Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
UnitedHealth Group Inc., short-term (operating) activity 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 analysis of short-term operating activity ratios reveals a general trend toward increased efficiency in the management of working capital components, characterized by a steady acceleration in payables turnover and cyclical fluctuations in receivables collection.
- Receivables Management
- Receivables turnover exhibits significant quarterly volatility, ranging from a low of 13.80 in March 2024 to a peak of 20.67 in June 2026. A recurring seasonal pattern is evident, where turnover rates typically dip in the first quarter of the year and recover by the second or third quarter. This is mirrored in the average receivable collection period, which peaks consistently every March, reaching as high as 26 days in March 2024. Despite these fluctuations, the most recent data indicates an improvement in collection efficiency, with the collection period dropping to 18 days by June 2026.
- Payables Management
- Payables turnover demonstrates a consistent and gradual upward trend over the observed period, rising from 6.78 in March 2022 to 7.98 by June 2026. This steady increase indicates a more rapid settlement of obligations to suppliers. Correspondingly, the average payables payment period has undergone a sustained contraction, decreasing from 54 days in early 2022 to 46 days by mid-2026. The stability of this trend suggests a strategic shift or a systematic tightening of the payment cycle.
- Operating Cycle Insights
- The convergence of a decreasing collection period and a decreasing payment period suggests a tightening of the overall cash conversion cycle. While the receivables side is subject to seasonal variance, the payables side has moved linearly toward faster turnover. The widening gap between the collection period (approximately 18-22 days) and the payment period (approximately 46 days) indicates that the organization continues to leverage its supplier credit effectively to maintain liquidity.
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Turnover Ratios
Average No. Days
Receivables Turnover
UnitedHealth Group Inc., receivables turnover 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) | ||||||||||||||||||||||||
| 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) | ||||||
| Accounts receivable, net | 21,573) | 26,587) | 23,018) | 22,672) | 24,142) | 26,936) | 22,365) | 20,024) | 23,115) | 27,197) | 21,276) | 20,673) | 17,952) | 22,414) | 17,681) | 17,047) | 18,718) | 18,871) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 20.67 | 16.76 | 19.27 | 18.98 | 17.29 | 15.03 | 17.66 | 19.43 | 16.49 | 13.80 | 17.27 | 17.23 | 19.23 | 14.88 | 18.22 | 18.37 | 16.27 | 15.65 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 5.42 | 5.50 | 5.59 | 5.39 | 5.41 | 5.78 | 6.06 | 5.85 | 5.94 | 6.11 | 6.11 | 6.15 | 6.52 | 6.89 | 7.02 | 7.03 | 6.33 | 6.20 | ||||||
| Elevance Health Inc. | 14.99 | 14.30 | 16.34 | 16.80 | 14.83 | 14.42 | 18.00 | 19.84 | 17.60 | 15.98 | 18.08 | 17.93 | 18.82 | 16.53 | 18.81 | 19.51 | 18.80 | 16.67 | ||||||
| Intuitive Surgical Inc. | 6.59 | 6.63 | 6.59 | 7.63 | 7.21 | 7.13 | 6.82 | 6.82 | 6.83 | 6.49 | 6.30 | 7.12 | 7.37 | 6.95 | 6.60 | 7.20 | 7.11 | 6.52 | ||||||
| Medtronic PLC | 5.44 | 5.46 | 5.15 | 5.43 | 5.27 | 5.42 | 5.28 | 5.42 | 5.39 | 5.44 | 5.21 | 5.23 | 5.48 | 5.85 | 5.71 | 5.84 | 5.79 | 5.82 | ||||||
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
Receivables turnover
= (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
÷ Accounts receivable, net
= (110,809 + 110,590 + 112,568 + 112,029)
÷ 21,573 = 20.67
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a consistent growth trajectory in customer revenues accompanied by cyclical fluctuations in accounts receivable management and turnover efficiency between March 2022 and June 2026.
- Revenue Trends
- Customer revenues exhibit a sustained upward trend, increasing from 79,782 million USD in March 2022 to 110,809 million USD by June 2026. Growth was particularly pronounced during the transitions into the 2023 and 2025 fiscal periods, reflecting a steady expansion of the top-line financial base.
- Accounts Receivable Dynamics
- Net accounts receivable demonstrate a recurring seasonal pattern characterized by peaks in the first quarter of each year. Notable spikes occurred in March 2023 (22,414 million USD), March 2024 (27,197 million USD), March 2025 (26,936 million USD), and March 2026 (26,587 million USD). These periods of accumulation are typically followed by reductions in receivable balances throughout the remainder of the year.
