Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

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.

UnitedHealth Group Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net earnings (loss) 3,572 6,474 5,784 6,258 4,421 (1,221) 5,675 6,038 5,657 5,774 4,908 5,384 5,199 5,148 4,191 4,191 4,372 4,978 2,352 3,256 6,696 3,465
Depreciation and amortization 1,084 1,061 1,041 1,041 1,020 997 974 1,007 1,021 970 982 828 802 788 771 796 778 758 732 719 717 723
Deferred income taxes (151) 64 (62) 124 (331) (27) 249 (12) (150) (332) (83) (575) (176) 161 (243) 46 (14) 341 (127) 5 (88) 202
Share-based compensation 197 375 187 237 222 372 208 247 242 362 250 171 205 299 209 165 170 256 152 139 157 231
Loss on sale of subsidiary and subsidiaries held for sale 41 15 (21) 20 1,225 7,086
Gains on dispositions and other strategic transactions (3,333)
Other, net 30 97 582 (1,069) 280 179 (446) 32 (160) 69 (331) (215) 198 17 (749) 19 (159) (55) (100) (76) 79 45
Noncash items 1,201 1,612 (1,606) 353 2,416 8,607 985 1,274 953 1,069 818 209 1,029 1,265 (12) 1,026 775 1,300 657 787 865 1,201
Accounts receivable 2,781 (4,462) (2,122) 3,156 3,691 (6,162) (540) (2,771) 4,503 (4,306) 40 1,641 317 (4,521) (153) 371 1,677 (2,895) (494) 245 2,213 (2,652)
Other assets (1,599) (544) (1,152) 1,133 (2,194) (1,927) (86) (357) (126) (1,875) (633) (98) 446 (1,089) 404 88 (568) (955) 502 1,087 465 (4,249)
Medical costs payable 1,378 2,993 268 1,458 (1,292) 2,069 (355) 1,429 (59) 2,467 (139) 163 180 3,849 (1,224) 839 118 2,968 767 1,738 (3,473) 1,120
Accounts payable and other liabilities 127 (607) 1,213 1,214 267 (231) 1,146 823 (249) 1,796 548 609 218 589 (9) 873 (572) 870 1,907 (4,150) 3,454 4,137
Unearned revenues (272) (10) (16) 373 (563) 9 (12,018) 466 353 11,402 (10,075) 10,641 (518) 78 21 192 (262) (261) 410 164 (217) (79)
Net change in other operating items, net of effects from acquisitions and dispositions 2,415 (2,630) (1,809) 7,334 (91) (6,242) (11,853) (410) 4,422 9,484 (10,259) 12,956 643 (1,094) (961) 2,363 393 (273) 3,092 (916) 2,442 (1,723)
Cash flows from operating activities 7,188 5,456 2,369 13,945 6,746 1,144 (5,193) 6,902 11,032 16,327 (4,533) 18,549 6,871 5,319 3,218 7,580 5,540 6,005 6,101 3,127 10,003 2,943
Purchases of investments (4,045) (4,135) (7,357) (9,821) (5,332) (4,798) (5,316) (3,773) (4,331) (4,894) (4,642) (5,280) (3,921) (4,982) (4,312) (3,980) (4,235) (4,612) (5,007) (5,158) (2,546) (3,866)
Sales of investments 1,996 3,185 3,449 9,777 2,312 2,976 3,633 486 2,732 456 531 3,028 757 1,591 4,476 1,161 765 643 1,602 1,339 1,378 2,170
Maturities of investments 2,159 2,167 2,581 2,117 2,307 2,314 2,756 2,011 2,344 2,119 1,341 1,551 1,430 1,759 1,695 1,906 2,395 2,255 1,955 1,860 1,711 1,726
Cash paid for acquisitions and other transactions, net of cash assumed (32) (702) (1,734) (8,643) (25) (3,006) (1,747) (228) (335) (7,826) (14,304) (4) (5,919) (1,231) (94) (85) (3,449) (1,193) (2,813) (374) (3,023) (929)
Purchases of property, equipment and capitalized software (886) (898) (912) (991) (853) (743) (959) (838) (829) (760) (866) (724) (657) (555) (695) (629) (562) (568) (574) (557) (451) (469)
Loans to care providers, cyberattack (129) (804) (5,936) (2,164)
Repayments of care provider loans, cyberattack 402 891 1,325 2,585 604
Cash received from dispositions 2,041 685 3,414
Other, net (1,036) (582) (383) 129 (494) (919) (239) (297) (309) (115) (843) 582 (277) (255) (354) (252) (416) (232) (341) 21 (21) (165)
Cash flows used for investing activities (1,442) (74) (1,119) (5,651) (7,417) (6,340) (1,187) (2,639) (728) (11,020) (15,369) (847) (8,587) (3,673) 716 (1,879) (5,502) (3,707) (5,178) (2,869) (2,952) (1,533)
Common share repurchases (2,545) (3,000) (4,972) (956) (3,072) (1,500) (1,500) (3,000) (2,000) (1,000) (1,000) (2,500) (2,500) (1,050) (1,050) (1,250) (1,650) (1,709) (850) (1,691)
Cash dividends paid (2,000) (1,912) (1,932) (1,937) (1,935) (1,729) (1,738) (1,739) (1,747) (1,537) (1,541) (1,542) (1,545) (1,363) (1,365) (1,367) (1,367) (1,181) (1,184) (1,188) (1,188) (1,024)
Proceeds from common stock issuances 221 360 235 867 258 486 314 411 284 344 169 328 205 551 278 313 328 436 234 336 313 557
Repayments of long-term debt (500) (750) (1,000) (750) (750) (1,375) (915) (1,000) (1,100) (1,250) (750) (1,150) (1,650) (1,500)
Proceeds from (repayments of) short-term borrowings, net (5,314) 3,911 40 (8,806) 2,426 6,189 (1,568) (1,847) (3,923) 7,349 748 (1,356) (1,808) 3,148 (1) (1,125) (4,233) 4,057 1,295 (774) (10,446) 10,797
Proceeds from issuance of long-term debt 2,969 11,886 5,925 (7) 6,401 8,897 5,922 (1) 6,934 4,864
Customer funds administered (1,270) 1,245 (501) (2,049) (755) 1,745 (2,558) (2,032) (943) 5,012 (1,480) 1,242 666 5,120 (780) (993) 264 2,131 1,428 (1,014) 201 1,062
Purchases of redeemable noncontrolling interests (280) (730) (79) (97) (1,338)
Other, net (8) (505) (432) (460) (190) (563) 624 (397) (373) (1,004) (486) (9) 103 (1,552) 542 (175) 1,194 (1,856) (10) (28) (23) (398)
Cash flows from (used for) financing activities (7,947) 99 (8,342) (2,205) (1,196) 8,231 (7,156) (7,104) (10,459) 13,190 4,392 (3,416) 946 2,304 (3,627) (4,397) (218) 787 (1,596) (5,018) (6,279) 9,303
Effect of exchange rate changes on cash and cash equivalents 14 15 (31) 14 4 (48) 48 (57) 55 51 30 (53) (100) 157 (17) (51) 57 (51) 44 (17) (14) (129)
Increase (decrease) in cash and cash equivalents, including cash within businesses held for sale (2,187) 5,496 (7,123) 6,103 (1,863) 2,987 (13,488) (2,898) (100) 18,548 (15,480) 14,233 (870) 4,107 290 1,253 (123) 3,034 (629) (4,777) 758 10,584
Net increase (decrease) in cash within businesses held for sale 66 (91) 35 11 (265)
Net increase (decrease) in cash and cash equivalents (2,121) 5,405 (7,088) 6,114 (2,128) 2,987 (13,488) (2,898) (100) 18,548 (15,480) 14,233 (870) 4,107 290 1,253 (123) 3,034 (629) (4,777) 758 10,584

