Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
UnitedHealth Group Inc., profitability ratios (quarterly data)
Based on: 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 profitability metrics exhibited varied trends over the observed period. Initially, from March 2022 through September 2022, most ratios demonstrated improvement, followed by a period of decline and stabilization, and then a more pronounced downward trend beginning in the latter half of 2023 and continuing into the forecast period.
- Gross Profit Margin
- The gross profit margin showed a consistent, albeit modest, increase from 23.31% in March 2022 to 24.20% in March 2023. However, a clear downward trend emerged thereafter, decreasing to 17.81% by December 2025. This suggests increasing costs of goods sold relative to revenue.
- Operating Profit Margin
- Similar to the gross profit margin, the operating profit margin peaked at 8.87% in March 2023, following a gradual increase. A subsequent decline was observed, with the margin falling to 4.27% by December 2025. This indicates increasing operating expenses or decreasing revenue, or a combination of both, impacting profitability.
- Net Profit Margin
- The net profit margin mirrored the trends of the gross and operating profit margins, reaching 6.25% in December 2022 and remaining relatively stable through September 2023. A significant decrease began in March 2024, culminating in a margin of 2.72% by December 2025. This suggests that factors beyond core operations, such as interest expense or taxes, may be contributing to the decline.
- Return on Equity (ROE)
- Return on equity displayed a strong performance initially, peaking at 26.03% in September 2022. A substantial decline commenced in March 2023, continuing through the forecast period to reach 12.81% by December 2025. This decrease suggests a diminishing ability to generate profit from shareholder investments.
- Return on Assets (ROA)
- The return on assets followed a similar pattern to ROE, with a peak of 8.19% in December 2022. A consistent decline was observed, resulting in an ROA of 3.89% by December 2025. This indicates a decreasing efficiency in utilizing assets to generate earnings.
Overall, the observed trends indicate a weakening profitability profile. While the initial period showed positive momentum, the subsequent declines across all measured ratios suggest increasing challenges in maintaining profitability. The accelerating downward trends in the latter part of the period warrant further investigation to identify the underlying causes and potential mitigating strategies.
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Return on Sales
Return on Investment
Gross Profit Margin
UnitedHealth Group Inc., gross profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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 | 52.62% | 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. | 14.26% | 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. | 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 | 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-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 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
= 100 × (17,847 + 19,505 + 18,904 + 22,741)
÷ (112,568 + 112,029 + 110,508 + 108,542)
= 17.81%
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally increasing trend from March 31, 2022, to September 30, 2023, followed by a consistent decline through December 31, 2025. While gross profit increased in absolute terms over much of the period, the rate of increase in revenue outpaced that of gross profit in the latter half of the observed timeframe, contributing to the margin compression.
- Initial Growth Phase (Mar 31, 2022 – Sep 30, 2023)
- The gross profit margin increased from 23.31% in March 2022 to 24.20% in March 2023, and remained relatively stable at 24.16% by September 2023. This indicates a period of efficient cost management relative to revenue growth. Gross profit experienced consistent increases during this period, and revenue growth, while substantial, did not outpace it.
- Decline Phase (Dec 31, 2023 – Dec 31, 2025)
- Beginning in December 2023, the gross profit margin began a consistent downward trend, decreasing to 17.81% by December 2025. This decline coincided with continued revenue growth, but a slower rate of growth in gross profit, and even absolute declines in gross profit in the final two quarters. The margin decreased from 23.64% in December 2023 to 22.63% in June 2024, 21.91% in September 2024, and further to 20.98% in March 2025. The rate of decline accelerated in the latter half of 2025.
- Gross Profit and Revenue Relationship
- While gross profit generally increased from March 2022 to March 2025, the rate of increase slowed considerably, and ultimately reversed. Revenues consistently increased throughout the entire period. The divergence between revenue and gross profit growth is the primary driver of the observed margin decline. The largest absolute decrease in gross profit occurred between September 2025 and December 2025.
- Magnitude of Change
- The overall change in gross profit margin from the peak of 24.20% (March 2023) to the trough of 17.81% (December 2025) represents a decrease of 6.39 percentage points. This suggests a significant shift in the cost structure or pricing dynamics impacting profitability.
The observed trends suggest a potential need to investigate the factors contributing to the declining gross profit margin, such as increased costs of goods sold, changes in pricing strategies, or shifts in the revenue mix. Further analysis is warranted to determine the sustainability of this trend and its potential impact on overall financial performance.
