Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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UnitedHealth Group Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Premiums
- Premium revenue demonstrates a generally upward trend over the analyzed periods, rising from approximately $50.6 billion in March 2020 to about $87.9 billion by June 2025. There are visible seasonal fluctuations within each year, with a tendency for premiums to peak in the first and fourth quarters.
- Products and Services Revenue
- Revenues from products show a gradual increase from $8.4 billion in early 2020 to $13.6 billion by mid-2025, reflecting steady growth. Similarly, service revenues rose from $5.0 billion to around $9.0 billion over the same timeframe, indicating consistent improvement though more moderate growth rates.
- Customer Revenues
- Total revenues from customers exhibit a strong upward trajectory, growing from roughly $64.1 billion in Q1 2020 to approximately $110.5 billion in Q2 2025. This growth aligns with the increases observed in premiums, products, and services, suggesting expansion across the company's key revenue streams.
- Medical and Product Costs
- Medical costs steadily increased from about $41.0 billion in Q1 2020 to $78.6 billion by Q2 2025, mirroring revenue growth but at a slightly accelerated pace. Costs of products sold also rose from $7.7 billion to $13.0 billion in the same period, consistent with the increase in product revenues.
- Cost of Revenues and Gross Profit
- The total cost of revenues rose from approximately $48.7 billion in Q1 2020 to $91.6 billion in Q2 2025. Despite rising costs, gross profit generally grew from $15.4 billion to a peak of $22.7 billion in Q1 2025, although a notable decrease to $18.9 billion occurs by mid-2025, suggesting margin pressures late in the period.
- Operating and Other Expenses
- Operating costs increased steadily from $10.0 billion in Q1 2020 to about $13.8 billion by Q2 2025. Depreciation and amortization expenses showed minor but consistent growth, rising from roughly $0.7 billion to $1.1 billion. Investment income fluctuated meaningfully, peaking in late 2022 and early 2023 before stabilizing around $1.0 billion.
- Operating Earnings and Earnings Before Taxes
- Earnings from operations displayed variability, initially high in mid-2020, followed by a period of moderate declines, then a recovery to around $9.1 billion by early 2025 before a sharp drop to $5.1 billion in mid-2025. Earnings before income taxes followed a similar pattern, reflecting operational earnings trends with peaks and troughs but generally maintaining elevated levels in later periods.
- Interest Expense and Loss on Subsidiary Sales
- Interest expense gradually increased, moving from approximately $0.4 billion to around $1.0 billion, suggesting growing debt levels or higher financing costs. The loss on sale of subsidiaries appears only in late 2023 and early 2024, imposing a significant one-time negative impact, notably an expense of $7.1 billion in Q4 2023, leading to an abrupt deterioration in earnings.
- Net Earnings
- Net earnings attributable to common shareholders rose from about $3.4 billion in Q1 2020 to a peak near $6.3 billion in Q1 2025. However, consistent with the recorded losses on sales of subsidiaries, there is a marked net loss of approximately $1.4 billion in Q1 2024. After this, net income recovers, although exhibiting volatility with declines by mid-2025.
- Noncontrolling Interests
- Earnings attributable to noncontrolling interests became increasingly negative over time, growing from a loss of $83 million to approximately $166 million by mid-2025, which modestly reduces the net earnings attributable to common shareholders.
- Overall Analysis
- The data reveals consistent revenue growth across all business segments, offset by rising costs, especially medical costs. Profitability remains strong but subject to fluctuations, particularly impacted by significant one-time losses in late 2023. Increasing interest expenses and operating costs indicate growing financial and operational commitments. The quarter ending March 2024 stands out for the substantial loss associated with subsidiary sales, which temporarily depresses net earnings. Despite these challenges, the overall trend suggests expanding scale and generally robust earnings performance over the longer term.