UnitedHealth Group (UNH) Stock Buyback History
TTM buyback yield 4.89% · Shareholder yield (TTM) 4.89%.
TTM buyback yield
4.89%
Shareholder yield (TTM)
4.89%
5Y share count change
-5.3%
TTM buyback spend
$12.03B
SBC coverage (TTM)
12.74x
YoY change in spend
-38.4%
5Y CAGR of spend
+5.5%
Peak year (2024)
$9.00B
Cumulative spend
$95.17B
TTM metrics calculated from the four most recent reported quarters, ending (reported ).
Key takeaways
- UnitedHealth Group (UNH) repurchased about $12.03B of stock over the trailing twelve months.
- Diluted share count is down 5.3% over the last ~5 fiscal years — buybacks are net-shrinking the share base.
- TTM buyback ÷ stock-based-comp ratio of 12.74× — repurchases more than cover SBC dilution.
- Cash buyback spend has compounded at +5.5% per year over the latest 5-year window.
- TTM repurchases used about 103% of free cash flow remaining after dividends.
Buyback context per fiscal year
Annual repurchases alongside stock-based compensation, diluted share count and the year-over-year change — useful for SBC-coverage and dilution-offset reading at a glance.
| Year | Buybacks | SBC | Net | Shares (dil.) | YoY shares | Buyback yield |
|---|---|---|---|---|---|---|
| 2025 | $5.54B | $971.00M | $4.57B | 0.91B | -2.0% | 1.85% |
| 2024 | $9.00B | $1.02B | $7.98B | 0.93B | -1.0% | 1.92% |
| 2023 | $8.00B | $1.06B | $6.94B | 0.94B | -1.3% | 1.64% |
| 2022 | $7.00B | $925.00M | $6.08B | 0.95B | -0.6% | 1.41% |
| 2021 | $5.00B | $800.00M | $4.20B | 0.96B | -0.5% | 1.06% |
| 2020 | $4.25B | $679.00M | $3.57B | 0.96B | -0.5% | 1.28% |
| 2019 | $5.50B | $697.00M | $4.80B | 0.97B | -1.7% | 1.97% |
| 2018 | $4.50B | $638.00M | $3.86B | 0.98B | -0.2% | 1.88% |
| 2017 | $1.50B | $597.00M | $903.00M | 0.98B | 1.8% | 0.70% |
| 2016 | $1.28B | $485.00M | $795.00M | 0.97B | 0.1% | 0.84% |
| 2015 | $1.20B | $406.00M | $794.00M | 0.97B | -1.9% | 1.07% |
| 2014 | $4.01B | $364.00M | $3.64B | 0.99B | -3.6% | 4.16% |
| 2013 | $3.17B | $331.00M | $2.84B | 1.02B | -2.2% | 4.26% |
| 2012 | $3.08B | $421.00M | $2.66B | 1.05B | -3.8% | 5.58% |
| 2011 | $2.99B | $401.00M | $2.59B | 1.09B | -3.9% | 5.58% |
| 2010 | $2.52B | $326.00M | $2.19B | 1.13B | -4.1% | 6.38% |
| 2009 | $1.80B | $334.00M | $1.47B | 1.18B | -5.0% | 5.12% |
| 2008 | $2.68B | $305.00M | $2.38B | 1.24B | -8.8% | 8.44% |
| 2007 | $6.60B | $505.00M | $6.09B | 1.36B | -2.9% | 8.91% |
| 2006 | $2.35B | $404.00M | $1.94B | 1.40B | 5.2% | 3.25% |
| 2005 | $2.56B | $0.00 | $2.56B | 1.33B | 1.3% | 3.24% |
| 2004 | $3.45B | $0.00 | $3.45B | 1.32B | 6.6% | 6.01% |
| 2003 | $1.61B | $0.00 | $1.61B | 1.24B | -2.7% | 4.70% |
| 2002 | $1.81B | $0.00 | $1.81B | 1.27B | -2.7% | 7.20% |
| 2001 | $1.13B | $0.00 | $1.13B | 1.30B | -3.1% | 5.15% |
| 2000 | $1.18B | $0.00 | $1.18B | 1.35B | -5.2% | — |
| 1999 | $983.00M | $0.00 | $983.00M | 1.42B | -6.9% | — |
| 1998 | $436.00M | $0.00 | $436.00M | 1.52B | -0.2% | — |
| 1997 | $16.00M | $0.00 | $16.00M | 1.53B | 2.8% | — |
| 1996 | $0.00 | $0.00 | $0.00 | 1.49B | — | — |
| 1995 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1994 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1993 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1992 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1991 | $0.00 | $0.00 | $0.00 | — | — | — |
| 1990 | $22.50M | $0.00 | $22.50M | — | — | — |
| 1989 | $0.00 | $0.00 | $0.00 | — | — | — |
Cash buyback spend (USD) — annual & quarterly history
Trailing-twelve-month and per-period cash repurchases for UnitedHealth Group (UNH) from the consolidated cash flow statement (line: common stock repurchased), in USD as filed.