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Operating Profit Margin
UnitedHealth Group Inc., operating profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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. | 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. | 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 | 17.76% | 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-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 Q4 2025 Calculation
Operating profit margin = 100
× (Earnings from operationsQ4 2025
+ Earnings from operationsQ3 2025
+ Earnings from operationsQ2 2025
+ Earnings from operationsQ1 2025)
÷ (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
= 100 × (380 + 4,315 + 5,150 + 9,119)
÷ (112,568 + 112,029 + 110,508 + 108,542)
= 4.27%
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally positive trend from the first quarter of 2022 through the first quarter of 2025, followed by a significant decline in subsequent quarters. Initial observations indicate a period of increasing profitability, which then reversed course.
- Overall Trend
- From March 31, 2022, to March 31, 2025, the operating profit margin increased from 8.19% to 8.27%. This represents a modest overall improvement in operational efficiency and profitability. However, the margin then experienced a substantial decrease, falling to 7.37% by June 30, 2025, and continuing to decline to 6.12% by September 30, 2025, before reaching a low of 4.27% by December 31, 2025.
- Growth Phase (Q1 2022 – Q1 2025)
- The operating profit margin demonstrated consistent growth between March 31, 2022 (8.19%) and September 30, 2022 (8.65%), peaking at 8.87% in March 31, 2023. This suggests effective cost management or increased pricing power during this period. The margin remained relatively stable between 8.80% and 8.86% for the subsequent three quarters before experiencing a slight decrease to 8.58% in March 31, 2024. The increase to 8.27% in March 31, 2025, indicates a temporary stabilization before the subsequent decline.
- Decline Phase (Q2 2025 – Q4 2025)
- A marked downward trend is evident from June 30, 2025, onwards. The operating profit margin decreased significantly from 7.37% to 6.12% in the following quarter, and then to 4.27% by the end of the year. This substantial reduction suggests increasing operational costs, declining revenue, or a combination of both. The magnitude of the decline warrants further investigation to identify the underlying causes.
- Revenue Correlation
- Revenues generally increased throughout the period, from US$79.782 million in March 31, 2022, to US$112.568 million in December 31, 2025. However, the decline in operating profit margin during the latter part of the period indicates that revenue growth was not translating into proportional profit growth, suggesting potential issues with cost control or pricing strategies.
In conclusion, while the initial period demonstrated positive momentum in operating profitability, the latter portion of the analyzed timeframe reveals a concerning trend of declining margins, despite continued revenue growth. This shift requires further scrutiny to determine the factors contributing to the reduced profitability.
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Net Profit Margin
UnitedHealth Group Inc., net profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 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 | 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 | 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 | 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. | 2.87% | 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. | 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 | 13.90% | 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-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 Q4 2025 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025)
÷ (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
= 100 × (10 + 2,348 + 3,406 + 6,292)
÷ (112,568 + 112,029 + 110,508 + 108,542)
= 2.72%
2 Click competitor name to see calculations.
The net profit margin exhibited a generally positive trend through the first three quarters of 2022, peaking at 6.21% in September. This was followed by a slight decrease to 6.09% in December 2022. The first half of 2023 continued to show stability, fluctuating between 6.11% and 6.21%. However, a significant shift occurred in the latter half of 2023 and into 2024, culminating in a substantial decline in the first quarter of 2024.
- Overall Trend
- From March 2022 to September 2023, the net profit margin generally remained within a narrow range of approximately 5.91% to 6.21%, indicating consistent profitability. A marked deviation from this pattern began in March 2024, with a dramatic decrease to 4.09%. While there was some recovery in subsequent quarters of 2024, reaching 5.54% in December, the margin remained below the levels observed in 2022 and the first half of 2023. The decline continued into 2025, reaching a low of 2.72% in December.
- 2022 Performance
- The net profit margin demonstrated incremental improvement throughout 2022, increasing from 5.91% in March to 6.25% in December. This suggests effective cost management or revenue growth outpacing expense increases during this period.
- 2023 Performance
- The first three quarters of 2023 showed relative stability in the net profit margin, hovering around 6.1%. The fourth quarter experienced a slight decrease to 6.09%, but remained consistent with the prior year’s performance.
- 2024-2025 Performance
- The net profit margin experienced a substantial decline in the first quarter of 2024, falling to 4.09%. Subsequent quarters showed some recovery, but the margin remained significantly lower than previous periods. This trend continued into 2025, with a further decrease to 2.72% in December, indicating a potential shift in the company’s cost structure or revenue generation capabilities. The final value for December 2025 is exceptionally low at 2.72%.
