UnitedHealth Group Incorporated stock research
FY2026 Q1
UnitedHealth Group (UNH) Gross Margin — Quarter Ended Mar 31, 2026
Revenue declined slightly from the prior quarter while remaining above the year-ago level. Gross profit moved in line with revenue, and gross margin weakened marginally compared with both prior periods.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue declined slightly from the prior quarter while remaining above the year-ago level. Gross profit moved in line with revenue, and gross margin weakened marginally compared with both prior periods.
- The relationship among revenue, cost of revenue, and gross profit shows that cost of revenue was relatively stable across the periods, so the change in gross margin was driven primarily by the direction of revenue.
- Sequentially, revenue was slightly lower and gross profit declined correspondingly, causing gross margin to weaken marginally. Compared with the same quarter a year earlier, revenue was higher, but gross margin was slightly lower as cost of revenue rose at a modestly faster pace.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
88.5%
Gross profit
$98.9B
Revenue
$111.7B
Cost of revenue
$12.8B
Quarter-over-quarter change
-0.3 pts
Year-over-year change
-0.2 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2026 | $111.7B | $98.9B | $12.8B | 88.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-0.3 pts
Year-over-year change
Mar 31, 2025
-0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship among revenue, cost of revenue, and gross profit shows that cost of revenue was relatively stable across the periods, so the change in gross margin was driven primarily by the direction of revenue.
Sequentially, revenue was slightly lower and gross profit declined correspondingly, causing gross margin to weaken marginally. Compared with the same quarter a year earlier, revenue was higher, but gross margin was slightly lower as cost of revenue rose at a modestly faster pace.
Monitor the trend in cost of revenue relative to revenue in upcoming quarters to assess margin stability.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| UnitedHealth Group Incorporated (UNH) | 88.5% |