Unitedhealth (UNH) Operating Expenses (2009 - 2026)
Unitedhealth's Operating Expenses was $104.04 billion in Q2 2026, down 2.3% from $106.47 billion a year earlier but up 1.3% from the prior quarter.
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Analysis
Unitedhealth (UNH) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Unitedhealth's Operating Expenses was $428.45 billion through Jun 30, 2026, up 9.3% year-over-year; for FY2025, it came in at $428.6 billion, up 16.5% from FY2024.
- Operating Expenses has now increased for 16 consecutive years, with a five-year compound annual growth rate of 12.8% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $367.99 billion in FY2024 (+8.5%), $339.26 billion in FY2023 (+14.7%), $295.73 billion in FY2022 (+12.2%) and $263.63 billion in FY2021 (+12.3%).
- Quarterly Operating Expenses has moved between $66.63 billion (Q3 2021) and $112.84 billion (Q4 2025) over five years.
- Compared with a year earlier, Operating Expenses was higher in seven of the last eight quarters, with growth averaging 10.4%.
- The best year-over-year quarter for Operating Expenses over five years was Q4 2025 (growth of 21.3%); the worst was Q2 2026 (a decline of 2.3%).
- Per Business Quant data, UNH's Operating Expenses in the three quarters before Q2 2026 was $102.73 billion (Q1 2026), $112.84 billion (Q4 2025) and $108.85 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 332.42 Bn | 217.05 Bn | 36.67 Bn | 104.04 Bn |
| 2 | Cvs Health | 109.55 Bn | 62.16 Bn | 47.23 Bn | 101.39 Bn |
| 3 | Mckesson | 99.61 Bn | 86.08 Bn | 3.69 Bn | 2.37 Bn |
| 4 | Elevance Health | 84.30 Bn | -57.44 Bn | 13.45 Bn | 48.54 Bn |
| 5 | Cigna | 71.83 Bn | 41.37 Bn | 14.97 Bn | 68.99 Bn |
| 6 | Cencora | 57.33 Bn | 46.42 Bn | 3.61 Bn | 2.28 Bn |
| 7 | Cardinal Health | 51.76 Bn | 35.76 Bn | 2.56 Bn | 1.67 Bn |
| 8 | Humana | 45.82 Bn | -41.98 Bn | 5.50 Bn | 39.51 Bn |
| 9 | Centene | 30.70 Bn | -59.59 Bn | 14.55 Bn | 52.38 Bn |
| 10 | Molina Healthcare | 9.83 Bn | -25.04 Bn | 1.43 Bn | 10.73 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 104.04 Bn |
| Mar 31, 2026 | 102.73 Bn |
| Dec 31, 2025 | 112.84 Bn |
| Sep 30, 2025 | 108.85 Bn |
| Jun 30, 2025 | 106.47 Bn |
| Mar 31, 2025 | 100.46 Bn |
| Dec 31, 2024 | 93.03 Bn |
| Sep 30, 2024 | 92.11 Bn |
| Jun 30, 2024 | 90.98 Bn |
| Mar 31, 2024 | 91.87 Bn |
| Dec 31, 2023 | 86.74 Bn |
| Sep 30, 2023 | 83.84 Bn |
| Jun 30, 2023 | 84.85 Bn |
| Mar 31, 2023 | 83.85 Bn |
| Dec 31, 2022 | 75.90 Bn |
| Sep 30, 2022 | 73.43 Bn |
| Jun 30, 2022 | 73.20 Bn |
| Mar 31, 2022 | 73.20 Bn |
| Dec 31, 2021 | 68.20 Bn |
| Sep 30, 2021 | 66.63 Bn |
API Access
Unitedhealth Operating Expenses 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=operating-expenses&ticker=UNH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=UNH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();