- Receivables Turnover Efficiency
- The receivables turnover ratio displays significant volatility and a clear cyclical nature. A consistent dip in efficiency is observed every March, with the lowest point occurring in March 2024 at 13.80. Conversely, efficiency peaks typically occur in the middle or end of the year, culminating in a period high of 20.67 in June 2026. This pattern suggests that while revenue is growing, the speed of collection fluctuates predictably, with slower turnover in the first quarter and accelerated collections in subsequent quarters.
- Operational Correlation
- The inverse relationship between the net accounts receivable balance and the turnover ratio is evident. The periodic increase in outstanding receivables during the first quarter directly correlates with the observed decline in the turnover ratio, indicating a temporary slowing of the collection cycle before efficiency recovers in the second and third quarters.
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Payables Turnover
UnitedHealth Group Inc., payables turnover 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) | ||||||||||||||||||||||||
| Medical costs | 75,358) | 73,489) | 82,041) | 79,958) | 78,585) | 73,411) | 67,035) | 65,957) | 65,458) | 65,735) | 62,231) | 59,550) | 60,268) | 59,845) | 53,591) | 52,635) | 52,093) | 52,523) | ||||||
| Medical costs payable | 38,930) | 39,659) | 39,337) | 40,181) | 38,427) | 37,136) | 34,224) | 33,951) | 32,547) | 34,032) | 32,395) | 32,792) | 31,947) | 31,809) | 29,056) | 29,064) | 28,978) | 28,676) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | 7.98 | 7.92 | 7.98 | 7.44 | 7.42 | 7.32 | 7.72 | 7.64 | 7.77 | 7.28 | 7.47 | 7.11 | 7.08 | 6.86 | 7.26 | 7.07 | 6.90 | 6.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 4.22 | 4.22 | 4.56 | 4.69 | 4.40 | 4.44 | 4.46 | 4.54 | 4.42 | 4.33 | 4.19 | 4.55 | 4.28 | 4.44 | 4.15 | 4.67 | 4.25 | 4.02 | ||||||
| Elevance Health Inc. | 8.06 | 8.06 | 8.68 | 8.38 | 8.07 | 7.87 | 8.10 | 8.17 | 8.09 | 7.54 | 7.72 | 7.61 | 7.54 | 7.57 | 7.47 | 7.48 | 7.35 | 7.28 | ||||||
| Intuitive Surgical Inc. | 13.26 | 10.71 | 13.42 | 11.10 | 11.44 | 10.39 | 14.05 | 11.88 | 12.91 | 12.64 | 12.69 | 11.66 | 11.10 | 12.99 | 13.78 | 12.01 | 12.68 | 14.36 | ||||||
| Medtronic PLC | 4.64 | 4.65 | 4.75 | 5.04 | 4.85 | 4.95 | 4.65 | 5.60 | 5.09 | 4.84 | 4.03 | 4.68 | 4.60 | 4.62 | 4.46 | 5.14 | 5.41 | 5.67 | ||||||
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
Payables turnover
= (Medical costsQ2 2026
+ Medical costsQ1 2026
+ Medical costsQ4 2025
+ Medical costsQ3 2025)
÷ Medical costs payable
= (75,358 + 73,489 + 82,041 + 79,958)
÷ 38,930 = 7.98
2 Click competitor name to see calculations.
The analysis of operating activity ratios reveals a consistent growth in medical costs and a corresponding increase in the payables turnover ratio over the period from March 2022 to June 2026. While both total medical costs and the associated payables have expanded, the efficiency of payment cycles has improved, characterized by a steady rise in the turnover rate.
- Medical Cost Trajectory
- Medical costs demonstrated a sustained upward trend, increasing from 52,523 million USD in March 2022 to 75,358 million USD by June 2026. This represents a significant expansion in operational expenditures related to medical services, with a notable acceleration in costs beginning in early 2025.
- Medical Costs Payable Dynamics
- Medical costs payable grew from 28,676 million USD in March 2022 to 38,930 million USD by June 2026. Although payables increased in absolute terms, the growth rate of these liabilities was lower than the growth rate of the overall medical costs, which fundamentally drove the increase in the turnover ratio.
- Payables Turnover Ratio Analysis
- The payables turnover ratio exhibited a gradual but steady upward trajectory, rising from 6.78 in March 2022 to 7.98 by June 2026. A period of moderate fluctuation occurred throughout 2023, where the ratio varied between 6.86 and 7.47. However, from 2024 onward, a more consistent upward trend emerged, with the ratio stabilizing near 7.90 to 8.00 in the final quarters of the observed period. This indicates an acceleration in the frequency with which medical obligations are settled, reflecting a shorter payment cycle over time.
