Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

UnitedHealth Group Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Premiums	88,979)	87,905)	86,534)	76,483)	77,442)	76,897)	77,988)	73,228)	72,339)	72,474)	72,786)	64,700)	64,491)	63,896)	64,070)	57,547)	56,967)	56,233)	55,486)	50,581)	50,863)	49,394)	50,640)
Products	13,296)	13,564)	13,036)	13,475)	12,631)	12,211)	11,909)	11,311)	10,354)	10,651)	10,267)	9,398)	9,190)	9,496)	9,340)	8,961)	8,703)	8,433)	8,340)	8,690)	8,777)	8,247)	8,431)
Services	9,754)	9,039)	8,972)	9,298)	9,104)	8,750)	8,888)	8,709)	8,671)	8,663)	8,080)	7,834)	6,700)	6,645)	6,372)	6,422)	6,164)	6,099)	5,918)	5,751)	5,124)	4,156)	4,985)
Revenues, customers	112,029)	110,508)	108,542)	99,256)	99,177)	97,858)	98,785)	93,248)	91,364)	91,788)	91,133)	81,932)	80,381)	80,037)	79,782)	72,930)	71,834)	70,765)	69,744)	65,022)	64,764)	61,797)	64,056)
Medical costs	(79,958)	(78,585)	(73,411)	(67,035)	(65,957)	(65,458)	(65,735)	(62,231)	(59,550)	(60,268)	(59,845)	(53,591)	(52,635)	(52,093)	(52,523)	(48,159)	(47,302)	(46,546)	(44,904)	(42,082)	(41,636)	(34,678)	(41,000)
Cost of products sold	(12,566)	(13,019)	(12,390)	(12,464)	(11,834)	(11,340)	(11,056)	(10,194)	(9,423)	(9,748)	(9,405)	(8,314)	(8,306)	(8,596)	(8,487)	(8,000)	(7,802)	(7,660)	(7,572)	(7,622)	(7,935)	(7,501)	(7,687)
Cost of revenues	(92,524)	(91,604)	(85,801)	(79,499)	(77,791)	(76,798)	(76,791)	(72,425)	(68,973)	(70,016)	(69,250)	(61,905)	(60,941)	(60,689)	(61,010)	(56,159)	(55,104)	(54,206)	(52,476)	(49,704)	(49,571)	(42,179)	(48,687)
Gross profit	19,505)	18,904)	22,741)	19,757)	21,386)	21,060)	21,994)	20,823)	22,391)	21,772)	21,883)	20,027)	19,440)	19,348)	18,772)	16,771)	16,730)	16,559)	17,268)	15,318)	15,193)	19,618)	15,369)
Investment and other income	1,132)	1,108)	1,033)	1,551)	1,643)	997)	1,011)	1,179)	997)	1,115)	798)	855)	513)	295)	367)	813)	503)	556)	452)	445)	351)	341)	365)
Operating costs	(15,223)	(13,778)	(13,594)	(12,494)	(13,280)	(13,162)	(14,077)	(13,339)	(13,855)	(13,809)	(13,625)	(13,009)	(11,663)	(11,709)	(11,401)	(11,272)	(10,725)	(10,359)	(10,223)	(11,514)	(10,174)	(10,001)	(10,015)
Depreciation and amortization	(1,099)	(1,084)	(1,061)	(1,041)	(1,041)	(1,020)	(997)	(974)	(1,007)	(1,021)	(970)	(982)	(828)	(802)	(788)	(771)	(796)	(778)	(758)	(732)	(719)	(717)	(723)
Earnings from operations	4,315)	5,150)	9,119)	7,773)	8,708)	7,875)	7,931)	7,689)	8,526)	8,057)	8,086)	6,891)	7,462)	7,132)	6,950)	5,541)	5,712)	5,978)	6,739)	3,517)	4,651)	9,241)	4,996)
Interest expense	(1,003)	(1,027)	(998)	(1,003)	(1,074)	(985)	(844)	(830)	(834)	(828)	(754)	(676)	(516)	(467)	(433)	(431)	(422)	(410)	(397)	(401)	(395)	(430)	(437)
Loss on sale of subsidiary and subsidiaries held for sale	(83)	(41)	(15)	21)	(20)	(1,225)	(7,086)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Earnings before income taxes	3,229)	4,082)	8,106)	6,791)	7,614)	5,665)	1)	6,859)	7,692)	7,229)	7,332)	6,215)	6,946)	6,665)	6,517)	5,110)	5,290)	5,568)	6,342)	3,116)	4,256)	8,811)	4,559)
Provision for income taxes	(686)	(510)	(1,632)	(1,007)	(1,356)	(1,244)	(1,222)	(1,184)	(1,654)	(1,572)	(1,558)	(1,307)	(1,562)	(1,466)	(1,369)	(919)	(1,099)	(1,196)	(1,364)	(764)	(1,000)	(2,115)	(1,094)
Net earnings (loss)	2,543)	3,572)	6,474)	5,784)	6,258)	4,421)	(1,221)	5,675)	6,038)	5,657)	5,774)	4,908)	5,384)	5,199)	5,148)	4,191)	4,191)	4,372)	4,978)	2,352)	3,256)	6,696)	3,465)
Earnings attributable to noncontrolling interests	(195)	(166)	(182)	(241)	(203)	(205)	(188)	(220)	(197)	(183)	(163)	(147)	(122)	(129)	(121)	(120)	(105)	(106)	(116)	(140)	(84)	(59)	(83)
Net earnings (loss) attributable to UnitedHealth Group common shareholders	2,348)	3,406)	6,292)	5,543)	6,055)	4,216)	(1,409)	5,455)	5,841)	5,474)	5,611)	4,761)	5,262)	5,070)	5,027)	4,071)	4,086)	4,266)	4,862)	2,212)	3,172)	6,637)	3,382)

