Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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UnitedHealth Group Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Medical costs payable
Accounts payable and accrued liabilities
Short-term borrowings and current maturities of long-term debt
Unearned revenues
Other current liabilities
Current liabilities
Long-term debt, less current maturities
Deferred income taxes
Other liabilities
Noncurrent liabilities
Total liabilities
Redeemable noncontrolling interests
Preferred stock, $0.001 par value; no shares issued or outstanding
Common stock, $0.01 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Shareholders’ equity attributable to UnitedHealth Group
Nonredeemable noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interests and equity

Based on: 10-K (reporting date: 2025-12-31), 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).

Overall, the financial position of the company demonstrates a consistent trend of growth in both liabilities and stockholders’ equity over the five-year period from 2021 to 2025. The rate of increase in total liabilities generally exceeds that of total equity, resulting in a gradually increasing reliance on debt financing. Within liabilities, current liabilities exhibit substantial growth, while long-term debt also increases significantly, though with some fluctuation.

Current Liabilities
Current liabilities increased steadily from US$78.292 billion in 2021 to US$114.897 billion in 2025. The most significant components driving this increase are medical costs payable, accounts payable and accrued liabilities, and other current liabilities. Medical costs payable show a consistent rise, increasing from US$24.483 billion to US$39.337 billion. Accounts payable and accrued liabilities also demonstrate a similar upward trend, moving from US$24.643 billion to US$38.032 billion. Short-term borrowings show some volatility, peaking at US$6.069 billion in 2025, but remain a relatively smaller portion of total current liabilities.
Noncurrent Liabilities
Noncurrent liabilities also increased over the period, rising from US$57.435 billion in 2021 to US$92.986 billion in 2025. Long-term debt, less current maturities, is the primary driver of this growth, increasing from US$42.383 billion to US$72.359 billion in 2024 before decreasing slightly to US$72.320 billion in 2025. Other liabilities also contribute to the increase, growing from US$11.787 billion to US$18.245 billion. Deferred income taxes remain relatively stable, with a slight decrease observed in 2025.
Stockholders’ Equity
Total stockholders’ equity increased from US$75.045 billion in 2021 to US$100.090 billion in 2025. Retained earnings represent the largest component of equity, growing from US$77.134 billion to US$95.603 billion. Accumulated other comprehensive loss consistently decreased, moving from a loss of US$5.384 billion to a loss of US$2.061 billion, positively impacting equity. Additional paid-in capital remained negligible until 2025, when it reached US$559 million. Common stock remained constant at US$9 million throughout the period. Redeemable noncontrolling interests fluctuated, decreasing significantly in 2025.
Total Liabilities and Equity
Total liabilities, redeemable noncontrolling interests, and equity increased consistently from US$212.206 billion in 2021 to US$309.581 billion in 2025. The growth rate in total liabilities appears to be higher than the growth rate in total equity, suggesting an increasing reliance on external financing. The overall trend indicates a strengthening financial position, but with a growing proportion of funding derived from liabilities.

In summary, the company experienced substantial growth in both its liabilities and equity positions. The increasing reliance on debt, particularly in the form of long-term debt and current liabilities, warrants continued monitoring. The growth in retained earnings contributes positively to equity, but is partially offset by accumulated other comprehensive loss, which is diminishing over time.