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Working Capital Turnover
UnitedHealth Group Inc., working capital turnover 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) | ||||||||||||||||||||||||
| Current assets | 86,860) | 91,127) | 90,582) | 95,067) | 93,699) | 96,285) | 85,779) | 92,258) | 92,038) | 88,942) | 78,437) | 91,905) | 89,869) | 93,895) | 69,069) | 82,937) | 68,356) | 69,029) | ||||||
| Less: Current liabilities | 111,820) | 114,124) | 114,897) | 115,526) | 110,781) | 113,471) | 103,769) | 101,565) | 104,670) | 104,431) | 99,054) | 114,179) | 112,981) | 116,482) | 89,237) | 100,935) | 88,698) | 88,170) | ||||||
| Working capital | (24,960) | (22,997) | (24,315) | (20,459) | (17,082) | (17,186) | (17,990) | (9,307) | (12,632) | (15,489) | (20,617) | (22,274) | (23,112) | (22,587) | (20,168) | (17,998) | (20,342) | (19,141) | ||||||
| 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) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 6.95 | 6.33 | 4.67 | 4.27 | 3.91 | 4.17 | 4.42 | 4.63 | 4.35 | 4.83 | 4.54 | 4.15 | 4.39 | 4.21 | 4.48 | 3.92 | 3.63 | 4.13 | ||||||
| Elevance Health Inc. | 7.19 | 7.59 | 7.50 | 7.00 | 7.96 | 8.11 | 7.85 | 6.87 | 6.92 | 8.59 | 7.83 | 7.92 | 7.69 | 7.60 | 8.37 | 9.11 | 8.85 | 8.65 | ||||||
| Intuitive Surgical Inc. | 1.45 | 1.53 | 1.29 | 1.43 | 1.30 | 1.42 | 1.56 | 1.42 | 1.23 | 1.17 | 1.14 | 0.95 | 1.03 | 1.15 | 1.29 | 1.21 | 1.17 | 1.26 | ||||||
| Medtronic PLC | 2.47 | 2.92 | 3.07 | 3.11 | 3.22 | 2.79 | 2.90 | 2.54 | 2.57 | 2.46 | 2.47 | 2.81 | 2.82 | 3.84 | 2.97 | 2.21 | 2.13 | 2.15 | ||||||
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
Working capital turnover
= (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
÷ Working capital
= (110,809 + 110,590 + 112,568 + 112,029)
÷ -24,960 = —
2 Click competitor name to see calculations.
The organization demonstrates a consistent structural trend of negative working capital throughout the analyzed period, occurring alongside a steady and significant increase in quarterly revenues. Revenues rose from 79,782 million USD in March 2022 to 110,809 million USD by June 2026, reflecting sustained growth in operational scale.
- Working Capital Volatility
- The working capital position remained negative across all reporting periods, indicating that current liabilities consistently exceeded current assets. The deficit fluctuated between a minimum of negative 9,307 million USD in September 2024 and a maximum of negative 24,960 million USD in June 2026. A notable period of relative improvement occurred between March 2024 and September 2024, where the negative position narrowed significantly before widening again in subsequent quarters.
- Revenue Growth Trends
- A consistent upward trajectory in revenues is observed, with quarterly figures increasing from approximately 80 billion USD in 2022 to over 110 billion USD by mid-2026. This growth suggests a continuous expansion of the business's top-line activity regardless of the fluctuations in the short-term capital position.
- Working Capital Turnover Analysis
- The persistence of negative working capital indicates an operational model that relies on current liabilities to fund its activities. Because the working capital is negative, the turnover ratio reflects the relationship between revenue generation and a net short-term funding deficit rather than traditional asset efficiency. The absolute value of this relationship peaked during the third quarter of 2024, as the revenue base grew while the working capital deficit reached its lowest point. Conversely, the trend from December 2024 through June 2026 shows a widening deficit, suggesting an increasing reliance on short-term obligations to support the expanded revenue scale.
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Average Receivable Collection Period
UnitedHealth Group Inc., average receivable collection period 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 | ||||||||||||||||||||||||
| Receivables turnover | 20.67 | 16.76 | 19.27 | 18.98 | 17.29 | 15.03 | 17.66 | 19.43 | 16.49 | 13.80 | 17.27 | 17.23 | 19.23 | 14.88 | 18.22 | 18.37 | 16.27 | 15.65 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 18 | 22 | 19 | 19 | 21 | 24 | 21 | 19 | 22 | 26 | 21 | 21 | 19 | 25 | 20 | 20 | 22 | 23 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 67 | 66 | 65 | 68 | 67 | 63 | 60 | 62 | 61 | 60 | 60 | 59 | 56 | 53 | 52 | 52 | 58 | 59 | ||||||
| Elevance Health Inc. | 24 | 26 | 22 | 22 | 25 | 25 | 20 | 18 | 21 | 23 | 20 | 20 | 19 | 22 | 19 | 19 | 19 | 22 | ||||||
| Intuitive Surgical Inc. | 55 | 55 | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | ||||||
| Medtronic PLC | 67 | 67 | 71 | 67 | 69 | 67 | 69 | 67 | 68 | 67 | 70 | 70 | 67 | 62 | 64 | 63 | 63 | 63 | ||||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 20.67 = 18
2 Click competitor name to see calculations.
Analysis of short-term operating activity indicates a cyclical pattern in receivables management efficiency from March 2022 through June 2026. While the metrics exhibit quarterly volatility, there is a general trend toward improved collection velocity over the long term.
