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: 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 performance exhibits a distinct transition from a period of stability and marginal growth between early 2022 and late 2023 to a period of significant volatility and overall margin compression beginning in early 2024. While the company maintained consistent profitability through the first two years of the period, a sustained downward trajectory is evident across all key profitability metrics starting in 2024, punctuated by temporary recoveries in the first half of 2025.
- Profit Margin Trends
- Gross profit margin remained resilient and grew slightly from 23.31% in March 2022 to a peak of 24.20% in March 2023. However, a consistent decline followed, reaching a low of 17.81% by December 2025 before showing a modest recovery to 18.77% by June 2026. Operating profit margins followed a similar pattern of stability around the 8% to 9% range until June 2025, after which a sharp contraction occurred, bottoming at 4.23% in March 2026.
- Net profit margins demonstrated higher volatility. After remaining stable around 6% through 2023, margins dropped sharply to 3.65% by December 2024. A brief recovery occurred in the first half of 2025, with a peak of 5.46% in March, before falling to a period low of 2.70% in December 2025.
- Return on Investment Metrics
- Return on equity (ROE) showed a significant compression over the analyzed period. From a peak of 26.03% in September 2022, ROE declined to 15.55% by December 2024. Despite a temporary surge back to 23.26% in March 2025, the metric plummeted to 12.30% by December 2025, representing a substantial decrease in equity efficiency.
- Return on assets (ROA) mirrored the movements of ROE, indicating a systemic decline in asset productivity. ROA peaked at 8.19% in December 2022 and remained relatively stable until early 2024. A notable decline led to a low of 3.85% in December 2025, followed by a slight upward adjustment to 4.56% by June 2026.
Overall, the data indicates a deteriorating profitability profile. The synchronicity between the decline in gross margins and the subsequent drop in ROE and ROA suggests that increasing costs or pricing pressures have fundamentally impacted the bottom line, although the most recent quarters indicate the start of a potential stabilization phase.
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Return on Sales
Return on Investment
Gross Profit Margin
UnitedHealth Group Inc., gross profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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. | 14.10% | 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. | 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 | 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: 2026-06-30), 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 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
= 100 × (22,076 + 24,278 + 17,847 + 19,505)
÷ (110,809 + 110,590 + 112,568 + 112,029)
= 18.77%
2 Click competitor name to see calculations.
The financial trajectory between March 2022 and June 2026 is characterized by a consistent expansion in total customer revenues contrasted with a progressive compression of the gross profit margin. While absolute revenue and gross profit figures generally trended upward, the efficiency of converting revenue into gross profit declined significantly over the analyzed period.
- Revenue Growth Trends
- A steady increase in customer revenues is observed, rising from 79,782 million USD in March 2022 to 110,809 million USD by June 2026. This represents a substantial expansion of the top line, with revenue surpassing the 100 billion USD quarterly threshold by March 2025.
- Gross Profit Margin Performance
- The gross profit margin exhibited three distinct phases. An initial period of modest growth occurred from March 2022 to March 2023, where margins climbed from 23.31% to a peak of 24.20%. This was followed by a prolonged contraction phase beginning in June 2023, with margins falling steadily to a low of 17.81% by December 2025. A slight recovery trend emerged in the first half of 2026, with the margin improving to 18.77% by June 2026.
- Analysis of Profitability Divergence
- A divergence is evident between absolute profit growth and margin percentages. For instance, in March 2026, gross profit reached a peak of 24,278 million USD, yet the margin remained low at 18.07%. This indicates that while the company is generating higher total profits due to scale, the cost of goods sold or direct service costs are increasing at a faster rate than revenues.
- Recent Stability and Recovery
- Following the trough in December 2025, a corrective trend is observable. The gross profit margin increased from 17.81% to 18.77% over two consecutive quarters ending June 2026, suggesting a potential stabilization of direct costs relative to revenue growth.
