UnitedHealth Group (UNH) FY2016 results: revenue $184.8 billion, up 17.7% on the year
UnitedHealth Group Inc. (UNH) reported revenue of $184.8 billion for fiscal 2016, the year ended 31 December 2016, up 17.7% on the year before. Net income was $7.0 billion, up 20.7%, and diluted earnings per share $7.25. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2017.
Revenue
$184.8 billion
+17.7% on the year
FY2009FY2016
Operating margin
7.0%
7.0% a year earlier
FY2009FY2016
Net income
$7.0 billion
+20.7% on the year
FY2009FY2016
Diluted EPS
$7.25
+20.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
184,840
157,107
130,474
+17.7%
Cost of revenue
24,416
16,206
3,826
+50.7%
Gross profit
160,424
140,901
126,648
+13.9%
Gross margin
86.8%
89.7%
97.1%
Selling, general and administrative
28,401
24,312
21,263
+16.8%
Operating income
12,930
11,021
10,274
+17.3%
Operating margin
7.0%
7.0%
7.9%
Interest expense
1,067
790
618
+35.1%
Pre-tax income
11,863
10,231
9,656
+16.0%
Income tax
4,790
4,363
4,037
+9.8%
Effective tax rate
40.4%
42.6%
41.8%
Net income
7,017
5,813
5,619
+20.7%
Net margin
3.8%
3.7%
4.3%
Diluted EPS
$7.25
$6.01
$5.70
+20.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
9,795
9,740
8,051
+0.6%
Capital expenditure
1,705
1,556
1,525
+9.6%
Free cash flow
8,090
8,184
6,526
-1.1%
Free cash flow margin
4.4%
5.2%
5.0%
Cash from investing
-9,355
-18,395
-2,534
Cash from financing
-1,011
12,239
-5,293
Depreciation and amortisation
2,055
1,693
1,478
+21.4%
Share-based compensation
485
406
364
+19.5%
Buybacks
1,280
1,200
4,008
+6.7%
Dividends paid
2,261
1,786
1,362
+26.6%
Dividend per share
$2.38
$1.88
$1.41
+26.7%
Diluted shares, weighted
968m
967m
986m
+0.1%
Shares outstanding at period end
952m
953m
954m
-0.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
38,177
33,725
32,454
+13.2%
Non-controlling interest
n/a
n/a
0.0
Redeemable equity
2,012
1,736
1,388
+15.9%
Debt
32,970
31,965
17,406
+3.1%
Other liabilities
49,651
43,957
35,134
+13.0%
Total liabilities and equity
122,810
111,383
86,382
+10.3%
Fixed assets
5,901
4,861
4,418
+21.4%
Goodwill
47,584
44,453
32,940
+7.0%
Intangible assets
8,541
8,391
3,669
+1.8%
Investments
26,713
20,780
20,568
+28.6%
Cash and equivalents
10,430
10,923
7,495
-4.5%
Receivables
8,152
6,523
4,252
+25.0%
Other assets
15,489
15,452
13,040
+0.2%
Total assets
122,810
111,383
86,382
+10.3%
10-K for the year ended 31 December 2016, filed 8 February 2017: the filing.