Unitedhealth Group debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$73,328M

Cash & equivalents

USD millions

$28,585M

Net debt

USD millions

$44,743M

Debt / equity

0.7×

Debt / assets

23.68%

Net debt / EBITDA

× · TTM

—

Not applicable to banks and insurers: these ratios use an industrial-company capital model.

Debt / FCF

× · TTM

3.1×

Interest coverage

× · TTM

—

Not applicable to banks and insurers: these ratios use an industrial-company capital model.

Current ratio

0.78×

Diluted shares

Million shares

906M shares

Basic shares

Million shares

902M shares

Share count growth

-0.55%

Share repurchases

USD millions

$1,646M

Quarterly data

Unitedhealth Group capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	73,328	28,585	44,743	0.7×	23.68%	—	3.1×	—	0.78×	906	902	-0.55%	1,646
FY 2026 Q1	Mar 31, 2026	77,917	28,001	49,916	0.75×	24.92%	—	3.96×	—	0.8×	910	908	-0.44%	0
FY 2025 Q4	Dec 31, 2025	78,389	24,365	54,024	0.78×	25.32%	—	4.88×	—	0.79×	908.03	908	-1.09%	0
FY 2025 Q3	Sep 30, 2025	80,136	27,210	52,926	0.79×	25.42%	—	4.61×	—	0.82×	908	906	-1.84%	0
FY 2025 Q2	Jun 30, 2025	79,193	28,596	50,597	0.79×	25.66%	—	3.13×	—	0.85×	910	907	-1.52%	2,545
FY 2025 Q1	Mar 31, 2025	81,271	30,717	50,554	0.81×	26.23%	—	3.27×	—	0.85×	918	912	-1.08%	3,000
FY 2024 Q4	Dec 31, 2024	76,904	25,312	51,592	0.78×	25.78%	—	3.71×	—	0.83×	926.02	918.02	-0.44%	4,972
FY 2024 Q3	Sep 30, 2024	78,010	32,400	45,610	0.78×	26.06%	—	5.96×	—	0.91×	930	923	-0.32%	956
FY 2024 Q2	Jun 30, 2024	75,098	26,286	48,812	0.79×	26.25%	—	12.1×	—	0.88×	928	921	-0.97%	0
FY 2024 Q1	Mar 31, 2024	73,637	28,414	45,223	0.8×	25.91%	—	7×	—	0.85×	922	922	-1.18%	3,072
FY 2023 Q4	Dec 31, 2023	62,537	25,427	37,110	0.66×	22.85%	—	2.44×	—	0.79×	932.07	922.07	-1.28%	1,500
FY 2023 Q3	Sep 30, 2023	63,369	38,915	24,454	0.71×	22.47%	—	2.4×	—	0.8×	936	926	-0.96%	1,500
FY 2023 Q2	Jun 30, 2023	65,589	41,813	23,776	0.75×	23.41%	—	1.72×	—	0.8×	940	930	-0.75%	3,000
FY 2023 Q1	Mar 31, 2023	70,588	41,913	28,675	0.82×	24.88%	—	2.06×	—	0.81×	943	933	-0.85%	2,000
FY 2022 Q4	Dec 31, 2022	57,623	23,365	34,258	0.71×	23.45%	—	2.46×	—	0.77×	947.03	934.03	-0.64%	1,000
FY 2022 Q3	Sep 30, 2022	48,667	38,845	9,822	0.62×	20.02%	—	1.55×	—	0.82×	948	935	-0.85%	1,000
FY 2022 Q2	Jun 30, 2022	51,391	24,612	26,779	0.67×	22.33%	—	2.51×	—	0.77×	950	937	-0.74%	2,500
FY 2022 Q1	Mar 31, 2022	47,493	25,482	22,011	0.62×	21.47%	—	2.47×	—	0.78×	954	941	-0.42%	2,500
