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: 2026-03-31), 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 analyzed period is characterized by a phase of stability and slight expansion in profitability through 2023, followed by a progressive and significant deterioration in margins and return metrics starting in 2024. While the organization maintained consistent performance in the first two years, a systemic downward trend is evident across all primary profitability indicators moving into 2025 and 2026.
- Gross Profit Margin
- A gradual upward trajectory was observed from March 2022 (23.31%) to a peak of 24.20% in March 2023. Subsequently, a consistent quarterly decline occurred, with the margin compressing to 17.81% by December 2025, before stabilizing slightly at 18.07% in March 2026.
- Operating and Net Profit Margins
- Operating profit margins remained remarkably stable between 8.19% and 8.87% from March 2022 through December 2023. A contraction began in 2024, accelerating sharply in 2025, where the margin fell from 7.37% in June to 4.23% by March 2026. Net profit margins followed a similar pattern of initial stability around 6%, experienced a sharp dip in early 2024, a partial recovery in early 2025, and a final decline to 2.70% by the end of the period.
- Return on Equity (ROE)
- ROE demonstrated strong performance during 2022 and 2023, consistently hovering around the 25% mark. A significant volatility period began in March 2024 with a drop to 17.72%, followed by a recovery to 23.26% in March 2025. However, a severe downward shift occurred thereafter, with ROE falling to 12.30% by March 2026, indicating a marked reduction in shareholder return efficiency.
- Return on Assets (ROA)
- ROA mirrored the trends seen in ROE, maintaining a range of 7.30% to 8.19% through late 2023. A notable decline occurred in 2024, hitting a low of 4.78% in September. Despite a recovery to 7.14% in March 2025, the metric entered a steep decline, ending at 3.85% in March 2026, reflecting diminished asset productivity.
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Return on Sales
Return on Investment
Gross Profit Margin
UnitedHealth Group Inc., gross profit margin calculation (quarterly data)
| 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 | 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 | 110,590) | 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 | 18.07% | 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 | 52.53% | 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. | 14.18% | 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. | 66.29% | 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 | 65.29% | 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: 2026-03-31), 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 Q1 2026 Calculation
Gross profit margin = 100
× (Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025)
÷ (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
= 100 × (24,278 + 17,847 + 19,505 + 18,904)
÷ (110,590 + 112,568 + 112,029 + 110,508)
= 18.07%
2 Click competitor name to see calculations.
An analysis of the quarterly financial performance reveals a divergence between revenue growth and gross profit margin efficiency. While total revenues experienced a consistent and substantial upward trajectory over the observed period, the gross profit margin entered a period of sustained contraction following a peak in early 2023.
- Revenue Growth Trends
- Revenues demonstrated robust growth, increasing from 79,782 million US dollars in March 2022 to 110,590 million US dollars by March 2026. This expansion was largely steady, with a notable acceleration occurring between December 2023 and March 2025, where revenues climbed from 93,248 million to 108,542 million US dollars.
- Gross Profit Performance
- Gross profit generally increased from 18,772 million US dollars in March 2022 to a peak of 24,278 million US dollars in March 2026. However, this growth was characterized by significant volatility in the latter half of the period, specifically noting dips in December 2024 and June 2025, which interrupted the overall upward trend.
- Gross Profit Margin Erosion
- The gross profit margin exhibited a clear cyclical pattern. Initial growth was observed from March 2022 (23.31%) to a peak of 24.20% in March 2023. Following this peak, a consistent downward trend emerged, with the margin declining for nearly every subsequent quarter. This contraction accelerated throughout 2024 and 2025, reaching a low of 17.81% in December 2025.
- Efficiency and Profitability Insights
- The data indicates a decline in operational efficiency regarding the cost of goods sold relative to revenue. Despite the significant increase in top-line revenue, the cost of generating that revenue grew at a faster rate, leading to the compression of the gross margin by approximately 619 basis points from its peak in March 2023 to its low in December 2025. A slight recovery to 18.07% was observed in the final quarter ending March 2026.
