UnitedHealth Group Inc. Q1 FY2024 results: revenue $99.8 billion, up 8.6% on the year

UnitedHealth Group Inc. (UNH) reported revenue of $99.8 billion for Q1 FY2024, the quarter ended 31 March 2024, up 8.6% on the same quarter a year earlier. Net income was -$1.4 billion, and diluted earnings per share $-1.53. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$99.8 billionup 8.6%

Net income-$1.4 billion

Diluted EPS$-1.53

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	99,796	94,427	n/a	n/a
Cost of revenue	11,056	10,194	n/a	n/a
Gross profit	88,740	84,233	n/a	n/a
Gross margin	88.9%	89.2%	n/a
Selling, general and administrative	14,077	13,339	n/a	n/a
Operating income	7,931	7,689	n/a	n/a
Operating margin	7.9%	8.1%	n/a
Interest expense	844	830	n/a	n/a
Pre-tax income	1.0	6,859	n/a	n/a
Income tax	1,222	1,184	n/a	n/a
Effective tax rate	122200.0%	17.3%	n/a
Net income	-1,409	5,455	n/a	n/a
Net margin	-1.4%	5.8%	n/a
Diluted EPS	-$1.53	$5.85	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	1,144	-5,193	n/a	n/a
Capital expenditure	743	959	n/a	n/a
Free cash flow	401	-6,152	n/a	n/a
Free cash flow margin	0.4%	-6.5%	n/a
Depreciation and amortisation	997	974	n/a	n/a
Share-based compensation	372	208	n/a	n/a
Buybacks	3,072	1,500	n/a	n/a
Dividends paid	1,729	1,738	n/a	n/a
Dividend per share	$1.88	n/a	n/a	n/a
Diluted shares, weighted	922m	938m	n/a	n/a
Shares outstanding at period end	920m	924m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	284,210	273,720	n/a	n/a
Cash and equivalents	28,414	25,427	n/a	n/a
Receivables	27,197	21,276	n/a	n/a
Inventory	n/a	2,800	n/a	n/a
Goodwill	105,664	103,732	n/a	n/a
Total debt, as filed	n/a	61,473	n/a	n/a
Long-term debt	63,850	58,263	n/a	n/a
Shareholders' equity	92,370	94,421	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	92,361	94,427	99,796	98,855	100,820	100,807	109,575	111,616	113,161	113,215	111,721	112,032
Cost of revenue	9,423	10,194	11,056	11,340	11,834	12,464	12,390	13,019	12,566	12,680	12,823	13,375
Gross profit	82,938	84,233	88,740	87,515	88,986	88,343	97,185	98,597	100,595	100,535	98,898	98,657
Gross margin	90%	89%	89%	89%	88%	88%	89%	88%	89%	89%	89%	88%
SG&A	13,855	13,339	14,077	13,162	13,280	12,494	13,594	13,778	15,223	16,997	15,390	14,268
Operating income	8,526	7,689	7,931	7,875	8,708	7,773	9,119	5,150	4,315	380	8,990	7,991
Operating margin	9%	8%	8%	8%	9%	8%	8%	5%	4%	0%	8%	7%
Interest expense	834	830	844	985	1,074	1,003	998	1,027	1,003	974	955	962
Pre-tax income	7,692	6,859	1.0	5,665	7,614	6,791	8,106	4,082	3,229	-720	7,963	6,968
Tax rate	22%	17%	122200%	22%	18%	15%	20%	12%	21%	n/a	19%	19%
Net income	5,841	5,455	-1,409	4,216	6,055	5,543	6,292	3,406	2,348	10.0	6,280	5,484
Net margin	6%	6%	-1%	4%	6%	5%	6%	3%	2%	0%	6%	5%
Diluted EPS	$6.24	$5.85	-$1.53	$4.54	$6.51	$5.99	$6.85	$3.74	$2.59	n/a	$6.90	$6.04
Operating cash flow	6,902	-5,193	1,144	6,746	13,945	2,369	5,456	7,188	5,945	1,108	8,912	11,052
Capital expenditure	838	959	743	853	991	912	898	886	890	948	763	799
Free cash flow	6,064	-6,152	401	5,893	12,954	1,457	4,558	6,302	5,055	160	8,149	10,253
Buybacks	1,500	1,500	3,072	0.0	956	4,972	3,000	2,545	0.0	0.0	0.0	1,646
Dividends paid	1,739	1,738	1,729	1,935	1,937	1,932	1,912	2,000	2,002	2,002	2,005	2,087
Shares outstanding	925m	924m	920m	921m	923m	915m	910m	905m	906m	906m	908m	905m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 9 May 2024, accession 0000731766-24-000155: the filing on EDGAR. All of UnitedHealth Group Inc.'s filings: EDGAR company page.

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