United Airlines Holdings, Inc. (BVL:UAL)

United Airlines Holdings Cash Flow Statement

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

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

Source: S&P Global Market Intelligence. Standard template. Financial Sources.