United Airlines Holdings, Inc. (UAL)
NASDAQ: UAL · Real-Time Price · USD
116.43
+3.56 (3.15%)
At close: Feb 26, 2026, 4:00 PM EST
116.00
-0.43 (-0.37%)
After-hours: Feb 26, 2026, 4:27 PM EST
United Airlines Holdings Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 |
Net Income | 1,044 | 948 | 974 | 387 | 985 | 965 | 1,323 | -124 | 600 | 1,137 | 1,075 | -194 | 843 | 942 | 329 | -1,377 | -646 | 473 | -434 | -1,357 |
Depreciation & Amortization | 469 | 730 | 734 | 727 | 429 | 742 | 719 | 708 | 516 | 663 | 669 | 655 | 458 | 610 | 611 | 611 | 437 | 623 | 620 | 623 |
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 | -1,650 | -460 | 509 | 2,596 | -1,611 | -209 | 833 | 2,264 | -2,970 | -920 | 2,055 | 2,681 | -2,700 | -811 | 1,751 | 2,242 | -2,214 | -1,882 | 2,489 | 1,181 |
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 | 1,286 | 1,218 | 2,217 | 3,710 | 2,224 | 1,498 | 2,875 | 2,848 | -910 | 880 | 3,799 | 3,142 | 1,158 | 741 | 2,691 | 1,476 | -269 | -786 | 2,675 | 447 |
Operating Cash Flow Growth | -42.18% | -18.69% | -22.89% | 30.27% | - | 70.23% | -24.32% | -9.36% | - | 18.76% | 41.17% | 112.87% | - | - | 0.60% | 230.20% | - | - | - | 609.52% |
Capital Expenditures | -1,890 | -1,464 | -1,287 | -1,233 | -1,675 | -1,410 | -1,164 | -1,366 | -2,066 | -1,842 | -1,420 | -1,843 | -2,539 | -1,328 | -550 | -402 | -536 | -266 | -861 | -444 |
Sale of Property, Plant & Equipment | 35 | 15 | 19 | 29 | 43 | 24 | 22 | 20 | 19 | 11 | 8 | 1 | 23 | 46 | 72 | 66 | 82 | 12 | 2 | 11 |
Investment in Securities | 321 | -300 | -277 | -223 | -297 | -917 | 1,275 | 2,791 | 1,310 | -87 | -42 | -132 | -1,825 | -4,236 | -2,993 | -94 | 105 | 40 | 79 | 105 |
Other Investing Activities | -31 | 6 | -35 | -35 | 214 | -208 | 1 | -4 | -6 | -18 | -5 | 6 | -46 | -10 | -13 | - | 1 | - | -1 | -1 |
Investing Cash Flow | -1,565 | -1,743 | -1,580 | -1,462 | -1,715 | -2,511 | 134 | 1,441 | -743 | -1,936 | -1,459 | -1,968 | -4,387 | -5,528 | -3,484 | -430 | -348 | -214 | -781 | -329 |
Long-Term Debt Issued | - | - | - | - | - | - | - | 3,111 | - | - | - | 288 | - | - | - | - | - | - | - | 1,336 |
Total Debt Issued | 93 | 485 | - | - | 837 | 1,584 | 607 | 3,111 | 703 | 94 | 1,303 | 288 | 526 | -2 | 212 | - | -2 | -18 | 9,780 | 1,336 |
Long-Term Debt Repaid | - | - | - | -1,014 | - | - | - | -5,031 | - | - | - | -820 | - | - | - | -783 | - | - | - | -569 |
Total Debt Repaid | -575 | -2,585 | -597 | -1,014 | -1,346 | -2,575 | -1,186 | -5,031 | -825 | -809 | -1,794 | -820 | -1,406 | -810 | -1,012 | -783 | -573 | -560 | -3,503 | -569 |
Net Debt Issued (Repaid) | -482 | -2,100 | -597 | -1,014 | -509 | -991 | -579 | -1,920 | -122 | -715 | -491 | -532 | -880 | -812 | -800 | -783 | -575 | -578 | 6,277 | 767 |
Issuance of Common Stock | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 532 |
Repurchase of Common Stock | -27 | -21 | -240 | -349 | -80 | -82 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Other Financing Activities | - | -15 | -6 | -94 | -2 | - | -1 | -18 | -1 | - | - | -31 | 3 | -6 | 2 | -73 | - | -5 | -1 | -21 |
Financing Cash Flow | -509 | -2,136 | -843 | -1,457 | -591 | -1,073 | -580 | -1,938 | -123 | -715 | -491 | -563 | -877 | -818 | -798 | -856 | -575 | -583 | 6,276 | 1,278 |
Miscellaneous Cash Flow Adjustments | -2 | 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Cash Flow | -790 | -2,660 | -206 | 791 | -82 | -2,086 | 2,429 | 2,351 | -1,776 | -1,771 | 1,849 | 611 | -4,106 | -5,605 | -1,591 | 190 | -1,192 | -1,583 | 8,170 | 1,396 |
Free Cash Flow | -604 | -246 | 930 | 2,477 | 549 | 88 | 1,711 | 1,482 | -2,976 | -962 | 2,379 | 1,299 | -1,381 | -587 | 2,141 | 1,074 | -805 | -1,052 | 1,814 | 3 |
Free Cash Flow Growth | - | - | -45.65% | 67.14% | - | - | -28.08% | 14.09% | - | - | 11.12% | 20.95% | - | - | 18.03% | 35700.00% | - | - | - | - |
Free Cash Flow Margin | -3.92% | -1.62% | 6.10% | 18.75% | 3.74% | 0.59% | 11.42% | 11.82% | -21.84% | -6.64% | 16.78% | 11.37% | -11.14% | -4.56% | 17.68% | 14.19% | -9.83% | -13.57% | 33.16% | 0.09% |
Free Cash Flow Per Share | -1.85 | -0.75 | 2.84 | 7.44 | 1.64 | 0.27 | 5.12 | 4.51 | -8.98 | -2.89 | 7.18 | 3.97 | -4.18 | -1.78 | 6.48 | 3.31 | -2.49 | -3.20 | 5.61 | 0.01 |
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 | -1,037 | -507.75 | 786.13 | 1,858 | -28.38 | -464.25 | 823.25 | 1,267 | -2,845 | -1,960 | 2,184 | 1,071 | -1,832 | -1,134 | 1,972 | 1,775 | -160.38 | -1,449 | 2,067 | -243 |
Unlevered Free Cash Flow | -944.63 | -334 | 979.88 | 2,051 | 3.13 | -260.5 | 1,053 | 1,513 | -2,715 | -1,682 | 2,466 | 1,351 | -1,709 | -866.13 | 2,221 | 2,025 | -77.63 | -1,179 | 2,320 | -33 |
Change in Working Capital | 1,190 | - | - | - | 1,901 | - | - | - | 664 | - | - | - | 2,255 | - | - | - | 1,670 | - | - | - |
Updated Jan 20, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.