← UNITEDHEALTH GROUP INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net earnings | $7.1b | $10.8b | $12.4b | $14.2b | $15.8b | $17.7b | $20.6b | $23.1b | $15.2b | $12.8b | |
| Net Income (Loss) Attributable to Parent | $7.0b | $10.6b | $12.0b | $13.8b | $15.4b | $17.3b | $20.1b | $22.4b | $14.4b | $12.1b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $56.0m | $265.0m | $396.0m | $400.0m | $366.0m | $447.0m | $519.0m | $763.0m | $837.0m | $751.0m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $7.1b | $10.8b | $12.4b | $14.2b | $15.8b | $17.7b | $20.6b | $23.1b | $15.2b | $12.8b | |
| Amortization of Intangible Assets | $882.0m | $896.0m | $898.0m | $1.0b | $1.1b | $1.2b | $1.3b | $1.6b | $1.7b | $1.7b | |
| Capitalized Computer Software, Amortization | $475.0m | $550.0m | $606.0m | $721.0m | $814.0m | $923.0m | $1.0b | $1.2b | $1.4b | $1.7b | |
| Depreciation | $698.0m | $799.0m | $924.0m | $995.0m | $997.0m | $996.0m | $1.1b | $1.1b | $1.0b | $1.0b | |
| Depreciation and amortization | $2.1b | $2.2b | $2.4b | $2.7b | $2.9b | $3.1b | $3.4b | $4.0b | $4.1b | $4.4b | |
| Deferred Income Tax Expense (Benefit) | $81.0m | ($965.0m) | $42.0m | $230.0m | ($8.0m) | $130.0m | ($673.0m) | ($245.0m) | ($296.0m) | ($1.8b) | |
| Deferred income taxes | $81.0m | ($965.0m) | $42.0m | $230.0m | ($8.0m) | $130.0m | ($673.0m) | ($245.0m) | ($296.0m) | ($1.8b) | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets (Excluding Goodwill) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Share-based Payment Arrangement, Noncash Expense | $485.0m | $597.0m | $638.0m | $697.0m | $679.0m | $800.0m | $925.0m | $1.1b | $1.0b | $971.0m | |
| Share-based compensation | $485.0m | $597.0m | $638.0m | $697.0m | $679.0m | $800.0m | $925.0m | $1.1b | $1.0b | $971.0m | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | — | — | — | $3.3b | $910.0m | |
| Income Tax Expense (Benefit) | $4.8b | $3.2b | $3.6b | $3.7b | $5.0b | $4.6b | $5.7b | $6.0b | $4.8b | $1.9b | |
| Net gains on dispositions and other strategic transactions | — | — | — | — | — | — | ($588.0m) | ($489.0m) | ($3.3b) | ($910.0m) | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Accounts payable and other liabilities | $1.5b | $930.0m | $526.0m | $733.0m | $5.3b | $1.2b | $2.0b | $3.5b | $2.5b | $1.7b | |
| Accounts receivable | ($1.4b) | ($1.1b) | ($1.4b) | $162.0m | ($688.0m) | ($1.0b) | ($2.5b) | ($3.1b) | ($1.4b) | ($764.0m) | |
| Cash flows used for financing activities | ($1.0b) | ($3.4b) | ($4.4b) | ($5.6b) | ($3.6b) | ($7.5b) | $4.2b | ($11.5b) | ($3.5b) | ($11.6b) | |
| Cash flows used for investing activities | ($9.4b) | ($8.6b) | ($12.4b) | ($12.7b) | ($12.5b) | ($10.4b) | ($28.5b) | ($15.6b) | ($20.5b) | ($8.7b) | |
| Cash paid for acquisitions and other transactions, net of cash assumed | ($1.8b) | ($2.1b) | ($6.0b) | ($8.3b) | ($7.1b) | ($4.8b) | ($21.5b) | ($10.1b) | ($13.4b) | ($4.5b) | |
| Cash received from dispositions, net | — | — | — | — | $221.0m | $15.0m | $3.4b | $685.0m | $2.0b | $561.0m | |
| Common share repurchases | ($1.3b) | ($1.5b) | ($4.5b) | ($5.5b) | ($4.2b) | ($5.0b) | ($7.0b) | ($8.0b) | ($9.0b) | ($5.5b) | |
