Unitedhealth (UNH) Gross Margin (2009 - 2026)
Unitedhealth's Gross Margin came in at 31.69% for Q3 2026, up 2.35 percentage points from 29.34% a year earlier but down 1.05 percentage points from the prior quarter.
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Analysis
Unitedhealth (UNH) Gross Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Unitedhealth reported Gross Margin of 31.53%, up 0.24 percentage points year-over-year; for FY2025, it was 29.84%, down 4.16 percentage points from FY2024.
- Gross Margin has declined in each of the last five years, with a five-year change of -8.17 percentage points (FY2020 to FY2025).
- Going back by year, Gross Margin was 34.00% in FY2024 (-0.91 pp), 34.91% in FY2023 (-0.05 pp), 34.96% in FY2022 (-0.05 pp) and 35.01% in FY2021 (-3.00 pp).
- The five-year range for quarterly Gross Margin is 27.54% (Q4 2025) to 35.52% (Q3 2023).
- Year-over-year, Gross Margin has increased for three consecutive quarters, with an average year-over-year change of -1.30 percentage points over the last eight quarters.
- The fastest year-over-year change in Gross Margin over five years came in Q2 2026 (a gain of 3.14 percentage points), and the weakest in Q4 2025 (a drop of 5.97 percentage points).
- Business Quant data shows UNH's Gross Margin at 32.74% (Q2 2026), 34.22% (Q1 2026) and 27.54% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 359.00 Bn | 239.64 Bn | 35.71 Bn | 31.69% |
| 2 | Mckesson | 123.95 Bn | 105.32 Bn | 3.96 Bn | 3.57% |
| 3 | Cvs Health | 111.19 Bn | 59.95 Bn | 47.21 Bn | 43.56% |
| 4 | Elevance Health | 91.22 Bn | -51.36 Bn | 13.65 Bn | 26.54% |
| 5 | Cigna | 78.47 Bn | 47.34 Bn | 15.09 Bn | 20.48% |
| 6 | Cencora | 66.32 Bn | 55.22 Bn | 3.61 Bn | 4.26% |
| 7 | Cardinal Health | 63.37 Bn | 46.54 Bn | 2.60 Bn | 3.85% |
| 8 | Humana | 51.41 Bn | -36.45 Bn | 5.50 Bn | 13.45% |
| 9 | Centene | 33.72 Bn | -60.99 Bn | 9.52 Bn | 18.79% |
| 10 | Molina Healthcare | 10.44 Bn | -24.56 Bn | 1.36 Bn | 12.30% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 31.69% |
| Jun 30, 2026 | 32.74% |
| Mar 31, 2026 | 34.22% |
| Dec 31, 2025 | 27.54% |
| Sep 30, 2025 | 29.34% |
| Jun 30, 2025 | 29.59% |
| Mar 31, 2025 | 33.00% |
| Dec 31, 2024 | 33.50% |
| Sep 30, 2024 | 34.58% |
| Jun 30, 2024 | 33.78% |
| Mar 31, 2024 | 34.13% |
| Dec 31, 2023 | 34.10% |
| Sep 30, 2023 | 35.52% |
| Jun 30, 2023 | 35.13% |
| Mar 31, 2023 | 34.90% |
| Dec 31, 2022 | 35.27% |
| Sep 30, 2022 | 34.93% |
| Jun 30, 2022 | 35.15% |
| Mar 31, 2022 | 34.47% |
| Dec 31, 2021 | 34.69% |
API Access
Unitedhealth Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=UNH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "UNH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=UNH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();