Analysis of Debt
Total Debt (Carrying Amount)
UnitedHealth Group Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total debt exhibited a consistent upward trend over the five-year period. Examination of the components reveals differing patterns within short-term and long-term obligations.
- Short-Term Borrowings and Current Maturities of Long-Term Debt
- This component demonstrated volatility. A decrease was observed from $3,620 million in 2021 to $3,110 million in 2022. Subsequently, values increased to $4,274 million in 2023 and $4,545 million in 2024 before rising significantly to $6,069 million in 2025. This suggests a potential shift in financing strategy towards greater reliance on short-term funding in the most recent year.
- Long-Term Debt, Less Current Maturities
- Long-term debt showed a steady increase from $42,383 million in 2021 to $58,263 million in 2023. A more substantial increase occurred between 2023 and 2024, reaching $72,359 million. The value remained relatively stable in 2025 at $72,320 million, indicating a potential plateauing of long-term debt issuance.
- Total Commercial Paper, Long-Term Debt and Other Financing Obligations (Carrying Amount)
- The aggregate value of total debt increased from $46,003 million in 2021 to $78,389 million in 2025. The rate of increase accelerated between 2022 and 2024, with increases of $11,620 million and $19,731 million respectively. The increase from 2024 to 2025 was more moderate, at $1,485 million. This overall upward trajectory suggests an increasing reliance on debt financing over the analyzed period.
The combined effect of the trends in short-term and long-term debt resulted in a consistent rise in the total carrying amount of debt. The recent increase in short-term borrowings, coupled with sustained growth in long-term debt, warrants further investigation into the company’s financing needs and debt management strategies.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Commercial paper | 2,249) |
| Long-term debt and other financing obligations | 72,143) |
| Total commercial paper, long-term debt and other financing obligations (fair value) | 74,392) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.95 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on short-term borrowings and long-term debt: 4.48%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.80% | 2,249) | 85) | |
| 1.25% | 500) | 6) | |
| 3.10% | 1,000) | 31) | |
| 1.15% | 989) | 11) | |
| 4.75% | 649) | 31) | |
| 3.45% | 749) | 26) | |
| 4.60% | 498) | 23) | |
| 3.38% | 624) | 21) | |
| 3.70% | 599) | 22) | |
| 2.95% | 947) | 28) | |
| 5.25% | 1,010) | 53) | |
| 3.85% | 1,148) | 44) | |
| 4.40% | 498) | 22) | |
| 3.88% | 847) | 33) | |
| 4.25% | 1,250) | 53) | |
| 4.70% | 406) | 19) | |
| 4.00% | 882) | 35) | |
| 2.88% | 943) | 27) | |
| 4.80% | 1,257) | 60) | |
| 5.30% | 1,272) | 67) | |
| 2.00% | 1,242) | 25) | |
| 4.65% | 745) | 35) | |
| 4.90% | 1,010) | 49) | |
| 2.30% | 1,340) | 31) | |
| 4.95% | 1,490) | 74) | |
| 4.20% | 1,428) | 60) | |
| 5.35% | 2,024) | 108) | |
| 4.50% | 1,460) | 66) | |
| 5.00% | 1,250) | 63) | |
| 5.15% | 2,015) | 104) | |
| 5.30% | 992) | 53) | |
| 4.63% | 1,001) | 46) | |
| 5.80% | 839) | 49) | |
| 6.50% | 492) | 32) | |
| 6.63% | 641) | 42) | |
| 6.88% | 1,080) | 74) | |
| 3.50% | 1,243) | 44) | |
| 2.75% | 972) | 27) | |
| 5.70% | 297) | 17) | |
| 5.95% | 346) | 21) | |
| 3.05% | 1,485) | 45) | |
| 4.63% | 591) | 27) | |
| 4.38% | 487) | 21) | |
| 3.95% | 611) | 24) | |
| 4.25% | 737) | 31) | |
| 5.50% | 1,476) | 81) | |
| 4.75% | 1,977) | 94) | |
| 4.20% | 740) | 31) | |
| 4.25% | 718) | 31) | |
| 3.75% | 936) | 35) | |
| 4.25% | 1,332) | 57) | |
| 4.45% | 1,088) | 48) | |
| 3.70% | 1,237) | 46) | |
| 2.90% | 1,213) | 35) | |
| 3.25% | 1,973) | 64) | |
| 4.75% | 1,967) | 93) | |
| 5.88% | 1,968) | 116) | |
| 5.05% | 1,970) | 99) | |
| 5.38% | 1,730) | 93) | |
| 5.63% | 2,724) | 153) | |
| 5.95% | 735) | 44) | |
| 3.88% | 1,229) | 48) | |
| 3.13% | 967) | 30) | |
| 4.95% | 982) | 49) | |
| 6.05% | 1,466) | 89) | |
| 5.20% | 1,710) | 89) | |
| 5.50% | 1,086) | 60) | |
| 5.75% | 1,822) | 105) | |
| Total | 77,181) | 3,455) | |
| 4.48% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 3,455 ÷ 77,181 = 4.48%