UnitedHealth Group (UNH) FY2018 results: revenue $226.2 billion, up 12.5% on the year
UnitedHealth Group Inc. (UNH) reported revenue of $226.2 billion for fiscal 2018, the year ended 31 December 2018, up 12.5% on the year before. Net income was $12.0 billion, up 13.5%, and diluted earnings per share $12.19. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2019.
Revenue
$226.2 billion
+12.5% on the year
FY2011FY2018
Operating margin
7.7%
7.6% a year earlier
FY2011FY2018
Net income
$12.0 billion
+13.5% on the year
FY2011FY2018
Diluted EPS
$12.19
+13.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
226,247
201,159
184,840
+12.5%
Cost of revenue
26,998
24,112
24,416
+12.0%
Gross profit
199,249
177,047
160,424
+12.5%
Gross margin
88.1%
88.0%
86.8%
Selling, general and administrative
34,074
29,557
28,401
+15.3%
Operating income
17,344
15,209
12,930
+14.0%
Operating margin
7.7%
7.6%
7.0%
Interest expense
1,400
1,186
1,067
+18.0%
Pre-tax income
15,944
14,023
11,863
+13.7%
Income tax
3,562
3,200
4,790
+11.3%
Effective tax rate
22.3%
22.8%
40.4%
Net income
11,986
10,558
7,017
+13.5%
Net margin
5.3%
5.2%
3.8%
Diluted EPS
$12.19
$10.72
$7.25
+13.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
15,713
13,596
9,795
+15.6%
Capital expenditure
2,063
2,023
1,705
+2.0%
Free cash flow
13,650
11,573
8,090
+17.9%
Free cash flow margin
6.0%
5.8%
4.4%
Cash from investing
-12,385
-8,599
-9,355
Cash from financing
-4,365
-3,441
-1,011
Depreciation and amortisation
2,428
2,245
2,055
+8.2%
Share-based compensation
638
597
485
+6.9%
Buybacks
4,500
1,500
1,280
+200.0%
Dividends paid
3,320
2,773
2,261
+19.7%
Dividend per share
$3.45
$2.88
$2.38
+20.0%
Diluted shares, weighted
983m
985m
968m
-0.2%
Shares outstanding at period end
960m
969m
952m
-0.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
54,319
49,833
38,177
+9.0%
Redeemable equity
1,908
2,189
2,012
-12.8%
Debt
36,554
31,692
32,970
+15.3%
Other liabilities
59,440
55,344
49,651
+7.4%
Total liabilities and equity
152,221
139,058
122,810
+9.5%
Fixed assets
8,458
7,013
5,901
+20.6%
Goodwill
58,910
54,556
47,584
+8.0%
Intangible assets
9,325
8,489
8,541
+9.8%
Investments
35,968
31,850
26,713
+12.9%
Cash and equivalents
10,866
11,981
10,430
-9.3%
Receivables
11,388
9,568
8,152
+19.0%
Other assets
17,306
15,601
15,489
+10.9%
Total assets
152,221
139,058
122,810
+9.5%
10-K for the year ended 31 December 2018, filed 12 February 2019: the filing.