As of Q4'25, UnitedHealth Group (UNH) reported cash & short-term investments of USD 28.1B and total debt of USD 78.4B. This marks a continued decline in cash reserves from the previous quarter, while debt levels remain elevated, reflecting a persistent gap between liquidity and leverage. From Q1'23 to Q4'25, the chart reveals a downward trend in cash & short-term investments, falling from USD 46.5B to USD 28.1B, with notable drops in Q4'23 and Q4'24. In contrast, debt levels have generally increased over the same period, rising from USD 70.6B to USD 78.4B, with a significant uptick starting in Q1'24. The persistent divergence between declining cash reserves and rising debt suggests increasing financial leverage and potential pressure on the company's liquidity position.