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: 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) 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 1,061 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 64 (62) 124 (331) (27) 249 (12) (150) (332) (83) (575) (176) 161 (243) 46 (14) 341 (127) 5 (88) 202
Share-based compensation 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 15 (21) 20 1,225 7,086
Gains on dispositions and other strategic transactions (3,333)
Other, net 97 582 (1,069) 280 179 (446) 32 (160) 69 (331) (215) 198 17 (749) 19 (159) (55) (100) (76) 79 45
Noncash items 1,612 (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 (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 (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 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 (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 (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 (2,630) (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 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 (4,135) (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 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 2,167 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 (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 (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 891 1,325 3,189
Cash received from dispositions 2,041 685 3,414
Other, net (582) (383) (475) 110 (919) (239) (297) (309) (115) (843) 582 (277) (255) (354) (252) (416) (232) (341) 21 (21) (165)
Cash flows used for investing activities (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 (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 (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 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 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 11,886 5,925 (7) 6,401 8,897 5,922 (1) 6,934 4,864
Customer funds administered 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 (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 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 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 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 (91) 35 11 (265)
Net increase (decrease) in cash and cash equivalents 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: 2025-03-31), 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 considerable volatility throughout the periods, with an overall trend of fluctuating profitability. After an initial peak in June 2020, earnings declined sharply by December 2020, then gradually recovered and increased through 2023. However, there is a significant loss reported in March 2024, followed by a rebound in subsequent quarters, indicating possible episodic impacts on profitability.
Depreciation and Amortization
This expense steadily increased over the timeline, reflecting ongoing capital asset investments and perhaps acquisitions. The rise from 723 million in early 2020 to over 1 billion US dollars by late 2024 suggests growing asset bases or changes in amortization policies.
Deferred Income Taxes
The values for deferred income taxes fluctuate frequently between positive and negative figures without a clear pattern, indicating variable tax-related timing differences and possibly shifting tax positions across quarters.
Share-based Compensation
This expense shows intermittent spikes, particularly higher in late 2022 and mid-2024, which could be due to grant timings or changes in stock compensation plans. Overall, the amounts are increasing slightly over time, reflecting potential adjustments in employee remuneration strategies.
Loss on Sale of Subsidiary and Subsidiaries Held for Sale
Significant losses were recorded starting from mid-2024, peaking at 7,086 million US dollars in that period, tied to disposal activities. This indicates major divestitures occurred recently, impacting the financial results substantially.
Gains on Dispositions and Other Strategic Transactions
A notable large negative figure appears in late 2024, suggesting losses or write-downs on certain strategic transactions during that quarter.
Other, Net (Operating)
This item shows marked volatility and large negative spikes especially in 2021 and late 2024, suggesting non-recurring or irregular adjustments affecting operational results. Positive values are intermittent and much smaller in comparison to negatives.
Noncash Items
Noncash adjustments are mostly positive and significant in amount, indicating consistent depreciation, amortization, stock-based compensation, and other accruals. A very large spike in early 2024 likely corresponds to extraordinary accounting adjustments possibly related to the identified losses on sales and disposals.
Working Capital Changes
Accounts receivable, other assets, medical costs payable, and accounts payable exhibit high variability, reflecting changes in working capital management. The wide swings, including very negative and positive values, point to active operational adjustments and possible timing shifts in payables and receivables cycles.
Cash Flows from Operating Activities
Operating cash flows are generally positive and often substantial, with peaks noted in late 2022 and early 2023. Anomalies with sharp declines appear intermittently, such as in late 2022, aligning with large working capital fluctuations and disposal impacts.
Investing Activities
Purchases and sales of investments show regular activities with sales occasionally surpassing purchases, denoting a dynamic investment portfolio management. However, large cash outflows for acquisitions occur selectively, with a peak cash expenditure around late 2022, indicating strategic expansion or restructuring efforts.
Property and Equipment Investments
Capital expenditures for property, equipment, and software remain relatively stable but showed a general increasing trend until late 2023, suggesting ongoing investments in infrastructure.
Cyberattack-related Loan Activities
Beginning early 2024, notable loans to care providers related to a cyberattack and subsequent repayments indicate operational disruptions and recovery efforts within the company.
Financing Activities
Cash flows from financing activities display wide fluctuations including significant inflows and outflows. The company engaged in substantial share repurchases, particularly in 2022 and 2023, reflecting shareholder return strategies. The pattern of debt issuance and repayments is irregular, pointing to active capital structure management. Stock issuance proceeds remain modest throughout.
Dividends Paid
Dividend payments have been consistent and increasing slightly over the period, indicating a steady return of capital to shareholders.
Exchange Rate Effects
Foreign exchange impacts on cash balances are relatively small but fluctuating, implying some exposure to currency risks.
Overall Cash Position Changes
The company's cash position experiences significant volatility with both large increases and decreases. Particularly, there are remarkable inflows and outflows in early and late 2022 and 2023. This volatility corresponds with large investing and operating cash flow activities and cash impacts from strategic transactions including disposals and acquisitions.