UnitedHealth Group Incorporated

NYSE-UNH

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	10,046	12,042	3,200	11,713	11,431	10,292
Net Earnings
Depreciation & Amortization	2,145	2,082	2,017	1,981	1,991	1,810
Depreciation and Amortization
Share-Based Compensation Expense	572	424	594	455	604	421
Share-Based Compensation
Other Adjustments	96	-3,759	8,412	-177	-573	-1,204
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	-1,681	1,034	-2,471	-3,311	197	1,681
Accounts Receivable
Changes in Accounts Payable	-480	2,427	36	1,969	1,547	1,157
Accounts Payable and Other Liabilities
Changes in Unearned Premiums	-282	357	-554	-11,552	11,755	566
Unearned Revenues
Changes in Claims Reserves	4,371	1,726	777	1,074	2,408	24
Medical Costs Payable
Change in Other Policy Liabilities
Changes in Other Operating Activities	-2,143	-19	-4,121	-443	-2,001	-731
Other Assets
Cash from Operating Activities	12,644	16,314	7,890	1,709	27,359	14,016
Cash Flows from Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-1,784	-1,903	-1,596	-1,797	-1,589	-1,590
Purchases of Property, Equipment and Capitalized Software
Purchases of Investments	-8,180	-17,178	-10,130	-9,089	-9,225	-9,922
Purchases of Investments
Proceeds from Sale of Investments	9,507	17,924	9,909	8,886	7,651	6,451
Sales of Investments
Maturities of Investments
Payments for Business Acquisitions	-734	-10,377	-3,031	-1,975	-8,161	-14,308
Cash Paid for Acquisitions and Other Transactions, Net of Cash Assumed
Proceeds from Business Divestments	—	2,041	—	685	—	3,414
Cash Received from Dispositions and Other Strategic Transactions, Net
Other Investing Activities	-325	2,723	-8,909	-536	-424	-261
Loans to Care Providers - Cyberattack
Repayments of Care Provider Loans - Cyberattack
Other, Net
Cash from Investing Activities	-1,516	-6,770	-13,757	-3,826	-11,748	-16,216
Cash Flows Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	-1,403	-8,766	8,615	-3,415	3,426	-608
Proceeds from Short-Term Borrowings, Net
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayments of Short-Term Borrowings, Net
Net Issuance / (Repayments) of Short-Term Debt	-1,403	-8,766	8,615	-3,415	3,426	-608
Issuance of Long-Term Debt	2,969	11,886	5,925	—	6,394	8,897
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	-1,250	-1,750	—	-2,125	-1,915
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	2,969	10,636	4,175	—	4,269	6,982
Issuance of Common Shares	581	1,102	744	725	628	497
Proceeds from Common Stock Issuances
Repurchases of Common Shares	-5,545	-5,928	-3,072	-3,000	-5,000	-2,000
Common Share Repurchases
Net Issuance / (Repurchases) of Common Shares	-4,964	-4,826	-2,328	-2,275	-4,372	-1,503
Common Share Dividends Paid	-3,912	-3,869	-3,664	-3,477	-3,284	-3,083
Cash Dividends Paid
Other Financing Activities	-538	-3,722	237	-5,093	2,692	-812
Customer Funds Administered
Purchases of Redeemable Noncontrolling Interests
Other, Net
Cash from Financing Activities	-7,848	-10,547	7,035	-14,260	2,731	976
Cash Flows from Financing Activities