Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
UnitedHealth Group Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The financial trajectory across the analyzed period reveals a distinct three-phase cycle: a period of stability and marginal growth from early 2022 through late 2023, a significant contraction in profitability margins and return metrics throughout 2024 and 2025, and a nascent recovery beginning in early 2026.
- Profitability Margins
- Gross profit margin remained relatively stable between 23.31% and 24.20% during the first two years. However, a consistent downward trend emerged starting in mid-2023, with the margin contracting to a low of 17.81% by December 2025 before rebounding to 19.11% by September 2026. Operating profit margin followed a similar pattern, peaking at 8.87% in March 2023 and declining sharply to 4.23% by March 2026, representing a significant compression of operational efficiency. Net profit margin experienced the most volatility, dropping from a steady 6% range in 2022-2023 to a trough of 2.70% in March 2026, indicating a substantial increase in costs or non-operating pressures during the 2024-2025 period.
- Return Metrics
- Return on Equity (ROE) exhibited a strong performance phase, peaking at 26.03% in September 2022. A marked deterioration occurred starting in March 2024, where ROE fell to 17.72% and continued to decline to a minimum of 12.30% by March 2026. Return on Assets (ROA) mirrored this decline, moving from a peak of 8.19% in December 2022 to a low of 3.85% in March 2026. The synchronization of the decline in both ROE and ROA suggests a broad systemic reduction in the ability to generate earnings from both the asset base and shareholder equity.
The data indicates a critical inflection point in early 2024, where profitability across all measured ratios entered a sustained decline. While all metrics reached their lowest points between December 2025 and March 2026, a consistent upward trend is observable in the final three quarters of the period, suggesting a stabilization of margins and an improvement in capital efficiency.
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Gross Profit Margin
UnitedHealth Group Inc., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | 20,928) | 22,076) | 24,278) | 17,847) | 19,505) | 18,904) | 22,741) | 19,757) | 21,386) | 21,060) | 21,994) | 20,823) | 22,391) | 21,772) | 21,883) | 20,027) | 19,440) | 19,348) | 18,772) | ||||||
| Revenues, customers | 111,617) | 110,809) | 110,590) | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 19.11% | 18.77% | 18.07% | 17.81% | 18.80% | 19.83% | 20.98% | 21.31% | 21.91% | 22.63% | 23.18% | 23.64% | 24.16% | 24.08% | 24.20% | 24.09% | 23.74% | 23.51% | 23.31% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 52.49% | 52.53% | 52.62% | 51.96% | 51.90% | 51.50% | 50.93% | 50.96% | 50.53% | 50.27% | 50.28% | 49.97% | 50.23% | 50.66% | 51.54% | 52.60% | 53.54% | 52.44% | ||||||
| Elevance Health Inc. | 14.30% | 14.10% | 14.18% | 14.26% | 14.45% | 14.93% | 15.66% | 15.92% | 16.62% | 17.16% | 16.92% | 16.79% | 16.86% | 16.89% | 16.90% | 16.79% | 16.85% | 16.79% | 16.89% | ||||||
| Intuitive Surgical Inc. | 67.19% | 66.68% | 66.29% | 66.00% | 66.38% | 66.61% | 67.09% | 67.46% | 66.98% | 66.86% | 66.43% | 66.39% | 66.61% | 66.74% | 66.86% | 67.44% | 67.77% | 68.16% | 68.84% | ||||||
| Medtronic PLC | 64.86% | 65.51% | 65.29% | 65.32% | 65.27% | 65.04% | 65.16% | 65.34% | 65.50% | 65.40% | 65.68% | 65.67% | 66.43% | 67.21% | 67.61% | 67.98% | 67.89% | 67.39% | 66.53% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Revenues, customersQ3 2026
+ Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025)
= 100 × (20,928 + 22,076 + 24,278 + 17,847)
÷ (111,617 + 110,809 + 110,590 + 112,568)
= 19.11%
2 Click competitor name to see calculations.
The financial performance between March 2022 and September 2026 is characterized by a consistent expansion in total revenues contrasted by a significant period of gross profit margin compression, followed by a recent partial recovery.