FY 2021 Q4	Dec 31, 2021	46,003	21,375	24,628	0.61×	21.68%	—	2.31×	—	0.79×	956	940.03	-0.94%	1,050
FY 2021 Q3	Sep 30, 2021	46,965	21,085	25,880	0.64×	22.04%	—	2.05×	—	0.77×	955	943	-0.74%	1,050
FY 2021 Q2	Jun 30, 2021	48,216	19,832	28,384	0.67×	22.93%	—	2.6×	—	0.77×	956	944	-0.53%	1,250
FY 2021 Q1	Mar 31, 2021	46,258	19,955	26,303	0.67×	22.55%	—	2×	—	0.74×	957	945	-0.42%	1,650
FY 2020 Q4	Dec 31, 2020	43,467	16,921	26,546	0.64×	22.03%	—	2.16×	—	0.74×	961	949	0.1%	1,709
FY 2020 Q3	Sep 30, 2020	43,794	17,550	26,244	0.64×	22.93%	—	2.17×	—	0.82×	962	950	0.11%	850
FY 2020 Q2	Jun 30, 2020	46,057	22,327	23,730	0.69×	23.93%	—	2.27×	—	0.84×	960	949	-0.11%	0
FY 2020 Q1	Mar 31, 2020	51,607	21,569	30,038	0.86×	27.3%	—	3.19×	—	0.75×	962	949	-0.94%	1,691
FY 2019 Q4	Dec 31, 2019	40,678	10,985	29,693	0.67×	23.39%	—	2.48×	—	0.69×	963.03	948.03	-1.55%	399
FY 2019 Q3	Sep 30, 2019	44,894	12,363	32,531	0.78×	25.84%	—	3.54×	—	0.7×	963	949	-1.35%	600
FY 2019 Q2	Jun 30, 2019	42,273	13,745	28,528	0.76×	25.28%	—	4.08×	—	0.67×	964	950	-1.14%	1,499
FY 2019 Q1	Mar 31, 2019	38,338	12,407	25,931	0.7×	23.78%	—	4.55×	—	0.73×	975	958	-0.83%	3,002
FY 2018 Q4	Dec 31, 2018	36,554	10,866	25,688	0.67×	24.01%	—	2.68×	—	0.73×	980.03	963	-0.71%	850
FY 2018 Q3	Sep 30, 2018	33,553	10,263	23,290	0.64×	22.21%	—	3.9×	—	0.69×	983	962	-0.62%	500
FY 2018 Q2	Jun 30, 2018	35,055	18,368	16,687	0.69×	22.67%	—	2.29×	—	0.75×	982	961	-0.31%	500
FY 2018 Q1	Mar 31, 2018	35,585	18,243	17,342	0.71×	22.87%	—	2.63×	—	0.71×	987	966	1.26%	2,650
FY 2017 Q4	Dec 31, 2017	31,692	11,981	19,711	0.64×	22.79%	—	2.74×	—	0.73×	990.93	969.93	1.88%	327
FY 2017 Q3	Sep 30, 2017	29,262	16,269	12,993	0.62×	20.84%	—	2.27×	—	0.7×	989	968	1.68%	128
FY 2017 Q2	Jun 30, 2017	31,936	14,582	17,354	0.7×	23.13%	—	2.53×	—	0.72×	985	964	1.37%	363
FY 2017 Q1	Mar 31, 2017	33,901	16,142	17,759	0.77×	24.72%	—	2.79×	—	0.71×	975	954	0.1%	682
FY 2016 Q4	Dec 31, 2016	32,970	10,430	22,540	0.86×	26.85%	—	4.08×	—	0.69×	968	952	-0.1%	163
FY 2016 Q3	Sep 30, 2016	33,224	12,796	20,428	0.88×	26.87%	—	2.55×	—	0.7×	969	952	-0.1%	137
FY 2016 Q2	Jun 30, 2016	33,198	8,217	24,981	0.91×	27.76%	—	3.84×	—	0.7×	967	951	-0.11%	480
FY 2016 Q1	Mar 31, 2016	33,722	10,596	23,126	0.96×	28.61%	—	4.12×	—	0.73×	967	953	-0.1%	500
FY 2015 Q4	Dec 31, 2015	32,094	10,923	21,171	0.95×	28.81%	—	3.92×	—	0.74×	967	953	-0.43%	70
FY 2015 Q3	Sep 30, 2015	31,782	7,983	23,799	0.96×	29.35%	—	4.43×	—	0.75×	967	953	-1.65%	177
