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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- 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 income statement (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).
Revenue growth exhibits a consistent upward trajectory over the analyzed period, with total customer revenues increasing from 69.7 billion USD in March 2021 to a peak of 112.6 billion USD by December 2025. This expansion is primarily driven by the premiums segment, which grew from 55.5 billion USD to over 88 billion USD. While the products and services segments also demonstrated growth, their contributions remained secondary to the premium-based revenue stream.
- Cost Structure and Gross Margin
- Medical costs represent the most significant expenditure, scaling in tandem with revenue growth. These costs rose from 44.9 billion USD in March 2021 to 82.0 billion USD by December 2025. Consequently, while gross profit generally increased, the margin experienced fluctuations, particularly in 2025, where a spike in medical costs in the second and third quarters led to a temporary contraction in gross profit levels.
- Operating Performance and Volatility
- Earnings from operations remained relatively stable between 5.5 billion USD and 8.7 billion USD for the majority of the period. However, a significant anomaly occurred in December 2025, where operating earnings plummeted to 380 million USD before recovering sharply to 8.99 billion USD in March 2026. This suggests a period of intense operational pressure or non-recurring expenses toward the end of 2025.
- Net Income and Extraordinary Items
- Net earnings attributable to common shareholders were generally stable in the 4 billion to 6 billion USD range, with two notable exceptions. In March 2024, the company reported a net loss of 1.4 billion USD, directly correlating with a substantial 7.1 billion USD loss on the sale of a subsidiary. A second period of volatility occurred in late 2025, with net earnings dropping to 10 million USD in December 2025, coinciding with the aforementioned operating earnings slump.
- Financial Obligations and Other Income
- Interest expenses show a clear and steady increase, rising from 397 million USD in March 2021 to 955 million USD by March 2026, indicating higher leverage or increased borrowing costs over time. This trend is partially offset by investment and other income, which remained positive throughout the period, generally fluctuating between 300 million and 1.6 billion USD per quarter.
The overall financial profile is characterized by strong top-line growth and robust core profitability, punctuated by significant non-recurring losses and a sharp, short-term decline in operational efficiency at the end of 2025.