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.

UnitedHealth Group Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	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	38,427)	37,136)	34,224)	33,951)	32,547)	34,032)	32,395)	32,792)	31,947)	31,809)	29,056)	29,064)	28,978)	28,676)	24,483)	25,918)	25,131)	24,833)	21,872)	21,167)	19,200)	22,772)
Accounts payable and accrued liabilities	34,330)	33,566)	34,337)	33,080)	30,886)	30,738)	31,958)	31,164)	29,516)	29,856)	27,715)	27,232)	25,145)	25,058)	24,643)	24,292)	23,013)	22,997)	22,495)	21,173)	25,423)	22,845)
Short-term borrowings and current maturities of long-term debt	5,698)	9,986)	4,545)	3,909)	11,371)	9,787)	4,274)	5,290)	6,321)	9,931)	3,110)	3,229)	5,592)	6,697)	3,620)	3,620)	3,868)	8,838)	4,819)	3,899)	6,156)	15,828)
Unearned revenues	3,032)	3,296)	3,317)	3,320)	2,572)	3,206)	3,355)	15,311)	14,852)	14,487)	3,075)	12,847)	2,212)	2,675)	2,571)	2,556)	2,365)	2,612)	2,842)	2,391)	2,299)	2,509)
Other current liabilities	29,294)	29,487)	27,346)	27,305)	27,294)	26,668)	27,072)	29,622)	30,345)	30,399)	26,281)	28,563)	26,771)	25,064)	22,975)	23,189)	22,180)	21,361)	20,392)	17,967)	16,805)	14,652)
Current liabilities	110,781)	113,471)	103,769)	101,565)	104,670)	104,431)	99,054)	114,179)	112,981)	116,482)	89,237)	100,935)	88,698)	88,170)	78,292)	79,575)	76,557)	80,641)	72,420)	66,597)	69,883)	78,606)
Long-term debt, less current maturities	73,495)	71,285)	72,359)	74,101)	63,727)	63,850)	58,263)	58,079)	59,268)	60,657)	54,513)	45,438)	45,799)	40,796)	42,383)	43,345)	44,348)	37,420)	38,648)	39,895)	39,901)	35,779)
Deferred income taxes	3,804)	3,902)	3,620)	4,014)	3,631)	4,167)	3,021)	2,210)	2,498)	2,834)	2,769)	1,659)	2,581)	2,954)	3,265)	3,649)	3,641)	3,602)	3,367)	3,340)	3,286)	3,030)
Other liabilities	15,709)	15,963)	15,939)	15,174)	14,794)	14,844)	14,463)	13,615)	13,261)	13,084)	12,839)	12,111)	11,967)	11,671)	11,787)	11,844)	12,425)	12,926)	12,315)	11,186)	11,056)	10,048)
Noncurrent liabilities	93,008)	91,150)	91,918)	93,289)	82,152)	82,861)	75,747)	73,904)	75,027)	76,575)	70,121)	59,208)	60,347)	55,421)	57,435)	58,838)	60,414)	53,948)	54,330)	54,421)	54,243)	48,857)
Total liabilities	203,789)	204,621)	195,687)	194,854)	186,822)	187,292)	174,801)	188,083)	188,008)	193,057)	159,358)	160,143)	149,045)	143,591)	135,727)	138,413)	136,971)	134,589)	126,750)	121,018)	124,126)	127,463)
Redeemable noncontrolling interests	4,315)	4,358)	4,323)	4,574)	4,558)	4,548)	4,498)	4,416)	4,788)	4,801)	4,897)	4,857)	4,922)	1,519)	1,434)	1,373)	1,299)	1,269)	2,211)	1,847)	1,842)	1,741)
Preferred stock, $0.001 par value; no shares issued or outstanding	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, $0.01 par value	9)	9)	9)	9)	9)	9)	9)	9)	9)	9)	9)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)
Additional paid-in capital	—)	—)	—)	461)	373)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	388)	—)
Retained earnings	97,250)	97,934)	96,036)	96,518)	92,400)	90,118)	95,774)	93,173)	89,994)	88,852)	86,156)	83,722)	80,540)	78,782)	77,134)	75,124)	73,090)	71,220)	69,295)	69,715)	67,776)	62,327)
Accumulated other comprehensive loss	(2,535)	(2,905)	(3,387)	(2,453)	(3,423)	(3,439)	(7,027)	(8,688)	(7,650)	(7,549)	(8,393)	(9,086)	(7,730)	(6,026)	(5,384)	(4,856)	(4,086)	(4,826)	(3,814)	(4,494)	(4,550)	(5,360)
Shareholders’ equity attributable to UnitedHealth Group	94,724)	95,038)	92,658)	94,535)	89,359)	86,688)	88,756)	84,494)	82,353)	81,312)	77,772)	74,646)	72,820)	72,766)	71,760)	70,278)	69,014)	66,404)	65,491)	65,231)	63,624)	56,977)
Nonredeemable noncontrolling interests	5,745)	5,773)	5,610)	5,346)	5,317)	5,682)	5,665)	5,070)	5,015)	4,509)	3,678)	3,418)	3,385)	3,362)	3,285)	2,981)	3,008)	2,909)	2,837)	2,873)	2,891)	2,886)
Total equity	100,469)	100,811)	98,268)	99,881)	94,676)	92,370)	94,421)	89,564)	87,368)	85,821)	81,450)	78,064)	76,205)	76,128)	75,045)	73,259)	72,022)	69,313)	68,328)	68,104)	66,515)	59,863)
Total liabilities, redeemable noncontrolling interests and equity	308,573)	309,790)	298,278)	299,309)	286,056)	284,210)	273,720)	282,063)	280,164)	283,679)	245,705)	243,064)	230,172)	221,238)	212,206)	213,045)	210,292)	205,171)	197,289)	190,969)	192,483)	189,067)

