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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UnitedHealth Group Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Operational cash flows exhibit significant volatility over the analyzed period, characterized by alternating quarters of substantial surpluses and deep deficits. While net earnings generally remained stable between 4 billion and 6 billion US dollars, the cash flow from operating activities frequently deviated from these earnings, reflecting the impact of non-cash adjustments and working capital swings.
- Operating Performance and Volatility
- Net earnings remained relatively consistent until March 31, 2024, when a sharp decline to negative 1.22 billion US dollars occurred, primarily driven by a 7.09 billion dollar loss on the sale of subsidiaries. Cash flows from operating activities peaked in September 30, 2022, at 18.55 billion US dollars and March 31, 2023, at 16.33 billion US dollars, but were offset by significant outflows in December 31, 2022, and December 31, 2023, where operating cash flows reached negative 4.53 billion and negative 5.19 billion US dollars, respectively.
- Strategic Investing and Extraordinary Outflows
- Investing activities are dominated by consistent investment purchases, typically ranging from 4 billion to 5 billion US dollars per quarter, with a notable peak of 9.82 billion US dollars in September 30, 2024. Strategic growth is evidenced by large-scale acquisitions, most notably a 14.30 billion dollar outflow in December 31, 2022, and an 8.64 billion dollar outflow in September 30, 2024. Additionally, a unique liquidity event is observed in early 2024, where significant loans were extended to care providers following a cyberattack, totaling over 8 billion US dollars between March and June 2024, with gradual repayments continuing through 2025.
- Capital Expenditure Trends
- There is a steady upward trajectory in spending on property, equipment, and capitalized software. Expenditures rose from an average of approximately 600 million US dollars per quarter in 2021 to nearly 950 million US dollars by late 2025, indicating a sustained commitment to infrastructure and technological investment.
- Financing and Shareholder Distributions
- Shareholder returns are characterized by a disciplined increase in cash dividends, which grew from approximately 1.18 billion US dollars per quarter in early 2021 to a consistent 2.00 billion US dollars by 2025. Common share repurchases are executed intermittently, with a significant increase to 4.97 billion US dollars in December 31, 2024. To manage these distributions and strategic investments, the company frequently utilizes a combination of short-term borrowings and long-term debt issuances, such as the 11.89 billion dollar debt issuance in September 30, 2024.
- Liquidity and Cash Position
- The net change in cash and cash equivalents shows extreme fluctuations, mirroring the timing of large acquisition payments and the volatility of operating cash flows. Significant cash increases were observed in September 30, 2022 (14.23 billion US dollars) and March 31, 2023 (18.55 billion US dollars), while the most substantial decrease occurred in December 31, 2022, at negative 15.48 billion US dollars.