UnitedHealth Group Incorporated

UNHNYSEHealthcare● Active

$400.76

+$1.29(+0.32%)

Market Cap$363.9B

P/E Ratio—

52W High$404.15

52W Low$234.6

Avg Volume8.1M

Open$397.13

Beta0.65

Overview

UnitedHealth Group Incorporated (UNH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

UNH · free cash flow · updated Jun 8, 2026

Core FCF metrics

UNH · FCF · TTM · margin & CAGR

Free cash flow was $16.07B for FY2025 (fiscal year ending 2025-12-31), down 22.4% year-over-year The FCF margin was 3.6%. Five-year CAGR stands at -4.4%.

FY2025 Free Cash Flow$16.07B▼ -22.4% YoY

Trailing 12M (TTM)$19.67Btrailing 4 quarters sum

FCF Margin3.6%$16.07B ÷ revenue

3-Year CAGR-11.8%FY2022 → FY2025

5-Year CAGR-4.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

UNH · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$19.70B(3.62B)$16.07B▼ 22.4%3.6%

FY2024$24.20B(3.50B)$20.70B▼ 19.4%5.2%

FY2023$29.07B(3.39B)$25.68B▲ +9.7%6.9%

FY2022$26.21B(2.80B)$23.40B▲ +17.7%7.2%

FY2021$22.34B(2.45B)$19.89B▼ 1.2%6.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

UNH · P/FCF · FCF yield · FCF per share

UnitedHealth Group Incorporated (UNH) trades at a FCF yield of 5.42% and a price-to-free-cash-flow ratio of 18.5x. FCF per share stands at $21.61, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.42%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$21.61

TTM FCF ÷ Shares Outstanding

Price / FCF

x18.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x21.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

UNH · cash flow statement · operating / investing / financing

For FY2025, UnitedHealth Group Incorporated generated $19.70B in operating cash flow and spent 3.62B in capital expenditures, yielding $16.07B in free cash flow.

Operating Activities

+$19.70B

Cash from core business operations

2025-12-31

Investing Activities

−$8.69B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$11.64B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($19.70B) − |CapEx| (3.62B) = FCF ($16.07B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

UNH vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

UnitedHealth Group IncorporatedYOU

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

UnitedHealth Group Incorporated (UNH) reported free cash flow of $16.07B for FY2025 (fiscal year ending 2025-12-31), down 22.4% year-over-year. The FCF margin was 3.6%.

Based on available data, UnitedHealth Group Incorporated has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $25.68B in FY2023. The 5-year CAGR stands at -4.4%.

UnitedHealth Group Incorporated's FCF yield is 5.42% and price-to-FCF ratio is 18.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

UNH free cash flow · 8 questions

UnitedHealth Group Incorporated free cash flow was $16.07B for FY2025, down 22.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $19.67B.

UNH free cash flowUNH FCFUNH FCF 2025UNH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · UnitedHealth Group Incorporated · UnitedHealth Group Incorporated SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026