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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- Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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UnitedHealth Group Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Earnings (Loss)
- The net earnings demonstrate significant volatility over the analyzed periods. Starting at $3,465 million in Q1 2020, earnings peaked at $6,696 million in Q2 2020, followed by fluctuations with a notable decline to a loss of $1,221 million in Q1 2024. Subsequently, earnings recovered, reaching $6,474 million in Q1 2025, before decreasing to $2,543 million by Q3 2025. This pattern suggests intermittent challenges affecting profitability, including abrupt losses potentially related to unusual events, followed by recoveries.
- Depreciation and Amortization
- Depreciation and amortization expenses generally increased gradually from $723 million in Q1 2020 to about $1,099 million in Q3 2025, reflecting steady investment in capital assets over time.
- Deferred Income Taxes
- Deferred income taxes reveal fluctuations with both positive and negative values across quarters, indicating unstable tax position fluctuations. Notably, there were substantial negative impacts such as -$932 million in Q3 2025, showing uncertain future tax obligations or benefits.
- Share-Based Compensation
- Share-based compensation costs varied between $139 million and $375 million, with occasional spikes around Q1 2023 and Q1 2025, suggesting variability in employee compensation costs related to stock options or awards.
- Noncash Items and Other Adjustments
- There is considerable variability in noncash items and “Other, net” categories. Noncash items peaked at $8,607 million in Q1 2024, mainly due to large one-time effects possibly including impairment or write-offs. “Other, net” fluctuated between positive and negative extremes, reflecting diverse and irregular operational adjustments.
- Working Capital Components
- Accounts receivable show sharp swings, including large negative changes such as -$6,162 million in Q1 2024, which could imply challenges in collections or billing timing shifts. Medical costs payable also demonstrate volatility with both significant increases and decreases, possibly reflecting claims payment timing. Unearned revenues and accounts payable similarly show irregular and substantial fluctuations, indicating changes in customer prepayments and supplier obligations.
- Operating Cash Flows
- Cash flows from operating activities fluctuate widely, with extraordinarily high inflows in Q3 2022 ($18,549 million) and Q1 2023 ($16,327 million), contrasted by a substantial outflow in Q4 2022 (-$4,533 million) and Q4 2023 (-$5,193 million). These fluctuations may correspond to timing of receipts and payments or extraordinary items affecting operating cash generation.
- Investing Activities
- Purchases of investments remain consistently negative, generally between -$2,500 million and -$10,000 million, indicating ongoing acquisition of financial assets. Sales and maturities of investments partly offset these purchases, though with inconsistent timing. Cash flows used for investing activities are mostly negative, reflecting net outflows, with notable spikes likely tied to acquisitions and disposals, including large transactions in late 2022 and early 2023.
- Financing Activities
- Financing cash flows are volatile, ranging from large positive inflows ($13,190 million in Q1 2023) to significant outflows (-$10,459 million in Q2 2023). Common share repurchases have been substantial and consistent, often between -$850 million and -$5,000 million per quarter, denoting an active capital return policy. Dividends paid increased steadily over time, reflecting a growing commitment to shareholder returns. Debt issuance and repayments fluctuate, suggesting dynamic capital structure management. Short-term borrowings show frequent switching between sizable inflows and outflows, indicating active liquidity management.
- Cash Position Changes
- The net increase or decrease in cash and cash equivalents varies greatly, with exceptional positive changes such as $18,548 million in Q1 2023 and severe declines like -$15,480 million in Q4 2022 and -$13,488 million in Q4 2023. These swings underscore the impact of significant cash flow events, including investing and financing activities, on the company's liquidity.
- Summary Insights
- The financial data show a pattern of strong operational performance punctuated by intermittent periods of strain or extraordinary transactions that create volatility in earnings, working capital, and cash flows. Capital expenditures and investments remain substantial, supporting long-term growth. The firm maintains an active capital management strategy through share repurchases, dividend payments, and fluctuating debt levels. Overall, the company demonstrates robust cash generation capacity but faces episodic challenges that affect profitability and liquidity metrics.