- Revenue Trajectory
- Revenues exhibit a steady upward trend, increasing from 79,782 million USD in March 2022 to 111,617 million USD by September 2026. This growth represents a substantial increase in the scale of operations over the analyzed period.
- Gross Profit Margin Peak and Decline
- The gross profit margin experienced an initial growth phase, peaking at 24.20% in March 2023. Following this peak, a prolonged downward trend occurred, with the margin declining for consecutive quarters until it reached a low of 17.81% in December 2025. This indicates that during this window, the cost of delivering services grew at a disproportionately higher rate than revenue growth.
- Absolute Gross Profit Volatility
- While revenues grew linearly, gross profit demonstrated more volatility. Absolute gross profit peaked at 24,278 million USD in March 2026, yet the corresponding margin for that quarter (18.07%) remained significantly lower than the levels observed in 2022 and early 2023.
- Recent Margin Recovery
- A reversal of the downward trend is observed starting in March 2026. The gross profit margin rose from 18.07% in March 2026 to 19.11% by September 2026, suggesting an improvement in cost management or a shift in the pricing structure during the final three quarters of the period.
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Operating Profit Margin
UnitedHealth Group Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Earnings from operations | 6,563) | 7,991) | 8,990) | 380) | 4,315) | 5,150) | 9,119) | 7,773) | 8,708) | 7,875) | 7,931) | 7,689) | 8,526) | 8,057) | 8,086) | 6,891) | 7,462) | 7,132) | 6,950) | ||||||
| Revenues, customers | 111,617) | 110,809) | 110,590) | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 5.37% | 4.86% | 4.23% | 4.27% | 6.12% | 7.37% | 8.27% | 8.17% | 8.28% | 8.40% | 8.58% | 8.80% | 8.86% | 8.83% | 8.87% | 8.83% | 8.65% | 8.32% | 8.19% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 15.77% | 17.07% | 18.17% | 17.59% | 17.43% | 16.84% | 16.27% | 16.24% | 15.92% | 15.76% | 16.15% | 15.02% | 15.23% | 16.77% | 19.16% | 20.95% | 22.42% | 20.73% | ||||||
| Elevance Health Inc. | 2.48% | 2.47% | 2.79% | 3.33% | 3.58% | 3.76% | 4.07% | 4.16% | 4.55% | 4.76% | 4.64% | 4.47% | 4.58% | 4.96% | 4.99% | 4.94% | 5.01% | 5.07% | 5.10% | ||||||
| Intuitive Surgical Inc. | 28.37% | 31.28% | 30.45% | 29.27% | 29.30% | 28.80% | 28.20% | 28.12% | 26.24% | 25.79% | 25.26% | 24.80% | 24.66% | 24.34% | 24.21% | 25.35% | 27.05% | 28.48% | 30.69% | ||||||
| Medtronic PLC | 17.00% | 17.88% | 17.90% | 17.76% | 16.78% | 16.39% | 15.82% | 15.89% | 17.50% | 17.41% | 17.83% | 17.56% | 18.17% | 19.02% | 19.37% | 18.15% | 17.89% | 16.68% | 14.78% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Earnings from operationsQ3 2026
+ Earnings from operationsQ2 2026
+ Earnings from operationsQ1 2026
+ Earnings from operationsQ4 2025)
÷ (Revenues, customersQ3 2026
+ Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025)
= 100 × (6,563 + 7,991 + 8,990 + 380)
÷ (111,617 + 110,809 + 110,590 + 112,568)
= 5.37%
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by a phase of stability, a severe contraction in profitability during 2025, and a subsequent partial recovery in 2026, all occurring against a backdrop of consistent revenue growth.
- Profitability Stability and Peak (2022–2023)
- From March 2022 through December 2023, the operating profit margin remained remarkably stable, fluctuating within a narrow band between 8.19% and 8.87%. During this period, revenues grew steadily from $79.78 billion to $93.25 billion, with earnings from operations generally trending upward, peaking at $8.53 billion in September 2023.