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Operating Profit Margin
UnitedHealth Group Inc., operating profit margin calculation (quarterly data)
| 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 | 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 | 110,590) | 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 | 4.23% | 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 | 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. | 2.79% | 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. | 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 | 17.90% | 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit margin = 100
× (Earnings from operationsQ1 2026
+ Earnings from operationsQ4 2025
+ Earnings from operationsQ3 2025
+ Earnings from operationsQ2 2025)
÷ (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
= 100 × (8,990 + 380 + 4,315 + 5,150)
÷ (110,590 + 112,568 + 112,029 + 110,508)
= 4.23%
2 Click competitor name to see calculations.
The operating profit margin exhibits a distinct trajectory characterized by initial expansion and stability, followed by a period of gradual decline and a subsequent sharp contraction. While customer revenues maintained a consistent upward trend throughout the observed period, the ability to convert these revenues into operating profit experienced significant volatility in the later stages.
- Profitability Expansion and Stability (March 2022 – December 2023)
- A period of margin growth is observed from March 2022, where the operating profit margin stood at 8.19%, peaking at 8.87% by March 2023. For the remainder of 2023, profitability remained stable, fluctuating minimally between 8.80% and 8.86%. This stability coincided with a steady increase in quarterly revenues from approximately 79.8 billion to 93.2 billion.
- Gradual Margin Compression (March 2024 – December 2024)
- A downward trend in the operating profit margin began in early 2024, declining sequentially from 8.58% in March to 8.17% by December. This compression occurred despite continued revenue growth, with quarterly figures rising from 98.8 billion to 99.3 billion, suggesting that operating expenses grew at a faster rate than customer revenues during this window.
- Severe Profitability Contraction (March 2025 – December 2025)
- A significant erosion of profitability is evident throughout 2025. The operating profit margin dropped from 8.27% in March to a low of 4.27% by December. This period is marked by a drastic reduction in earnings from operations, which plummeted from 9.1 billion in March to 380 million in December, even as revenues continued to climb to 112.6 billion.
- Earnings Recovery and Margin Floor (March 2026)
- By March 2026, earnings from operations showed a sharp recovery, returning to 8.99 billion. However, the operating profit margin did not return to historical norms, remaining compressed at 4.23%, indicating a structural shift in the relationship between revenue generation and operating costs compared to the 2022–2024 period.
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Net Profit Margin
UnitedHealth Group Inc., net profit margin calculation (quarterly data)
| 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 | 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 | 110,590) | 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 | 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 | 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. | 2.64% | 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. | 28.15% | 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 | 13.63% | 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: 2026-03-31), 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 Q1 2026 Calculation
Net profit margin = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025)
÷ (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
= 100 × (6,280 + 10 + 2,348 + 3,406)
÷ (110,590 + 112,568 + 112,029 + 110,508)
= 2.70%
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by a consistent expansion in total revenues contrasted with a significant compression of net profit margins. While revenues grew steadily from 79,782 million USD in March 2022 to 110,590 million USD by March 2026, the ability to convert these revenues into net income diminished substantially over time.
- Revenue Trajectory
- A sustained upward trend in customer revenues is observed throughout the period. Growth was gradual through 2022 and 2023, followed by a more pronounced increase in 2024 and 2025, eventually surpassing the 110 billion USD threshold by the first quarter of 2026.
- Profitability Stability (2022-2023)
- During the initial phase from March 2022 to December 2023, net profit margins remained relatively stable and consistent, fluctuating within a narrow band between 5.91% and 6.25%. This period indicates a high level of predictability in operational efficiency relative to revenue growth.
- Margin Compression (2024-2026)
- A structural decline in profitability began in the first quarter of 2024, where the net profit margin dropped to 4.09%. Despite a temporary recovery to 5.46% in March 2025, a subsequent and steady decline is evident. The margin reached its lowest levels in the final quarters of the data set, closing at 2.70% in March 2026.
- Net Earnings Volatility
- Net earnings exhibited significant instability starting in 2024. Notable anomalies include a net loss of 1,409 million USD in March 2024 and a near-zero earnings figure of 10 million USD in December 2025. This volatility in bottom-line results suggests the presence of non-recurring expenses or significant operational headwinds that decoupled net income from the steady growth of the top line.
