United Airlines Holdings, Inc. (BIT:1UAL)

United Airlines Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	3,353	3,149	2,618	737	-1,964
Depreciation & Amortization	2,939	2,928	2,671	2,456	2,485
Other Adjustments	1,011	1,458	952	400	-346
Change in Receivables	-297	280	-100	-158	-448
Changes in Accounts Payable	674	178	572	796	985
Changes in Unearned Revenue	906	1,155	-383	1,593	1,828
Changes in Other Operating Activities	-155	297	581	242	-473
Operating Cash Flow	8,431	9,445	6,911	6,066	2,067
Operating Cash Flow Growth	-10.74%	36.67%	13.93%	193.47%	-
Capital Expenditures	-5,874	-5,615	-7,171	-4,819	-2,107
Sale of Property, Plant & Equipment	98	109	39	207	107
Purchases of Investments	-7,763	-5,809	-9,470	-11,232	-68
Proceeds from Sale of Investments	7,284	8,661	10,519	2,084	397
Other Investing Activities	-96	3	-23	-69	-1
Investing Cash Flow	-6,350	-2,651	-6,106	-13,829	-1,672
Long-Term Debt Issued	578	6,139	2,388	736	11,096
Long-Term Debt Repaid	-4,771	-10,138	-4,248	-4,011	-5,205
Net Long-Term Debt Issued (Repaid)	-4,193	-3,999	-1,860	-3,275	5,891
Issuance of Common Stock	-	-	-	-	532
Repurchase of Common Stock	-637	-162	-	-	-
Net Common Stock Issued (Repurchased)	-637	-162	-	-	532
Other Financing Activities	-115	-21	-32	-74	-27
Financing Cash Flow	-4,945	-4,182	-1,892	-3,349	6,396
Net Cash Flow	-2,865	2,612	-1,087	-11,112	6,791
Free Cash Flow	2,557	3,830	-260	1,247	-40
Free Cash Flow Growth	-33.24%	-	-	-	-
FCF Margin	4.33%	6.71%	-0.48%	2.77%	-0.16%
Free Cash Flow Per Share	7.78	11.49	-0.78	3.78	-0.12
Levered Free Cash Flow	-2,350	-1,907	-2,972	-2,270	6,645
Unlevered Free Cash Flow	2,160	2,793	-475.08	2,008	1,933

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.