Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

UnitedHealth Group Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	24,365)	25,312)	25,427)	23,365)	21,375)
Short-term investments	3,756)	3,801)	4,201)	4,546)	2,532)
Accounts receivable, net of allowances	23,018)	22,365)	21,276)	17,681)	14,216)
Other current receivables, net of allowances	29,697)	26,089)	17,694)	12,769)	13,866)
Assets under management	—)	—)	3,755)	4,087)	4,449)
Prepaid expenses and other current assets	9,746)	8,212)	6,084)	6,621)	5,320)
Current assets	90,582)	85,779)	78,437)	69,069)	61,758)
Long-term investments	54,251)	52,354)	47,609)	43,728)	43,114)
Property, equipment and capitalized software, net of accumulated depreciation and amortization	10,762)	10,553)	11,450)	10,128)	8,969)
Goodwill	110,499)	106,734)	103,732)	93,352)	75,795)
Other intangible assets, net of accumulated amortization	20,474)	23,268)	15,194)	14,401)	10,044)
Other assets	23,013)	19,590)	17,298)	15,027)	12,526)
Noncurrent assets	218,999)	212,499)	195,283)	176,636)	150,448)
Total assets	309,581)	298,278)	273,720)	245,705)	212,206)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets experienced consistent growth over the five-year period, increasing from US$212.206 billion in 2021 to US$309.581 billion in 2025. This growth was driven by increases in both current and noncurrent assets. A more detailed examination of the asset composition reveals varying trends within specific categories.

Liquidity and Current Assets: Current assets demonstrated a substantial upward trend, rising from US$61.758 billion in 2021 to US$90.582 billion in 2025. Accounts receivable, net of allowances, exhibited consistent growth throughout the period, increasing from US$14.216 billion to US$23.018 billion. A significant increase is observed in other current receivables, net of allowances, growing from US$13.866 billion in 2021 to US$29.697 billion in 2025. Cash and cash equivalents remained relatively stable, fluctuating between US$23.365 billion and US$25.427 billion before decreasing to US$24.365 billion in 2025. Short-term investments showed an initial increase, peaking at US$4.546 billion in 2022, but subsequently declined to US$3.756 billion in 2025. Assets under management experienced a decline from US$4.449 billion in 2021 to US$3.755 billion in 2023, with no further values reported for 2024 and 2025. Prepaid expenses and other current assets also increased steadily, reaching US$9.746 billion in 2025.
Long-Term Investments and Fixed Assets: Long-term investments increased consistently from US$43.114 billion in 2021 to US$54.251 billion in 2025. Property, equipment, and capitalized software, net of accumulated depreciation and amortization, showed growth from US$8.969 billion in 2021 to US$11.450 billion in 2023, followed by a slight decrease to US$10.762 billion in 2025.
Intangible Assets and Goodwill: Goodwill represents a substantial portion of noncurrent assets, increasing significantly from US$75.795 billion in 2021 to US$110.499 billion in 2025. Other intangible assets, net of accumulated amortization, also increased, though with more volatility, rising from US$10.044 billion in 2021 to US$15.194 billion in 2023, then decreasing to US$20.474 billion in 2025. Other assets also demonstrated consistent growth, increasing from US$12.526 billion in 2021 to US$23.013 billion in 2025.
Overall Asset Composition: Noncurrent assets consistently comprised the majority of total assets throughout the period, increasing from US$150.448 billion in 2021 to US$218.999 billion in 2025. The increasing proportion of goodwill within noncurrent assets is notable, suggesting potential contributions from acquisitions or internal value creation. The growth in other current receivables warrants further investigation to understand the underlying drivers and potential risks associated with these amounts.

UnitedHealth Group Inc. (NYSE:UNH)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items