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-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).
- Gross Profit Margin
- The gross profit margin exhibited a declining trend over the periods analyzed. Initially, it showed some fluctuations around the mid-20% range, reaching a peak near 25.79% at the start. However, starting from early 2023, the margin gradually decreased quarter by quarter, dropping from around 24.2% down to 18.8% by the last recorded quarter. This indicates increasing cost pressures relative to revenue or a possible shift in the sales mix affecting profitability at the gross level.
- Operating Profit Margin
- The operating profit margin demonstrated relative stability with slight fluctuations over the observed timeframe. It ranged mostly between approximately 7.3% and 9.2%, showing resilience despite the declining gross margin. A modest peak occurred towards the end of 2022 and early 2023, followed by a decline towards mid-2025. This pattern suggests ongoing operational efficiencies or cost management efforts partially offsetting the pressures seen in gross margin, though operating profitability ultimately weakens in the latest quarters.
- Net Profit Margin
- Net profit margin showed a pattern of minor fluctuations within a narrow range around 5% to 6.5% during most of the earlier periods. Notably, from early 2024 onward, there was a sharp decline to below 4% in three consecutive quarters, indicating challenges affecting the bottom line, such as increased expenses, tax impacts, or other non-operating factors. A recovery is observed approaching the latest periods, rising back above 5%, though it remains below earlier peak levels.
- Return on Equity (ROE)
- ROE followed a relatively strong performance in the initial intervals, consistently above 20%, peaking around 26%. Beginning in early 2024, ROE sharply decreased to the mid-teens range for several quarters, reflecting a significant reduction in shareholder returns. A rebound occurs thereafter, returning to above 22%, but then declines again toward 18% by the final quarter. This volatility indicates varying degrees of profitability relative to equity base, possibly tied to fluctuations in net income and equity changes.
- Return on Assets (ROA)
- ROA generally moved in tandem with ROE trends but at lower percentage points, ranging mostly from about 5% to 8% in earlier periods. It experienced a notable decrease starting in early 2024, dipping below 5%, signifying reduced efficiency in asset utilization to generate earnings. Some recovery occurred in subsequent quarters, climbing back toward 7%, but this was followed by a decrease to approximately 5.6% by the end of the data series. This variation in ROA suggests inconsistent asset efficiency impacting overall profitability.
Return on Sales
Return on Investment
Gross Profit Margin
UnitedHealth Group Inc., gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | 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) | 16,771) | 16,730) | 16,559) | 17,268) | ||||||
| Revenues, customers | 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) | 72,930) | 71,834) | 70,765) | 69,744) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 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% | 23.60% | 23.75% | 23.80% | 25.79% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 52.21% | 52.01% | 50.69% | 51.25% | ||||||
| Elevance Health Inc. | 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% | 17.09% | 17.30% | 17.57% | 19.38% | ||||||
| Intuitive Surgical Inc. | 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% | 69.32% | 69.12% | 68.69% | 66.48% | ||||||
| Medtronic PLC | 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% | 65.19% | 63.85% | 64.57% | 65.76% | ||||||
Based on: 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).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
= 100 × (19,505 + 18,904 + 22,741 + 19,757)
÷ (112,029 + 110,508 + 108,542 + 99,256)
= 18.80%
2 Click competitor name to see calculations.
- Revenue Trends
- Over the examined periods, revenue displayed a consistent upward trajectory. Beginning at approximately $69.7 billion in the first quarter of 2021, it progressively increased each quarter, reaching over $112 billion by the third quarter of 2025. This steady growth suggests robust sales performance and expanding customer base or service demand throughout the analyzed timeframe.
- Gross Profit Trends
- Gross profit experienced fluctuations but generally trended upward until late 2023, peaking near $22.4 billion in the third quarter of 2023. After this peak, a downward adjustment occurred, with gross profit falling to approximately $19 billion by the third quarter of 2025. This pattern indicates variability in cost management or pricing pressures despite increasing revenues.
- Gross Profit Margin Analysis
- The gross profit margin demonstrated a gradual decline over the period. Starting from a relatively high margin of around 25.8% in the first quarter of 2021, there was a consistent decrease observed throughout the succeeding quarters. By the third quarter of 2025, the margin contracted to about 18.8%. This downward trend highlights increasing cost of goods sold relative to revenues or potentially lower pricing power, which may indicate rising operational costs or competitive pressures affecting profitability.