- Margin Erosion and Contraction (2024–2025)
- A gradual decline in profitability began in the first quarter of 2024, with the operating profit margin slipping from 8.58% to 8.17% by the end of the year. This downward trend accelerated sharply throughout 2025. Despite revenues reaching record highs—peaking at $112.57 billion in September 2025—the operating profit margin collapsed to 7.37% in June, 6.12% in September, and reached a period low of 4.27% by December 2025. This divergence indicates that operating costs scaled disproportionately to revenue growth during this window.
- Operating Earnings Volatility
- The most acute volatility is evident in the earnings from operations during 2025. After maintaining levels above $7 billion for several years, earnings dropped precipitously to $5.15 billion in March 2025 and reached a critical low of $380 million in December 2025, marking a significant departure from historical operational performance.
- Recovery and Stabilization (2026)
- The data for 2026 indicates a trend toward stabilization and recovery. Earnings from operations rebounded sharply to $8.99 billion in March 2026. While the operating profit margin remains significantly lower than the 2022–2024 average, a consistent quarterly improvement is observed, rising from 4.23% in March to 5.37% by September 2026.
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Net Profit Margin
UnitedHealth Group Inc., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 4,110) | 5,484) | 6,280) | 10) | 2,348) | 3,406) | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | ||||||
| Revenues, customers | 111,617) | 110,809) | 110,590) | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 3.56% | 3.17% | 2.70% | 2.72% | 4.09% | 5.10% | 5.46% | 3.65% | 3.68% | 3.70% | 4.09% | 6.09% | 6.09% | 6.11% | 6.21% | 6.25% | 6.21% | 5.99% | 5.91% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 11.65% | 13.91% | 14.72% | 31.88% | 32.43% | 31.89% | 31.95% | 13.99% | 13.65% | 13.96% | 14.27% | 12.92% | 12.83% | 13.98% | 15.88% | 17.52% | 18.78% | 17.35% | ||||||
| Elevance Health Inc. | 2.58% | 2.50% | 2.64% | 2.87% | 2.86% | 2.85% | 3.26% | 3.41% | 3.72% | 3.93% | 3.66% | 3.52% | 3.63% | 3.89% | 3.89% | 3.87% | 4.09% | 4.13% | 4.37% | ||||||
| Intuitive Surgical Inc. | 25.54% | 28.45% | 28.15% | 28.38% | 28.58% | 28.51% | 28.41% | 27.81% | 28.51% | 27.65% | 27.16% | 25.24% | 22.14% | 21.38% | 20.40% | 21.25% | 22.52% | 24.05% | 27.84% | ||||||
| Medtronic PLC | 13.00% | 13.71% | 13.63% | 13.90% | 12.83% | 13.00% | 12.05% | 11.36% | 13.00% | 12.84% | 11.47% | 12.03% | 13.20% | 14.03% | 16.75% | 15.90% | 15.46% | 14.79% | 12.29% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025)
÷ (Revenues, customersQ3 2026
+ Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025)
= 100 × (4,110 + 5,484 + 6,280 + 10)
÷ (111,617 + 110,809 + 110,590 + 112,568)
= 3.56%
2 Click competitor name to see calculations.
The financial performance from March 2022 through September 2026 is characterized by consistent revenue growth juxtaposed with significant volatility in net earnings and a general compression of net profit margins.
- Revenue Trajectory
- A steady upward trend in customer revenues is observed throughout the analyzed period. Revenues increased from 79,782 million USD in March 2022 to a peak of 112,568 million USD by December 2025, ending at 111,617 million USD in September 2026. This represents a sustained expansion of the top line regardless of fluctuations in bottom-line profitability.
- Net Earnings Volatility
- Net earnings exhibited three distinct phases. Between March 2022 and December 2023, earnings remained relatively stable, fluctuating between 4,761 million USD and 5,841 million USD. A period of high volatility began in March 2024, marked by a net loss of 1,409 million USD, followed by a recovery to a peak of 6,292 million USD in March 2025. A second severe decline occurred during 2025, with earnings dropping to a near-zero value of 10 million USD by December 2025, before rebounding to 4,110 million USD by September 2026.