Cash buyback spend over time for UnitedHealth Group (UNH)
Per-period cash repurchases
Cash buyback spend annual + quarterly history for UnitedHealth Group (UNH)
| Fiscal year | Period ended | Reported | Buyback Spend | YoY | YoY change |
|---|---|---|---|---|---|
| 2025 | $5.54B | -38.4% | -$3.46B | ||
| 2024 | $9.00B | +12.5% | +$1.00B | ||
| 2023 | $8.00B | +14.3% | +$1.00B | ||
| 2022 | $7.00B | +40.0% | +$2.00B | ||
| 2021 | $5.00B | +17.6% | +$750.00M | ||
| 2020 | $4.25B | -22.7% | -$1.25B | ||
| 2019 | $5.50B | +22.2% | +$1.00B | ||
| 2018 | $4.50B | +200.0% | +$3.00B | ||
| 2017 | $1.50B | +17.2% | +$220.00M | ||
| 2016 | $1.28B | +6.7% | +$80.00M | ||
| 2015 | $1.20B | -70.1% | -$2.81B | ||
| 2014 | $4.01B | +26.4% | +$838.00M | ||
| 2013 | $3.17B | +2.8% | +$86.00M | ||
| 2012 | $3.08B | +3.0% | +$90.00M | ||
| 2011 | $2.99B | +19.0% | +$477.00M | ||
| 2010 | $2.52B | +39.8% | +$716.00M | ||
| 2009 | $1.80B | -32.9% | -$883.00M | ||
| 2008 | $2.68B | -59.3% | -$3.92B | ||
| 2007 | $6.60B | +181.4% | +$4.25B | ||
| 2006 | $2.35B | -8.3% | -$212.00M | ||
| 2005 | $2.56B | -25.8% | -$889.00M | ||
| 2004 | $3.45B | +114.4% | +$1.84B | ||
| 2003 | $1.61B | -11.5% | -$208.00M | ||
| 2002 | $1.81B | +60.8% | +$686.00M | ||
| 2001 | $1.13B | -4.3% | -$51.00M | ||
| 2000 | $1.18B | +20.0% | +$197.00M | ||
| 1999 | $983.00M | +125.5% | +$547.00M | ||
| 1998 | $436.00M | +2625.0% | +$420.00M | ||
| 1997 | $16.00M | — | +$16.00M | ||
| 1996 | $0 | — | $0 | ||
| 1995 | $0 | — | $0 | ||
| 1994 | $0 | — | $0 | ||
| 1993 | $0 | — | $0 | ||
| 1992 | $0 | — | $0 | ||
| 1991 | $0 | -100.0% | -$22.50M | ||
| 1990 | $22.50M | — | +$22.50M | ||
| 1989 | $0 | — | — |
In 2025, UnitedHealth Group (UNH) buyback spend totalled $5.54B – plunged 38.4% year-over-year.
Across 2020–2025 (5 years), UnitedHealth Group buyback spend produced a CAGR of +5.5% – with the latest reading among the more recent periods of the dataset.
UnitedHealth Group buyback spend plunged from $9.00B in 2024 to $5.54B in 2025, a 38.4% drawdown.
$9.00B stands as the all-time-high annual buyback spend, posted in 2024, against a low of $0 during 1989.
Within Healthcare, UnitedHealth Group (UNH) ranks 2nd among 8 peers we track. The peer median for buyback spend is $2.19B.
UnitedHealth Group Buyback Spend 2025: $5.54B
UnitedHealth Group buyback spend in 2025 was $5.54B, plunged 38.4% below 2024.
UnitedHealth Group Buyback Spend 2024: $9.00B
UnitedHealth Group buyback spend in 2024 was $9.00B, grew 12.5% from 2023. This figure represents the highest annual value in the available history.
UnitedHealth Group Buyback Spend 2023: $8.00B
UnitedHealth Group buyback spend in 2023 was $8.00B, grew 14.3% from 2022.
UnitedHealth Group Buyback Spend 2022: $7.00B
UnitedHealth Group buyback spend in 2022 was $7.00B, surged 40.0% from 2021.
UnitedHealth Group Buyback Spend 2021: $5.00B
UnitedHealth Group buyback spend in 2021 was $5.00B.
See more financial history for UnitedHealth Group (UNH).