- Receivables Turnover Dynamics
- The receivables turnover ratio demonstrates a fluctuating but generally ascending trend, beginning at 15.65 in March 2022 and culminating in a period high of 20.67 by June 2026. Notable contractions in turnover are observed during the first quarters of 2023 and 2024, with the lowest point occurring on March 31, 2024, at 13.80.
- Average Receivable Collection Period
- The collection period fluctuates within a range of 18 to 26 days. An inverse relationship with the turnover ratio is maintained throughout the period. The most efficient collection cycle was achieved in June 2026, reducing the average collection time to 18 days, while the least efficient period occurred in March 2024 at 26 days.
- Seasonal Patterns and Periodicity
- A consistent seasonal trend is evident, characterized by an increase in the collection period every March. Specifically, collection days peaked at 23, 25, 26, 24, and 22 days across the five observed March cycles. This suggests a recurring quarterly slowdown in collection efficiency at the end of the first quarter. In contrast, the second and third quarters typically show enhanced efficiency, with collection periods frequently descending to 19 days.
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Average Payables Payment Period
UnitedHealth Group Inc., average payables payment period 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 | ||||||||||||||||||||||||
| Payables turnover | 7.98 | 7.92 | 7.98 | 7.44 | 7.42 | 7.32 | 7.72 | 7.64 | 7.77 | 7.28 | 7.47 | 7.11 | 7.08 | 6.86 | 7.26 | 7.07 | 6.90 | 6.78 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | 46 | 46 | 46 | 49 | 49 | 50 | 47 | 48 | 47 | 50 | 49 | 51 | 52 | 53 | 50 | 52 | 53 | 54 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 87 | 87 | 80 | 78 | 83 | 82 | 82 | 80 | 83 | 84 | 87 | 80 | 85 | 82 | 88 | 78 | 86 | 91 | ||||||
| Elevance Health Inc. | 45 | 45 | 42 | 44 | 45 | 46 | 45 | 45 | 45 | 48 | 47 | 48 | 48 | 48 | 49 | 49 | 50 | 50 | ||||||
| Intuitive Surgical Inc. | 28 | 34 | 27 | 33 | 32 | 35 | 26 | 31 | 28 | 29 | 29 | 31 | 33 | 28 | 26 | 30 | 29 | 25 | ||||||
| Medtronic PLC | 79 | 79 | 77 | 72 | 75 | 74 | 78 | 65 | 72 | 75 | 91 | 78 | 79 | 79 | 82 | 71 | 67 | 64 | ||||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 7.98 = 46
2 Click competitor name to see calculations.
The analysis of short-term operating activity ratios indicates a consistent acceleration in the settlement of accounts payable over the period from March 2022 through June 2026. This trend is characterized by a steady increase in turnover efficiency and a corresponding reduction in the average time required to clear obligations to suppliers.
- Payables Turnover Trends
- The payables turnover ratio demonstrates a sustained upward trajectory, rising from 6.78 in March 2022 to 7.98 by June 2026. While minor quarterly fluctuations occurred—most notably a slight dip in March of 2023 and 2024—the overall movement reflects an increase in the frequency with which payables are cycled. The ratio reached its peak levels of 7.92 to 7.98 in the final three quarters of the analyzed period, suggesting a more aggressive approach to liability management.
- Average Payables Payment Period Evolution
- A mirrored decline is observed in the average payables payment period, which decreased from a high of 54 days in March 2022 to a low of 46 days by June 2026. This reduction of eight days over the observed timeframe indicates that obligations are being settled more rapidly. The payment period remained stabilized at 46 days throughout the first half of 2026, signaling a new operational baseline for liquidity management.
- Seasonal Cyclicality and Patterns
- A recurring quarterly pattern is evident in the payment cycle. There is a consistent tendency for the payment period to peak during the first quarter (March) and decline progressively through the remainder of the year, reaching troughs in December. For instance, the period dropped from 53 days in March 2023 to 49 days in December 2023, and from 50 days in March 2024 to 47 days in December 2024. This cyclicality suggests systemic end-of-year settlement practices.
In summary, the correlation between the rising turnover ratio and the falling payment period confirms an increase in the velocity of cash outflows related to operating payables. The transition from a 54-day cycle to a 46-day cycle reflects a strategic or operational shift toward faster supplier payments.
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