FY 2015 Q2	Jun 30, 2015	18,071	7,887	10,184	0.55×	19.77%	—	2.4×	—	0.77×	966	952	-2.76%	57
FY 2015 Q1	Mar 31, 2015	18,374	8,650	9,724	0.58×	20.48%	—	2.49×	—	0.77×	969	954	-2.95%	896
FY 2014 Q4	Dec 31, 2014	17,406	7,495	9,911	0.54×	20.15%	—	2.67×	—	0.77×	974.13	957.16	-4.01%	984
FY 2014 Q3	Sep 30, 2014	17,517	7,233	10,284	0.54×	20.51%	—	3.34×	—	0.74×	982	969	-3.49%	1,087
FY 2014 Q2	Jun 30, 2014	16,747	6,412	10,335	0.51×	19.59%	—	3.05×	—	0.74×	991	979	-2.97%	1,026
FY 2014 Q1	Mar 31, 2014	16,765	7,514	9,251	0.52×	19.81%	—	2.79×	—	0.73×	996	983	-3.25%	911
FY 2013 Q4	Dec 31, 2013	16,860	7,276	9,584	0.52×	20.59%	—	2.97×	—	0.73×	1,014.1	997.1	-2.06%	822
FY 2013 Q3	Sep 30, 2013	16,783	8,286	8,497	0.52×	20.5%	—	2.65×	—	0.76×	1,024	1,004	-1.76%	1,014
FY 2013 Q2	Jun 30, 2013	16,629	7,654	8,975	0.53×	20.73%	—	6.2×	—	0.78×	1,026	1,009	-1.85%	791
FY 2013 Q1	Mar 31, 2013	18,049	10,038	8,011	0.57×	21.71%	—	5.16×	—	0.84×	1,029	1,016	-2.21%	543
FY 2012 Q4	Dec 31, 2012	16,754	8,406	8,348	0.54×	20.71%	—	2.75×	—	0.78×	1,037.07	1,018.07	-3.79%	490
FY 2012 Q3	Sep 30, 2012	12,998	8,916	4,082	0.43×	18.13%	—	3.24×	—	0.82×	1,039	1,022	-4.04%	785
FY 2012 Q2	Jun 30, 2012	12,617	11,578	1,039	0.43×	17.17%	—	1.36×	—	0.82×	1,049	1,028	-4.37%	818
FY 2012 Q1	Mar 31, 2012	12,854	11,661	1,193	0.45×	17.68%	—	1.57×	—	0.83×	1,060	1,039	-4.33%	991
FY 2011 Q4	Dec 31, 2011	11,638	9,429	2,209	0.41×	17.14%	—	1.97×	—	0.85×	1,075.13	1,058.13	-3.22%	900
FY 2011 Q3	Sep 30, 2011	11,919	13,679	-1,760	0.43×	16.81%	—	1.55×	—	0.86×	1,083	1,065	-4.48%	839
FY 2011 Q2	Jun 30, 2011	11,131	9,775	1,356	0.41×	16.84%	—	1.95×	—	0.84×	1,094	1,075	-4.61%	635
FY 2011 Q1	Mar 31, 2011	11,645	9,790	1,855	0.44×	17.82%	—	2.18×	—	0.81×	1,099	1,086	-5.15%	620
FY 2010 Q4	Dec 31, 2010	11,142	9,123	2,019	0.43×	17.67%	—	2.07×	—	0.78×	1,107.26	1,093.29	-5.19%	625
FY 2010 Q3	Sep 30, 2010	11,005	9,577	1,428	0.43×	17.46%	—	2.07×	—	0.75×	1,124	1,115	-3.3%	651
FY 2010 Q2	Jun 30, 2010	10,712	9,983	729	0.43×	17.73%	—	2.07×	—	0.82×	1,135	1,127	-3.68%	615
FY 2010 Q1	Mar 31, 2010	10,523	9,920	603	0.43×	17.67%	—	2.1×	—	0.8×	1,156	1,145	—	626
FY 2009 Q4	Dec 31, 2009	11,173	9,800	1,373	0.47×	18.92%	—	2.29×	—	0.82×	1,164.16	1,153.16	—	233
FY 2009 Q3	Sep 30, 2009	11,190	9,535	1,655	0.49×	19.48%	—	—	—	0.88×	1,164	1,153	—	64
FY 2009 Q2	Jun 30, 2009	11,719	7,247	4,472	0.54×	20.97%	—	—	—	0.8×	1,180	1,170	—	815

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · UNH, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.