Stock Analysis on Net
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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, 2026 Dec 31, 2025 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
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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).

The balance sheet reflects a significant expansion in both total liabilities and total equity over the observed period from March 2021 through March 2026. Total liabilities, redeemable noncontrolling interests, and equity grew from 205.2 billion USD to 312.6 billion USD, indicating a substantial increase in the overall scale of the company's financial position.

Current Liability Trends
Current liabilities exhibited a consistent upward trajectory, rising from 80.6 billion USD in March 2021 to 114.1 billion USD by March 2026. This growth is primarily driven by medical costs payable, which increased from 24.8 billion USD to 39.7 billion USD, and accounts payable and accrued liabilities, which grew from 23.0 billion USD to 38.6 billion USD. These trends suggest a proportional increase in operational volume and claims obligations. Notably, unearned revenues displayed significant volatility, with periodic spikes exceeding 14 billion USD in 2021 and 2023 before stabilizing around 3.4 billion USD in the final quarters.
Long-term Debt and Noncurrent Liabilities
Noncurrent liabilities saw an aggressive increase, moving from 53.9 billion USD in March 2021 to 93.2 billion USD in March 2026. The primary driver was long-term debt, which nearly doubled from 37.4 billion USD to 71.4 billion USD. This indicates a strategic shift toward increased leverage to fund growth or operational requirements. Short-term borrowings also demonstrated cyclicality, with recurring peaks near 10 billion USD occurring approximately every year, suggesting a patterned approach to short-term liquidity management.
Equity and Retained Earnings
Total equity increased from 69.3 billion USD in March 2021 to 103.9 billion USD in March 2026. This growth was largely supported by retained earnings, which rose from 71.2 billion USD to 99.9 billion USD, reflecting sustained profitability. Although there was a temporary contraction in retained earnings around March 2024, the long-term trend remained positive. Accumulated other comprehensive loss showed significant fluctuation, reaching a peak negative value of 9.1 billion USD in September 2022 before recovering to 2.6 billion USD by March 2026.
Capital Structure and Solvency
The ratio of total liabilities to total equity has expanded over the period. Total liabilities grew by approximately 54%, while total equity grew by approximately 50%. The increasing reliance on long-term debt relative to equity suggests a higher debt-to-equity profile compared to the 2021 baseline. However, the simultaneous growth in retained earnings indicates that the company continues to generate sufficient internal capital to support its expanding liability base.