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.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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UnitedHealth Group Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance presented demonstrates a generally increasing trend in revenues over the observed period, with some fluctuations. While revenues experienced growth from 2021 through 2024, a noticeable deceleration and even decline are apparent in the most recent quarters of 2025. Simultaneously, costs have also increased, impacting profitability. A detailed examination of specific income statement items reveals key patterns and potential areas of concern.
- Revenue Growth
- Revenues, encompassing premiums, products, and services, exhibited consistent growth from 2021 to 2024, increasing from US$69.744 billion to US$99.256 billion. However, the rate of growth slowed considerably in 2025, with revenues reaching US$112.568 billion. The most recent quarter (Dec 31, 2025) shows a decline in revenue compared to the prior quarter (Sep 30, 2025), indicating a potential shift in the revenue trajectory.
- Cost Analysis
- Medical costs represent a significant portion of total costs and have consistently increased over the period, rising from US$44.904 billion in March 2021 to US$82.041 billion in December 2025. Cost of products sold and cost of revenues also demonstrate a similar upward trend, increasing from US$7.572 billion and US$52.476 billion respectively in March 2021 to US$12.680 billion and US$94.721 billion in December 2025. The increasing cost structure has outpaced revenue growth in recent periods, impacting overall profitability.
- Gross Profit
- Gross profit initially showed modest growth, peaking at US$22.391 billion in September 2023. However, it has since declined, reaching US$17.847 billion in December 2025. This decline is attributable to the faster growth rate of cost of revenues compared to revenues.
- Operating Income
- Earnings from operations followed a similar pattern to gross profit, increasing through 2023 but declining in 2024 and 2025. The figure reached US$8.708 billion in September 2024 before falling to US$380 million in December 2025. This substantial decrease suggests increasing operational challenges or inefficiencies.
- Net Earnings
- Net earnings attributable to UnitedHealth Group common shareholders experienced growth until 2023, reaching US$5.474 billion in June 2023. However, a significant loss of US$1.409 billion was recorded in March 2024, followed by a recovery but ultimately a decline to US$218 million in December 2025. This volatility indicates a weakening financial position and potential challenges in maintaining profitability.
- Investment and Other Income & Interest Expense
- Investment and other income has fluctuated, contributing positively to earnings but with inconsistent amounts. Interest expense has steadily increased over the period, from US$397 million in March 2021 to US$974 million in December 2025, further eroding net earnings. The increasing interest expense likely reflects changes in debt levels or interest rates.
- Exceptional Items
- A significant loss on the sale of a subsidiary and subsidiaries held for sale was recorded in March 2024 (US$7.086 billion), contributing substantially to the net loss for that quarter. This one-time event significantly impacted the overall financial results.
In summary, while the organization demonstrated revenue growth for several years, recent trends indicate a slowdown in revenue and a substantial increase in costs, leading to declining profitability. The significant loss in March 2024, coupled with the continued decline in net earnings through December 2025, warrants further investigation into the underlying causes and potential mitigation strategies.