United Airlines Holdings, Inc. (UAL) Cash Flow Statement
Where UAL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $8.43B −10.7% vs 2024
- Capital expenditures
- $5.87B 9.9% of revenue
- Free cash flow
- $2.56B 4.3% margin
- Returned to shareholders
- $637.0M 25% of free cash flow
- Change in cash
- −$2.87B cash at year-end $6.08B
Drawn to scale: where the cash came from and how it was used. Hover for values.
UAL operating cash flow, capex and free cash flow
UAL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.54B2016 | $8.43B2025 | +4.8%/yr | |
| Capital expenditures | $3.22B2016 | $5.87B2025 | +6.9%/yr | |
| Free cash flow | $2.32B2016 | $2.56B2025 | +1.1%/yr | |
| Free cash flow margin | 6.3%2016 | 4.3%2025 | −2.0 pts | |
| Operating cash flow / net income | 2.482016 | 2.512025 | +0.03 | |
| Stock-based compensation | $70.0M2016 | $80.0M2023 | +1.9%/yr | |
| Dividends paid | $02016 | $16.04B2020 | — | |
| Share buybacks (net) | $2.61B2016 | $637.0M2025 | −14.5%/yr | |
| Capex / revenue | 8.8%2016 | 9.9%2025 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UAL cash flow by activity
UAL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UAL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.35B | $3.15B | $2.62B | $737.0M | −$1.96B | −$7.07B | $3.01B | $2.12B | $2.14B | $2.23B |
| Depreciation & amortization | $2.94B | $2.93B | $2.67B | $2.46B | $2.48B | $2.32B | $2.29B | $2.17B | $2.15B | $1.98B |
| Stock-based compensation | — | — | $80.0M | $89.0M | $238.0M | $108.0M | $100.0M | $101.0M | $73.0M | $70.0M |
| Change in working capital | $1.19B | $1.90B | $664.0M | $2.25B | $1.67B | $135.0M | $523.0M | $783.0M | −$1.90B | −$846.0M |
| Other non-cash items | $949.0M | $1.47B | $878.0M | $529.0M | −$362.0M | $377.0M | $989.0M | $993.0M | $1.01B | $2.11B |
| Cash from operating activities | $8.43B | $9.45B | $6.91B | $6.07B | $2.07B | −$4.13B | $6.91B | $6.16B | $3.47B | $5.54B |
| Investing activities | ||||||||||
| Capital expenditures | −$5.87B | −$5.62B | −$7.17B | −$4.82B | −$2.11B | −$1.73B | −$4.53B | −$4.07B | −$3.87B | −$3.22B |
| Investments (net) | −$479.0M | −$2.65B | −$6.11B | −$9.15B | $329.0M | $1.77B | −$111.0M | −$541.0M | −$3.93B | −$3.24B |
| Acquisitions & other investing | $3.0M | $5.62B | $7.17B | $138.0M | $106.0M | $10.0M | $79.0M | $156.0M | $3.87B | $3.22B |
| Cash from investing activities | −$6.35B | −$2.65B | −$6.11B | −$13.83B | −$1.67B | $50.0M | −$4.56B | −$4.46B | −$3.93B | −$3.24B |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −$16.04B | — | −$1.24B | −$1.84B | $0 |
| Share repurchases & issuance (net) | −$637.0M | −$162.0M | $0 | $0 | $532.0M | −$353.0M | −$1.65B | −$1.24B | −$1.84B | −$2.61B |
| Net borrowing (repayment) | −$4.19B | −$4.00B | −$1.86B | −$3.27B | $5.89B | $11.29B | $546.0M | −$158.0M | $1.55B | −$543.0M |
| Shares issued | $0 | $0 | $0 | $0 | $532.0M | $2.10B | $0 | $0 | $0 | $0 |
| Other financing | −$115.0M | −$21.0M | −$32.0M | −$74.0M | −$559.0M | $15.96B | −$181.0M | $1.13B | $1.75B | −$56.0M |
| Cash from financing activities | −$4.95B | −$4.18B | −$1.89B | −$3.35B | $6.40B | $12.96B | −$1.28B | −$1.50B | −$383.0M | −$3.21B |
| Summary | ||||||||||
| Net change in cash | −$2.87B | $2.61B | −$1.09B | −$11.11B | $6.79B | $8.87B | $1.07B | $208.0M | −$712.0M | −$909.0M |
| Cash at end of period | $6.08B | $8.95B | $6.33B | $7.42B | $18.53B | $11.74B | $2.87B | $1.80B | $1.59B | $2.30B |
| Free cash flow | $2.56B | $3.83B | −$260.0M | $1.25B | −$40.0M | −$5.86B | $2.38B | $2.09B | −$396.0M | $2.32B |
| Free cash flow margin | 4.3% | 6.7% | −0.5% | 2.8% | −0.2% | −38.2% | 5.5% | 5.1% | −1.0% | 6.3% |
| Capex / revenue | 9.9% | 9.8% | 13.3% | 10.7% | 8.6% | 11.2% | 10.5% | 9.9% | 10.2% | 8.8% |
| Operating cash flow / net income | 2.51 | 3.00 | 2.64 | 8.23 | — | — | 2.30 | 2.90 | 1.62 | 2.48 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $805.0M | $699.0M | $1.04B | $949.0M | $973.0M | $387.0M | $985.0M | $965.0M | $1.32B | −$124.0M | $600.0M | $1.14B |
