United Airlines Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	3,294	3,149	2,618	737	-1,964	-7,069	Upgrade
Depreciation & Amortization	2,795	2,773	2,503	2,290	2,303	2,316	Upgrade
Other Amortization	321	321	307	322	353	266	Upgrade
Asset Writedown & Restructuring Costs	-	-	-	-	97	318	Upgrade
Loss (Gain) From Sale of Investments	199	199	-27	-20	34	194	Upgrade
Other Operating Activities	859	1,102	846	482	-426	-385	Upgrade
Change in Accounts Receivable	280	280	-100	-158	-448	135	Upgrade
Change in Accounts Payable	178	178	572	796	985	-1,079	Upgrade
Change in Unearned Revenue	1,155	1,155	-383	1,593	1,828	713	Upgrade
Change in Other Net Operating Assets	288	288	575	24	-695	458	Upgrade
Operating Cash Flow	9,369	9,445	6,911	6,066	2,067	-4,133	Upgrade
Operating Cash Flow Growth	48.45%	36.67%	13.93%	193.47%	-	-	Upgrade
Capital Expenditures	-5,659	-5,615	-7,171	-4,819	-2,107	-1,727	Upgrade
Sale of Property, Plant & Equipment	106	109	39	207	107	6	Upgrade
Investment in Securities	-1,097	2,852	1,049	-9,148	329	1,767	Upgrade
Other Investing Activities	150	3	-23	-69	-1	4	Upgrade
Investing Cash Flow	-6,500	-2,651	-6,106	-13,829	-1,672	50	Upgrade
Long-Term Debt Issued	-	6,139	2,388	736	11,096	15,676	Upgrade
Long-Term Debt Repaid	-	-10,138	-4,248	-4,011	-5,205	-4,449	Upgrade
Net Debt Issued (Repaid)	-4,220	-3,999	-1,860	-3,275	5,891	11,227	Upgrade
Issuance of Common Stock	-	-	-	-	532	2,103	Upgrade
Repurchase of Common Stock	-690	-162	-	-	-	-353	Upgrade
Other Financing Activities	-117	-21	-32	-74	-27	-20	Upgrade
Financing Cash Flow	-5,027	-4,182	-1,892	-3,349	6,396	12,957	Upgrade
Net Cash Flow	-2,157	2,612	-1,087	-11,112	6,791	8,874	Upgrade
Free Cash Flow	3,710	3,830	-260	1,247	-40	-5,860	Upgrade
Free Cash Flow Growth	1116.39%	-	-	-	-	-	Upgrade
Free Cash Flow Margin	6.36%	6.71%	-0.48%	2.77%	-0.16%	-38.16%	Upgrade
Free Cash Flow Per Share	11.24	11.49	-0.78	3.78	-0.12	-20.97	Upgrade
Cash Interest Paid	1,494	1,494	1,848	1,573	1,424	874	Upgrade
Cash Income Tax Paid	88	88	7	8	-	-29	Upgrade
Levered Free Cash Flow	2,283	1,773	-1,551	781.75	618.13	-7,886	Upgrade
Unlevered Free Cash Flow	2,874	2,483	-581.13	1,671	1,433	-7,360	Upgrade
Change in Working Capital	1,901	1,901	664	2,255	1,670	227	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.