UnitedHealth Group Incorporated

NYSE-UNH

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	18,373	22,088	22,937	15,242	15,133	14,913
Net Earnings
Depreciation & Amortization	4,285	4,227	4,163	4,099	4,032	3,998
Depreciation and Amortization
Share-Based Compensation Expense	982	996	1,021	1,018	1,039	1,049
Share-Based Compensation
Other Adjustments	-317	-330	924	4,653	-1,041	-76
Deferred Income Taxes
Income on Sale of Subsidiary and Subsidiaries Held for Sale
Gains on Dispositions and Other Strategic Transactions
Other, Net
Changes in Receivables	-2,057	-647	263	-1,437	145	-5,782
Accounts Receivable
Changes in Accounts Payable	796	1,947	2,087	2,463	2,396	2,005
Accounts Payable and Other Liabilities
Changes in Unearned Premiums	40	75	-216	-197	-12,199	-12,106
Unearned Revenues
Changes in Claims Reserves	6,446	6,097	3,427	2,503	1,880	1,851
Medical Costs Payable
Changes in Other Operating Activities	-4,257	-2,162	-2,757	-4,140	-3,074	-4,564
Other Assets
Cash from Operating Activities	20,958	28,958	28,516	24,204	16,642	9,599
Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-3,586	-3,687	-3,654	-3,499	-3,546	-3,393
Purchases of Property, Equipment and Capitalized Software
Purchases of Investments	-20,162	-25,358	-26,645	-27,308	-25,267	-19,219
Purchases of Investments
Proceeds from Sale of Investments	20,492	27,431	27,895	27,833	28,192	18,795
Sales of Investments
Maturities of Investments
Payments for Business Acquisitions	-6,170	-11,111	-11,104	-13,408	-13,421	-5,006
Cash Paid for Acquisitions and Other Transactions, Net of Cash Assumed
Proceeds from Business Divestments	—	—	—	2,041	—	—
Cash Received from Dispositions and Other Strategic Transactions, Net
Other Investing Activities	321	3,331	-2,794	-6,186	-1,523	-1,949
Loans to Care Providers - Cyberattack
Repayments of Care Provider Loans - Cyberattack
Other, Net
Cash from Investing Activities	-7,193	-8,286	-14,261	-20,527	-20,595	-17,583
Cash Flows Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	1,509	-10,169	-2,429	-151	-1,759	5,200
Proceeds from Short-Term Borrowings, Net
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayments of Short-Term Borrowings, Net
Net Issuance / (Repayments) of Short-Term Debt	1,509	-10,169	-2,429	-151	-1,759	5,200
Issuance of Long-Term Debt	—	20,798	20,791.5	17,811	—	—
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	—	-2,250	-3,000	—	—
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	—	20,798	18,541.5	14,811	—	—
Issuance of Common Shares	1,038	1,683	1,720	1,846	1,925	1,469
Proceeds from Common Stock Issuances
Repurchases of Common Shares	—	-11,473	-10,464	-9,000	-7,064	-7,608
Common Share Repurchases
Net Issuance / (Repurchases) of Common Shares	1,038	-9,790	-8,744	-7,154	-5,139	-6,139
Common Share Dividends Paid	-7,846	-7,781	-7,716	-7,533	-7,339	-7,141
Cash Dividends Paid
Other Financing Activities	-3,328	-3,980	-3,647	-3,485	-4,206	-4,126
Customer Funds Administered
Purchases of Redeemable Noncontrolling Interests
Other, Net
Cash from Financing Activities	-18,955	-18,395	-11,644	-3,512	-2,326	-7,225
Cash Flows from Financing Activities