Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

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

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

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Mar 31, 2026 Dec 31, 2025 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
Medical costs payable 12.69 12.71 12.74 12.45 11.99 11.47 11.34 11.38 11.97 11.84 11.63 11.40 11.21 11.83 11.96 12.59 12.96 11.54 12.17 11.95 12.10
Accounts payable and accrued liabilities 12.36 12.28 11.43 11.13 10.84 11.51 11.05 10.80 10.82 11.68 11.05 10.54 10.52 11.28 11.20 10.92 11.33 11.61 11.40 10.94 11.21
Short-term borrowings and current maturities of long-term debt 2.07 1.96 2.45 1.85 3.22 1.52 1.31 3.98 3.44 1.56 1.88 2.26 3.50 1.27 1.33 2.43 3.03 1.71 1.70 1.84 4.31
Unearned revenues 1.09 1.10 1.07 0.98 1.06 1.11 1.11 0.90 1.13 1.23 5.43 5.30 5.11 1.25 5.29 0.96 1.21 1.21 1.20 1.12 1.27
Other current liabilities 8.30 9.06 8.95 9.49 9.52 9.17 9.12 9.54 9.38 9.89 10.50 10.83 10.72 10.70 11.75 11.63 11.33 10.83 10.88 10.55 10.41
Current liabilities 36.50% 37.11% 36.64% 35.90% 36.63% 34.79% 33.93% 36.59% 36.74% 36.19% 40.48% 40.33% 41.06% 36.32% 41.53% 38.54% 39.85% 36.89% 37.35% 36.41% 39.30%
Long-term debt, less current maturities 22.85 23.36 22.96 23.82 23.01 24.26 24.76 22.28 22.47 21.29 20.59 21.15 21.38 22.19 18.69 19.90 18.44 19.97 20.35 21.09 18.24
Deferred income taxes 0.92 0.78 1.00 1.23 1.26 1.21 1.34 1.27 1.47 1.10 0.78 0.89 1.00 1.13 0.68 1.12 1.34 1.54 1.71 1.73 1.76
Other liabilities 6.04 5.89 5.83 5.09 5.15 5.34 5.07 5.17 5.22 5.28 4.83 4.73 4.61 5.23 4.98 5.20 5.28 5.55 5.56 5.91 6.30
Noncurrent liabilities 29.81% 30.04% 29.79% 30.14% 29.42% 30.82% 31.17% 28.72% 29.15% 27.67% 26.20% 26.78% 26.99% 28.54% 24.36% 26.22% 25.05% 27.07% 27.62% 28.73% 26.29%
Total liabilities 66.31% 67.15% 66.44% 66.04% 66.05% 65.61% 65.10% 65.31% 65.90% 63.86% 66.68% 67.11% 68.05% 64.86% 65.89% 64.75% 64.90% 63.96% 64.97% 65.13% 65.60%
Redeemable noncontrolling interests 0.46 0.52 1.35 1.40 1.41 1.45 1.53 1.59 1.60 1.64 1.57 1.71 1.69 1.99 2.00 2.14 0.69 0.68 0.64 0.62 0.62
Preferred stock, $0.001 par value; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 0.18 0.18 0.12 0.00 0.00 0.00 0.15 0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retained earnings 31.95 30.88 30.96 31.52 31.61 32.20 32.25 32.30 31.71 34.99 33.03 32.12 31.32 35.06 34.44 34.99 35.61 36.35 35.26 34.76 34.71
Accumulated other comprehensive loss -0.82 -0.67 -0.70 -0.82 -0.94 -1.14 -0.82 -1.20 -1.21 -2.57 -3.08 -2.73 -2.66 -3.42 -3.74 -3.36 -2.72 -2.54 -2.28 -1.94 -2.35
Shareholders’ equity attributable to UnitedHealth Group 31.31% 30.40% 30.38% 30.70% 30.68% 31.06% 31.58% 31.24% 30.50% 32.43% 29.96% 29.39% 28.66% 31.65% 30.71% 31.64% 32.89% 33.82% 32.99% 32.82% 32.37%
Nonredeemable noncontrolling interests 1.92 1.93 1.83 1.86 1.86 1.88 1.79 1.86 2.00 2.07 1.80 1.79 1.59 1.50 1.41 1.47 1.52 1.55 1.40 1.43 1.42
Total equity 33.23% 32.33% 32.22% 32.56% 32.54% 32.95% 33.37% 33.10% 32.50% 34.50% 31.75% 31.18% 30.25% 33.15% 32.12% 33.11% 34.41% 35.36% 34.39% 34.25% 33.78%
Total liabilities, redeemable noncontrolling interests and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 capital structure exhibits a consistent reliance on liabilities, which maintain a dominant share of the total financing mix, generally fluctuating between 63.8% and 68.1%. Total equity has remained relatively stable over the analyzed period, typically oscillating between 30% and 35%, suggesting a disciplined approach to leverage despite fluctuations in specific liability categories.

Current Liabilities and Liquidity Patterns
Current liabilities represent a significant portion of the total balance sheet, ranging from 33.9% to 41.5%. Medical costs payable and accounts payable remain relatively stable, consistently comprising between 10% and 13% each. A notable pattern is observed in unearned revenues, which spiked significantly to over 5% between September 2022 and June 2023 before returning to a baseline of approximately 1%. Additionally, short-term borrowings demonstrate cyclical volatility, frequently peaking in March of each year, which may indicate seasonal financing requirements.
Long-term Debt and Noncurrent Obligations
There is a discernible upward trend in long-term debt, which increased from approximately 18.2% in March 2021 to approximately 22.9% by the end of 2025. This shift indicates a strategic move toward long-term financing relative to the overall capital structure. Noncurrent liabilities as a whole have shifted from a low of 24.4% in September 2022 to a more sustained range of 29% to 31% in the subsequent periods.
Equity Composition and Retained Earnings
Shareholders' equity attributable to the parent company has experienced slight compression, moving from a peak of 33.8% in December 2021 to approximately 31.3% by March 2026. Retained earnings follow a similar trajectory, declining from a high of 36.4% to roughly 31.9%. This trend is partially offset by an improvement in accumulated other comprehensive loss, which recovered from a low of -3.7% in September 2022 to -0.8% by March 2026, reducing the negative impact on total equity.
Noncontrolling Interests
Redeemable noncontrolling interests showed a temporary increase, peaking at 2.1% in June 2022 before trending downward to 0.46% by March 2026. Nonredeemable noncontrolling interests have remained remarkably stable, consistently representing between 1.4% and 2.1% of the total structure.

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