FINANCIAL MODEL

UnitedHealth Group

UNH · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	184,840	201,159	226,247	242,155	257,141	287,597	324,162	371,622	400,278	447,567
Cost of Goods Sold	141,454	154,148	172,401	184,557	190,141	217,945	244,545	280,664	310,879	364,650
Gross Profit
SG&A	28,401	29,557	34,074	35,193	41,704	42,579	47,782	54,628	53,013	59,592
R&D
EBITDA
D&A	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099	4,361
EBIT (Operating Income)	12,930	15,209	17,344	19,685	22,405	23,970	28,435	32,358	32,287	18,964
Interest Expense	1,067	1,186	1,400	1,704	1,663	1,660	2,092	3,246	3,906	4,002
Pre-Tax Income	11,863	14,023	15,944	17,981	20,742	22,310	26,343	29,112	20,071	14,697
Tax Expense	4,790	3,200	3,562	3,742	4,973	4,578	5,704	5,968	4,829	1,890
Net Income	7,017	10,558	11,986	13,839	15,403	17,285	20,120	22,381	14,405	12,056
Diluted EPS	7.25	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51	13.23
Diluted Shares (M)	968.0	985.0	983.0	966.0	961.0	956.0	950.0	938.0	929.0	911.0
Balance Sheet
Total Cash & Equivalents	10,430	11,981	10,866	10,985	16,921	21,375	23,365	25,427	25,312	24,365
Short-term Debt	0	2,857	1,973	3,870	4,819	3,620	3,110	4,274	4,545	6,069
Long-term Debt	0	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359	72,320
Total Debt
Net Debt
Total Current Assets		37,084	38,692	42,634	53,718	61,758	69,069	78,437	85,779	90,582
Total Current Liabilities		50,463	53,209	61,782	72,420	78,292	89,237	99,054	103,769	114,897
Total Assets	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278	309,581
Total Liabilities	84,439	87,036	95,994	111,727	126,750	135,727	159,358	174,801	195,687	207,883
Shareholders' Equity	38,274	47,776	51,696	57,616	65,491	71,760	77,772	88,756	92,658	94,110
Minority Interest	97	4,246	4,531	4,546	5,048	4,719	8,575	10,163	9,933	7,588
Intangibles & Goodwill		54,556	58,910	65,659	71,337	75,795	93,352	103,732	106,734	110,499
PP&E		7,013	8,458	8,704	8,626	8,969	10,128	11,450	10,553	10,762
Receivables		9,568	11,388	11,822	12,870	14,216	17,681	21,276	22,365	23,018
Payables		15,180	16,705	19,005	22,495	24,643	27,715	31,958	34,337	38,032
Inventory						2,900	3,500
Retained Earnings	40,945	48,730	55,846	61,178	69,295	77,134	86,156	95,774	96,036	95,603
Cash Flow
Cash from Operations	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204	19,697
Capital Expenditures	1,705	2,023	2,063	2,071	2,051	2,454	2,802	3,386	3,499	3,622
Free Cash Flow
Stock-Based Compensation	485	597	638	697	679	800	925	1,059	1,018	971
Dividends Paid	2,261	2,773	3,320	3,932	4,584	5,280	5,991	6,761	7,533	7,916
Share Repurchases	1,280	1,500	4,500	5,500	4,250	5,000	7,000	8,000	9,000	5,545