Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $185B | $201B | $226B | $242B | $257B | $288B | $324B | $372B | $400B | $448B |
| Revenue growth | — | 8.8% | 12.5% | 7.0% | 6.2% | 11.8% | 12.7% | 14.6% | 7.7% | 11.8% |
| Operating income | $12.9B | $15.2B | $17.3B | $19.7B | $22.4B | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| Operating margin | 7.0% | 7.6% | 7.7% | 8.1% | 8.7% | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Net income | $7.02B | $10.6B | $12.0B | $13.8B | $15.4B | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Net margin | 3.8% | 5.2% | 5.3% | 5.7% | 6.0% | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
| EPS (diluted) | $7.25 | $10.72 | $12.19 | $14.33 | $16.03 | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.79B | $13.6B | $15.7B | $18.5B | $22.2B | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Capital expenditures | $1.71B | $2.02B | $2.06B | $2.07B | $2.05B | $2.45B | $2.80B | $3.39B | $3.50B | $3.62B |
| Free cash flow | $8.09B | $11.6B | $13.7B | $16.4B | $20.1B | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Share buybacks | $1.28B | $1.50B | $4.50B | $5.50B | $4.25B | $5.00B | $7.00B | $8.00B | $9.00B | $5.54B |
| Dividends paid | $2.26B | $2.77B | $3.32B | $3.93B | $4.58B | $5.28B | $5.99B | $6.76B | $7.53B | $1.91B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $10.4B | $12.0B | $10.9B | $11.0B | $16.9B | $21.4B | $23.4B | $25.4B | $25.3B | $24.4B |
| Total assets | $123B | $139B | $152B | $174B | $197B | $212B | $246B | $274B | $298B | $310B |
| Total liabilities | $82.6B | $87.0B | $96.0B | $112B | $127B | $136B | $159B | $175B | $196B | $208B |
| Long-term debt | $25.8B | $28.8B | $34.6B | $36.8B | $38.6B | $42.4B | $54.5B | $58.3B | $72.4B | $72.3B |
| Shareholders' equity | $38.2B | $49.8B | $54.3B | $60.4B | $68.3B | $75.0B | $81.5B | $94.4B | $98.3B | $100B |
| Retained earnings | $40.9B | $48.7B | $55.8B | $61.2B | $69.3B | $77.1B | $86.2B | $95.8B | $96.0B | $95.6B |
| Shares (wtd avg diluted) | 968M | 985M | 983M | 966M | 961M | 956M | 950M | 938M | 929M | 911M |
Every figure is extracted from UNITEDHEALTH GROUP INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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