- Net Profit Margin Analysis
- The net profit margin demonstrates a long-term decline and increased instability. From March 2022 to December 2023, margins were stable, ranging between 5.91% and 6.25%. A structural shift occurred in 2024, where margins dropped and plateaued between 3.65% and 4.09%. Although a brief recovery to 5.46% was noted in March 2025, the margin contracted sharply to a period low of 2.70% in March 2026. By September 2026, a gradual recovery is evident, with the margin rising to 3.56%.
In summary, while the organization successfully scaled its revenue base, the inability to maintain proportional earnings growth led to a significant erosion of the net profit margin. The data indicates a shift from a high-margin stability phase (approx. 6%) to a lower-margin, more volatile operational phase (approx. 3%).
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Return on Equity (ROE)
UnitedHealth Group Inc., ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 4,110) | 5,484) | 6,280) | 10) | 2,348) | 3,406) | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group | 98,096) | 98,447) | 97,881) | 94,110) | 95,787) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 16.19% | 14.34% | 12.30% | 12.81% | 18.36% | 22.48% | 23.26% | 15.55% | 15.14% | 15.78% | 17.72% | 25.22% | 25.67% | 25.63% | 25.46% | 25.87% | 26.03% | 25.07% | 23.98% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 10.61% | 12.06% | 12.51% | 27.43% | 27.65% | 27.66% | 28.12% | 14.49% | 14.13% | 14.51% | 14.83% | 13.77% | 13.88% | 15.68% | 18.90% | 22.11% | 23.44% | 21.82% | ||||||
| Elevance Health Inc. | 11.50% | 11.06% | 11.94% | 12.90% | 12.59% | 12.26% | 13.92% | 14.47% | 14.66% | 15.86% | 15.38% | 15.23% | 15.82% | 16.78% | 16.62% | 16.59% | 17.26% | 17.04% | 17.36% | ||||||
| Intuitive Surgical Inc. | 18.50% | 17.28% | 17.05% | 16.02% | 16.23% | 14.61% | 14.47% | 14.13% | 14.39% | 14.23% | 14.24% | 13.51% | 12.10% | 12.00% | 11.70% | 11.98% | 11.97% | 11.93% | 13.58% | ||||||
| Medtronic PLC | 9.42% | 9.79% | 9.73% | 9.71% | 8.63% | 8.84% | 8.19% | 7.32% | 8.11% | 7.97% | 7.07% | 7.30% | 7.90% | 8.33% | 9.88% | 9.59% | 9.35% | 9.05% | 7.54% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × (4,110 + 5,484 + 6,280 + 10)
÷ 98,096 = 16.19%
2 Click competitor name to see calculations.
The analysis of profitability indicators reveals a transition from a period of high, stable returns to a phase characterized by significant volatility and a general decline in capital efficiency. From March 2022 through December 2023, the Return on Equity (ROE) remained consistently strong, fluctuating within a narrow band between 23.98% and 26.03%. This stability was supported by steady quarterly net earnings and a gradual increase in shareholders' equity.
- Earnings Volatility and Impact on ROE
- A marked deterioration in ROE is observed beginning in the first quarter of 2024, coinciding with a significant loss of 1,409 million US dollars. This event triggered a decline in ROE to 17.72% in March 2024, further dropping to a low of 15.14% by September 2024. While a brief recovery occurred in early 2025, with ROE returning to 23.26%, a second sharp contraction occurred toward the end of 2025. The ROE reached its lowest point of 12.30% in March 2026, following a near-total erosion of quarterly net earnings in December 2025.
- Equity Growth Dynamics
- Shareholders' equity demonstrated a consistent upward trajectory throughout the entire period, growing from 72,766 million US dollars in March 2022 to 98,096 million US dollars by September 2026. This steady expansion of the equity base creates a higher denominator for the ROE calculation, which implies that maintaining previous ROE levels would have required a proportional and accelerated growth in net earnings.
