United Airlines Holdings, Inc. (UAL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 4.8B | 1.29B | 1.22B | 2.22B | 3.71B | 2.22B | 1.5B | 2.88B | 2.85B | -910M | 880M | 3.8B | 3.14B | 1.16B | 741M | 2.69B | 1.48B | -269M | -786M | 2.67B |
| Operating CF Margin % | 32.85% | 8.35% | 8% | 14.55% | 28.08% | 15.13% | 10.09% | 19.19% | 22.71% | -6.68% | 6.08% | 26.8% | 27.49% | 9.34% | 5.75% | 22.22% | 19.51% | -3.28% | -10.14% | 48.89% |
| Operating CF Growth % | 29.35% | -42.18% | -18.69% | -22.91% | 30.31% | 344.4% | 70.23% | -24.3% | -9.39% | -178.58% | 18.76% | 41.17% | 112.87% | 530.48% | 194.27% | 0.6% | 230.2% | 87.64% | 58.39% | 2157.69% |
| Net Income | 699M | 1.04B | 949M | 973M | 387M | 985M | 965M | 1.32B | -124M | 600M | 1.14B | 1.07B | -194M | 843M | 942M | 329M | -1.38B | -646M | 473M | -434M |
| Depreciation & Amortization | 756M | 748M | 730M | 733M | 727M | 750M | 742M | 719M | 708M | 684M | 663M | 669M | 655M | 458M | 610M | 611M | 611M | 619M | 623M | 620M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 142M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 238M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 248M | 0 | 0 | 0 | -583M | 0 | 0 |
| Other Non-Cash Items | 3.34B | -506M | -461M | 511M | 2.6B | -221M | -209M | 834M | 2.26B | -2.67B | -920M | 2.06B | 2.68B | -233M | -811M | 1.75B | 2.24B | 103M | -1.88B | 2.49B |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 568M | 0 | 0 | 0 | 475M | 0 | 0 | 0 | -158M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 280M | 0 | 0 | 0 | -100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.89B | -1.56B | -1.74B | -1.58B | -1.46B | -1.72B | -2.51B | 134M | 1.44B | -743M | -1.94B | -1.46B | -1.97B | -4.39B | -5.53B | -3.48B | -430M | -348M | -214M | -781M |
| Capital Expenditures | -1.67B | -1.89B | -1.46B | -1.29B | -1.23B | -1.68B | -1.41B | -1.16B | -1.37B | -2.07B | -1.84B | -1.42B | -1.84B | -2.54B | -1.33B | -550M | -402M | -536M | -266M | -861M |
| CapEx % of Revenue | 11.45% | 12.28% | 9.62% | 8.45% | 9.33% | 11.4% | 9.5% | 7.77% | 10.89% | 15.16% | 12.72% | 10.02% | 16.13% | 20.48% | 10.31% | 4.54% | 5.31% | 6.54% | 3.43% | 15.74% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19M | 0 | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -135M | 4M | 21M | -16M | -6M | 257M | -184M | 23M | 16M | -6M | -7M | -5M | 7M | -23M | 36M | 59M | 66M | 83M | 12M | 1M |
| Cash from Financing | -976M | -482M | -2.14B | -843M | -1.46B | -591M | -1.07B | -580M | -1.94B | -123M | -715M | -491M | -563M | -877M | -818M | -798M | -856M | -575M | -583M | 6.28B |
| Debt Issued (Net) | -859M | -482M | -2.1B | -597M | -1.01B | -509M | -991M | -579M | -1.92B | -122M | -715M | -491M | -532M | -880M | -812M | -800M | -783M | -575M | -578M | 6.28B |
| Equity Issued (Net) | -27M | -27M | -21M | -240M | -349M | -80M | -82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -27M | -27M | -21M | -240M | -349M | -80M | -82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -90M | 27M | -15M | -6M | -94M | -2M | 0 | -1M | -18M | -1M | 0 | 0 | -31M | 3M | -6M | 2M | -73M | 0 | -5M | -1M |
| Net Change in Cash | 1.93B | -761M | -2.66B | -206M | 791M | -82M | -2.09B | 2.43B | 2.35B | -1.78B | -1.77B | 1.85B | 611M | -4.11B | -5.61B | -1.59B | 190M | -1.19B | -1.58B | 8.17B |
| Free Cash Flow | 3.13B | -604M | -246M | 930M | 2.48B | 549M | 88M | 1.71B | 1.48B | -2.98B | -962M | 2.38B | 1.3B | -1.38B | -587M | 2.14B | 1.07B | -805M | -1.05B | 1.81B |
| FCF Margin % | 21.41% | -3.92% | -1.62% | 6.1% | 18.75% | 3.74% | 0.59% | 11.42% | 11.81% | -21.84% | -6.64% | 16.78% | 11.37% | -11.14% | -4.56% | 17.68% | 14.2% | -9.83% | -13.57% | 33.16% |
| FCF Growth % | 26.24% | -210.02% | -379.55% | -45.68% | 67.25% | 118.45% | 109.15% | -28.04% | 14.01% | -115.5% | -63.88% | 11.12% | 20.95% | -71.55% | 44.2% | 18.03% | 35700% | 64.6% | 30.84% | 1173.37% |
| FCF per Share | 9.57 | -1.85 | -0.75 | 2.84 | 7.44 | 1.64 | 0.26 | 5.13 | 4.51 | -8.98 | -2.89 | 7.18 | 3.97 | -4.18 | -1.78 | 6.48 | 3.30 | -2.49 | -3.20 | 5.61 |
| FCF Conversion (FCF/Net Income) | 6.87x | 1.23x | 1.28x | 2.28x | 9.59x | 2.26x | 1.55x | 2.17x | -22.96x | -1.52x | 0.77x | 3.53x | -16.20x | 1.37x | 0.79x | 8.18x | -1.07x | 0.42x | -1.66x | -6.16x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |