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United Airlines Holdings, Inc. (UAL)
NASDAQ: UAL · Real-Time Price · USD
104.24
-0.97 (-0.92%)
At close: Oct 30, 2026, 4:00 PM EDT
104.25
+0.01 (0.01%)
After-hours: Oct 30, 2026, 7:58 PM EDT

United Airlines Holdings Cash Flow Statement

Millions USD. Fiscal year is Jan - Dec.

Operating Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Net Income
3,5773,3533,1492,618737-1,964
Depreciation & Amortization
2,7642,6602,5982,4012,2902,303
Other Amortization
237237321307322353
Asset Writedown & Restructuring Costs
-----97
Loss (Gain) From Sale of Investments
-4-4199-27-2034
Other Operating Activities
3969951,277948482-426
Change in Accounts Receivable
-297-297280-100-158-448
Change in Accounts Payable
674674178572796985
Change in Unearned Revenue
9069061,155-3831,5931,828
Change in Other Net Operating Assets
-93-9328857524-695
Operating Cash Flow
8,1608,4319,4456,9116,0662,067
Operating Cash Flow Growth
-12.90%-10.74%36.67%13.93%193.47%-

Investing Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Capital Expenditures
-7,044-5,874-5,615-7,171-4,819-2,107
Sale of Property, Plant & Equipment
899810939207107
Investment in Securities
-1,483-4792,8521,049-9,148329
Other Investing Activities
-319-953-23-69-1
Investing Cash Flow
-8,757-6,350-2,651-6,106-13,829-1,672

Financing Activities

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Long-Term Debt Issued
-5786,1392,38873611,096
Long-Term Debt Repaid
--4,771-10,138-4,248-4,011-5,205
Net Debt Issued (Repaid)
675-4,193-3,999-1,860-3,2755,891
Issuance of Common Stock
-----532
Repurchase of Common Stock
-54-637-162---
Other Financing Activities
-99-115-21-32-74-27
Financing Cash Flow
522-4,945-4,182-1,892-3,3496,396

Net Cash Flow

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Miscellaneous Cash Flow Adjustments
-2-1----
Net Cash Flow
-77-2,8652,612-1,087-11,1126,791

Free Cash Flow

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Free Cash Flow
1,1162,5573,830-2601,247-40
Free Cash Flow Growth
-69.92%-33.24%----
Free Cash Flow Margin
1.70%4.33%6.71%-0.48%2.77%-0.16%
Free Cash Flow Per Share
3.417.7811.49-0.783.78-0.12
Levered Free Cash Flow
-576.131,0991,598-1,653781.75618.13
Unlevered Free Cash Flow
53.751,7512,308-683.131,6711,433

Additional Metrics

Fiscal Year
TTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period Ending
Sep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Cash Interest Paid
1,3301,3301,4941,8481,5731,424
Cash Income Tax Paid
62628878-
Change in Working Capital
1,1901,1901,9016642,2551,670
SEC Filings: 10-K · 10-Q