- Relationship Between Revenue and Profit Margins
- While revenues increased substantially, the simultaneous decline in gross profit margin suggests that cost controls or pricing strategies have not sufficiently kept pace with the growth in sales. The decoupling of rising revenues and eroding margins could imply increased expenses, product mix shifts toward lower-margin offerings, or heightened market competition. This dynamic warrants further analysis of expense categories and pricing policies.
- Summary
- The data reflects strong top-line growth accompanied by diminishing profit margins, leading to fluctuating gross profits. The company appears to be expanding its market presence successfully; however, profitability efficiency has diminished, emphasizing potential challenges in cost management or pricing strategy. These trends suggest a need for strategic focus on improving margin performance to ensure sustained financial health.
Operating Profit Margin
UnitedHealth Group Inc., operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Earnings from operations | 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) | 5,541) | 5,712) | 5,978) | 6,739) | ||||||
| Revenues, customers | 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) | 72,930) | 71,834) | 70,765) | 69,744) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 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% | 8.40% | 7.91% | 7.73% | 9.24% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 19.56% | 20.04% | 18.46% | 17.97% | ||||||
| Elevance Health Inc. | 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% | 5.15% | 4.91% | 3.68% | 4.83% | ||||||
| Intuitive Surgical Inc. | 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% | 31.89% | 32.55% | 31.27% | 26.01% | ||||||
| Medtronic PLC | 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% | 14.89% | 11.44% | 12.77% | 14.25% | ||||||
Based on: 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).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Earnings from operationsQ3 2025
+ Earnings from operationsQ2 2025
+ Earnings from operationsQ1 2025
+ Earnings from operationsQ4 2024)
÷ (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
= 100 × (4,315 + 5,150 + 9,119 + 7,773)
÷ (112,029 + 110,508 + 108,542 + 99,256)
= 6.12%
2 Click competitor name to see calculations.
The operational earnings displayed fluctuations over the reported quarters, with an evident upward trend from early 2021 through 2024. Earnings from operations started at a value of 6,739 million US dollars in the first quarter of 2021 and reached a peak near 9,119 million US dollars by the third quarter of 2025. However, a notable decline can be observed after the peak, falling to 4,315 million US dollars by the last reported quarter in 2025, indicating potential challenges or extraordinary factors impacting profitability in the most recent periods.
Revenues attributable to customers have shown consistent growth throughout the time frame. Beginning at approximately 69,744 million US dollars in the first quarter of 2021, revenues increased steadily, surpassing the 100,000 million US dollars mark in late 2025. This steady revenue increase suggests a strong or expanding customer base and possibly enhanced sales efforts or market demand over time.
The operating profit margin percentage illustrates a gradual decline after peaking in early 2023. It started near 9.24% at the beginning of 2021, rose to a peak of around 8.87% in early 2023, and then consistently declined to a low of 6.12% by the third quarter of 2025. This decrease in operating profit margin indicates that the company's efficiency in converting revenues into operating profit has weakened, possibly due to rising costs, pricing pressures, or other operational inefficiencies, despite the increasing revenue figures.
- Earnings from operations
- Increasing trend from Q1 2021 through 2024 with peaks around 9,119 million US dollars in late 2024 – early 2025, followed by a sharp decline in the last reported quarters of 2025.
- Revenues from customers
- Consistent and steady growth from 69,744 million US dollars in early 2021 to over 110,000 million US dollars by late 2025, indicating expanding sales and/or customer base.
- Operating profit margin
- Initial stability and mild growth up to about 8.87% in early 2023, followed by a gradual but continuous decline to 6.12% in late 2025, suggesting decreased operational efficiency or increased cost pressures relative to revenue growth.
Net Profit Margin
UnitedHealth Group Inc., net profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 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) | 4,071) | 4,086) | 4,266) | 4,862) | ||||||
| Revenues, customers | 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) | 72,930) | 71,834) | 70,765) | 69,744) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 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% | 6.06% | 5.56% | 5.37% | 6.46% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 16.42% | 17.12% | 15.85% | 15.33% | ||||||
| Elevance Health Inc. | 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% | 4.46% | 4.17% | 3.32% | 3.82% | ||||||
| Intuitive Surgical Inc. | 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% | 29.85% | 30.78% | 31.43% | 25.78% | ||||||
| Medtronic PLC | 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% | 11.97% | 10.36% | 12.69% | 15.80% | ||||||
Based on: 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).