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Operating Profit Margin
UnitedHealth Group Inc., operating profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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. | 2.47% | 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. | 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 | 17.88% | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Earnings from operationsQ2 2026
+ Earnings from operationsQ1 2026
+ Earnings from operationsQ4 2025
+ Earnings from operationsQ3 2025)
÷ (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
= 100 × (7,991 + 8,990 + 380 + 4,315)
÷ (110,809 + 110,590 + 112,568 + 112,029)
= 4.86%
2 Click competitor name to see calculations.
An analysis of the financial performance indicates a consistent expansion in total revenue contrasted by significant volatility in operating efficiency and profitability margins over the observed period.
- Revenue Trajectory
- A sustained upward trend in customer revenues is evident, growing from 79,782 million USD in March 2022 to 110,809 million USD by June 2026. This represents a steady increase in the scale of operations throughout the entire duration of the analysis.
- Operating Profit Margin Evolution
- The operating profit margin experienced an initial growth phase, rising from 8.19% in March 2022 to a peak of 8.87% in March 2023. Following this peak, the margin remained relatively stable through late 2023 before entering a period of gradual compression starting in March 2024, where it declined from 8.58% to 8.17% by December 2024.
- Operational Contraction and Volatility
- A severe decline in profitability is observed during 2025. The operating profit margin dropped sharply from 7.37% in June 2025 to a low of 4.27% in December 2025. This contraction is mirrored in the earnings from operations, which plummeted from 9,119 million USD in March 2025 to a critical low of 380 million USD in December 2025, suggesting a significant operational disruption or extraordinary expense during the latter half of the year.
- Recovery and Stabilization
- A recovery in operational earnings occurred in the first half of 2026, with earnings returning to 8,990 million USD in March 2026. Despite the recovery in absolute earnings, the operating profit margin remained suppressed compared to historical levels, stabilizing between 4.23% in March 2026 and 4.86% in June 2026. This indicates that while revenue and earnings volume recovered, the overall efficiency of converting revenue into operating profit has not yet returned to the 8% range seen between 2022 and 2024.
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Net Profit Margin
UnitedHealth Group Inc., net profit margin calculation (quarterly data)
| 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 | 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 | 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 | 3.17% | 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. | 2.50% | 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. | 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 | 13.71% | 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: 2026-06-30), 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 Q2 2026 Calculation
Net profit margin = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025)
÷ (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
= 100 × (5,484 + 6,280 + 10 + 2,348)
÷ (110,809 + 110,590 + 112,568 + 112,029)
= 3.17%
2 Click competitor name to see calculations.
The financial performance across the analyzed period is characterized by consistent revenue growth paired with significant volatility in net earnings and a general compression of the net profit margin. While top-line growth remained steady, the ability to convert revenue into net income fluctuated considerably, particularly starting in early 2024.
- Revenue Growth Trends
- A sustained upward trajectory in revenues is observed, increasing from 79,782 million USD in March 2022 to a peak of 112,568 million USD in December 2025. This growth indicates a consistent expansion of the customer base or an increase in service pricing over the specified timeframe.
- Earnings Volatility and Anomalies
- Net earnings exhibited relative stability between March 2022 and December 2023, generally ranging from 4,761 million USD to 5,841 million USD. However, a sharp deviation occurred in March 2024, with net earnings falling to a loss of 1,409 million USD. While a recovery followed through March 2025, another significant decline is noted toward the end of 2025, where earnings dropped to 10 million USD in December 2025 before rebounding in the first half of 2026.
- Net Profit Margin Analysis
- The net profit margin remained stable within the 5.91% to 6.25% range throughout 2022 and 2023. A downward shift began in March 2024, with margins dropping toward the 3.6% range by the end of that year. Despite a temporary recovery to 5.46% in March 2025, the margin experienced a steep decline to a low of 2.70% by March 2026. The period concludes with a slight recovery to 3.17% in June 2026, yet the overall margin remains significantly lower than the baseline established in 2022.
- Profitability Correlation
- An inverse relationship is observed between revenue growth and profit margins during the latter half of the analyzed period. Despite revenues remaining above 110,000 million USD from March 2025 onwards, the net profit margin failed to return to previous levels, suggesting an increase in operating costs or other expenses that outpaced revenue gains.
