UnitedHealth Group balance sheet

At the end of fiscal 2025, UnitedHealth Group had total assets of $309.58bn, total liabilities of $207.88bn and shareholders' equity of $100.09bn. It held $24.36bn in cash against $78.39bn of debt: net debt of $54.02bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

UnitedHealth Group: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	9.8	9.1	9.4	8.4	7.3	7.5	10.9	10.4	12.0	10.9	11.0	16.9	21.4	23.4	25.4	25.3	24.4	28.6
Receivables	2.0	2.1	2.3	2.7	3.1	4.3	6.5	8.2	9.6	11.4	11.8	12.9	14.2	17.7	21.3	22.4	23.0	21.6
Inventory	—	—	—	—	—	—	—	—	—	—	—	—	2.9	3.5	2.8	3.8	3.3	—
Total current assets	18.2	18.4	20.4	21.1	20.4	23.6	31.6	33.9	37.1	38.7	42.6	53.7	61.8	69.1	78.4	85.8	90.6	86.9
Goodwill	20.7	22.7	24.0	31.3	31.6	32.9	44.5	47.6	54.6	58.9	65.7	71.3	75.8	93.4	103.7	106.7	110.5	110.6
Total assets	59.0	63.1	67.9	80.9	81.9	86.3	111.3	122.8	139.1	152.2	173.9	197.3	212.2	245.7	273.7	298.3	309.6	309.7
Deferred revenue (current)	1.2	1.5	1.2	1.5	1.6	2.0	2.1	2.0	2.3	2.4	2.6	2.8	2.6	3.1	3.4	3.3	3.4	3.0
Total current liabilities	22.2	23.7	23.9	27.1	27.9	30.6	42.9	49.3	50.5	53.2	61.8	72.4	78.3	89.2	99.1	103.8	114.9	111.8
Short-term debt	2.2	2.5	1.0	2.7	2.0	1.4	6.6	7.2	2.9	2.0	3.9	4.8	3.6	3.1	4.3	4.5	6.1	3.8
Long-term debt	9.0	8.7	10.7	14.0	14.9	16.0	25.3	25.8	28.8	34.6	36.8	38.6	42.4	54.5	58.3	72.4	72.3	69.5
Total debt	11.2	11.1	11.6	16.8	16.9	17.4	32.0	33.0	31.7	36.6	40.7	43.5	46.0	57.6	62.5	76.9	78.4	73.3
Total liabilities	35.4	37.2	39.6	47.6	48.6	52.5	75.8	82.6	87.0	96.0	111.7	126.8	135.7	159.4	174.8	195.7	207.9	203.8
Shareholders' equity	23.6	25.8	28.3	31.2	32.1	32.5	33.7	38.2	49.8	54.3	60.4	68.3	75.0	81.5	94.4	98.3	100.1	104.5
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	2.1	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net debt (negative = net cash)	1.4	2.0	2.2	8.3	9.6	9.9	21.0	22.5	19.7	25.7	29.7	26.5	24.6	34.3	37.1	51.6	54.0	44.7
Shares outstanding	1,147m	1,086m	1,039m	1,019m	988m	954m	953m	952m	969m	960m	948m	946m	941m	934m	924m	915m	906m	905m

US$ billions unless shown otherwise. Fiscal quarters.

UnitedHealth Group: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	20.0	22.4	26.9	24.1	22.7	23.0	26.6	21.6
Inventory	—	3.8	—	—	—	3.3	—	—
Total current assets	92.3	85.8	96.3	93.7	95.1	90.6	91.1	86.9
Goodwill	106.0	106.7	107.6	107.7	110.3	110.5	110.5	110.6
Total assets	299.3	298.3	309.8	308.6	315.3	309.6	312.6	309.7
Deferred revenue (current)	3.3	3.3	3.3	3.0	3.4	3.4	3.4	3.0
Total current liabilities	101.6	103.8	113.5	110.8	115.5	114.9	114.1	111.8
Short-term debt	3.9	4.5	10.0	5.7	7.7	6.1	6.5	3.8
Long-term debt	74.1	72.4	71.3	73.5	72.4	72.3	71.4	69.5
Total debt	78.0	76.9	81.3	79.2	80.1	78.4	77.9	73.3
Total liabilities	194.9	195.7	204.6	203.8	209.5	207.9	207.3	203.8
Shareholders' equity	99.9	98.3	100.8	100.5	101.6	100.1	103.9	104.5
Shares outstanding	923m	915m	910m	905m	906m	906m	908m	905m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from UnitedHealth Group's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to UnitedHealth Group.