Revenue Trends: The total premiums exhibited a generally upward trajectory from 2020 through early 2025, rising from approximately $50.6 billion in Q1 2020 to around $88.9 billion by Q3 2025, reflecting consistent growth in premiums collected. Correspondingly, revenues from customers followed a similar pattern with an increase from roughly $64.1 billion in Q1 2020 to over $112 billion by Q3 2025. Both products and services revenues also increased steadily over the period, indicating balanced growth in these segments.
Cost and Expense Analysis: Medical costs showed a substantial increase over the analyzed timeframe, rising from about $41 billion in Q1 2020 to nearly $80 billion by Q3 2025, implying a significant escalation in healthcare-related expenses. The cost of products sold also increased, though at a slightly slower pace, from approximately $7.7 billion to about $12.6 billion in the same period. Overall cost of revenues rose sharply, mirroring the increase in underlying costs. Operating costs rose moderately, with fluctuations but trending upward, suggesting increased administrative and operational expenditures.
Profitability Indicators: Gross profit showed variability but generally trended upward from just over $15 billion in Q1 2020 to a peak of approximately $22.7 billion in Q2 2025 before declining somewhat. This indicates profitable growth despite increased costs. Earnings from operations fluctuated with periods of growth and contraction; significant peaks were seen mid-2020 and during parts of 2021 and early 2023. However, a notable decline in operating earnings was observed toward late 2025. Net earnings attributable to common shareholders followed a pattern of general increase until early 2024, after which some volatility occurred, including a sharp dip to negative in Q1 2024 but recovery in subsequent quarters.
Investment and Other Income: Investment and other income experienced growth over the years, rising from a few hundred million dollars in early 2020 to over $1.6 billion in late 2024, indicating increasingly significant contributions from investment activities or non-operating income sources.
Income Taxes and Interest Expense: The provision for income taxes generally increased alongside pre-tax earnings, although with some inconsistencies, especially in 2024 and 2025 where tax provisions declined despite earnings fluctuations. Interest expense steadily increased from around $437 million in early 2020 to over $1 billion by late 2024, reflecting either higher debt levels or rising interest rates.
Special Items and Unusual Losses: A significant loss on the sale of subsidiary and subsidiaries held for sale was noted starting in early 2024, reaching a substantial negative impact in Q4 2024. This special item contributed to some irregularities in earnings figures during this period.
Summary Observation: The data depict a company experiencing steady revenue growth accompanied by rising costs, particularly in medical expenses, which challenges margin expansion. Profitability shows resilience but with increased volatility in later years, partly due to special items and fluctuating operating earnings. The increase in investment income and interest expenses indicates both expanded financial activities and higher financing costs. Overall, the trends suggest a company balancing growth with cost pressures and occasional unusual losses, requiring focused management strategies to sustain earnings growth.

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UnitedHealth Group Inc. (NYSE:UNH)

Income Statement Quarterly Data

Income Statement
Quarterly Data