Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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UnitedHealth Group Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
Operating cash flows exhibit significant quarterly volatility, characterized by periods of substantial inflows interspersed with sharp declines. While net earnings generally remained positive and stable between 4 billion and 6 billion dollars for much of the period, they experienced notable disruptions, including a deficit in the first quarter of 2024 and a significant drop in the final quarter of 2025. This divergence between net income and cash from operations is largely driven by fluctuations in working capital and non-cash adjustments.
- Operating Cash Flow Dynamics
- Cash flows from operating activities reached peaks exceeding 18 billion dollars in late 2022 and early 2023, followed by contractions into negative territory in the fourth quarters of 2022 and 2023. These swings are closely tied to the timing of unearned revenues and medical costs payable, which show reciprocal patterns of high accumulation and subsequent settlement.
- Non-cash items remained a significant driver of cash flow adjustments. Depreciation and amortization showed a steady upward trend, growing from approximately 750 million dollars in early 2021 to over 1 billion dollars by 2025. A substantial non-cash impact occurred in the first quarter of 2024 due to a loss on the sale of subsidiaries totaling over 7 billion dollars.
- Investing Activities and Capital Deployment
- Investment strategy is characterized by continuous portfolio turnover, with quarterly purchases of investments typically ranging between 3 billion and 5 billion dollars, offset by maturities and sales. Strategic acquisitions represent the most significant capital outlays, most notably in the fourth quarter of 2022, where cash paid for acquisitions exceeded 14 billion dollars.
- An atypical expenditure pattern emerged between early and mid-2024, where substantial loans were provided to care providers following a cyberattack, totaling billions of dollars in outflows. These were gradually offset by repayments of those loans through 2025.
- Capital expenditures for property, equipment, and software remained relatively consistent, generally trending between 500 million and 950 million dollars per quarter, indicating steady investment in internal infrastructure.
- Financing and Capital Return
- A consistent and progressive increase in cash dividends is observed, rising from approximately 1.1 billion dollars per quarter in 2021 to over 2 billion dollars by 2026. Common share repurchases were executed intermittently, with significant activity occurring in early 2024 and late 2024.
- Debt management involves a strategic cycle of issuance and repayment. Large proceeds from long-term debt issuance, such as the 11.8 billion dollar inflow in the third quarter of 2024, were utilized to maintain liquidity or fund strategic initiatives, while repayments of long-term debt occurred regularly in increments of 750 million to 1.5 billion dollars.
The overall net change in cash reflects the combined impact of these volatile operating cycles and aggressive strategic investing. The liquidity position fluctuates heavily based on the timing of major acquisitions and the cyclical nature of healthcare payment obligations, resulting in quarterly net cash movements that range from significant increases to multi-billion dollar decreases.