Common-Size Income Statement
Quarterly Data
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UnitedHealth Group Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) 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: 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
- The revenue structure remains largely stable over the periods, with premiums consistently accounting for the majority share, fluctuating around 78% to 80%. The products segment contributes approximately 11% to 13%, showing a slight decreasing trend initially, followed by a mild uptick in later periods. The services component exhibits modest variability between about 6.7% and 9.5%, generally trending upward in recent quarters before a slight decrease near the end of the timeline.
- Cost Structure
- Medical costs represent the largest expense category, consistently consuming around 64% to 68% of revenues, with a gradual increase in cost intensity evident in the later quarters. The cost of products sold maintains a narrower range between approximately 10.3% and 12.6%, showing a slight rising trend toward the final periods. Overall cost of revenues follows a similar pattern to medical costs, averaging near 75% to 80% of revenues and demonstrating a tendency to increase as time progresses.
- Profitability and Margins
- Gross profit margins hover generally between 19.9% and 24.5%, with an observable declining trend commencing from the middle to the end of the reported periods. Investment and other income as a percentage of revenues fluctuates mildly but tends to rise, peaking near 1.6% in certain quarters. Operating costs are relatively stable, generally ranging from 12.5% to 17.7%, with a moderate decrease in the most recent periods. Depreciation and amortization remain steady close to 1% of revenues throughout.
- Earnings Profile
- Earnings from operations show variability, peaking near 14.95% early in the dataset before stabilizing in the range of 7% to 9% for most subsequent quarters and a downward movement to approximately 7.8% toward the end. Interest expense is fairly stable around 0.5% to 1%, with slight increments in the latter periods. Losses on sale of subsidiaries appear only in select later quarters, showing significant one-time impacts, particularly a marked loss around the third quarter of 2024.
- Income Taxes and Net Earnings
- Provision for income taxes fluctuates between approximately 1% and 3.4%, generally trending downward in the latter periods. Net earnings as a percentage of revenues reflect notable volatility: initial quarters record higher figures near 10.8%, followed by a decline and stabilization around 5.5% to 6.6%, with some quarters experiencing negative net earnings, notably the first quarter of 2024. Net earnings attributable to common shareholders display a similar pattern, underscoring transient challenges impacting profitability in selected quarters.
- Summary of Trends
- The overall financial data indicate a stable revenue composition dominated by premium income, albeit with modest growth in product and services revenue shares. Cost pressures, particularly medical and product costs, have gradually increased, exerting downward pressure on gross margins. Operating efficiencies are somewhat maintained, though earnings from operations and net margins show volatility with intermittent dips potentially influenced by extraordinary items such as subsidiary sales losses. The company demonstrates resilience in managing operating costs, yet profitability experiences periodic fluctuations tied to external and one-time factors.