UnitedHealth Group (UNH) FY2020 results: revenue $257.1 billion, up 6.2% on the year
UnitedHealth Group Inc. (UNH) reported revenue of $257.1 billion for fiscal 2020, the year ended 31 December 2020, up 6.2% on the year before. Net income was $15.4 billion, up 11.3%, and diluted earnings per share $16.03. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$257.1 billion
+6.2% on the year
FY2013FY2020
Operating margin
8.7%
8.1% a year earlier
FY2013FY2020
Net income
$15.4 billion
+11.3% on the year
FY2013FY2020
Diluted EPS
$16.03
+11.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
257,141
242,155
226,247
+6.2%
Cost of revenue
30,745
28,117
26,998
+9.3%
Gross profit
226,396
214,038
199,249
+5.8%
Gross margin
88.0%
88.4%
88.1%
Selling, general and administrative
41,704
35,193
34,074
+18.5%
Operating income
22,405
19,685
17,344
+13.8%
Operating margin
8.7%
8.1%
7.7%
Interest expense
1,663
1,704
1,400
-2.4%
Pre-tax income
20,742
17,981
15,944
+15.4%
Income tax
4,973
3,742
3,562
+32.9%
Effective tax rate
24.0%
20.8%
22.3%
Net income
15,403
13,839
11,986
+11.3%
Net margin
6.0%
5.7%
5.3%
Diluted EPS
$16.03
$14.33
$12.19
+11.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
22,174
18,463
15,713
+20.1%
Capital expenditure
2,051
2,071
2,063
-1.0%
Free cash flow
20,123
16,392
13,650
+22.8%
Free cash flow margin
7.8%
6.8%
6.0%
Cash from investing
-12,532
-12,699
-12,385
Cash from financing
-3,590
-5,625
-4,365
Depreciation and amortisation
2,891
2,720
2,428
+6.3%
Share-based compensation
679
697
638
-2.6%
Buybacks
4,250
5,500
4,500
-22.7%
Dividends paid
4,584
3,932
3,320
+16.6%
Dividend per share
$4.83
$4.14
$3.45
+16.7%
Diluted shares, weighted
961m
966m
983m
-0.5%
Shares outstanding at period end
946m
948m
960m
-0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
68,328
60,436
54,319
+13.1%
Redeemable equity
2,211
1,726
1,908
+28.1%
Debt
43,467
40,678
36,554
+6.9%
Other liabilities
83,283
71,049
59,440
+17.2%
Total liabilities and equity
197,289
173,889
152,221
+13.5%
Fixed assets
8,626
8,704
8,458
-0.9%
Goodwill
71,337
65,659
58,910
+8.6%
Intangible assets
10,856
10,349
9,325
+4.9%
Investments
44,102
40,469
35,968
+9.0%
Cash and equivalents
16,921
10,985
10,866
+54.0%
Receivables
12,870
11,822
11,388
+8.9%
Other assets
32,577
25,901
17,306
+25.8%
Total assets
197,289
173,889
152,221
+13.5%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.