| Depreciation & amortization | $762.0M | $756.0M | $748.0M | $730.0M | $733.0M | $727.0M | $750.0M | $742.0M | $719.0M | $708.0M | $684.0M | $663.0M |
| Stock-based compensation | — | — | — | — | — | — | $142.0M | — | — | — | $80.0M | — |
| Change in working capital | — | — | — | — | — | — | $568.0M | — | — | — | $475.0M | — |
| Other non-cash items | $43.0M | $3.34B | −$506.0M | −$461.0M | $511.0M | $2.60B | −$221.0M | −$209.0M | $834.0M | $2.26B | −$2.75B | −$920.0M |
| Cash from operating activities | $1.61B | $4.80B | $1.29B | $1.22B | $2.22B | $3.71B | $2.22B | $1.50B | $2.88B | $2.85B | −$910.0M | $880.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.34B | −$1.67B | −$1.89B | −$1.46B | −$1.29B | −$1.23B | −$1.68B | −$1.41B | −$1.16B | −$1.37B | −$2.07B | −$1.84B |
| Investments (net) | −$173.0M | −$87.0M | $321.0M | −$1.74B | −$1.58B | −$1.46B | −$1.72B | −$2.51B | $134.0M | $1.44B | −$743.0M | −$1.94B |
| Acquisitions & other investing | $56.0M | −$135.0M | $4.0M | $1.46B | $1.29B | $1.23B | $1.68B | $1.41B | $1.16B | $1.37B | $2.07B | $1.84B |
| Cash from investing activities | −$1.46B | −$1.89B | −$1.56B | −$1.74B | −$1.58B | −$1.46B | −$1.72B | −$2.51B | $134.0M | $1.44B | −$743.0M | −$1.94B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | −$27.0M | −$27.0M | −$21.0M | −$240.0M | −$349.0M | −$80.0M | −$82.0M | $0 | $0 | — | — |
| Net borrowing (repayment) | $2.15B | −$859.0M | −$482.0M | −$2.10B | −$597.0M | −$1.01B | −$509.0M | −$991.0M | — | — | — | −$715.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.0M | −$90.0M | $27.0M | −$15.0M | −$6.0M | −$94.0M | −$2.0M | $0 | −$580.0M | −$1.94B | −$123.0M | $0 |
| Cash from financing activities | $2.15B | −$976.0M | −$482.0M | −$2.14B | −$843.0M | −$1.46B | −$591.0M | −$1.07B | −$580.0M | −$1.94B | −$123.0M | −$715.0M |
| Summary | ||||||||||||
| Net change in cash | $2.30B | $1.93B | −$761.0M | −$2.66B | −$206.0M | $791.0M | −$82.0M | −$2.09B | $2.43B | $2.35B | −$1.78B | −$1.77B |
| Cash at end of period | $10.31B | $8.01B | $6.11B | $6.87B | $9.53B | $9.74B | $8.95B | $9.03B | $11.11B | $8.69B | $6.33B | $8.11B |
| Free cash flow | $267.0M | $3.13B | −$604.0M | −$246.0M | $930.0M | $2.48B | $549.0M | $88.0M | $1.71B | $1.48B | −$2.98B | −$962.0M |
| Free cash flow margin | 1.5% | 21.4% | −3.9% | −1.6% | 6.1% | 18.7% | 3.7% | 0.6% | 11.4% | 11.8% | −21.8% | −6.6% |
| Capex / revenue | 7.6% | 11.4% | 12.3% | 9.6% | 8.4% | 9.3% | 11.4% | 9.5% | 7.8% | 10.9% | 15.2% | 12.7% |
| Operating cash flow / net income | 2.00 | 6.87 | 1.23 | 1.28 | 2.28 | 9.59 | 2.26 | 1.55 | 2.17 | — | −1.52 | 0.77 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UAL cash generation
In fiscal 2025 (ended December 31, 2025), United Airlines generated $8.4 billion of cash from operations (down 10.7%) and spent $5.9 billion on capital expenditures, leaving free cash flow of $2.6 billion, 4.3% of revenue. It returned $637.0 million to shareholders through dividends ($0) and net share buybacks ($637.0 million). Cash and equivalents fell by $2.9 billion over the year.
Related: UAL income statement, UAL balance sheet. See the UAL stock overview for the latest quote and news.
UAL cash flow FAQ
What is United Airlines's free cash flow?
United Airlines's free cash flow was $2.6 billion in fiscal 2025: $8.4 billion of operating cash flow minus $5.9 billion of capital expenditures It was $3.8 billion a year earlier..
How much cash does United Airlines generate from operations?
United Airlines generated $8.4 billion of cash from operating activities in fiscal 2025, 2.51 times its net income of $3.4 billion.
How much does United Airlines spend on capital expenditures?
United Airlines spent $5.9 billion on capital expenditures in fiscal 2025, 9.9% of revenue, compared with $5.6 billion the year before.
How much stock does United Airlines buy back?
United Airlines spent $637.0 million on net share repurchases in fiscal 2025.