UNITEDHEALTH GROUP INC
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
UNH$405.12+1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net earnings | $12,807 | $15,242 | $23,144 |
| Noncash items: | |||
| Depreciation and amortization | 4,361 | 4,099 | 3,972 |
| Deferred income taxes | (1,752) | (296) | (245) |
| Share-based compensation | 971 | 1,018 | 1,059 |
| Loss on sale of subsidiary and subsidiaries held for sale | 265 | 8,310 | — |
| Net gains on dispositions and other strategic transactions | (910) | (3,333) | (489) |
| Other, net | 1,673 | (28) | (16) |
| Net change in other operating items, net of effects from acquisitions and dispositions: | |||
| Accounts receivable | (764) | (1,437) | (3,114) |
| Other assets | (4,606) | (4,140) | (2,444) |
| Medical costs payable | 5,824 | 2,503 | 3,482 |
| Accounts payable and other liabilities | 1,665 | 2,463 | 3,516 |
| Unearned revenues | 163 | (197) | 203 |
| Cash flows from operating activities | 19,697 | 24,204 | 29,068 |
| Investing activities | |||
| Purchases of investments | (17,373) | (27,308) | (18,314) |
| Sales of investments | 9,288 | 18,514 | 7,307 |
| Maturities of investments | 8,446 | 9,319 | 9,230 |
| Cash paid for acquisitions and other transactions, net of cash assumed | (4,509) | (13,408) | (10,136) |
| Purchases of property, equipment and capitalized software | (3,622) | (3,499) | (3,386) |
| Loans to care providers - cyberattack | — | (9,033) | — |
| Repayments of care provider loans - cyberattack | 1,680 | 4,514 | — |
| Cash received from dispositions and other strategic transactions, net | 561 | 2,041 | 685 |
| Originations and purchases of loans | (4,795) | (2,477) | (1,664) |
| Repayments and maturities of loans | 1,980 | 908 | 613 |
| Other, net | (341) | (98) | 91 |
| Cash flows used for investing activities | (8,685) | (20,527) | (15,574) |
| Financing activities | |||
| Common share repurchases | (5,545) | (9,000) | (8,000) |
| Cash dividends paid | (7,916) | (7,533) | (6,761) |
| Proceeds from common stock issuances | 827 | 1,846 | 1,353 |
| Repayments of long-term debt | (3,050) | (3,000) | (2,125) |
| Proceeds from (repayments of) short-term borrowings, net | 807 | (151) | 11 |
| Proceeds from issuance of long-term debt | 2,969 | 17,811 | 6,394 |
| Customer funds administered | 366 | (1,560) | (521) |
| Purchases of redeemable noncontrolling interests | (165) | (280) | (730) |
| Other, net | 63 | (1,645) | (1,150) |
| Cash flows used for financing activities | (11,644) | (3,512) | (11,529) |
| Effect of exchange rate changes on cash and cash equivalents | 40 | (61) | 97 |
| (Decrease) increase in cash and cash equivalents, including cash within businesses held for sale | (592) | 104 | 2,062 |
| Less: net increase in cash within businesses held for sale | (355) | (219) | — |
| Net (decrease) increase in cash and cash equivalents | (947) | (115) | 2,062 |
| Cash and cash equivalents, beginning of period | 25,312 | 25,427 | 23,365 |
| Cash and cash equivalents, end of period | $24,365 | $25,312 | $25,427 |
| Supplemental cash flow disclosures | |||
| Cash paid for interest | $4,030 | $3,594 | $3,035 |
| Cash paid for income taxes | 3,714 | 4,620 | 6,078 |
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