| Customer funds administered | $1.7b | $3.2b | ($131.0m) | $13.0m | $1.7b | $622.0m | $5.5b | ($521.0m) | ($1.6b) | $366.0m | |
| Deconsolidation, Gain (Loss), Amount | — | — | — | — | — | — | — | — | — | $1.7b | |
| Goodwill | $47.6b | $54.6b | $58.9b | $65.7b | $71.3b | $75.8b | $93.4b | $103.7b | $106.7b | $110.5b | |
| Increase (Decrease) in Accounts Receivable | $1.4b | $1.1b | $1.4b | ($162.0m) | $688.0m | $1.0b | $2.5b | $3.1b | $1.4b | $764.0m | |
| Increase (Decrease) in Other Operating Assets | $1.6b | $630.0m | $750.0m | $1.6b | $2.2b | $1.0b | $1.4b | $2.4b | $4.1b | $4.6b | |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | $117.0b | $130.0b | $145.4b | $156.4b | $159.4b | $186.9b | $210.8b | $241.9b | $264.2b | $314.0b | |
| Loans to care providers - cyberattack | — | — | — | — | — | — | $0 | $0 | ($9.0b) | $0 | |
| Loss on sale of subsidiary and subsidiaries held for sale | — | — | — | — | — | — | $0 | $0 | $8.3b | $265.0m | |
| Medical costs payable | $1.8b | $1.3b | $1.8b | $1.2b | $152.0m | $2.7b | $4.1b | $3.5b | $2.5b | $5.8b | |
| Originations and purchases of loans | — | — | — | — | — | — | — | ($1.7b) | ($2.5b) | ($4.8b) | |
| Other assets | ($1.6b) | ($630.0m) | ($750.0m) | ($1.6b) | ($2.2b) | ($1.0b) | ($1.4b) | ($2.4b) | ($4.1b) | ($4.6b) | |
| Other, net | ($324.0m) | ($413.0m) | ($1.4b) | ($1.2b) | ($459.0m) | ($295.0m) | ($1.9b) | ($1.1b) | ($1.6b) | $63.0m | |
| Proceeds from (repayments of) short-term borrowings, net | ($382.0m) | ($3.5b) | ($201.0m) | $300.0m | $872.0m | ($1.3b) | $732.0m | $11.0m | ($151.0m) | $807.0m | |
| Repayments and maturities of loans | — | — | — | — | — | — | — | $613.0m | $908.0m | $2.0b | |
| Repayments of care provider loans - cyberattack | — | — | — | — | — | — | $0 | $0 | $4.5b | $1.7b | |
| Restructuring Costs | — | — | — | — | — | — | — | — | — | $2.5b | |
| Unearned revenues | ($202.0m) | $157.0m | $38.0m | $130.0m | $278.0m | ($310.0m) | $126.0m | $203.0m | ($197.0m) | $163.0m | |
| Net Cash Provided by (Used in) Operating Activities | $9.8b | $13.6b | $15.7b | $18.5b | $22.2b | $22.3b | $26.2b | $29.1b | $24.2b | $19.7b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $1.7b | $2.0b | $2.1b | $2.1b | $2.1b | $2.5b | $2.8b | $3.4b | $3.5b | $3.6b | |
| Payments to Acquire Businesses, Net of Cash Acquired | $1.8b | $2.1b | $6.0b | $8.3b | $7.1b | $4.8b | $21.5b | $10.1b | $13.4b | $4.5b | |
| Payments to Acquire Investments | $17.5b | $14.6b | $14.0b | $18.1b | $16.6b | $17.1b | $18.8b | $18.3b | $27.3b | $17.4b | |
| Purchases of investments | ($17.5b) | ($14.6b) | ($14.0b) | ($18.1b) | ($16.6b) | ($17.1b) | ($18.8b) | ($18.3b) | ($27.3b) | ($17.4b) | |
| Maturities of investments | $4.3b | $5.6b | $6.3b | $7.1b | $7.3b | $8.3b | $6.1b | $9.2b | $9.3b | $8.4b | |
| Sales of investments | $7.3b | $4.6b | $3.6b | $8.5b | $6.5b | $7.0b | $5.9b | $7.3b | $18.5b | $9.3b | |
| Payments for (Proceeds from) Other Investing Activities | ($37.0m) | $126.0m | $226.0m | ($219.0m) | $506.0m | $1.3b | $793.0m | $960.0m | $1.7b | $341.0m | |
