# UnitedHealth Group Incorporated (UNH) FY2025 Annual Statement of Cash Flows

- Company: UnitedHealth Group Incorporated (UNH)
- Period: 2025-01-01 to 2025-12-31
- Filing: FY2025 10-K, filed 2026-03-02, accession number 0000731766-26-000062
- Page: https://plicit.ai/financials/unh/fy2025-annual-cash-flow
- Chart image: https://plicit.ai/charts/unh-fy2025-annual-cash-flow-sankey.png

## Chart details

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

- **Beginning cash on Dec 31, 2024**: 25,312,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
- **Operating activities**: 19,697,000,000 US dollars. Net cash provided.
- **Net earnings**: 12,807,000,000 US dollars
- **Depreciation and amortization**: 4,361,000,000 US dollars
- **Deferred income taxes**: negative 1,752,000,000 US dollars
- **Share-based compensation**: 971,000,000 US dollars
- **Loss on sale of subsidiary and subsidiaries held for sale**: 265,000,000 US dollars
- **Net gains on dispositions and other strategic transactions**: negative 910,000,000 US dollars
- **Other, net**: 1,673,000,000 US dollars
- **Accounts receivable**: negative 764,000,000 US dollars
- **Other assets**: negative 4,606,000,000 US dollars
- **Medical costs payable**: 5,824,000,000 US dollars
- **Accounts payable and other liabilities**: 1,665,000,000 US dollars
- **Unearned revenues**: 163,000,000 US dollars
- **Investing activities**: negative 8,685,000,000 US dollars. Net cash used.
- **Purchases of investments**: negative 17,373,000,000 US dollars
- **Sales of investments**: 9,288,000,000 US dollars
- **Maturities of investments**: 8,446,000,000 US dollars
- **Cash paid for acquisitions and other transactions, net of cash assumed**: negative 4,509,000,000 US dollars
- **Purchases of property, equipment and capitalized software**: negative 3,622,000,000 US dollars
- **Loans to care providers - cyberattack**: 0 US dollars
- **Repayments of care provider loans - cyberattack**: 1,680,000,000 US dollars
- **Cash received from dispositions, net**: 561,000,000 US dollars
- **Originations and purchases of loans**: negative 4,795,000,000 US dollars
- **Repayments and maturities of loans**: 1,980,000,000 US dollars
- **Other, net**: negative 341,000,000 US dollars
- **Financing activities**: negative 11,644,000,000 US dollars. Net cash used.
- **Common share repurchases**: negative 5,545,000,000 US dollars
- **Cash dividends paid**: negative 7,916,000,000 US dollars
- **Proceeds from common stock issuances**: 827,000,000 US dollars
- **Repayments of long-term debt**: negative 3,050,000,000 US dollars
- **Proceeds from (repayments of) short-term borrowings, net**: 807,000,000 US dollars
- **Proceeds from issuance of long-term debt**: 2,969,000,000 US dollars
- **Customer funds administered**: 366,000,000 US dollars
- **Purchases of redeemable noncontrolling interests**: negative 165,000,000 US dollars
- **Other, net**: 63,000,000 US dollars
- **Operating adjustment reconciliation**: 14,922,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
- **financing gross reconciliation**: 16,676,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- **investing gross reconciliation**: 30,640,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- **Exchange-rate effect**: 40,000,000 US dollars
- **Less: net increase in cash within businesses held for sale**: negative 355,000,000 US dollars. Out of cash; drawn as the small gray flow above ending cash.
- **Ending cash on Dec 31, 2025**: 24,365,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
- **Cash sources and uses**: 45,049,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
- **Net cash change**: negative 947,000,000 US dollars. Ending cash minus beginning cash.
- **Cash flow / Net income**: 1.54×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
- **Operating cash flow**: 19,697,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
- **Cash purchases of property, plant and equipment**: 3,622,000,000 US dollars. These cash purchases are already included in investing activities above.
- **Free cash flow**: 16,075,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

### Chart connections

- Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
- Financing contributions meet at a reconciliation junction before connecting to the net cash total.
- Investing contributions meet at a reconciliation junction before connecting to the net cash total.
- Operating reconciliation adjustments are not all independent cash receipts.
- Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $6.89B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
- Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
- The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
- Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 19,697,000,000 US dollars minus 3,622,000,000 US dollars equals 16,075,000,000 US dollars.