UnitedHealth Group (UNH) FY2011 results: revenue $101.9 billion, up 8.2% on the year
UnitedHealth Group Inc. (UNH) reported revenue of $101.9 billion for fiscal 2011, the year ended 31 December 2011, up 8.2% on the year before. Net income was $5.1 billion, up 11.0%, and diluted earnings per share $4.73. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2012.
Revenue
$101.9 billion
+8.2% on the year
FY2007FY2011
Operating margin
8.3%
8.4% a year earlier
FY2007FY2011
Net income
$5.1 billion
+11.0% on the year
FY2007FY2011
Diluted EPS
$4.73
+15.4% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
101,862
94,155
87,138
+8.2%
Cost of revenue
2,385
2,116
1,765
+12.7%
Gross profit
99,477
92,039
85,373
+8.1%
Gross margin
97.7%
97.8%
98.0%
Selling, general and administrative
15,557
14,270
12,734
+9.0%
Operating income
8,464
7,864
6,359
+7.6%
Operating margin
8.3%
8.4%
7.3%
Interest expense
505
481
551
+5.0%
Pre-tax income
7,959
7,383
5,808
+7.8%
Income tax
2,817
2,749
1,986
+2.5%
Effective tax rate
35.4%
37.2%
34.2%
Net income
5,142
4,634
3,822
+11.0%
Net margin
5.0%
4.9%
4.4%
Diluted EPS
$4.73
$4.10
$3.24
+15.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
6,968
6,273
5,625
+11.1%
Capital expenditure
1,067
878
739
+21.5%
Free cash flow
5,901
5,395
4,886
+9.4%
Free cash flow margin
5.8%
5.7%
5.6%
Cash from investing
-4,172
-5,339
-976
Cash from financing
-2,490
-1,611
-2,275
Depreciation and amortisation
1,124
1,064
991
+5.6%
Share-based compensation
401
326
334
+23.0%
Buybacks
2,994
2,517
1,801
+19.0%
Dividends paid
651
449
36.0
+45.0%
Dividend per share
$0.61
$0.41
$0.03
+51.2%
Diluted shares, weighted
1,087m
1,131m
1,179m
-3.9%
Shares outstanding at period end
1,039m
1,086m
1,147m
-4.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
28,292
25,825
23,606
+9.6%
Redeemable equity
0.0
n/a
n/a
Debt
11,638
11,142
11,173
+4.5%
Other liabilities
27,959
26,096
24,266
+7.1%
Total liabilities and equity
67,889
63,063
59,045
+7.7%
Fixed assets
2,515
2,200
946
+14.3%
Goodwill
23,975
22,745
20,727
+5.4%
Intangible assets
2,795
2,910
2,381
-4.0%
Investments
18,743
16,779
14,550
+11.7%
Cash and equivalents
9,429
9,123
9,800
+3.4%
Receivables
2,294
2,061
1,954
+11.3%
Other assets
8,138
7,245
8,687
+12.3%
Total assets
67,889
63,063
59,045
+7.7%
10-K for the year ended 31 December 2011, filed 9 February 2012: the filing.