UNH · 10-Q · 2026Q1 · Full report

Operating Cash Flow Trends

UNITEDHEALTH GROUP INC · 2026-05-05 · Importance 90 · Surprise 100

Cash provided by operating activities increased to $8.9 billion in the three months ended March 31, 2026, up $3.456 billion from the prior year quarter. Management attributes the increase primarily to legislative changes from the Inflation Reduction Act impacting pharmacy rebates and other working capital movements. Year-over-year changes in cash sources and uses also reflect decreased share repurchases, increased cash from dispositions, decreased cash paid for acquisitions, and shifts in investment purchases and care provider loan repayments. The Company continues to deploy cash for dividends ($2.0 billion in the quarter), investment purchases and capital expenditures while citing robust operating cash generation as a primary liquidity source.

Key facts

• Cash flows from operations were $8,912 million for the three months ended March 31, 2026 compared to $5,456 million for the three months ended March 31, 2025 (an increase of $3,456 million). source
• Consolidated earnings from operations were $8,990 million for the three months ended March 31, 2026 compared to $9,119 million for the three months ended March 31, 2025 (a decrease of $129 million or 1%). source
• Total sources of cash were $10,906 million for the three months ended March 31, 2026 compared to $13,101 million for the three months ended March 31, 2025 (a decrease of $2,195 million). source
• Total uses of cash were $(7,433) million for the three months ended March 31, 2026 compared to $(7,620) million for the three months ended March 31, 2025. source