UnitedHealth Group Incorporated (UNH) Cash Flow Statement
Where UNH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $19.70B −18.6% vs 2024
- Capital expenditures
- $3.62B 0.8% of revenue
- Free cash flow
- $16.07B 3.6% margin
- Returned to shareholders
- $13.46B 84% of free cash flow
- Change in cash
- $2.81B cash at year-end $28.12B
Drawn to scale: where the cash came from and how it was used. Hover for values.
UNH operating cash flow, capex and free cash flow
UNH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $9.79B2016 | $19.70B2025 | +8.1%/yr | |
| Capital expenditures | $1.71B2016 | $3.62B2025 | +8.7%/yr | |
| Free cash flow | $8.09B2016 | $16.07B2025 | +7.9%/yr | |
| Free cash flow margin | 4.4%2016 | 3.6%2025 | −0.8 pts | |
| Operating cash flow / net income | 1.402016 | 1.542025 | +0.14 | |
| Stock-based compensation | $485.0M2016 | $971.0M2025 | +8.0%/yr | |
| Dividends paid | $2.26B2016 | $7.92B2025 | +14.9%/yr | |
| Share buybacks (net) | $1.28B2016 | $5.54B2025 | +17.7%/yr | |
| Capex / revenue | 0.9%2016 | 0.8%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UNH cash flow by activity
UNH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UNH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $12.81B | $15.24B | $22.38B | $20.64B | $17.73B | $15.77B | $14.24B | $11.99B | $10.56B | $7.02B |
| Depreciation & amortization | $4.36B | $4.10B | $3.97B | $3.40B | $3.10B | $2.89B | $2.72B | $2.43B | $2.25B | $2.06B |
| Stock-based compensation | $971.0M | $1.02B | $1.06B | $925.0M | $800.0M | $679.0M | $697.0M | $638.0M | $597.0M | $485.0M |
| Change in working capital | $2.28B | −$808.0M | $1.64B | $2.25B | $1.52B | $2.90B | $683.0M | $294.0M | $679.0M | $183.0M |
| Other non-cash items | −$724.0M | $4.65B | $13.0M | −$1.00B | −$814.0M | −$60.0M | $124.0M | $367.0M | −$483.0M | $55.0M |
| Cash from operating activities | $19.70B | $24.20B | $29.07B | $26.21B | $22.34B | $22.17B | $18.46B | $15.71B | $13.60B | $9.79B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.62B | −$3.50B | −$3.39B | −$2.80B | −$2.45B | −$2.05B | −$2.07B | −$2.06B | −$2.02B | −$1.71B |
| Investments (net) | $361.0M | −$20.53B | −$15.57B | −$28.48B | −$1.84B | −$2.84B | −$2.50B | −$4.10B | −$4.32B | −$5.93B |
| Acquisitions & other investing | −$5.42B | $3.50B | $3.39B | $2.80B | −$6.08B | −$7.64B | −$8.12B | −$6.22B | −$2.26B | −$1.72B |
| Cash from investing activities | −$8.69B | −$20.53B | −$15.57B | −$28.48B | −$10.37B | −$12.53B | −$12.70B | −$12.38B | −$8.60B | −$9.36B |
| Financing activities | ||||||||||
| Dividends paid | −$7.92B | −$7.53B | −$6.76B | −$5.99B | −$5.28B | −$4.58B | −$3.93B | −$3.32B | −$2.77B | −$2.26B |
| Share repurchases & issuance (net) | −$5.54B | −$9.00B | −$8.00B | −$7.00B | −$5.00B | −$4.25B | −$5.50B | −$4.50B | −$1.50B | −$1.28B |
| Net borrowing (repayment) | $726.0M | $14.66B | $4.28B | $12.54B | $2.48B | $2.59B | $3.99B | $4.13B | −$2.62B | $990.0M |
| Shares issued | $827.0M | $1.85B | $1.35B | $1.25B | $1.35B | $1.44B | $1.04B | $838.0M | $0 | $0 |
| Other financing | $264.0M | −$3.48B | −$2.40B | $3.43B | −$1.01B | $1.22B | −$1.22B | −$1.52B | $3.45B | $1.54B |
| Cash from financing activities | −$11.64B | −$3.51B | −$11.53B | $4.23B | −$7.46B | −$3.59B | −$5.62B | −$4.37B | −$3.44B | −$1.01B |
| Summary | ||||||||||
| Net change in cash | $2.81B | −$115.0M | $2.06B | $1.99B | $4.45B | $5.94B | $119.0M | −$1.11B | $1.55B | −$493.0M |
| Cash at end of period | $28.12B | $25.31B | $25.43B | $23.36B | $21.38B | $16.92B | $10.98B | $10.87B | $11.98B | $10.43B |
| Free cash flow | $16.07B | $20.70B | $25.68B | $23.40B | $19.89B | $20.12B | $16.39B | $13.65B | $11.57B | $8.09B |
| Free cash flow margin | 3.6% | 5.2% | 6.9% | 7.2% | 6.9% | 7.8% | 6.8% | 6.0% | 5.8% | 4.4% |
| Capex / revenue | 0.8% | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% | 0.9% | 0.9% | 1.0% | 0.9% |
| Operating cash flow / net income | 1.54 | 1.59 | 1.30 | 1.27 | 1.26 | 1.41 | 1.30 | 1.31 | 1.29 | 1.40 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $4.30B | $5.67B | $6.48B | $218.0M | $2.54B | $3.57B | $6.47B | $5.54B | $6.05B | $4.22B | −$1.41B | $5.46B |
| Depreciation & amortization | $1.07B | $1.04B | $1.03B | $1.12B | $1.10B | $1.08B | $1.06B | $1.04B | $1.04B | $1.02B | $997.0M | $974.0M |
