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.
UnitedHealth Group Inc., consolidated income statement (quarterly data)
US$ in millions
3 months ended:
Jun 30, 2026
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
Premiums
86,956)
87,561)
88,811)
88,979)
87,905)
86,534)
76,483)
77,442)
76,897)
77,988)
73,228)
72,339)
72,474)
72,786)
64,700)
64,491)
63,896)
64,070)
57,547)
56,967)
56,233)
55,486)
Products
13,835)
13,250)
13,484)
13,296)
13,564)
13,036)
13,475)
12,631)
12,211)
11,909)
11,311)
10,354)
10,651)
10,267)
9,398)
9,190)
9,496)
9,340)
8,961)
8,703)
8,433)
8,340)
Services
10,018)
9,779)
10,273)
9,754)
9,039)
8,972)
9,298)
9,104)
8,750)
8,888)
8,709)
8,671)
8,663)
8,080)
7,834)
6,700)
6,645)
6,372)
6,422)
6,164)
6,099)
5,918)
Revenues, customers
110,809)
110,590)
112,568)
112,029)
110,508)
108,542)
99,256)
99,177)
97,858)
98,785)
93,248)
91,364)
91,788)
91,133)
81,932)
80,381)
80,037)
79,782)
72,930)
71,834)
70,765)
69,744)
Medical costs
(75,358)
(73,489)
(82,041)
(79,958)
(78,585)
(73,411)
(67,035)
(65,957)
(65,458)
(65,735)
(62,231)
(59,550)
(60,268)
(59,845)
(53,591)
(52,635)
(52,093)
(52,523)
(48,159)
(47,302)
(46,546)
(44,904)
Cost of products sold
(13,375)
(12,823)
(12,680)
(12,566)
(13,019)
(12,390)
(12,464)
(11,834)
(11,340)
(11,056)
(10,194)
(9,423)
(9,748)
(9,405)
(8,314)
(8,306)
(8,596)
(8,487)
(8,000)
(7,802)
(7,660)
(7,572)
Cost of revenues
(88,733)
(86,312)
(94,721)
(92,524)
(91,604)
(85,801)
(79,499)
(77,791)
(76,798)
(76,791)
(72,425)
(68,973)
(70,016)
(69,250)
(61,905)
(60,941)
(60,689)
(61,010)
(56,159)
(55,104)
(54,206)
(52,476)
Gross profit
22,076)
24,278)
17,847)
19,505)
18,904)
22,741)
19,757)
21,386)
21,060)
21,994)
20,823)
22,391)
21,772)
21,883)
20,027)
19,440)
19,348)
18,772)
16,771)
16,730)
16,559)
17,268)
Investment and other income
1,223)
1,131)
647)
1,132)
1,108)
1,033)
1,551)
1,643)
997)
1,011)
1,179)
997)
1,115)
798)
855)
513)
295)
367)
813)
503)
556)
452)
Operating costs
(14,268)
(15,390)
(16,997)
(15,223)
(13,778)
(13,594)
(12,494)
(13,280)
(13,162)
(14,077)
(13,339)
(13,855)
(13,809)
(13,625)
(13,009)
(11,663)
(11,709)
(11,401)
(11,272)
(10,725)
(10,359)
(10,223)
Depreciation and amortization
(1,040)
(1,029)
(1,117)
(1,099)
(1,084)
(1,061)
(1,041)
(1,041)
(1,020)
(997)
(974)
(1,007)
(1,021)
(970)
(982)
(828)
(802)
(788)
(771)
(796)
(778)
(758)
Earnings from operations
7,991)
8,990)
380)
4,315)
5,150)
9,119)
7,773)
8,708)
7,875)
7,931)
7,689)
8,526)
8,057)
8,086)
6,891)
7,462)
7,132)
6,950)
5,541)
5,712)
5,978)
6,739)
Interest expense
(962)
(955)
(974)
(1,003)
(1,027)
(998)
(1,003)
(1,074)
(985)
(844)
(830)
(834)
(828)
(754)
(676)
(516)
(467)
(433)
(431)
(422)
(410)
(397)
Loss on sale of subsidiary and subsidiaries held for sale
(61)
(72)
(126)
(83)
(41)
(15)
21)
(20)
(1,225)
(7,086)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Earnings before income taxes
6,968)
7,963)
(720)
3,229)
4,082)
8,106)
6,791)
7,614)
5,665)
1)
6,859)
7,692)
7,229)
7,332)
6,215)
6,946)
6,665)
6,517)
5,110)
5,290)
5,568)
6,342)
Provision for income taxes
(1,298)
(1,482)
938)
(686)
(510)
(1,632)
(1,007)
(1,356)
(1,244)
(1,222)
(1,184)
(1,654)
(1,572)
(1,558)
(1,307)
(1,562)
(1,466)
(1,369)
(919)
(1,099)
(1,196)
(1,364)
Net earnings (loss)
5,670)
6,481)
218)
2,543)
3,572)
6,474)
5,784)
6,258)
4,421)
(1,221)
5,675)
6,038)
5,657)
5,774)
4,908)
5,384)
5,199)
5,148)
4,191)
4,191)
4,372)
4,978)
Earnings attributable to noncontrolling interests
(186)
(201)
(208)
(195)
(166)
(182)
(241)
(203)
(205)
(188)
(220)
(197)
(183)
(163)
(147)
(122)
(129)
(121)
(120)
(105)
(106)
(116)
Net earnings (loss) attributable to UnitedHealth Group common shareholders
Revenue exhibits a consistent long-term growth trajectory, increasing from 69,744 million USD in March 2021 to 110,809 million USD by June 2026. This expansion is primarily driven by a steady rise in premiums, which grew from 55,486 million USD to 86,956 million USD over the analyzed period. Contributions from products and services also showed upward trends, though at a slower pace than premiums.
Cost Structure and Medical Loss Trends
Medical costs have risen significantly, moving from 44,904 million USD in March 2021 to 75,358 million USD in June 2026. A period of acute cost escalation is observed in late 2025, where medical costs peaked at 82,041 million USD in September 2025, coinciding with a compression in gross profit. However, a notable correction occurred in early 2026, with costs dropping to 73,489 million USD in March 2026.
Operating Performance and Margin Pressure
Earnings from operations remained relatively stable between 5,500 million USD and 9,000 million USD for much of the period, but experienced a severe contraction in the second half of 2025. Operating earnings fell to 4,315 million USD in September 2025 and reached a low of 380 million USD in December 2025. This decline was driven by a surge in both medical costs and operating costs, which peaked at 16,997 million USD in the same quarter.
Non-Recurring Impacts and Net Earnings
Net earnings were heavily impacted by a non-recurring event in March 2024, where a loss on the sale of a subsidiary totaling 7,086 million USD resulted in a quarterly net loss of 1,221 million USD. Outside of this event and the late 2025 downturn, net earnings attributable to common shareholders generally trended upward, peaking at 6,292 million USD in March 2026 before stabilizing at 5,484 million USD in June 2026.
Interest and Tax Obligations
Interest expenses showed a steady increase, rising from 397 million USD in March 2021 to peak around 1,074 million USD in September 2022, eventually stabilizing near 962 million USD by June 2026. The provision for income taxes remained volatile, with a significant tax benefit of 938 million USD recorded in December 2025, which partially offset the operational losses during that quarter.
Overall, the financial data indicates a company with strong top-line growth capacity but increasing sensitivity to medical cost volatility. The transition from 2025 to 2026 suggests a recovery phase following a period of significant operational strain and margin compression.
