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	12,807	15,242	23,144	20,639	17,732
Depreciation & Amortization	4,361	4,099	3,972	3,400	3,103
Stock-Based Compensation	971	1,018	1,059	925	800
Other Adjustments	-724	4,653	-750	-1,004	-814
Changes in Receivables	-764	-1,437	-3,114	-2,523	-1,000
Changes in Accounts Payable	1,665	2,463	3,516	1,964	1,162
Changes in Unearned Premiums	163	-197	203	126	-310
Changes in Claims Reserves	5,824	2,503	3,482	4,053	2,701
Changes in Other Operating Activities	-4,606	-4,140	-2,444	-1,374	-1,031
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
Purchases of Investments	-17,373	-27,308	-18,314	-18,825	-17,139
Proceeds from Sale of Investments	17,734	27,833	16,537	11,988	15,296
Payments for Business Acquisitions	-4,509	-13,408	-10,136	-21,458	-4,821
Proceeds from Business Divestments	561	2,041	685	3,414	15
Other Investing Activities	-1,476	-6,186	-960	-793	-1,269
Investing Cash Flow	-8,685	-20,527	-15,574	-28,476	-10,372
Short-Term Debt Issued	807	-151	11	732	-1,302
Net Short-Term Debt Issued (Repaid)	807	-151	11	732	-1,302
Long-Term Debt Issued	2,969	17,811	6,394	14,819	6,933
Long-Term Debt Repaid	-3,050	-3,000	-2,125	-3,015	-3,150
Net Long-Term Debt Issued (Repaid)	-81	14,811	4,269	11,804	3,783
Issuance of Common Stock	827	1,846	1,353	1,253	1,355
Repurchase of Common Stock	-5,545	-9,000	-8,000	-7,000	-5,000
Net Common Stock Issued (Repurchased)	-4,718	-7,154	-6,647	-5,747	-3,645
Common Dividends Paid	-7,916	-7,533	-6,761	-5,991	-5,280
Other Financing Activities	264	-3,485	-2,401	3,428	-1,011
Financing Cash Flow	-11,644	-3,512	-11,529	4,226	-7,455
Effect of Exchange Rate Changes on Cash and Cash Equivalents	40	-61	97	34	-62
Net Cash Flow	-592	104	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%
FCF Margin	3.59%	5.17%	6.91%	7.22%	6.92%
Free Cash Flow Per Share	17.65	22.29	27.38	24.64	20.80
Levered Free Cash Flow	10,743	27,791	28,522	34,489	20,683
Unlevered Free Cash Flow	14,486	23,245	27,586	23,592	19,521

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.