stable compared to the prior quarter, while gross profit decreased slightly and cost of revenue increased slightly, resulting in a marginally lower gross margin. Compared to the same quarter a year earlier, revenue and gross profit were higher, cost of revenue was higher, and gross margin improved.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue remained stable compared to the prior quarter, while gross profit decreased slightly and cost of revenue increased slightly, resulting in a marginally lower gross margin. Compared to the same quarter a year earlier, revenue and gross profit were higher, cost of revenue was higher, and gross margin improved.
- The strongest observable margin driver is the relationship between cost of revenue and revenue, as cost of revenue remained low relative to revenue, sustaining a high gross margin.
- Compared to the immediately preceding quarter, gross margin weakened slightly. Compared to the same quarter one year earlier, gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
88.8%
Gross profit
$100.5B
Revenue
$113.2B
Cost of revenue
$12.7B
Quarter-over-quarter change
-0.1 pts
Year-over-year change
+1.2 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $113.2B | $100.5B | $12.7B | 88.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-0.1 pts
Year-over-year change
Dec 31, 2024
+1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between cost of revenue and revenue, as cost of revenue remained low relative to revenue, sustaining a high gross margin.
Compared to the immediately preceding quarter, gross margin weakened slightly. Compared to the same quarter one year earlier, gross margin improved.
Monitor the level of cost of revenue relative to revenue in future quarters.