UnitedHealth Group (UNH) FY2014 results: revenue $130.5 billion, up 6.5% on the year
UnitedHealth Group Inc. (UNH) reported revenue of $130.5 billion for fiscal 2014, the year ended 31 December 2014, up 6.5% on the year before. Net income was $5.6 billion, down 0.1%, and diluted earnings per share $5.70. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2015.
Revenue
$130.5 billion
+6.5% on the year
FY2007FY2014
Operating margin
7.9%
7.9% a year earlier
FY2007FY2014
Net income
$5.6 billion
-0.1% on the year
FY2007FY2014
Diluted EPS
$5.70
+3.6% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
130,474
122,489
110,618
+6.5%
Cost of revenue
3,826
2,891
2,523
+32.3%
Gross profit
126,648
119,598
108,095
+5.9%
Gross margin
97.1%
97.6%
97.7%
Selling, general and administrative
21,263
18,941
17,306
+12.3%
Operating income
10,274
9,623
9,254
+6.8%
Operating margin
7.9%
7.9%
8.4%
Interest expense
618
708
632
-12.7%
Pre-tax income
9,656
8,915
8,622
+8.3%
Income tax
4,037
3,242
3,096
+24.5%
Effective tax rate
41.8%
36.4%
35.9%
Net income
5,619
5,625
5,526
-0.1%
Net margin
4.3%
4.6%
5.0%
Diluted EPS
$5.70
$5.50
$5.28
+3.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
8,051
6,991
7,155
+15.2%
Capital expenditure
1,525
1,307
1,070
+16.7%
Free cash flow
6,526
5,684
6,085
+14.8%
Free cash flow margin
5.0%
4.6%
5.5%
Cash from investing
-2,534
-3,089
-8,649
Cash from financing
-5,293
-4,946
471
Depreciation and amortisation
1,478
1,375
1,309
+7.5%
Share-based compensation
364
331
421
+10.0%
Buybacks
4,008
3,170
3,084
+26.4%
Dividends paid
1,362
1,056
820
+29.0%
Dividend per share
$1.41
$1.05
$0.80
+33.5%
Diluted shares, weighted
986m
1,023m
1,046m
-3.6%
Shares outstanding at period end
954m
988m
1,019m
-3.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
32,454
32,149
31,178
+0.9%
Non-controlling interest
0.0
n/a
n/a
Redeemable equity
1,388
1,175
2,121
+18.1%
Debt
17,406
16,860
16,754
+3.2%
Other liabilities
35,134
31,698
30,832
+10.8%
Total liabilities and equity
86,382
81,882
80,885
+5.5%
Fixed assets
4,418
4,010
3,939
+10.2%
Goodwill
32,940
31,604
31,286
+4.2%
Intangible assets
3,669
3,844
4,682
-4.6%
Investments
20,568
21,542
20,742
-4.5%
Cash and equivalents
7,495
7,276
8,406
+3.0%
Receivables
4,252
3,052
2,709
+39.3%
Other assets
13,040
10,554
9,121
+23.6%
Total assets
86,382
81,882
80,885
+5.5%
10-K for the year ended 31 December 2014, filed 10 February 2015: the filing.