Balance Sheet: Assets
Quarterly Data
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.
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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UnitedHealth Group Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
Total assets exhibit a consistent long-term growth trajectory, increasing from 205,171 million USD in March 2021 to 312,644 million USD by March 2026. A notable acceleration in asset accumulation occurred between December 2022 and March 2023, where total assets rose by approximately 15% in a single quarter. This expansion is driven by both a steady increase in current assets and a more aggressive growth in noncurrent assets.
- Liquidity and Current Asset Trends
- Current assets grew from 59,508 million USD to 91,127 million USD over the analyzed period. Cash and cash equivalents demonstrated significant volatility, peaking at 41,913 million USD in March 2023 before stabilizing in the 24,000 to 32,000 million USD range. There is a pronounced upward trend in net accounts receivable and other current receivables, with the latter increasing from 11,546 million USD in March 2021 to 24,588 million USD in March 2026, suggesting an increase in short-term credit exposure or changes in billing cycles.
- Strategic Asset Expansion and Intangibles
- Noncurrent assets grew substantially from 145,663 million USD to 221,517 million USD. This growth is heavily concentrated in goodwill, which rose from 72,162 million USD to 110,512 million USD, indicating a sustained strategy of growth through acquisitions. Other intangible assets also showed a significant increase, particularly a sharp rise between June 2024 and September 2024, moving from 14,729 million USD to 23,594 million USD, further reflecting the impact of corporate acquisitions or capitalized intellectual property.
- Long-term Investments and Physical Infrastructure
- Long-term investments followed a gradual upward trend, increasing from 42,406 million USD to 56,788 million USD. In contrast, property, equipment, and capitalized software remained relatively stable, showing modest growth from 8,496 million USD to 10,667 million USD. This disparity suggests that the company's capital allocation is prioritized toward financial investments and strategic acquisitions rather than physical infrastructure expansion.
The overall balance sheet structure indicates a transition toward a more asset-heavy profile, with a significant portion of the increase residing in intangible assets and receivables. The expansion of the asset base is characterized by strategic acquisition-led growth rather than organic increases in fixed physical assets.