Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
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-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), 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).

Medical Costs Payable
The medical costs payable showed an overall upward trend throughout the periods, with occasional fluctuations. Starting at $22.8 billion in March 2020, the figure rose steadily to $40.2 billion by September 2025, indicating increased obligations in medical expenses. There were periodic dips and slower growth quarters, but the general direction reflects rising medical cost liabilities.
Accounts Payable and Accrued Liabilities
This category also exhibited a consistent increase from approximately $22.8 billion in March 2020 to about $36.0 billion in September 2025. Growth was moderate and somewhat steady, reflecting an expansion in short-term obligations to suppliers and accrued expenses over the analyzed period.
Short-Term Borrowings and Current Maturities of Long-Term Debt
Short-term borrowings and current maturities of long-term debt demonstrated volatility. Initial values fell sharply from $15.8 billion in March 2020 to lower levels by late 2020 and early 2021. Subsequently, periods of increases and decreases occurred with spikes towards March 2023 and March 2025, reaching approximately $9.9 billion and $10.0 billion respectively. This pattern suggests fluctuations in short-term liquidity management and debt restructuring activities.
Unearned Revenues
Unearned revenues presented irregular fluctuations, with significant spikes at certain intervals, notably around the end of 2021 and beginning of 2023 when values surged to above $14 billion, contrasting with other quarters where they hovered closer to $3 billion. This suggests episodic recognition or deferral of revenue, potentially related to contract timings or changes in revenue recognition policies.
Other Current Liabilities
Other current liabilities increased from about $14.7 billion at the start of the period to a peak near $30.4 billion by March 2023, before declining somewhat to about $28.2 billion in September 2025. This reflects a general build-up of various short-term obligations, although the decline in the final years could indicate improved liability management or shifting classifications.
Current Liabilities Total
Total current liabilities fluctuated but trended upward from around $78.6 billion in early 2020 to peaks exceeding $116.5 billion in early 2023. After this peak, current liabilities contracted but remained elevated above $110 billion, pointing to a substantial increase in short-term obligations within the company over the five-years span.
Long-Term Debt, Less Current Maturities
Long-term debt levels varied but displayed an overall increase from approximately $35.8 billion in March 2020 to a high close to $74.1 billion by September 2024, slightly tapering off thereafter. The debt elevated notably after 2021, consistent with increased borrowing or refinancing activity, possibly linked to strategic investments or capital structure adjustments.
Deferred Income Taxes
Deferred income taxes peaked early in the period and showed a general declining trend from $3.0 billion to below $3.2 billion by the end of the period. The decline suggests shifts in tax assets or liabilities, potentially reflecting changes in tax planning, profitability, or asset valuation.
Other Liabilities, Noncurrent
Other noncurrent liabilities gradually increased from about $10.0 billion to approximately $18.4 billion by September 2025, indicating growth in miscellaneous long-term obligations. The steady rise suggests accumulation of liabilities unrelated to debt or taxes, possibly including pensions or contingent liabilities.
Noncurrent Liabilities Total
The broader category of noncurrent liabilities rose from roughly $48.9 billion to $93.9 billion, nearly doubling over the five-year span. This notable increase underscores a rise in long-term obligations, consistent with expanding debt, deferred taxes, and other liabilities.
Total Liabilities
Total liabilities increased markedly from approximately $127.5 billion in March 2020 to over $209.5 billion by September 2025. Despite short-term fluctuations, the overall rising trajectory demonstrates significant growth in the company’s financial obligations, driven by increases in both current and noncurrent liabilities.
Redeemable Noncontrolling Interests
Redeemable noncontrolling interests remained relatively stable, fluctuating modestly around $1.3 billion to $4.3 billion, with some peaks near $4.9 billion around 2022 and declines thereafter. This stability indicates limited changes in minority interests redeemable by outside stakeholders.
Common Stock and Additional Paid-In Capital
The common stock par value remained constant at $9 million after an initial $10 million. Additional paid-in capital data was incomplete but showed modest values in the later periods, consistent with limited new equity issuance during the span.
Retained Earnings
Retained earnings steadily increased from $62.3 billion to just under $98.0 billion, reflecting consistent profitability and earnings retention. Minor declines in some quarters suggest occasional losses or distributions, but the trend positively contributes to shareholder value.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss deepened initially to nearly -$9.1 billion, then improved to around -$2.2 billion by September 2025. The trend shows recovery from peak losses, implying favorable changes in items such as foreign currency translation, pension adjustments, or unrealized investment losses.
Shareholders’ Equity Attributable
Shareholders’ equity attributable grew from approximately $57.0 billion to $95.8 billion, evidencing a strong increase in net assets available to shareholders, driven by earnings retention and other equity movements. Though some periods displayed minor declines, the long-term trend is upward.
Nonredeemable Noncontrolling Interests
Nonredeemable noncontrolling interests gradually increased from roughly $2.9 billion to $5.8 billion, indicating higher minority ownership retained within subsidiaries or operations not subject to redemption.
Total Equity
Total equity expanded from $59.9 billion to over $101.5 billion. This sustained growth complements the increasing liabilities, maintaining a balanced equity-liability structure and pointing to overall financial expansion.
Total Liabilities, Redeemable Noncontrolling Interests, and Equity
The comprehensive sum of liabilities, redeemable noncontrolling interests, and equity increased from $189.1 billion to more than $315.3 billion, confirming a substantial growth in the company's total capitalization and obligations over the analyzed periods.