Common-Size Income Statement
Quarterly Data
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UnitedHealth Group Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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UnitedHealth Group Inc., common-size consolidated income statement (quarterly data)
Based on: 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 financial performance over the analyzed period is characterized by a stable revenue mix and consistent operational margins, interrupted by a significant period of cost volatility in 2025 and a one-time impairment in early 2024.
- Revenue Composition Trends
- Revenue is predominantly driven by premiums, which consistently fluctuate between 77% and 80% of total revenue. Products and services maintain a smaller but stable share, with products generally ranging from 11% to 13% and services between 8% and 9%. A slight shift is observable in late 2024, where product revenue reached a peak of 13.58% while premiums dipped to their lowest point of 77.06% in December 2024.
- Cost Structure and Gross Profitability
- Medical costs represent the most significant expenditure, historically maintaining a baseline of approximately 64% to 66% of revenue. However, a sharp upward trend in medical costs emerged in mid-2025, peaking at 72.88% in December 2025. This escalation directly compressed gross profit margins, which fell from a historical average of 21-24% to a low of 15.85% in December 2025. A rapid correction is noted by March 2026, where medical costs reverted to 66.45% and gross profit recovered to 21.95%.
- Operating Efficiency and Earnings
- Operating costs have remained relatively controlled, generally fluctuating between 12% and 15% of revenue. Despite this stability, earnings from operations were severely impacted by the aforementioned medical cost spike in 2025, with operating margins collapsing from 8.40% in March 2025 to 0.34% in December 2025. The subsequent recovery to 8.13% in March 2026 indicates a successful mitigation of the cost pressures experienced during the previous three quarters.
- Net Profitability and Extraordinary Items
- Net earnings attributable to common shareholders typically ranged between 5% and 7%. Two significant anomalies are observed: first, a net loss of -1.43% in March 2024, which is directly attributable to a one-time loss on the sale of subsidiaries amounting to 7.17% of revenue. Second, the systemic margin compression in late 2025 reduced net earnings to a near-break-even point of 0.01% in December 2025. Profitability returned to historical norms by March 2026, reaching 5.68%.