Medical costs payable: The medical costs payable exhibited an overall upward trend from March 2020 through June 2025. Starting at $22.8 billion in March 2020, the amount peaked around $38.4 billion by June 2025. Despite some quarterly fluctuations, the general pattern was one of consistent increase, with notable jumps between 2022 and 2023 and again from 2024 to 2025.
Accounts payable and accrued liabilities: Accounts payable and accrued liabilities followed a similar increasing trajectory, beginning at $22.8 billion in March 2020 and rising to $34.3 billion by June 2025. The data showed steady growth, punctuated by minor short-term declines, especially around the year-end periods; however, the long-term trend was consistently upward.
Short-term borrowings and current maturities of long-term debt: Short-term borrowings and current maturities of long-term debt fluctuated significantly, ranging from lows under $4 billion to highs near $10 billion. There was a marked increase in borrowings in early 2021 and again in early 2024, followed by partial reductions in subsequent quarters. This indicates intermittent increases in short-term financing requirements.
Unearned revenues: Unearned revenues displayed considerable variability, with sharp spikes notably in September and December 2022, reaching as high as $15 billion, followed by steep declines in subsequent quarters. This suggests periodic large advances or prepayments fluctuating substantially within certain periods, before stabilizing back to ranges around $3 billion.
Other current liabilities: Other current liabilities generally increased across the timeframe, moving from approximately $14.7 billion in early 2020 to nearly $29.3 billion by mid-2025. Although there were occasional small decreases, the trend clearly depicts growing current liability obligations over the period.
Current liabilities: Current liabilities overall increased significantly from about $78.6 billion in March 2020 to a peak exceeding $116 billion in early 2023, then stabilized around $110 billion toward mid-2025. This reflects an expansion of short-term obligations during early 2023, followed by a moderation afterwards.
Long-term debt, less current maturities: Long-term debt also showed an increasing trend with fluctuations; starting near $35.8 billion in March 2020, rising to over $73 billion by mid-2025. While the debt levels decreased somewhat during 2021, they increased markedly afterward, reaching their maximum toward the latter part of the dataset.
Deferred income taxes: Deferred income taxes fluctuated between $1.7 billion and $4.2 billion, with no clear directional trend. The data shows cyclical movements, with peaks generally occurring around mid to late periods, but overall remaining within a bounded range throughout.
Other liabilities: Other liabilities gradually increased from approximately $10.0 billion at the start to about $15.9 billion near mid-2025. The trend was one of steady growth with small increases noted in almost every quarter, indicative of rising long-term operational or contingent liabilities.
Noncurrent liabilities: Noncurrent liabilities rose considerably, climbing from $48.9 billion in March 2020 to over $93.0 billion by mid-2025. This growth was steady, with occasional slight dips but mostly reflecting increasing long-term obligations over time.
Total liabilities: Total liabilities trended upward from about $127.5 billion in early 2020 to a peak near $204.6 billion by mid-2025. There was continuous growth interrupted briefly in 2023 and early 2024 but resumed thereafter, demonstrating an overall expansion in total obligations.
Redeemable noncontrolling interests: These interests remained relatively stable with minor fluctuations, typically oscillating between $1.3 billion and $4.9 billion. There was a noticeable increase in 2022 followed by a reduction and relative stabilization at lower levels thereafter.
Common stock: The value of common stock remained essentially constant at approximately $9 to $10 million across the entire period, indicating no major changes in issued share capital.
Additional paid-in capital: Data for additional paid-in capital was incomplete but showed some positive entries, suggesting gradual increases in equity capital, likely related to share issuances or other equity transactions toward the latter part of the dataset.
Retained earnings: Retained earnings consistently increased from about $62.3 billion in March 2020 to nearly $97.3 billion by June 2025. This steady growth reflects ongoing profitability and accumulation of earnings over time.
Accumulated other comprehensive loss: The accumulated other comprehensive loss displayed a pattern of fluctuating negative values. The loss grew larger from 2020 through 2022, peaking near negative $9.1 billion, then partially recovered by mid-2025, reaching approximately negative $2.5 billion, indicating volatility in other comprehensive income components.
Shareholders’ equity attributable to the company: Shareholders’ equity attributable to the company rose from about $57.0 billion in early 2020 to just under $95.0 billion by mid-2025. The increase was generally consistent, punctuated by some periods of stabilization, demonstrating solid growth in net assets attributable to common shareholders.
Nonredeemable noncontrolling interests: Nonredeemable noncontrolling interests showed gradual growth from $2.9 billion in 2020 to approximately $5.7 billion in mid-2025, reflecting expanding interests held by minority shareholders in consolidated entities.
Total equity: Total equity expanded steadily over the reported period from roughly $59.9 billion to over $100.8 billion. This growth underscores increasing net worth, driven by rising retained earnings and equity capital contributions.
Total liabilities, redeemable noncontrolling interests, and equity: The combined total of liabilities, redeemable noncontrolling interests, and equity steadily increased from $189.1 billion at the start of 2020 to nearly $309.0 billion by mid-2025, illustrating overall balance sheet growth in asset financing and shareholder capital.

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UnitedHealth Group Inc. (NYSE:UNH)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data