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
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
Net Income	3,353	3,149	2,618	737	-1,964
Depreciation & Amortization	2,660	2,598	2,401	2,290	2,303
Other Amortization	237	321	307	322	353
Asset Writedown & Restructuring Costs	-	-	-	-	97
Loss (Gain) From Sale of Investments	-4	199	-27	-20	34
Other Operating Activities	995	1,277	948	482	-426
Change in Accounts Receivable	-297	280	-100	-158	-448
Change in Accounts Payable	674	178	572	796	985
Change in Unearned Revenue	906	1,155	-383	1,593	1,828
Change in Other Net Operating Assets	-93	288	575	24	-695
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
Investment in Securities	-479	2,852	1,049	-9,148	329
Other Investing Activities	-95	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 Debt Issued (Repaid)	-4,193	-3,999	-1,860	-3,275	5,891
Issuance of Common Stock	-	-	-	-	532
Repurchase of Common Stock	-637	-162	-	-	-
Other Financing Activities	-115	-21	-32	-74	-27
Financing Cash Flow	-4,945	-4,182	-1,892	-3,349	6,396
Miscellaneous Cash Flow Adjustments	-1	-	-	-	-
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%	-	-	-	-
Free Cash Flow 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
Cash Interest Paid	1,330	1,494	1,848	1,573	1,424
Cash Income Tax Paid	62	88	7	8	-
Levered Free Cash Flow	1,099	1,598	-1,653	781.75	618.13
Unlevered Free Cash Flow	1,751	2,308	-683.13	1,671	1,433
Change in Working Capital	1,190	1,901	664	2,255	1,670

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