United Airlines Holdings, Inc. (UAL)

UAL Cash Flow Statement

Operating, investing, and financing cash flow analysis

UAL Quarterly Cash Flow Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Cash from Operations (CFO)	9.520B	4.799B	1.286B	1.218B	2.217B	3.710B	2.224B	1.498B	2.876B
Net Income	3.665B	699.000M	1.044B	949.000M	973.000M	387.000M	984.000M	965.000M	1.323B
Depreciation & Amortization	2.967B	756.000M	748.000M	730.000M	733.000M	727.000M	0.00	742.000M	719.000M
Stock-Based Compensation	0.00	0.00	0.00	0.00	0.00	0.00	142.000M	0.00	0.00
Change in Accounts Receivable	9.770B	2.660B	2.391B	2.433B	2.286B	2.288B	2.163B	2.042B	2.376B
Change in Inventory	—	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—	—
Change in Working Capital	0.00	0.00	0.00	0.00	0.00	0.00	568.000M	0.00	0.00
Cash from Investing	—	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-6.313B	-1.672B	-1.890B	-1.464B	-1.287B	-1.233B	-1.675B	-1.410B	-1.164B
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash from Financing	—	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	-315.000M	-27.000M	-27.000M	-21.000M	-240.000M	-349.000M	-80.000M	-82.000M	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow (FCF)	3.207B	3.127B	-604.000M	-246.000M	930.000M	2.477B	549.000M	88.000M	1.712B
Net Change in Cash	-1.697B	1.930B	-761.000M	-2.660B	-206.000M	791.000M	-82.000M	-2.086B	2.429B

UAL Annual Cash Flow Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Cash from Operations (CFO)	8.431B	9.445B	6.911B	6.066B	2.067B	-4.133B	6.909B	6.164B
Net Income	3.353B	3.149B	2.618B	737.000M	-1.964B	-7.069B	3.009B	2.122B
Depreciation & Amortization	2.938B	2.928B	2.671B	2.456B	2.485B	2.488B	2.288B	2.165B
Stock-Based Compensation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in Accounts Receivable	2.391B	2.163B	1.898B	1.801B	1.663B	1.295B	1.364B	1.426B
Change in Inventory	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—
Change in Working Capital	1.190B	1.901B	664.000M	2.255B	1.670B	227.000M	523.000M	783.000M
Cash from Investing	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-5.874B	-5.615B	-7.171B	-4.819B	-2.107B	-1.727B	-4.528B	-4.070B
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	-36.000M	-139.000M
Cash from Financing	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	-637.000M	-162.000M	0.00	0.00	0.00	-353.000M	-1.645B	-1.235B
Dividends Paid	0.00	0.00	0.00	0.00	0.00	-353.000M	0.00	0.00
Free Cash Flow (FCF)	2.557B	3.830B	-260.000M	1.247B	-40.000M	-5.860B	2.381B	2.094B
Net Change in Cash	-2.865B	2.612B	-1.087B	-11.112B	6.791B	8.874B	1.069B	208.000M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About United Airlines Holdings, Inc.

United Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. Its vast network extends across North America, Europe, Asia, Africa, the Pacific, the Middle East, and Latin America, facilitating the movement of both passengers and freight. The company operates these services using a combination of its primary and regional aircraft fleets. Beyond its core transportation offerings, United also provides specialized support to external clients, encompassing catering, ground handling, aviation training, and aircraft maintenance. Established in 1968, the enterprise has its principal offices in Chicago, Illinois. Notably, it adopted its current name, United Airlines Holdings, Inc., in June 2019, having previously operated as United Continental Holdings, Inc.

Chicago, IL

109,200 employees

www.united.com

Industrials / Airlines, Airports & Air Services

Sector: Industrials
Industry: Airlines, Airports & Air Services
CEO: J. Scott Kirby

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