Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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UnitedHealth Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Medical costs payable
Accounts payable and accrued liabilities
Short-term borrowings and current maturities of long-term debt
Unearned revenues
Other current liabilities
Current liabilities
Long-term debt, less current maturities
Deferred income taxes
Other liabilities
Noncurrent liabilities
Total liabilities
Redeemable noncontrolling interests
Preferred stock, $0.001 par value; no shares issued or outstanding
Common stock, $0.01 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Shareholders’ equity attributable to UnitedHealth Group
Nonredeemable noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity

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).

Medical costs payable
Medical costs payable as a percentage of total liabilities, redeemable noncontrolling interests, and equity showed moderate fluctuation over the analyzed periods. Starting at 12.04% in March 2020, it declined to around 9.97% by mid-2020, then generally increased to peak near 12.96% by March 2022. Subsequently, it stabilized with slight fluctuations around the 11.3% to 12.7% range through to the end of 2025, indicating a relatively stable but slightly elevated trend post-2021 compared to early 2020.
Accounts payable and accrued liabilities
This item demonstrated some variability, initially rising from 12.08% in March 2020 to a peak of 13.21% in June 2020, then dipping notably in late 2020 and early 2021. From 2022 onwards, values mostly ranged between approximately 10.5% to 11.6%, showing moderate stability but a slightly lower level compared to 2020.
Short-term borrowings and current maturities of long-term debt
The proportion attributed to short-term borrowings and current maturities of long-term debt experienced a significant reduction in the first year from 8.37% in March 2020 down to as low as 1.27% by December 2022. Sporadic increases and declines occurred thereafter, with no clear upward or downward trend, fluctuating within a narrow range roughly between 1.3% and 3.5%. This suggests a strategic management of short-term debt obligations with considerable variability quarter to quarter.
Unearned revenues
Unearned revenues remained largely stable near 1% of the total, except for two pronounced spikes up to above 5% occurring in late 2022 and early 2023. These spikes may indicate the recording of significant deferred revenues in those quarters, but the levels returned quickly to typical rates, pointing to temporary or irregular revenue deferral events.
Other current liabilities
Other current liabilities showed a generally increasing trend from 7.75% in early 2020 to approximately 11.75% in late 2022. After peaking, this ratio gradually decreased to around 9% towards the end of 2025, signifying some reversal of the growth in these liabilities over the period.
Current liabilities
Current liabilities as a whole followed a cyclical pattern, fluctuating between about 33.9% and 41.6% of total liabilities, redeemable noncontrolling interests, and equity. Peaks tended to occur near the first quarters of years, suggesting seasonal influences in working capital management or operational cycles.
Long-term debt, less current maturities
Long-term debt as a percentage of the total showed moderate volatility but an overall increasing trend. Starting from 18.92% in March 2020, values fluctuated but culminated at a higher level near 24.76% in late 2024 before slightly moderating. This indicates a gradual increase in reliance on or issuance of long-term debt over the analyzed period.
Deferred income taxes
Deferred income taxes decreased steadily from 1.6% at the start of 2020 to below 1% by the end of the period. This steady decline suggests a diminishing deferred tax liability as a portion of the total capital structure.
Other liabilities
Other liabilities remained relatively stable over the entire period, ranging mostly between 4.6% and 6.3%. No significant trend emerged, implying consistent management or minor fluctuations of miscellaneous liability items.
Noncurrent liabilities
Noncurrent liabilities exhibited a generally upward trend from about 25.8% in early 2020 to peak levels of around 31.2% by late 2024. This increase corresponds with the rise in long-term debt, supporting the observation of growing long-term funding structure.
Total liabilities
Total liabilities consistently comprised between 63% and 68% of the total capital base over time. Fluctuations somewhat correlated with changes in current and noncurrent liabilities but showed no sharp trends, indicating relative stability in total leverage levels.
Redeemable noncontrolling interests
This component remained a minor part of the capital structure, showing small oscillations mostly below 2% except for a brief elevation above 2% in mid-2022. The reductions by 2025 indicate limited or decreasing influence of redeemable noncontrolling interests.
Common stock and Additional paid-in capital
Common stock value was negligible throughout. Some minor values for additional paid-in capital appeared sporadically, but overall these equity components stayed at very low proportions, suggesting limited recent issuances or changes in share capital.
Retained earnings
Retained earnings as a portion of total capital showed a declining trend from nearly 33% in early 2020 to about 31% by late 2025, with some cyclical recovery phases. The gradual reduction may reflect dividend payments, share repurchases, or net income fluctuations affecting accumulated earnings.
Accumulated other comprehensive loss
This item consistently represented a small negative percentage, although its absolute value declined steadily from around -2.8% in 2020 to below -0.7% by the end of the last period, indicating lessening accumulated other comprehensive losses and potential improvement in other comprehensive income components.
Shareholders' equity attributable to UnitedHealth Group and Total equity
Shareholders' equity attributable to the company decreased from above 30% in early 2020 to around 30% by 2025, dipping as low as 28.7% in early 2023 and recovering thereafter. Total equity followed a similar pattern with values between about 30.2% and 35.6%, indicating moderate fluctuations in equity financing but generally maintaining a stable presence within the capital structure.
Nonredeemable noncontrolling interests
Nonredeemable noncontrolling interests increased gradually from about 1.5% in 2020 to roughly 2% by late 2023, then slightly decreased toward about 1.8% in 2025. This suggests modest growth in minority interests’ contribution to equity but no major changes.
Overall Capital Structure
The total of liabilities, redeemable noncontrolling interests, and equity remained constant at 100% by definition. Across the observed period, the capital structure maintained a balance with approximately two-thirds liabilities and one-third equity. Within liabilities, there was a shift toward a higher proportion of long-term debt, while short-term borrowings tended to decline. Equity components showed mild variability but stayed relatively consistent, with a slight reduction in retained earnings offset by stable shareholders’ equity percentages.