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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
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UnitedHealth Group Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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
- The premiums exhibited a consistent upward trajectory from March 2020 through March 2025, increasing from approximately $50.6 billion to $86.5 billion. Notably, the period between March 2022 and March 2023 saw a sharp rise from around $64.7 billion to $72.8 billion, indicating accelerated growth during this interval.
- Products and Services Revenues
- Revenue from products showed a generally steady increase, rising from $8.4 billion in March 2020 to a peak of about $13.5 billion by December 2024 before a slight decline in March 2025. Services revenue also increased over the period, from $5 billion to approximately $9 billion, maintaining a relatively stable growth pattern with minor fluctuations.
- Total Revenues from Customers
- Total customer revenues grew from about $64.1 billion in March 2020 to $108.5 billion by March 2025. This rising trend reflects growth across premiums, products, and services, with a notable acceleration after March 2022.
- Medical and Cost of Products Sold
- Medical costs increased considerably, from approximately $41 billion in March 2020 to $73.4 billion by March 2025, highlighting rising expenses in healthcare services. The cost of products sold also increased from around $7.7 billion in March 2020 to $12.4 billion by March 2025, indicating growing expenses in product-related operations.
- Total Cost of Revenues and Gross Profit
- Total cost of revenues mirrored the increase in underlying costs, rising from about $48.7 billion in March 2020 to $85.8 billion in March 2025. Despite rising costs, gross profit increased from $15.4 billion early 2020 to $22.7 billion by March 2025, with periodic fluctuations, suggesting overall margin improvements but some pressure on profitability in the latter periods.
- Investment and Other Income
- Investment and other income displayed variability with occasional spikes, reaching a peak near $1.6 billion in late 2024. This indicates an increasing contribution from non-core business income sources but also some instability across quarters.
- Operating Costs and Depreciation
- Operating costs showed a rising trend from roughly $10 billion in early 2020 to about $13.6 billion in March 2025, with some fluctuations. Depreciation and amortization expenses steadily increased from $723 million to approximately $1.1 billion over the period, reflecting ongoing investments in assets.
- Earnings from Operations
- Operating earnings rose from $5 billion in early 2020 to approximately $9.1 billion by March 2025, although with some volatility. Noteworthy is a dip around late 2022 and early 2023 followed by recovery, indicating operational challenges but an overall positive growth trajectory.
- Interest Expense and Loss on Sale of Subsidiaries
- Interest expense gradually increased over the period, from around $437 million in early 2020 to close to $1 billion in 2024-2025, suggesting higher debt levels or increased borrowing costs. Losses on sale of subsidiaries appeared as a significant one-off item beginning mid-2023, with the largest loss recorded in late 2023, impacting profitability.
- Earnings Before Income Taxes and Provision for Income Taxes
- Earnings before income taxes followed a pattern similar to operating earnings, increasing overall but with notable declines around early 2024. Provision for income taxes rose in absolute terms, but relative to earnings, some fluctuations suggest variations in effective tax rates or tax planning outcomes.
- Net Earnings and Earnings Attributable to Shareholders
- Net earnings attributable to common shareholders increased from about $3.4 billion in early 2020 to $6.3 billion in March 2025. However, a significant net loss was recorded in March 2024, corresponding with the period of losses on subsidiary sales and reduced earnings before taxes, indicating a temporary disruption. Following this, earnings rebounded strongly, reflecting recovery and ongoing profitability growth post-disturbance.