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UnitedHealth Group Inc. (NYSE:UNH)

Common-Size Balance Sheet: Assets
Quarterly Data

UnitedHealth Group Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
Cash and cash equivalents 8.26 9.23 8.96 7.87 8.63 9.27 9.92 8.49 10.82 9.19 10.00 9.29 13.80 14.92 14.77 9.51 15.98 10.69 11.52 10.07 9.90 9.43 9.73
Short-term investments 0.86 0.93 1.03 1.21 1.08 1.11 1.15 1.27 1.58 1.76 1.51 1.53 1.84 1.59 1.62 1.85 1.51 1.46 1.32 1.19 1.31 1.30 1.44
Accounts receivable, net 6.57 6.97 8.50 7.44 7.19 7.82 8.69 7.50 6.69 8.08 9.57 7.77 7.33 6.41 7.90 7.20 7.01 8.13 8.53 6.70 6.64 6.94 7.79
Other current receivables, net 8.82 7.98 7.86 9.59 10.39 9.26 8.40 8.75 9.17 9.36 6.79 6.46 6.29 5.76 5.18 5.20 5.63 5.40 5.42 6.53 6.61 6.01 5.63
Assets under management 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.19 1.27 1.37 1.28 1.29 1.35 1.66 1.65 1.75 1.88 2.10 2.02 2.00 2.00
Prepaid expenses and other current assets 2.85 2.94 2.79 3.15 2.86 2.90 2.92 2.75 2.55 2.60 2.16 2.22 2.04 2.10 2.27 2.69 2.33 2.27 2.54 2.51 2.44 2.35 2.42
Current assets 27.37% 28.04% 29.15% 29.26% 30.15% 30.37% 31.08% 28.76% 30.82% 32.17% 31.29% 28.66% 32.58% 32.08% 33.10% 28.11% 34.12% 29.70% 31.20% 29.10% 28.92% 28.02% 29.00%
Long-term investments 18.56 18.63 18.16 17.52 16.81 17.00 16.74 17.55 16.27 16.12 16.16 17.39 16.12 16.41 16.53 17.80 17.10 18.43 19.14 20.32 21.02 20.95 20.67
Property, equipment and capitalized software, net 3.50 3.47 3.41 3.48 3.52 3.54 3.46 3.54 3.39 3.43 3.67 4.18 3.92 3.90 3.75 4.12 3.90 4.09 4.15 4.23 4.10 4.15 4.14
Goodwill 36.12 35.72 35.35 35.69 35.00 34.90 34.72 35.78 35.41 36.86 37.18 37.90 36.06 36.29 35.39 37.99 34.52 36.56 35.05 35.72 35.41 36.06 35.17
Other intangible assets, net 6.51 6.38 6.43 6.61 7.23 7.29 7.41 7.80 7.88 5.15 5.47 5.55 5.39 5.58 5.70 5.86 4.44 4.90 4.48 4.73 4.90 5.14 5.28
Other assets 7.94 7.75 7.50 7.43 7.29 6.90 6.58 6.57 6.23 6.27 6.23 6.32 5.92 5.74 5.53 6.12 5.93 6.31 5.97 5.90 5.66 5.68 5.73
Noncurrent assets 72.63% 71.96% 70.85% 70.74% 69.85% 69.63% 68.92% 71.24% 69.18% 67.83% 68.71% 71.34% 67.42% 67.92% 66.90% 71.89% 65.88% 70.30% 68.80% 70.90% 71.08% 71.98% 71.00%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 asset composition reveals a structural preference for noncurrent assets, which consistently represent between 66% and 73% of the total asset base. This distribution underscores a strategic reliance on long-term holdings and inorganic growth.

Liquidity and Current Asset Trends
Current assets exhibited fluctuations between 27.37% and 34.12% over the observed period. A significant peak in liquidity was recorded in late 2022 and early 2023, driven primarily by cash and cash equivalents, which reached a high of 15.98% in September 2022. Following this peak, a gradual contraction in the cash position is observed, descending to 8.26% by September 2026. In contrast, other current receivables demonstrated a notable upward trend, rising from 5.20% in December 2022 to a peak of 10.39% in September 2025, suggesting a shift in the composition of short-term assets.
Intangible Assets and Goodwill
Goodwill remains the most dominant component of the total asset mix, consistently fluctuating within a narrow band between 34% and 38%. This stability indicates that a substantial portion of the company's asset value is tied to historical acquisitions. Other intangible assets experienced a general increase over the long term, moving from approximately 4.44% in September 2022 to 6.51% by September 2026.
Long-term Investments and Physical Assets
Long-term investments showed a period of decline from approximately 21% in 2021 to a low of 16.12% in June 2023, followed by a moderate recovery to 18.56% by September 2026. Concurrently, property, equipment, and capitalized software displayed a steady downward trend, decreasing from 4.23% in December 2021 to 3.50% by September 2026, indicating that physical asset growth has not kept pace with the overall growth of the total asset base.
Overall Asset Structure
The balance sheet reflects a transition toward a slightly higher concentration of noncurrent assets toward the end of the period, with noncurrent assets reaching 72.63% by September 2026. The combined weight of goodwill and other intangible assets suggests a business model heavily weighted toward intellectual property and acquired entities rather than tangible physical infrastructure.

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