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Return on Equity (ROE)
UnitedHealth Group Inc., ROE calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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. | 11.94% | 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. | 17.05% | 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 | 9.73% | 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: 2026-03-31), 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 Q1 2026 Calculation
ROE = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × (6,280 + 10 + 2,348 + 3,406)
÷ 97,881 = 12.30%
2 Click competitor name to see calculations.
The analysis of Return on Equity (ROE) reveals a transition from a period of high, stable profitability to a phase characterized by increased volatility and a general downward trend in capital efficiency. While shareholders' equity demonstrated consistent growth over the observed period, net earnings experienced significant fluctuations, leading to a compression of the ROE ratio.
- Stability and Peak Performance (March 2022 – December 2023)
- During this interval, ROE remained consistently high, fluctuating within a narrow range between 23.98% and 26.03%. This stability was supported by steady quarterly net earnings, which generally remained between US$ 4.7 billion and US$ 5.8 billion, alongside a gradual increase in shareholders' equity from US$ 72.7 billion to US$ 88.7 billion.
- Earnings Volatility and Margin Compression (March 2024 – December 2024)
- A significant shift occurred in the first quarter of 2024, marked by a net loss of US$ 1.4 billion, which contributed to a sharp decline in ROE to 17.72%. Although net earnings recovered in subsequent quarters, reaching a peak of US$ 6.05 billion in June 2024, the ROE did not return to previous levels, settling between 15.14% and 15.55% for much of the year. This indicates that the growth in the equity base began to outpace earnings growth.
- Cyclical Fluctuations and Long-term Decline (March 2025 – March 2026)
- The performance in 2025 was characterized by extreme variance. A temporary recovery in ROE to 23.26% in March 2025 was followed by a severe contraction, culminating in an ROE of 12.81% by December 2025, coinciding with a near-total erosion of quarterly net earnings (US$ 10 million). Despite a strong rebound in net earnings to US$ 6.28 billion by March 2026, the ROE reached its lowest point in the series at 12.30%.
- Equity Base Impact
- Shareholders' equity grew monotonically from US$ 72.7 billion in March 2022 to US$ 97.8 billion in March 2026. The persistent increase in the denominator of the ROE calculation, combined with inconsistent net income delivery, resulted in a structural decline in the percentage of profit generated per dollar of shareholder investment over the multi-year period.
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Return on Assets (ROA)
UnitedHealth Group Inc., ROA calculation (quarterly data)
| 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 | 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 | 312,644) | 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 | 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 | 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. | 4.17% | 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. | 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 | 5.12% | 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: 2026-03-31), 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 Q1 2026 Calculation
ROA = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025)
÷ Total assets
= 100 × (6,280 + 10 + 2,348 + 3,406)
÷ 312,644 = 3.85%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a general downward trajectory over the analyzed period, characterized by initial stability followed by significant volatility and a long-term decline in asset utilization efficiency.
- Asset Base Expansion
- Total assets demonstrated a consistent upward trend, increasing from 221,238 million USD in March 2022 to 312,644 million USD by March 2026. This steady growth indicates a continuous expansion of the balance sheet over the observed timeframe.
- Net Earnings Volatility
- Earnings remained relatively stable between March 2022 and December 2023, generally fluctuating between 4,761 million USD and 5,841 million USD. However, significant instability emerged starting in 2024, highlighted by a net loss of 1,409 million USD in March 2024 and a near-zero earnings result of 10 million USD in December 2025. These fluctuations created substantial pressure on profitability ratios.
- ROA Trend Analysis
- The ROA maintained a strong and stable range between 7.30% and 8.19% during 2022 and 2023. A marked decline began in March 2024, with the ratio dropping to 5.40% and reaching a low of 4.78% by September 2024. Despite a temporary recovery to 7.14% in March 2025, a subsequent sharp decline occurred, ending the period at 3.85% in March 2026.
- Efficiency Correlation
- The divergence between the steadily increasing total assets and the volatile net earnings suggests a diminishing return on invested capital. The decline in ROA from 8.19% in December 2022 to 3.85% in March 2026 indicates that asset growth has outpaced earnings growth, resulting in lower overall operational efficiency in generating profit from the company's asset base.
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