- Recent Recovery Trends
- Following the trough in March 2026, a gradual recovery in profitability is evident. ROE climbed to 14.34% in June 2026 and reached 16.19% by September 2026. This improvement is directly linked to a rebound in quarterly net earnings, which rose from 6,280 million US dollars in March 2026 to 4,110 million US dollars by September 2026, although the ROE remains significantly below the levels observed in the 2022-2023 period.
In summary, the period analyzed is defined by two distinct regimes: an initial phase of high operational efficiency and a subsequent phase of instability. The overall decline in ROE suggests that the growth in the company's equity base has outpaced the growth of its net earnings, particularly during the volatile periods of 2024 and 2025.
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Return on Assets (ROA)
UnitedHealth Group Inc., ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 4,110) | 5,484) | 6,280) | 10) | 2,348) | 3,406) | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | ||||||
| Total assets | 312,782) | 309,727) | 312,644) | 309,581) | 315,269) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 5.08% | 4.56% | 3.85% | 3.89% | 5.58% | 6.90% | 7.14% | 4.83% | 4.78% | 4.93% | 5.40% | 8.18% | 7.69% | 7.53% | 7.30% | 8.19% | 7.99% | 7.93% | 7.89% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 4.97% | 5.68% | 7.52% | 16.60% | 16.64% | 16.58% | 16.46% | 7.76% | 7.61% | 7.77% | 7.82% | 7.16% | 7.04% | 7.87% | 9.31% | 10.84% | 11.53% | 10.44% | ||||||
| Elevance Health Inc. | 4.02% | 3.93% | 4.17% | 4.66% | 4.51% | 4.40% | 4.94% | 5.12% | 5.51% | 5.92% | 5.58% | 5.50% | 5.50% | 5.87% | 5.69% | 5.86% | 6.03% | 6.05% | 6.21% | ||||||
| Intuitive Surgical Inc. | 15.28% | 15.04% | 14.81% | 13.96% | 14.19% | 12.93% | 12.88% | 12.39% | 12.64% | 12.57% | 12.56% | 11.64% | 10.31% | 10.25% | 10.05% | 10.19% | 10.39% | 10.47% | 12.02% | ||||||
| Medtronic PLC | 5.04% | 5.22% | 5.12% | 5.09% | 4.73% | 4.76% | 4.38% | 4.09% | 4.63% | 4.55% | 3.99% | 4.13% | 4.32% | 4.63% | 5.79% | 5.54% | 5.35% | 5.13% | 4.23% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025)
÷ Total assets
= 100 × (4,110 + 5,484 + 6,280 + 10)
÷ 312,782 = 5.08%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a general downward trajectory over the analyzed period, transitioning from a peak of 8.19% in late 2022 to a low of 3.85% in early 2026, before showing signs of stabilization.
- Period of Stability and Peak Efficiency (2022–2023)
- During 2022 and 2023, the ROA remained relatively stable, fluctuating within a narrow range between 7.30% and 8.19%. Net earnings during this phase were consistent, generally exceeding 5,000 million US dollars per quarter, while total assets grew steadily from 221,238 million to 273,720 million US dollars.
- Phase of Volatility and Ratio Compression (2024–2025)
- A period of significant volatility emerged starting in 2024. Despite continued asset growth, with total assets surpassing 300,000 million US dollars by early 2025, the ROA experienced a notable decline. A sharp drop in net earnings in March 2024 preceded a further contraction of the ROA to 4.78% by September 2024. Although a brief recovery occurred in March 2025, with the ROA rising to 7.14%, the ratio plummeted thereafter, reaching a period low of 3.89% in December 2025, coinciding with a substantial decrease in net earnings to 10 million US dollars.
- Recovery and Stabilization Trends (2026)
- The first three quarters of 2026 indicate a gradual recovery in asset utilization efficiency. The ROA climbed from 3.85% in March to 5.08% by September 2026. This improvement is primarily driven by a rebound in net earnings, which recovered to 4,110 million US dollars by the end of the period, while total assets remained relatively plateaued around 312,000 million US dollars.
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