Based on: 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)
Net earnings exhibit notable volatility across the periods, with peaks notably in June 2020 and March 2023. A significant decline is observed in March 2024, turning into a loss before rebounding in subsequent quarters. The overall trend shows considerable fluctuations, hinting at variable operational profitability influenced by episodic events or market conditions.
Depreciation and amortization
This expense shows a generally steady upward trend, increasing gradually from 723 million USD in early 2020 to over 1084 million USD by mid-2025, reflecting consistent asset base growth or increased capital expenditures over time.
Deferred income taxes
Deferred income taxes have shown significant volatility with both positive and negative values without a clear directional trend. This inconsistency may indicate irregular timing of tax benefits and liabilities.
Share-based compensation
Share-based compensation fluctuates with no consistent trend, ranging from low levels around 139 million USD to peaks exceeding 370 million USD, suggesting variable equity compensation expense linked to company policy or stock price movements.
Loss on sale of subsidiary and subsidiaries held for sale
Significant losses appear in late 2024, with over 7 billion USD recorded, followed by smaller amounts in subsequent quarters, implying a major divestiture or restructuring event impacting that period.
Gains on dispositions and other strategic transactions
A notable one-time negative amount is seen near the end of the data, possibly related to a reversal or adjustment in prior gains, reflecting strategic realignments.
Other, net and Noncash items
Both categories display high variability and occasional spikes, with noncash items notably peaking substantially in early 2024. These fluctuations indicate sporadic financial adjustments or non-operating effects impacting income or cash flow.
Working capital components (Accounts receivable, Other assets, Medical costs payable, Accounts payable and other liabilities, Unearned revenues)
Accounts receivable and other assets experienced large swings, suggesting changes in operational collections and asset management. Medical costs payable and accounts payable also show marked volatility, indicating dynamic liability and expense recognition. Unearned revenues show extreme variations, including a large spike in June 2022 and significant negative values, pointing to irregular timing of revenue recognition or customer prepayments.
Cash flows from operating activities
Operating cash flows are generally positive and strong, peaking notably in September 2022. Some quarters show negative values or sharp declines, reflecting episodic increases in working capital or other operational needs.
Investing activities
Significant cash outflows are consistent due to investments, acquisitions, and capital expenditures. Large spikes in acquisitions-related outflows and investments sales suggest active asset turnover. Periods of negative cash flows are interrupted by positive inflows, indicating sales or maturities of investments.
Financing activities
Financing cash flows fluctuate widely, with periods of large inflows corresponding to debt issuances and stock issuance, as well as significant outflows related to share repurchases, dividends, and debt repayments. Share repurchases are sizable and sustained, reflecting shareholder return strategies.
Cash and cash equivalents
Cash balances show large swings, with quarters of significant increases followed by sharp declines, often aligning with the timing of investing and financing cash flows. These fluctuations underscore active liquidity management amid strategic transactions and operational cash requirements.