Income StatementBalance SheetCash FlowSegments
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UnitedHealth Group Cash Flow Statement

Operating, investing, and financing cash movements

UnitedHealth Group generated $23.2B in operating cash flow over the trailing twelve months. After $3.5B in capital expenditures, free cash flow was $19.7B. Free cash flow decreased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$23.2BNet Cash From Investing (TTM)-$11.1BNet Cash From Financing (TTM)-$14.7BCapital Expenditures (TTM)$3.5BDepreciation And Amortization Cf (TTM)$4.3BNet Change In Cash (TTM)$2.3B
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$352.79B
P/E Ratio29.29
ROE11.77%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Other non-cash income (expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Change in accounts payable$1.2B-$607.0M——$2.1B$1.1B
Change in accounts receivable$2.1B$4.5B—-$1.7B$829.0M$3.5B
Change in benefits payable$268.0M$3.0B$1.4B$1.8B$0.0$296.0M
Change in deferred revenue-$16.0M-$10.0M-$272.0M$338.0M$107.0M$20.0M
Change in other assets$1.2B$544.0M$1.6B$962.0M$1.5B-$2.9B
Other working capital changes—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Deferred income taxes-$62.0M$64.0M-$151.0M-$932.0M-$733.0M$540.0M
Depreciation and amortization$1.0B$1.1B$1.1B$1.1B$1.1B$1.0B
Other Non-Cash Income (Expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Other Non-cash Income (Expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Other Non-cash Income (Expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Net cash from operating activities$2.4B$5.5B$7.2B$5.9B$1.1B$8.9B
Net income$5.8B$6.5B$3.6B$2.5B$218.0M$6.5B
Other non-cash income (expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Deferred revenue-$16.0M-$10.0M-$272.0M$338.0M$107.0M$20.0M
Increase (Decrease) in Health Care Insurance Liabilities$268.0M$3.0B$1.4B$1.8B$0.0$296.0M
Increase (Decrease) in Other Operating Assets$1.2B$544.0M$1.6B$962.0M$1.5B-$2.9B
Loss on sale of subsidiary and subsidiaries held for sale$0.0-$15.0M-$41.0M-$83.0M-$126.0M-$72.0M
Other Noncash Income (Expense)—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Other Non-cash Income and Expense—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Other Non-Cash Adjustments—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Other Non-Cash Income and Expense—-$97.0M-$30.0M$0.0-$1.6B$304.0M
Stock-based compensation$187.0M$375.0M$197.0M$223.0M$176.0M$348.0M
Loss on Sale of Subsidiary$0.0-$15.0M-$41.0M-$83.0M-$126.0M-$72.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$1.7B$702.0M$32.0M$3.7B$73.0M$0.0
Sales of short-term available-for-sale investments$3.4B$3.2B$2.0B$2.8B$1.3B$1.9B
Capital expenditures$912.0M$898.0M$886.0M$890.0M$948.0M$763.0M
Originations and purchases of loans$619.3M$833.0M———$1.2B
Payment for (Proceeds from) Other Investing Activity—$24.0M$1.6B$546.0M—-$21.0M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$2.6B$2.2B$2.2B$2.2B$1.9B$2.3B
Sale of investments$3.4B$3.2B$2.0B$2.8B$1.3B$1.9B
Repayments and maturities of loans$227.0M$254.0M———$699.0M
Repayments of care provider loans - cyberattack$1.3B$891.0M$402.0M$250.0M$137.0M$82.0M
Net cash from investing activities-$1.1B-$74.0M-$1.4B-$4.6B-$2.6B-$2.4B
Other investing activities—$24.0M$1.6B$546.0M—-$21.0M
Proceeds from maturities/sales of investments$3.4B$3.2B$2.0B$2.8B$1.3B$1.9B
Proceeds from sale of businesses$510.3M$21.0M———$1.1B
Purchases of investments$7.4B$4.1B$4.0B$4.6B$4.6B$6.5B
Repayments of Care Provider Loans (Cyberattack)$1.3B$891.0M$402.0M$250.0M$137.0M$82.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net cash from discontinued operations—$5.5B——-$2.5B$3.5B
Effect of exchange rate changes on cash-$31.0M$15.0M$14.0M—$15.0M-$7.0M
Change in Cash Classified within Assets Held for Sale—$5.5B——-$2.5B$3.5B
Net increase (decrease) in cash-$7.1B$5.4B——-$2.8B$3.6B
Less: Net increase (decrease) in cash classified within assets held for sale—$5.5B——-$2.5B$3.5B
Less: net increase in cash within businesses held for sale—-$91.0M—-$4.0M—$170.0M
Cash within Businesses Held for Sale—-$91.0M—-$4.0M-$326.0M$170.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net change in commercial paper—$3.9B-$5.3B$2.9B—$1.1B
Repayments of debt$500.0M$0.0$0.0$2.0B$1.1B$1.5B
Dividends paid$1.9B$1.9B$2.0B$2.0B$2.0B$2.0B
Increase (Decrease) in Deposits-$501.0M$1.2B-$1.3B-$1.8B$2.2B$600.0M
Other, net-$432.0M-$505.0M-$8.0M-$90.0M$666.0M-$1.4B
Proceeds from (repayments of) short-term borrowings, net—$3.9B-$5.3B$2.9B—$1.1B
Payment of Deferred Purchase Consideration-$432.0M-$505.0M-$8.0M-$90.0M$666.0M-$1.4B
Noncontrolling interest transactions and other-$432.0M-$505.0M-$8.0M-$90.0M$666.0M-$1.4B
Net cash from financing activities-$8.3B$99.0M-$7.9B-$2.8B-$1.0B-$3.0B
Net change in deposits-$501.0M$1.2B-$1.3B-$1.8B$2.2B$600.0M
Other financing activities-$432.0M-$505.0M-$8.0M-$90.0M$666.0M-$1.4B
Noncontrolling Interests Activity and Other-$432.0M-$505.0M-$8.0M-$90.0M$666.0M-$1.4B
Proceeds from issuance of common stock$235.0M$360.0M$221.0M$222.0M$24.0M$231.0M
Repurchases of common stock$5.0B$3.0B$2.5B——$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$1.5B$4.6B$6.3B$5.1B$160.0M$8.1B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$1.2B$928.5M$928.5M$928.5M$928.5M—
Interest paid$898.5M$1.0B$1.0B$1.0B$1.0B—
Income Taxes Paid, Net$1.2B$928.5M$928.5M$928.5M$928.5M—