UnitedHealth Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	12,056	14,405	22,381	20,120	17,285
Depreciation & Amortization	4,361	2,699	2,772	2,400	2,203
Other Amortization	-	1,400	1,200	1,000	900
Gain (Loss) on Sale of Assets	265	4,977	-489	-588	-
Stock-Based Compensation	971	1,018	1,059	925	800
Change in Accounts Receivable	-	-1,437	-3,114	-2,523	-1,000
Change in Accounts Payable	-	2,463	3,516	1,964	1,162
Change in Unearned Revenue	-	-197	203	126	-310
Change in Insurance Reserves / Liabilities	-	2,503	3,482	4,053	2,701
Change in Other Net Operating Assets	2,282	-4,140	-2,444	-1,374	-1,031
Other Operating Activities	-238	513	502	103	-367
Operating Cash Flow	19,697	24,204	29,068	26,206	22,343
Operating Cash Flow Growth	-18.62%	-16.73%	10.92%	17.29%	0.76%
Capital Expenditures	-3,622	-3,499	-3,386	-2,802	-2,454
Sale of Property, Plant & Equipment	-	2,041	685	3,414	15
Cash Acquisitions	-4,509	-13,408	-10,136	-21,458	-4,821
Investment in Securities	361	525	-1,777	-6,837	-1,843
Other Investing Activities	-2,595	-1,667	-960	-793	-1,269
Investing Cash Flow	-8,685	-20,527	-15,574	-28,476	-10,372
Short-Term Debt Issued	-	-	11	732	-
Long-Term Debt Issued	726	17,811	6,394	14,819	6,933
Total Debt Issued	726	17,811	6,405	15,551	6,933
Total Debt Repaid	-	-3,151	-2,125	-3,015	-4,452
Net Debt Issued (Repaid)	726	14,660	4,280	12,536	2,481
Issuance of Common Stock	-	1,846	1,353	1,253	1,355
Repurchases of Common Stock	-5,545	-9,000	-8,000	-7,000	-5,000
Common Dividends Paid	-7,916	-7,533	-6,761	-5,991	-5,280
Other Financing Activities	1,091	-3,485	-2,401	3,428	-1,011
Financing Cash Flow	-11,644	-3,512	-11,529	4,226	-7,455
Foreign Exchange Rate Adjustments	40	-61	97	34	-62
Miscellaneous Cash Flow Adjustments	-355	-219	-	-	-
Net Cash Flow	-947	-115	2,062	1,990	4,454
Free Cash Flow	16,075	20,705	25,682	23,404	19,889
Free Cash Flow Growth	-22.36%	-19.38%	9.73%	17.67%	-1.16%
Free Cash Flow Margin	3.59%	5.17%	6.91%	7.22%	6.92%
Free Cash Flow Per Share	17.64	22.29	27.38	24.64	20.80
Cash Interest Paid	-	3,594	3,035	1,945	1,653
Cash Income Tax Paid	-	4,620	6,078	5,222	3,966
Levered Free Cash Flow	15,929	11,574	20,855	23,759	19,251
Unlevered Free Cash Flow	18,431	14,015	22,884	25,067	20,288
Change in Working Capital	2,282	-808	1,643	2,246	1,522

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.