Common-Size Income Statement
Quarterly Data
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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
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UnitedHealth Group Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. Revenue composition remains relatively stable, with premiums consistently representing the largest portion, followed by products and services. However, significant shifts are observed in profitability and cost structures over the analyzed period.
- Revenue Composition
- Premiums consistently contribute approximately 79-80% of revenues, with a slight dip to 77.06% in December 2024. Products show an increasing trend, rising from around 12% in 2021 to a peak of 13.58% in December 2022, before settling around 12% in the most recent periods. Services also demonstrate an upward trend, increasing from approximately 8.5% to over 9% in several quarters, peaking at 9.56% in December 2022, and then stabilizing around 9%.
- Cost of Revenues
- The cost of revenues, encompassing medical costs, cost of products sold, and other related expenses, has generally increased as a percentage of revenues. Starting around 75.24% in March 2021, it steadily rose to 84.15% by September 2025. A particularly sharp increase is evident in late 2024 and early 2025, reaching 82.59% and 84.15% respectively. Medical costs are the dominant component, consistently exceeding 64% of revenues and increasing to over 72% in the latter part of the period.
- Gross Profit
- As a consequence of rising costs, gross profit as a percentage of revenues has generally declined. Beginning at 24.76% in March 2021, it decreased to 15.85% by September 2025. The most significant declines occurred in 2022 and 2024, mirroring the increases in the cost of revenues. A substantial drop is observed in the latter half of 2024, falling from 21.56% to 15.85%.
- Operating Profitability
- Earnings from operations as a percentage of revenues also exhibit a downward trend, though less pronounced than the decline in gross profit. Starting at 9.66% in March 2021, it decreased to 0.34% in September 2025. Fluctuations are observed, with a notable dip in late 2021 and early 2022, followed by a recovery, and then a more substantial decline in 2024 and 2025. Operating costs remain relatively stable as a percentage of revenue, fluctuating between 13% and 16%.
- Net Profitability
- Net earnings attributable to UnitedHealth Group common shareholders as a percentage of revenues demonstrate a similar declining pattern. Beginning at 6.97% in March 2021, it decreased to 0.01% in September 2025. A significant negative value (-1.43%) is recorded in March 2024, driven by a substantial loss on the sale of a subsidiary and subsidiaries held for sale. The provision for income taxes remains relatively consistent as a percentage of revenues, generally between 1.5% and 2%. Investment and other income fluctuates, but generally remains below 1.25% of revenues, with a peak of 1.26% in September 2023.
In summary, while revenue composition remains relatively consistent, the company faces increasing cost pressures, particularly in medical expenses, leading to a decline in gross and net profitability. The loss recorded in March 2024 significantly impacted net earnings, and the trend suggests continued challenges in maintaining profitability levels.