1 Q3 2025 Calculation
Net profit margin = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024)
÷ (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
= 100 × (2,348 + 3,406 + 6,292 + 5,543)
÷ (112,029 + 110,508 + 108,542 + 99,256)
= 4.09%
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in the quarterly performance over the analyzed periods. Revenues have shown consistent growth, increasing steadily from approximately $69.7 billion to over $112 billion by the end of the timeline. This steady upward trajectory indicates a continuous expansion in the company's customer base or pricing power.
Net earnings attributable to common shareholders exhibit more volatility compared to revenues. Earnings grew from about $4.9 billion at the beginning to a peak exceeding $6 billion in certain quarters. However, there is a significant dip observed in one quarter where net earnings turn negative (-$1.4 billion), disrupting the overall upward trend temporarily. Following this dip, net earnings rebounded strongly, recovering to previous high levels in subsequent quarters, although the most recent quarters show some fluctuations and a moderate declining trend.
The net profit margin percentage generally mirrors the patterns in net earnings but remains more stable. Margins started at around 6.46% and, despite minor fluctuations, maintained a level close to 6% for many quarters. The large negative earnings quarter corresponds with a sharp decline in profit margin to around 4.09%, after which the margin stabilizes in the 3.6% to 5.5% range. The margin demonstrates resilience despite earnings volatility, suggesting effective cost management or operational efficiency during most quarters.
- Revenue Trends
- Steady growth across all quarters, increasing from $69.7 billion to $112 billion, indicating expansion in sales volume or pricing.
- Net Earnings Trends
- Overall growth with periods of volatility, including one notable significant loss quarter followed by a robust recovery.
- Net Profit Margin
- Relatively stable margins averaging close to 6% before the earnings loss quarter, then fluctuating between 3.6% and 5.5% afterward, reflecting some pressure on profitability.
In summary, the company has experienced consistent revenue growth but faces occasional challenges in maintaining stable net earnings and profit margins. The pronounced dip in net earnings during one quarter stands out as an anomaly in an otherwise positive earnings trend, with subsequent recovery indicating resilience. Profit margins remain relatively healthy but show sensitivity to profit fluctuations, suggesting ongoing pressures on operational efficiency or cost structures in certain periods.
Return on Equity (ROE)
UnitedHealth Group Inc., ROE calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 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) | 4,071) | 4,086) | 4,266) | 4,862) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group | 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) | 71,760) | 70,278) | 69,014) | 66,404) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 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% | 24.09% | 21.95% | 21.03% | 25.42% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 19.75% | 21.04% | 18.86% | 17.06% | ||||||
| Elevance Health Inc. | 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% | 16.93% | 15.44% | 12.10% | 13.92% | ||||||
| Intuitive Surgical Inc. | 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% | 14.32% | 14.80% | 14.97% | 11.56% | ||||||
| Medtronic PLC | 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% | 7.01% | 5.70% | 7.05% | 8.77% | ||||||
Based on: 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).
1 Q3 2025 Calculation
ROE = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × (2,348 + 3,406 + 6,292 + 5,543)
÷ 95,787 = 18.36%
2 Click competitor name to see calculations.
The financial performance over the examined periods reflects notable fluctuations in net earnings as well as trends in shareholders’ equity and return on equity (ROE).
- Net Earnings
- Net earnings attributable to common shareholders demonstrated an overall upward trend through the end of 2023, increasing from $4,862 million in Q1 2021 to a peak of $5,841 million in Q3 2023. However, Q1 2024 saw an unexpected sharp decline to a negative net earnings figure of $-1,409 million, suggesting a significant one-time loss or extraordinary event. Following this dip, earnings rebounded strongly in the subsequent quarters, reaching $6,292 million in Q1 2025, indicating recovery and growth momentum despite some lower figures towards mid-2025.