The significant decrease in net profit margin observed from March 2024 warrants further investigation to determine the underlying causes. Potential factors could include increased operating expenses, decreased revenue growth, or one-time events impacting profitability.
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Return on Equity (ROE)
UnitedHealth Group Inc., ROE calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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. | 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. | 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 | 9.71% | 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-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 Q4 2025 Calculation
ROE = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × (10 + 2,348 + 3,406 + 6,292)
÷ 94,110 = 12.81%
2 Click competitor name to see calculations.
Return on Equity (ROE) exhibited a generally positive trend from the first quarter of 2022 through the fourth quarter of 2023, followed by a significant decline and subsequent partial recovery. The metric demonstrates considerable fluctuation over the observed period.
- Initial Growth Phase (Q1 2022 – Q4 2023)
- ROE increased steadily from 23.98% in March 2022 to 26.03% in September 2022, indicating improving profitability relative to shareholder equity. This upward trajectory continued, albeit at a slower pace, reaching 25.67% in September 2023 before slightly decreasing to 25.22% by the end of 2023. This period suggests efficient utilization of shareholder investments to generate earnings.
- Significant Decline (Q1 2024)
- A substantial decrease in ROE was observed in the first quarter of 2024, falling to 17.72%. This decline coincided with a reported net loss attributable to common shareholders, significantly impacting the ratio. The decrease suggests a considerable reduction in profitability relative to equity during this period.
- Partial Recovery and Subsequent Fluctuations (Q2 2024 – Q4 2025)
- Following the first quarter dip, ROE partially recovered to 15.14% by September 2024, then increased to 23.26% in March 2025. However, this was followed by a decline to 18.36% in September 2025, and a further decrease to 12.81% by the end of 2025. These fluctuations suggest volatility in earnings and/or shareholder equity, impacting the consistency of returns to shareholders. The final value represents the lowest point observed throughout the entire period.
The considerable variance in ROE, particularly the sharp decline in the first quarter of 2024 and the subsequent instability, warrants further investigation into the underlying drivers of net earnings and shareholder equity. The trend suggests that while the company demonstrated strong profitability for a sustained period, recent performance has been more variable and requires close monitoring.
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Return on Assets (ROA)
UnitedHealth Group Inc., ROA calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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. | 4.66% | 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. | 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 | 5.09% | 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-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 Q4 2025 Calculation
ROA = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025)
÷ Total assets
= 100 × (10 + 2,348 + 3,406 + 6,292)
÷ 309,581 = 3.89%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited a generally positive trend from the first quarter of 2022 through the fourth quarter of 2023, followed by a significant decline and subsequent partial recovery. Initial observations indicate a period of strong asset utilization and profitability, which then experienced disruption.
- Overall Trend
- From March 31, 2022, to December 31, 2023, ROA generally increased, moving from 7.89% to 8.18%. This suggests improving efficiency in generating earnings from the company’s asset base. However, a substantial decrease occurred in the first quarter of 2024, falling to 5.40%, before showing some recovery in subsequent quarters.
- 2022-2023 Performance
- Throughout 2022, ROA remained relatively stable, fluctuating between 7.89% and 8.19%. The first three quarters of 2023 showed a slight increase, peaking at 7.69% in September, followed by a return to 8.18% in December. This period demonstrates consistent profitability relative to the asset base.
- 2024-2025 Volatility
- The first quarter of 2024 witnessed a marked decline in ROA to 5.40%, representing a significant drop from the previous quarter. While ROA experienced some improvement in the following quarters, reaching 6.055% in September 2024, it did not return to the levels observed in 2022 and 2023. The trend continued into 2025, with further declines to 3.89% by December 31, 2025. This suggests a weakening in the relationship between net earnings and total assets.
- Net Earnings and Asset Relationship
- The substantial decrease in ROA in the first quarter of 2024 coincides with a significant decrease in net earnings attributable to common shareholders. While total assets remained relatively stable, the decline in earnings had a disproportionately negative impact on ROA. The subsequent quarters show a similar pattern, where fluctuations in net earnings directly influence ROA.
In conclusion, the ROA demonstrates a period of stability and growth followed by considerable volatility. The recent decline warrants further investigation to understand the underlying factors impacting profitability and asset utilization.
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