UnitedHealth Group (UNH) FY2019 results: revenue $242.2 billion, up 7.0% on the year
UnitedHealth Group Inc. (UNH) reported revenue of $242.2 billion for fiscal 2019, the year ended 31 December 2019, up 7.0% on the year before. Net income was $13.8 billion, up 15.5%, and diluted earnings per share $14.33. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$242.2 billion
+7.0% on the year
FY2012FY2019
Operating margin
8.1%
7.7% a year earlier
FY2012FY2019
Net income
$13.8 billion
+15.5% on the year
FY2012FY2019
Diluted EPS
$14.33
+17.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
242,155
226,247
201,159
+7.0%
Cost of revenue
28,117
26,998
24,112
+4.1%
Gross profit
214,038
199,249
177,047
+7.4%
Gross margin
88.4%
88.1%
88.0%
Selling, general and administrative
35,193
34,074
29,557
+3.3%
Operating income
19,685
17,344
15,209
+13.5%
Operating margin
8.1%
7.7%
7.6%
Interest expense
1,704
1,400
1,186
+21.7%
Pre-tax income
17,981
15,944
14,023
+12.8%
Income tax
3,742
3,562
3,200
+5.1%
Effective tax rate
20.8%
22.3%
22.8%
Net income
13,839
11,986
10,558
+15.5%
Net margin
5.7%
5.3%
5.2%
Diluted EPS
$14.33
$12.19
$10.72
+17.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
18,463
15,713
13,596
+17.5%
Capital expenditure
2,071
2,063
2,023
+0.4%
Free cash flow
16,392
13,650
11,573
+20.1%
Free cash flow margin
6.8%
6.0%
5.8%
Cash from investing
-12,699
-12,385
-8,599
Cash from financing
-5,625
-4,365
-3,441
Depreciation and amortisation
2,720
2,428
2,245
+12.0%
Share-based compensation
697
638
597
+9.2%
Buybacks
5,500
4,500
1,500
+22.2%
Dividends paid
3,932
3,320
2,773
+18.4%
Dividend per share
$4.14
$3.45
$2.88
+20.0%
Diluted shares, weighted
966m
983m
985m
-1.7%
Shares outstanding at period end
948m
960m
969m
-1.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
60,436
54,319
49,833
+11.3%
Redeemable equity
1,726
1,908
2,189
-9.5%
Debt
40,678
36,554
31,692
+11.3%
Other liabilities
71,049
59,440
55,344
+19.5%
Total liabilities and equity
173,889
152,221
139,058
+14.2%
Fixed assets
8,704
8,458
7,013
+2.9%
Goodwill
65,659
58,910
54,556
+11.5%
Intangible assets
10,349
9,325
8,489
+11.0%
Investments
40,469
35,968
31,850
+12.5%
Cash and equivalents
10,985
10,866
11,981
+1.1%
Receivables
11,822
11,388
9,568
+3.8%
Other assets
25,901
17,306
15,601
+49.7%
Total assets
173,889
152,221
139,058
+14.2%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.