- Shareholders’ Equity
- Shareholders’ equity exhibited consistent and steady growth throughout the periods, increasing from $66,404 million at the beginning of 2021 to $95,787 million by Q1 2025. There were no significant declines, and the progression suggests sustained accumulation of retained earnings and possibly additional capital contributions, supporting the company’s financial stability and capital base expansion over time.
- Return on Equity (ROE)
- The ROE figures largely mirrored the earnings trend but displayed less volatility. Starting at 25.42% in Q1 2021, ROE remained in the 20-26% range through 2023, indicating strong profitability relative to equity. The sharp earnings decline in Q1 2024 corresponded with a drop in ROE to 17.72%, and further declines were noted in mid-2024, with ROE falling below 16%. ROE partially recovered toward the end of the dataset, reaching 23.26% in early 2025 but displayed some downward fluctuation thereafter. This suggests that while profitability relative to equity remains healthy, the company experienced temporary challenges impacting returns during 2024.
In summary, the financial data reveals a company with robust equity growth and generally strong profitability, though with a notable earnings disruption in early 2024 that affected returns. The prompt recovery in earnings and ROE after this period highlights resilience and an ability to regain financial performance following adverse conditions.
Return on Assets (ROA)
UnitedHealth Group Inc., ROA calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 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) | 4,071) | 4,086) | 4,266) | 4,862) | ||||||
| Total assets | 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) | 212,206) | 213,045) | 210,292) | 205,171) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 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% | 8.15% | 7.24% | 6.90% | 8.23% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 9.40% | 9.82% | 8.70% | 7.86% | ||||||
| Elevance Health Inc. | 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% | 6.26% | 5.63% | 4.40% | 4.93% | ||||||
| Intuitive Surgical Inc. | 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% | 12.58% | 13.06% | 13.20% | 10.17% | ||||||
| Medtronic PLC | 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% | 3.87% | 2.97% | 3.69% | 4.70% | ||||||
Based on: 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).
1 Q3 2025 Calculation
ROA = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024)
÷ Total assets
= 100 × (2,348 + 3,406 + 6,292 + 5,543)
÷ 315,269 = 5.58%
2 Click competitor name to see calculations.
- Net Earnings Attributable to Common Shareholders
- The net earnings demonstrate notable fluctuations over the observed periods. Starting at $4,862 million in March 2021, earnings initially dipped through 2021 but recovered in the first quarter of 2022, peaking around $5,262 million in the third quarter of 2022. Subsequently, the earnings experienced variability with a sharp decline to a negative $1,409 million in the first quarter of 2024, marking a significant loss. Following this loss, earnings rebounded strongly to a high of $6,292 million by the first quarter of 2025, though the figures decreased again toward the third quarter of 2025 to $2,348 million. Overall, the net earnings display a cyclical pattern with substantial volatility and a temporary but severe downturn in early 2024.
- Total Assets
- Total assets show consistent growth throughout the analyzed timeframe. Starting at approximately $205 billion in March 2021, the asset base steadily increased, with a few minor fluctuations, reaching above $315 billion by the first quarter of 2025. This upward trend suggests ongoing expansion or accumulation of resources, with no evident periods of contraction in assets despite fluctuations in profitability.
- Return on Assets (ROA)
- ROA remains generally stable but reveals a downward shift in the middle of the timeframe. Initially, the ROA ranged from about 6.9% to 8.23% during 2021 and 2022, indicating efficient use of assets to generate earnings. However, after the end of 2023, ROA fell steeply to a low near 4.78%-4.93% through much of 2024, coinciding with the net loss reported in early 2024. Towards the end of the period under review, ROA recovered modestly, returning to a range of approximately 5.58% to 7.14% by 2025 but did not regain the peak levels observed earlier. This pattern reflects variability in operational efficiency and profitability relative to asset base during the timeline.
- Summary of Trends and Insights
- The data reflects a company undergoing periods of financial volatility marked by fluctuating net earnings and a significant loss episode in early 2024. Despite this, the company’s asset base consistently expands, suggesting ongoing investment or acquisition activity. The return on assets indicates a decline in profitability efficiency during the period of loss but recovers somewhat by 2025, albeit not to previous highs. This combination points to external or internal challenges impacting profitability temporarily while maintaining or growing asset strength.