Sector peers by buyback spend
Companies in the same sector as UnitedHealth Group, ranked by their latest buyback spend.
| Company | Buyback Spend | Sector |
|---|---|---|
| Johnson & Johnson (JNJ) | $5.95B | Healthcare |
| Merck & Co. (MRK) | $5.08B | Healthcare |
| Eli Lilly (LLY) | $4.11B | Healthcare |
| Thermo Fisher Scientific (TMO) | $3.00B | Healthcare |
| Novo Nordisk (NVO) | $1.39B | Healthcare |
| AbbVie (ABBV) | $980.00M | Healthcare |
| AstraZeneca (AZN) | $719.66M | Healthcare |
| Amgen (AMGN) | $0 | Healthcare |
Share count history
Diluted weighted-average shares drive the EPS denominator and per-share capital-return maths. A falling diluted share count means buybacks are outpacing dilution from stock-based compensation and option exercises.
Diluted vs basic shares (annual)
Year-over-year change in diluted shares
Green is fewer shares vs the prior fiscal year (net repurchase); red is growth (dilution). The earliest year shown has no prior year to compare.
Dividend & buyback yield over time
Stacked annual yields — buyback yield (TTM cash repurchases ÷ market cap) plus dividend yield from the same fiscal-year-end key-metrics period — show how total cash return per dollar of equity has evolved.
Buybacks vs stock-based compensation
Annual cash repurchases set against stock-based compensation. Coverage above 1× means buybacks fully offset the equity dilution from SBC. TTM coverage: 12.74×.
Capital allocation mix
How UnitedHealth Group splits cash returned to shareholders between dividends and buybacks, plus the headroom on free cash flow that's still available for additional repurchases.
Buybacks vs dividends (share of cash returned)
Buyback capacity (TTM)
Free cash flow minus dividends paid versus actual TTM repurchases — the headroom bar shows how much of post-dividend FCF is still being deployed elsewhere.
Headroom $11.66B (TTM FCF − TTM dividends, clamped at zero).
Data & methodology
Where do buyback, dividend and compensation figures come from?
Cash buyback spend (common stock repurchased), dividends paid and stock-based compensation come from UnitedHealth Group's consolidated cash flow statements — quarterly 10-Q and annual 10-K SEC filings, in USD as reported.
How are diluted shares and yields calculated?
Diluted weighted-average share counts come from the income statement (EPS denominator). Trailing twelve-month (TTM) aggregates sum the four most recent reported quarters. Buyback and dividend yields divide TTM cash flows by market capitalisation at the latest quarter-end.
How is buyback capacity defined?
Capacity compares TTM repurchases to free cash flow after dividends: operating cash flow minus capital expenditure, minus dividends paid, versus actual buybacks over the same trailing window.
Is this investment advice?
No. Figures are for informational and educational use only. Past buybacks and dividends do not predict future returns.
Frequently asked questions
Does UnitedHealth Group buy back its own stock?
Yes, UnitedHealth Group (UNH) has repurchased shares in recent periods. See the history table and charts on this page for amounts and trends.
How much does UnitedHealth Group spend on share buybacks?
Trailing twelve months (TTM) buyback spend is about $12.03B (sum of the last four quarterly cash-flow periods in our data). Figures are illustrative; verify in filings.
What is UnitedHealth Group's buyback yield?
TTM buyback yield is about 4.89% (TTM buyback spend divided by market cap at the latest quarter-end in our data).
What is UnitedHealth Group's shareholder yield?
Shareholder yield combines dividend yield and buyback yield. For the latest period we show approximately 4.89% combined (TTM-based where available).
Is UnitedHealth Group diluting shareholders?
Compare stock-based compensation (SBC) to buybacks in the chart above. Net effect varies by year; see annual buyback vs SBC bars and the history table.
How has UnitedHealth Group's share count changed?
Diluted weighted average shares changed by about -5.3% over roughly five fiscal years (annual income statement data).
What is UnitedHealth Group's buyback spend?
Latest reported buyback spend for UnitedHealth Group (UNH) is $12.03B (period ending March 31, 2026).
How has UnitedHealth Group buyback spend changed year-over-year?
UnitedHealth Group (UNH) buyback spend changed -38.4% year-over-year on the latest annual filing.
What is the long-term growth rate of UnitedHealth Group buyback spend?
UnitedHealth Group (UNH) buyback spend compound annual growth rate is +5.5% over the most recent 5 years available.
When did UnitedHealth Group buyback spend hit its highest annual value?
UnitedHealth Group buyback spend reached its highest annual value of $9.00B in 2024.
What was UnitedHealth Group buyback spend in 2024?
UnitedHealth Group (UNH) buyback spend in 2024 was $9.00B.
What was UnitedHealth Group buyback spend in 2025?
UnitedHealth Group (UNH) buyback spend in 2025 was $5.54B.
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