United Airlines Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2016 - 2020
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2016 - 2020
Net Income	3,353	3,149	2,618	737	-1,964	Upgrade
Depreciation & Amortization	2,939	2,773	2,503	2,290	2,303	Upgrade
Other Amortization	-	321	307	322	353	Upgrade
Asset Writedown & Restructuring Costs	-	-	-	-	97	Upgrade
Loss (Gain) From Sale of Investments	-	199	-27	-20	34	Upgrade
Other Operating Activities	2,139	1,102	846	482	-426	Upgrade
Change in Accounts Receivable	-	280	-100	-158	-448	Upgrade
Change in Accounts Payable	-	178	572	796	985	Upgrade
Change in Unearned Revenue	-	1,155	-383	1,593	1,828	Upgrade
Change in Other Net Operating Assets	-	288	575	24	-695	Upgrade
Operating Cash Flow	8,431	9,445	6,911	6,066	2,067	Upgrade
Operating Cash Flow Growth	-10.74%	36.67%	13.93%	193.47%	-	Upgrade
Capital Expenditures	-5,874	-5,615	-7,171	-4,819	-2,107	Upgrade
Sale of Property, Plant & Equipment	98	109	39	207	107	Upgrade
Investment in Securities	-479	2,852	1,049	-9,148	329	Upgrade
Other Investing Activities	-95	3	-23	-69	-1	Upgrade
Investing Cash Flow	-6,350	-2,651	-6,106	-13,829	-1,672	Upgrade
Long-Term Debt Issued	578	6,139	2,388	736	11,096	Upgrade
Long-Term Debt Repaid	-4,771	-10,138	-4,248	-4,011	-5,205	Upgrade
Net Debt Issued (Repaid)	-4,193	-3,999	-1,860	-3,275	5,891	Upgrade
Issuance of Common Stock	-	-	-	-	532	Upgrade
Repurchase of Common Stock	-637	-162	-	-	-	Upgrade
Other Financing Activities	-115	-21	-32	-74	-27	Upgrade
Financing Cash Flow	-4,945	-4,182	-1,892	-3,349	6,396	Upgrade
Miscellaneous Cash Flow Adjustments	-1	-	-	-	-	Upgrade
Net Cash Flow	-2,865	2,612	-1,087	-11,112	6,791	Upgrade
Free Cash Flow	2,557	3,830	-260	1,247	-40	Upgrade
Free Cash Flow Growth	-33.24%	-	-	-	-	Upgrade
Free Cash Flow Margin	4.33%	6.71%	-0.48%	2.77%	-0.16%	Upgrade
Free Cash Flow Per Share	7.78	11.49	-0.78	3.78	-0.12	Upgrade
Cash Interest Paid	-	1,494	1,848	1,573	1,424	Upgrade
Cash Income Tax Paid	-	88	7	8	-	Upgrade
Levered Free Cash Flow	916.13	1,773	-1,551	781.75	618.13	Upgrade
Unlevered Free Cash Flow	1,646	2,483	-581.13	1,671	1,433	Upgrade
Change in Working Capital	-	1,901	664	2,255	1,670	Upgrade

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.