| Stock-based compensation | $219.0M | $276.0M | $348.0M | $176.0M | $223.0M | $197.0M | $375.0M | $187.0M | $237.0M | $222.0M | $372.0M | $208.0M |
| Change in working capital | −$484.0M | $4.07B | $746.0M | −$856.0M | $3.14B | $2.63B | −$2.63B | −$1.81B | $7.33B | −$91.0M | −$6.24B | −$11.85B |
| Other non-cash items | $15.0M | $1.0M | $308.0M | $453.0M | −$1.06B | −$295.0M | $176.0M | −$2.59B | −$722.0M | $1.38B | $7.43B | $23.0M |
| Cash from operating activities | $5.12B | $11.05B | $8.91B | $1.11B | $5.95B | $7.19B | $5.46B | $2.37B | $13.95B | $6.75B | $1.14B | −$5.19B |
| Investing activities | ||||||||||||
| Capital expenditures | −$859.0M | −$799.0M | −$763.0M | −$948.0M | −$890.0M | −$886.0M | −$898.0M | −$912.0M | −$991.0M | −$853.0M | −$743.0M | −$959.0M |
| Investments (net) | — | −$399.0M | −$2.35B | −$1.30B | −$4.56B | −$1.44B | −$74.0M | −$1.12B | −$5.65B | −$7.42B | −$6.34B | −$1.19B |
| Acquisitions & other investing | −$3.71B | −$600.0M | $668.0M | −$367.0M | $890.0M | $886.0M | $898.0M | $912.0M | $991.0M | $853.0M | $743.0M | $959.0M |
| Cash from investing activities | −$4.57B | −$1.80B | −$2.45B | −$2.61B | −$4.56B | −$1.44B | −$74.0M | −$1.12B | −$5.65B | −$7.42B | −$6.34B | −$1.19B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.08B | −$2.09B | −$2.00B | −$2.00B | −$2.00B | −$2.00B | −$1.91B | −$1.93B | −$1.94B | −$1.94B | −$1.73B | −$1.74B |
| Share repurchases & issuance (net) | −$3.38B | −$1.65B | $0 | −$4.74B | $4.74B | −$2.54B | −$3.00B | −$4.97B | −$956.0M | −$486.0M | −$3.07B | −$1.50B |
| Net borrowing (repayment) | — | −$4.41B | −$400.0M | −$1.71B | $872.0M | −$2.35B | $3.91B | −$460.0M | $2.33B | — | — | — |
| Shares issued | $0 | $128.0M | $231.0M | $24.0M | $222.0M | $221.0M | $360.0M | $235.0M | $867.0M | $258.0M | $486.0M | $314.0M |
| Other financing | $2.04B | −$605.0M | −$818.0M | $7.40B | −$6.60B | −$1.28B | $740.0M | −$1.21B | −$2.51B | $967.0M | $12.55B | −$4.23B |
| Cash from financing activities | −$3.42B | −$8.62B | −$2.99B | −$1.03B | −$2.77B | −$7.95B | $99.0M | −$8.34B | −$2.21B | −$1.20B | $8.23B | −$7.16B |
| Summary | ||||||||||||
| Net change in cash | −$2.74B | $584.0M | $3.64B | $911.0M | −$1.36B | −$2.12B | $5.41B | −$7.09B | $6.11B | −$2.13B | $2.99B | −$13.49B |
| Cash at end of period | $25.84B | $28.59B | $28.00B | $28.12B | $27.21B | $28.60B | $30.72B | $25.31B | $32.40B | $26.29B | $28.41B | $25.43B |
| Free cash flow | $4.26B | $10.25B | $8.15B | $160.0M | $5.05B | $6.30B | $4.56B | $1.46B | $12.95B | $5.89B | $401.0M | −$6.15B |
| Free cash flow margin | 3.8% | 9.2% | 7.3% | 0.1% | 4.5% | 5.6% | 4.2% | 1.4% | 12.8% | 6.0% | 0.4% | −6.5% |
| Capex / revenue | 0.8% | 0.7% | 0.7% | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% | 1.0% | 0.9% | 0.7% | 1.0% |
| Operating cash flow / net income | 1.19 | 1.95 | 1.38 | 5.08 | 2.34 | 2.01 | 0.84 | 0.43 | 2.30 | 1.60 | — | −0.95 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UNH cash generation
In fiscal 2025 (ended December 31, 2025), UnitedHealth generated $19.7 billion of cash from operations (down 18.6%) and spent $3.6 billion on capital expenditures, leaving free cash flow of $16.1 billion, 3.6% of revenue. It returned $13.5 billion to shareholders through dividends ($7.9 billion) and net share buybacks ($5.5 billion). Cash and equivalents rose by $2.8 billion over the year.
Related: UNH income statement, UNH balance sheet, UNH dividend history. See the UNH stock overview for the latest quote and news.
UNH cash flow FAQ
What is UnitedHealth's free cash flow?
UnitedHealth's free cash flow was $16.1 billion in fiscal 2025: $19.7 billion of operating cash flow minus $3.6 billion of capital expenditures It was $20.7 billion a year earlier..
How much cash does UnitedHealth generate from operations?
UnitedHealth generated $19.7 billion of cash from operating activities in fiscal 2025, 1.54 times its net income of $12.8 billion.
How much does UnitedHealth spend on capital expenditures?
UnitedHealth spent $3.6 billion on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $3.5 billion the year before.
How much stock does UnitedHealth buy back?
UnitedHealth spent $5.5 billion on net share repurchases in fiscal 2025.
How much does UnitedHealth pay in dividends?
UnitedHealth paid $7.9 billion in dividends in fiscal 2025, 49.2% of free cash flow.