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UnitedHealth Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.3B in Q3 2026 · $22.8B over twelve months

Operating cash flow$5.1B
Capital spending−$859M
Free cash flow+$4.3B
Cash / net income1.2×

Analysis

In Q3 2026, UnitedHealth Group generated $5.1B of operating cash flow and spent $859M on capital projects, leaving free cash flow of $4.3B. That is $791M less than in Q3 2025 ($5.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $26.2B; the largest uses were dividends ($8.2B), other investing ($7.9B), buybacks ($5.0B); besides operations, cash came from asset & business sales ($1.5B), other financing ($1.3B); the cash balance fell by $1.4B.

Operating cash flow was $5.1B against net income of $4.3B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$1.3B, receivables +$1.1B, depreciation & amortization +$1.1B.

Free cash flow

UnitedHealth Group: free cash flow by quarterUnitedHealth Group: free cash flow by quarter$1.5BQ4 2024$4.6BQ1 2025$6.3BQ2 2025$5.1BQ3 2025$160MQ4 2025$8.1BQ1 2026$10.3BQ2 2026$4.3BQ3 2026
Operating cash flow less capital spending.
UnitedHealth Group: operating cash flow against capital spendingUnitedHealth Group: operating cash flow against capital spendingOperating cash flowCapital spending$2.4B$912MQ4 2024$5.5B$898MQ1 2025$7.2B$886MQ2 2025$5.9B$890MQ3 2025$1.1B$948MQ4 2025$8.9B$763MQ1 2026$11.1B$799MQ2 2026$5.1B$859MQ3 2026
Latest (Q3 2026): Operating cash flow $5.1B, Capital spending $859M.

Capital allocation, year by year

UnitedHealth Group: where the cash came from (up) and went (down), by fiscal yearUnitedHealth Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $22.3BFY2021: Net borrowing $2.5BFY2021: Shares issued $1.4BFY2021: Asset sales $15.0MFY2021: Capital spending −$2.5BFY2021: Acquisitions −$4.8BFY2021: Buybacks −$5.0BFY2021: Dividends −$5.3B$26.2BFY2021FY2022: Operating cash flow $26.2BFY2022: Net borrowing $12.5BFY2022: Shares issued $1.3BFY2022: Asset sales $3.4BFY2022: Capital spending −$2.8BFY2022: Acquisitions −$21.5BFY2022: Buybacks −$7.0BFY2022: Dividends −$6.0B$43.4BFY2022FY2023: Operating cash flow $29.1BFY2023: Net borrowing $4.3BFY2023: Shares issued $1.4BFY2023: Asset sales $685MFY2023: Capital spending −$3.4BFY2023: Acquisitions −$10.1BFY2023: Buybacks −$8.0BFY2023: Dividends −$6.8B$35.4BFY2023FY2024: Operating cash flow $24.2BFY2024: Net borrowing $14.7BFY2024: Shares issued $1.8BFY2024: Asset sales $2.0BFY2024: Capital spending −$3.5BFY2024: Acquisitions −$13.4BFY2024: Buybacks −$9.0BFY2024: Dividends −$7.5B$42.8BFY2024FY2025: Operating cash flow $19.7BFY2025: Net borrowing $726MFY2025: Shares issued $827MFY2025: Asset sales $561MFY2025: Capital spending −$3.6BFY2025: Acquisitions −$4.5BFY2025: Buybacks −$5.5BFY2025: Dividends −$7.9B$21.8BFY2025
Over these 5 years operating cash flow totalled $121.5B; the largest uses were acquisitions ($54.3B) and buybacks ($34.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$28.5B
Debt$74.3B
Net debt$45.8B
Due within a year$6.1B

UnitedHealth Group funds itself: free cash flow was $22.8B over the last twelve months, and $28.5B of cash and investments stands against $74.3B of debt ($6.1B due within a year, 4.7× covered by cash).

UnitedHealth Group: debt maturities by year (FY2025)UnitedHealth Group: debt maturities by year (FY2025)$6.1BYear 1$3.5BYear 2$3.6BYear 3$3.7BYear 4$3.9BYear 5$58.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $28.5B of cash and investments now.

Where the cash came from and went

UnitedHealth Group: sources (+) and uses (−) of cash, Q3 2026UnitedHealth Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.1BBuybacks−$3.4BCash drawn (+) / kept (−)$2.7BOther investing−$2.3BDividends−$2.1BNet borrowing (+) / repaid (−)$1.7BAcquisitions−$1.4BCapital spending−$859MShares issued$240MNot reconciled$136MOther financing$67.0MAsset & business sales$22.0M
UnitedHealth Group: sources (+) and uses (−) of cash, TTM to Q3 2026UnitedHealth Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$26.2BDividends−$8.2BOther investing−$7.9BBuybacks−$5.0BNet borrowing (+) / repaid (−)−$4.8BCapital spending−$3.4BAcquisitions−$1.6BAsset & business sales$1.5BCash drawn (+) / kept (−)$1.4BOther financing$1.3BShares issued$623MNot reconciled−$71.0M

From profit to cash

UnitedHealth Group: net income to operating cash flow, Q3 2026UnitedHealth Group: net income to operating cash flow, Q3 2026Net income$4.3BDepreciation & amortization$1.1BStock-based pay$219MDeferred taxes$55.0MOther non-cash−$116MReceivables$1.1BPayables−$1.1BDeferred revenue$414MPrepaid and other assets−$1.3BOperating cash flow$5.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.1B−$859M−$1.4B−$3.4B−$2.1B$1.7B$240M$2.7B$4.3B
Q2 2026$11.1B−$799M−$98.0M−$1.6B−$2.1B−$4.4B$128M−$584M$10.3B
Q1 2026$8.9B−$763M——−$2.0B−$400M$231M−$3.6B$8.1B
Q4 2025$1.1B−$948M−$73.0M—−$2.0B−$1.7B$24.0M$2.8B$160M
Q3 2025$5.9B−$890M−$3.7B—−$2.0B$872M$222M$1.4B$5.1B
Q2 2025$7.2B−$886M−$32.0M−$2.5B−$2.0B−$2.3B$221M$2.1B$6.3B
Q1 2025$5.5B−$898M−$702M−$3.0B−$1.9B$3.9B$360M−$5.4B$4.6B
Q4 2024$2.4B−$912M−$1.7B−$5.0B−$1.9B−$460M$235M$7.1B$1.5B

UnitedHealth Group: income statement and cash flow

UnitedHealth Group, Q3 2026: revenue $112.7B (-0.4% year over year), operating margin 5.8%. The chart follows the revenue to costs, profit and cash.

UnitedHealth Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.