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

	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	287,597	324,162	371,622	400,278	447,567
Cost of Goods Sold
Gross Profit
SG&A	42,579	47,782	54,628	53,013	59,592
R&D
EBITDA	27,073	31,835	36,330	36,386	23,325
D&A	3,103	3,400	3,972	4,099	4,361
EBIT (Operating Income)	23,970	28,435	32,358	32,287	18,964
Interest Expense	1,660	2,092	3,246	3,906	4,002
Pre-Tax Income	22,310	26,343	29,112	20,071	14,697
Tax Expense	4,578	5,704	5,968	4,829	1,890
Net Income	17,285	20,120	22,381	14,405	12,056
Diluted EPS	18.08	21.18	23.86	15.51	13.23
Diluted Shares (M)	956.0	950.0	938.0	929.0	911.0
Balance Sheet
Total Cash & Equivalents	21,375	23,365	25,427	25,312	24,365
Short-term Debt	3,620	3,110	4,274	4,545	6,069
Long-term Debt	42,383	54,513	58,263	72,359	72,320
Total Debt	46,003	57,623	62,537	76,904	78,389
Net Debt	24,628	34,258	37,110	51,592	54,024
Total Current Assets	61,758	69,069	78,437	85,779	90,582
Total Current Liabilities	78,292	89,237	99,054	103,769	114,897
Total Assets	212,206	245,705	273,720	298,278	309,581
Total Liabilities	135,727	159,358	174,801	195,687	207,883
Shareholders' Equity	71,760	77,772	88,756	92,658	94,110
Minority Interest	3,285	3,678	5,665	5,610	5,980
Intangibles & Goodwill	75,795	93,352	103,732	106,734	110,499
PP&E	8,969	10,128	11,450	10,553	10,762
Receivables	14,216	17,681	21,276	22,365	23,018
Payables	24,643	27,715	31,958	34,337	38,032
Inventory
Retained Earnings	77,134	86,156	95,774	96,036	95,603
Cash Flow
Cash from Operations	22,343	26,206	29,068	24,204	19,697
Capital Expenditures	-2,454	-2,802	-3,386	-3,499	-3,622
Free Cash Flow	19,889	23,404	25,682	20,705	16,075
Stock-Based Compensation	800	925	1,059	1,018	971
Dividends Paid	-5,280	-5,991	-6,761	-7,533	-7,916
Share Repurchases	-5,000	-7,000	-8,000	-9,000	-5,545