| Net Cash Provided by (Used in) Investing Activities | ($9.4b) | ($8.6b) | ($12.4b) | ($12.7b) | ($12.5b) | ($10.4b) | ($28.5b) | ($15.6b) | ($20.5b) | ($8.7b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $4.0b | $5.3b | $6.9b | $5.4b | $4.9b | $6.9b | $14.8b | $6.4b | $17.8b | $3.0b | |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $4.3b | $5.6b | $6.3b | $7.1b | $7.3b | $8.3b | $6.1b | $9.2b | $9.3b | $8.4b | |
| Repayments of Long-term Debt | $2.6b | $4.4b | $2.6b | $1.8b | $3.1b | $3.1b | $3.0b | $2.1b | $3.0b | $3.0b | |
| Proceeds from Issuance of Common Stock | $429.0m | $688.0m | $838.0m | $1.0b | $1.4b | $1.4b | $1.3b | $1.4b | $1.8b | $827.0m | |
| Proceeds from common stock issuances | $429.0m | $688.0m | $838.0m | $1.0b | $1.4b | $1.4b | $1.3b | $1.4b | $1.8b | $827.0m | |
| Payments for Repurchase of Common Stock | $1.3b | $1.5b | $4.5b | $5.5b | $4.2b | $5.0b | $7.0b | $8.0b | $9.0b | $5.5b | |
| Payments of Ordinary Dividends, Common Stock | $2.3b | $2.8b | $3.3b | $3.9b | $4.6b | $5.3b | $6.0b | $6.8b | $7.5b | $7.9b | |
| Purchases of redeemable noncontrolling interests | ($257.0m) | — | — | ($618.0m) | $0 | ($1.3b) | ($176.0m) | ($730.0m) | ($280.0m) | ($165.0m) | |
| Cash dividends paid | ($2k) | ($3k) | ($3k) | ($4k) | ($5k) | ($5k) | ($6k) | ($7k) | ($8k) | ($8k) | |
| Proceeds from (Payments for) Other Financing Activities | ($324.0m) | ($413.0m) | ($1.4b) | ($1.2b) | ($459.0m) | ($295.0m) | ($1.9b) | ($1.1b) | ($1.6b) | $63.0m | |
| Net Cash Provided by (Used in) Financing Activities | ($1.0b) | ($3.4b) | ($4.4b) | ($5.6b) | ($3.6b) | ($7.5b) | $4.2b | ($11.5b) | ($3.5b) | ($11.6b) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $78.0m | ($5.0m) | ($78.0m) | ($20.0m) | ($116.0m) | ($62.0m) | $34.0m | $97.0m | ($61.0m) | $40.0m | |
| Effect of exchange rate changes on cash and cash equivalents | $78.0m | ($5.0m) | ($78.0m) | ($20.0m) | ($116.0m) | ($62.0m) | $34.0m | $97.0m | ($61.0m) | $40.0m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $78.0m | ($5.0m) | ($78.0m) | ($20.0m) | $5.9b | $4.5b | $2.0b | $2.1b | ($115.0m) | ($947.0m) | |
| (Decrease) increase in cash and cash equivalents, including cash within businesses held for sale | — | — | — | — | — | — | $2.0b | $2.1b | $104.0m | ($592.0m) | |
| Less: net increase in cash within businesses held for sale | — | — | — | — | — | — | $0 | $0 | ($219.0m) | ($355.0m) | |
| Net (decrease) increase in cash and cash equivalents | — | — | ($1.1b) | $119.0m | $5.9b | $4.5b | $2.0b | $2.1b | ($115.0m) | ($947.0m) | |
| Cash and cash equivalents, beginning of period | $10.9b | $10.4b | $12.0b | $10.9b | $11.0b | $16.9b | $23.4b | $25.4b | $25.3b | $24.4b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | $23.4b | $25.4b | $25.3b | $24.4b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $1.1b | $1.1b | $1.4b | $1.6b | $1.7b | $1.7b | $1.9b | $3.0b | $3.6b | $4.0b | |
| Income Taxes Paid, Net | $4.7b | $4.0b | $3.3b | $3.5b | $4.9b | $4.0b | $5.2b | $6.1b | $4.6b | $3.7b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.