Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to Operating Profit (P/OP) since 2005
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UnitedHealth Group Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition
- Premiums consistently represent the majority of revenues, maintaining a level close to 79-80% throughout the periods. The share of products in revenues shows a slight downward trend from around 13% in 2020 to just under 12% by the end of 2025. Services maintain a stable contribution, fluctuating around 7-9%, with some increase observed towards the later periods.
- Cost Structure
- Medical costs account for the largest portion of total costs, ranging broadly from -56% to -71%, with an increasing trend in recent quarters indicating rising medical expenses relative to revenues. The cost of products sold gradually increases from about -10.8% in early periods to around -11.5% by the end, suggesting slightly higher product costs. Overall cost of revenues remains substantial, trending upwards from approximately -75% to above -82%, reflecting increased total expenses relative to revenue.
- Profitability Metrics
- Gross profit margin varies between roughly 17% and 24%, showing some cyclical fluctuations rather than a clear trend, but with a notable decline after 2024 indicating pressure on profitability. Operating costs as a percentage of revenues fluctuate around -12.5% to -17.7% with a slightly declining tendency after 2022, which might indicate improved operational efficiency. Depreciation and amortization remain stable around -1%, contributing consistently to operating expenses.
- Operating Earnings and Expenses
- Earnings from operations peak near 15% early on but stabilize in the range of 7-9%, with a decline observed from 2024 onward to levels around 3-5%. Interest expense remains relatively low but shows minor volatility, moving mostly between -0.5% and -1.1%, indicating steady finance costs. A significant loss on sale of subsidiaries emerges briefly in late 2023 and early 2024, reflecting a non-recurring negative effect during that timeframe.
- Tax and Net Earnings
- Provision for income taxes typically ranges between -1% and -1.9%, with a notable reduction from 2024 onward, implying either changes in tax rates or tax planning strategies. Net earnings as a percentage of revenues generally hover between 3% and 10%, with peaks early in the period and a decline beginning around 2024, including a negative net earnings figure in one quarter indicating a temporary loss. Earnings attributable to common shareholders closely follow net earnings trends, showing strong profitability early and some pressure in later periods.
- Summary
- The financial data reveals a revenue composition heavily weighted toward premiums with stable contributions from products and services. Increasing medical and product costs led to higher overall cost of revenues, exerting downward pressure on gross profits and net earnings, especially after 2024. Operating efficiencies are suggested by a slight reduction in operating costs proportion relative to revenues. However, the appearance of extraordinary losses and lower net earnings in recent periods signals challenges impacting profitability. Income taxes appear to moderate after 2024, potentially cushioning some earnings volatility. Overall, the company’s financial performance demonstrates resilience amid cost pressures but shows emerging strains in profitability metrics in the later quarters evaluated.