Income Statement

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

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Premiums	308,810)	290,827)	257,157)	226,233)	201,478)
Products	50,226)	42,583)	37,424)	34,437)	34,145)
Services	36,040)	34,123)	27,551)	24,603)	20,016)
Revenues, customers	395,076)	367,533)	322,132)	285,273)	255,639)
Medical costs	(264,185)	(241,894)	(210,842)	(186,911)	(159,396)
Cost of products sold	(46,694)	(38,770)	(33,703)	(31,034)	(30,745)
Cost of revenues	(310,879)	(280,664)	(244,545)	(217,945)	(190,141)
Gross profit	84,197)	86,869)	77,587)	67,328)	65,498)
Investment and other income	5,202)	4,089)	2,030)	2,324)	1,502)
Operating costs	(53,013)	(54,628)	(47,782)	(42,579)	(41,704)
Depreciation and amortization	(4,099)	(3,972)	(3,400)	(3,103)	(2,891)
Earnings from operations	32,287)	32,358)	28,435)	23,970)	22,405)
Interest expense	(3,906)	(3,246)	(2,092)	(1,660)	(1,663)
Loss on sale of subsidiary and subsidiaries held for sale	(8,310)	—)	—)	—)	—)
Earnings before income taxes	20,071)	29,112)	26,343)	22,310)	20,742)
Provision for income taxes	(4,829)	(5,968)	(5,704)	(4,578)	(4,973)
Net earnings	15,242)	23,144)	20,639)	17,732)	15,769)
Earnings attributable to noncontrolling interests	(837)	(763)	(519)	(447)	(366)
Net earnings attributable to UnitedHealth Group common shareholders	14,405)	22,381)	20,120)	17,285)	15,403)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data over the five-year period reveals a generally positive growth trajectory for revenues and associated components, but with some volatility in profitability metrics in the latest year analyzed.

Revenue Trends: There is a consistent upward trend in total premiums, increasing from approximately 201.5 billion US dollars in 2020 to over 308.8 billion US dollars by 2024. This trend is mirrored in the breakdown between products and services, both of which show steady growth. Products revenues grew from about 34.1 billion in 2020 to over 50.2 billion in 2024, while services revenues increased from 20.0 billion to 36.0 billion over the same period.; Overall customer revenues rose accordingly, from 255.6 billion US dollars in 2020 to nearly 395.1 billion in 2024, reflecting expanded business volume or pricing adjustments.
Cost and Profitability Analysis: Medical costs grew substantially, from approximately 159.4 billion in 2020 to 264.2 billion in 2024, closely aligning with the increase in premiums and customer revenues. Cost of products sold also rose significantly, suggesting higher input costs or volume increases in sold goods.; Overall cost of revenues increased from 190.1 billion to 310.9 billion, consistent with growing business scale.; Gross profit showed an upward movement from 65.5 billion in 2020 to a peak of 86.9 billion in 2023, but it declined to 84.2 billion in 2024, indicating some pressure on margin sustainability in the latest year.
Operating and Other Expenses: Operating costs increased steadily from 41.7 billion in 2020 to over 53.0 billion in 2024, reflecting expanding operational scale. Depreciation and amortization also rose progressively, consistent with potential asset growth or capital expenditures.; Interest expense grew markedly from 1.7 billion to 3.9 billion in 2024, nearly doubling over five years, which may point to increased indebtedness or rising interest rates.; Notably, a significant loss on sale of subsidiaries appears in 2024, totaling about 8.3 billion, which impacted that year's financial outcomes negatively.
Profitability and Earnings: Earnings from operations showed consistent growth, increasing from 22.4 billion in 2020 to a peak of 32.4 billion in 2023, with a slight dip to 32.3 billion in 2024. However, earnings before income taxes decreased notably in 2024 to 20.1 billion from previous year highs above 29 billion, likely influenced by the substantial subsidiary sale loss and higher interest expense.; Provision for income taxes remained relatively stable around 4.5-6.0 billion range with a slight decline in 2024.; Net earnings increased steadily from 15.8 billion in 2020 to 23.1 billion in 2023 but dropped sharply to 15.2 billion in 2024, indicating a setback in profitability for the latest year analyzed.; The net earnings attributable to common shareholders followed a similar pattern, peaking at 22.4 billion in 2023 before falling to 14.4 billion in 2024.
Additional Observations: Noncontrolling interests increased somewhat in absolute value, indicating a growing portion of earnings being attributable to external parties.; The data highlight a strong revenue growth over the analyzed period, supported by rising premiums and sales components. However, the elevated costs, increased interest expenses, and significant extraordinary loss in 2024 have exerted downward pressure on profitability.; Overall, while the company maintained growth in revenue and operations, the substantial decrease in net earnings in 2024 suggests challenges that may warrant management attention to cost control, debt management, and asset divestment strategies.

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UnitedHealth Group Inc. (NYSE:UNH)

Income Statement