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
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: 2025-03-31), 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 increasing trend from March 31, 2020, to March 31, 2025. Beginning at approximately $22.8 billion in Q1 2020, the values fluctuated slightly but generally rose, reaching around $37.1 billion by Q1 2025. Notable increases occurred particularly after Q4 2022.
Accounts payable and accrued liabilities
This liability category also exhibited a gradual upward trend over the same period. Starting at $22.8 billion in Q1 2020, it increased steadily to about $33.6 billion by Q1 2025, with minor fluctuations across quarters.
Short-term borrowings and current maturities of long-term debt
Short-term borrowings showed notable volatility, with a peak in Q1 2023 at approximately $9.9 billion, fluctuating in subsequent periods before another rise to near $10 billion in both Q1 2024 and Q1 2025. Early periods had lower levels, with a significant dip in mid-2020.
Unearned revenues
Unearned revenues displayed irregular movements. It remained relatively stable between $2.3 billion and $3.3 billion in most quarters, except for significant spikes in Q3 2022 and Q1 2023 reaching over $14 billion, after which it reverted to prior levels.
Other current liabilities
There was a continuous increase in other current liabilities over time, growing from about $14.7 billion in early 2020 to approximately $29.5 billion by Q1 2025, indicative of a rising trend in miscellaneous current obligations.
Current liabilities
Current liabilities showed overall growth with some volatility, increasing from around $78.6 billion in Q1 2020 to $113.5 billion in Q1 2025. Peaks appeared in Q1 2023, followed by a decline and then gradual recovery toward the end of the period.
Long-term debt, less current maturities
The long-term debt fluctuated, starting at $35.8 billion in Q1 2020, rising steadily with a notable jump in Q4 2022 at $54.5 billion and peaking around $74.1 billion in Q3 2024 before slightly decreasing again by Q1 2025 to approximately $71.3 billion.
Deferred income taxes
Deferred income taxes generally declined from $3.0 billion in Q1 2020 to a trough near $1.7 billion in Q3 2022, followed by a recovery phase, fluctuating around $3.9 billion toward Q1 2025.
Other liabilities
Other liabilities rose moderately but steadily from about $10.0 billion in Q1 2020 to around $16.0 billion in Q1 2025, reflecting gradual growth in long-term miscellaneous obligations.
Noncurrent liabilities
Noncurrent liabilities increased from $48.9 billion in Q1 2020 to a peak of approximately $93.3 billion in Q3 2024, with fluctuations but remaining elevated thereafter near $91.1 billion by Q1 2025.
Total liabilities
Total liabilities rose across the timeframe, from roughly $127.5 billion in Q1 2020 to $204.6 billion in Q1 2025. A surge was seen after Q4 2021, consistent with the trend in both current and noncurrent liabilities.
Redeemable noncontrolling interests
Redeemable noncontrolling interests fluctuated mildly, mostly within the $1.2 to $1.8 billion range initially, spiking near $4.9 billion in mid-2022, then settling to around $4.3 billion by the end of the period.
Common stock and additional paid-in capital
Common stock value remained steady at $9 to $10 million throughout the timeline. Additional paid-in capital showed some entries missing but indicated values near $373 million and $461 million in mid and late periods respectively, suggesting capital infusions at certain points.
Retained earnings
Retained earnings exhibited a consistent upward trend from $62.3 billion in early 2020 to $97.9 billion by Q1 2025, indicating sustained profitability and accumulation of earnings over time.
Accumulated other comprehensive loss
Accumulated other comprehensive loss widened initially, from -$5.4 billion in Q1 2020 to a larger loss near -$9.1 billion in Q3 2022, then generally improved to about -$2.9 billion by Q1 2025, demonstrating recovery in other comprehensive income components.
Shareholders’ equity attributable to UnitedHealth Group
Shareholders’ equity increased steadily from $56.9 billion in Q1 2020 to approximately $95.0 billion in Q1 2025, reflecting growth in net assets attributable to shareholders over the period.
Nonredeemable noncontrolling interests
Nonredeemable noncontrolling interests gradually increased, moving from $2.9 billion in 2020 to around $5.8 billion by early 2025, indicative of rising ownership interests held by noncontrolling parties.
Total equity
Total equity rose from about $59.9 billion in early 2020 to approximately $100.8 billion in Q1 2025, with a steady upward trajectory consistent with improvements in retained earnings and shareholders’ equity.
Total liabilities, redeemable noncontrolling interests, and equity
The aggregate of total liabilities, redeemable noncontrolling interests, and equity grew from $189.1 billion in Q1 2020 to $309.8 billion by Q1 2025, reflecting overall balance sheet expansion aligned with increases in liabilities and equity components.