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Return on Equity (ROE)
UnitedHealth Group Inc., ROE calculation (quarterly data)
| 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 | 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 | 98,447) | 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 | 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. | 11.06% | 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. | 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 | 9.79% | 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: 2026-06-30), 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 Q2 2026 Calculation
ROE = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × (5,484 + 6,280 + 10 + 2,348)
÷ 98,447 = 14.34%
2 Click competitor name to see calculations.
An analysis of the financial performance from March 2022 through June 2026 reveals a transition from a period of stable, high returns on equity to a phase characterized by significant volatility and a general downward trajectory in profitability efficiency.
- Return on Equity (ROE) Trajectory
- Between March 2022 and December 2023, ROE remained consistently high and stable, fluctuating within a narrow range between 23.98% and 26.03%. However, a sharp decline began in March 2024, with the ratio falling to 17.72% and reaching a low of 12.30% by March 2026. While brief periods of recovery occurred, such as in March 2025 (23.26%), the overall trend indicates a reduction in the company's ability to generate profit from shareholders' equity over the analyzed period.
- Shareholders' Equity Growth
- A consistent upward trend is observed in shareholders' equity, which grew from 72,766 million US dollars in March 2022 to 98,447 million US dollars by June 2026. This steady accumulation of equity suggests a growing capital base; however, because earnings did not scale proportionally, this growth contributed to the dilution of the ROE percentage.
- Net Earnings Volatility
- The volatility in ROE is primarily driven by significant fluctuations in net earnings. After a period of relative stability around 5 billion US dollars per quarter (2022-2023), the data shows extreme variance starting in 2024. Notable anomalies include a net loss of 1,409 million US dollars in March 2024 and a substantial drop to 10 million US dollars in December 2025. These earnings contractions are the primary catalysts for the observed declines in the return on equity ratio.
- Correlation Analysis
- The divergence between the steadily increasing equity base and the erratic net earnings creates a downward pressure on profitability ratios. The peak ROE coincided with the period of most stable earnings (2022-2023), while the subsequent troughs in ROE align directly with quarters of earnings losses or near-zero net income, emphasizing a high sensitivity of ROE to short-term earnings volatility.
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Return on Assets (ROA)
UnitedHealth Group Inc., ROA calculation (quarterly data)
| 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 | 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 | 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 | 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. | 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. | 15.04% | 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 | 5.22% | 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: 2026-06-30), 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 Q2 2026 Calculation
ROA = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025)
÷ Total assets
= 100 × (5,484 + 6,280 + 10 + 2,348)
÷ 309,727 = 4.56%
2 Click competitor name to see calculations.
The Return on Assets (ROA) demonstrates a trajectory characterized by initial stability followed by significant volatility and a subsequent period of lower asset efficiency. Between March 2022 and December 2023, the ROA remained relatively consistent, fluctuating within a narrow range between 7.30% and 8.19%, indicating a stable relationship between net earnings and the total asset base.
- Earnings Volatility and ROA Contraction
- A marked decline in ROA began in March 2024, coinciding with a net loss of 1,409 million USD, which reduced the ratio to 5.40%. While earnings recovered in the subsequent quarters of 2024, the ROA remained suppressed, reaching a low of 4.78% in September 2024. A second severe contraction occurred throughout 2025, with ROA falling to 3.89% by December 2025, driven by a sharp decrease in net earnings to 10 million USD for that quarter.
- Asset Base Expansion
- Total assets exhibited a consistent upward trend throughout the entire period, increasing from 221,238 million USD in March 2022 to 309,727 million USD by June 2026. The steady growth of the balance sheet implies that the observed declines in ROA were primarily a result of earnings volatility rather than a contraction of the asset base.
- Recovery Patterns
- Intermittent recoveries in efficiency were observed, most notably in March 2025 when ROA spiked to 7.14% following strong net earnings of 6,292 million USD. A further modest recovery is evident in the first half of 2026, as the ROA rose from 3.85% in March to 4.56% in June, suggesting a stabilization of earnings relative to the expanded asset base.
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