Analysis of Debt
Paying user area
Try for free
UnitedHealth Group Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to UnitedHealth Group Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Total Debt (Carrying Amount)
UnitedHealth Group Inc., balance sheet: debt
US$ 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 | |
| Long-term debt and other financing obligations | |
| Total commercial paper, long-term debt and other financing obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
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:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =