United Airlines Cash Flow Statement
NASDAQ: UALConsumer DiscretionaryAir Freight/Delivery ServicesUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
United Airlines free cash flow
In fiscal 2025, United Airlines generated $8.43 billion of operating cash flow and spent $5.87 billion on capital expenditures. That left free cash flow of $2.56 billion, a free-cash-flow margin of 4.3% of revenue. Free cash flow was down 33.2% from the prior year's $3.83 billion.
United Airlines returned $637.0 million to shareholders through share repurchases, equal to 25% of free cash flow.
Summary generated from market data by MetaCap's automated system. Methodology
United Airlines cash flow statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 3.35B | 3.15B | 2.62B | 737.00M | -1.96B | -7.07B | 3.01B | 2.12B | 2.14B | 2.23B |
| Net Income growth (YoY) | +6.48% | +20.28% | +255.22% | — | — | -334.93% | +41.80% | -0.98% | -4.07% | -69.56% |
| Depreciation & Amortization | 2.94B | 2.93B | 2.67B | 2.46B | 2.48B | 2.49B | 2.29B | 2.17B | 2.10B | 1.98B |
| Stock-Based Compensation | 148.00M | 142.00M | 80.00M | 89.00M | 238.00M | 108.00M | 100.00M | 101.00M | 73.00M | 70.00M |
| Change in Working Capital | 284.00M | 746.00M | 1.05B | 662.00M | -158.00M | -486.00M | -186.00M | 120.00M | -995.00M | -511.00M |
| Operating Cash Flow | 8.43B | 9.45B | 6.91B | 6.07B | 2.07B | -4.13B | 6.91B | 6.16B | 3.47B | 5.54B |
| Capital Expenditures | -5.87B | -5.62B | -7.17B | -4.82B | -2.11B | -1.73B | -4.53B | -4.07B | -3.87B | -3.22B |
| Investing Cash Flow | -6.35B | -2.65B | -6.11B | -13.83B | -1.67B | 50.00M | -4.56B | -4.46B | -3.80B | -3.24B |
| Share Repurchases | -637.00M | -162.00M | 0 | 0 | 0 | -353.00M | -1.65B | -1.24B | -1.84B | -2.61B |
| Debt Issued | — | 6.14B | 2.39B | 736.00M | 11.10B | 15.68B | 1.79B | 1.59B | 2.54B | 808.00M |
| Debt Repaid | -4.77B | -10.14B | -4.25B | -4.01B | -5.21B | -4.45B | -1.39B | -1.73B | -901.00M | -1.22B |
| Financing Cash Flow | -4.95B | -4.18B | -1.89B | -3.35B | 6.40B | 12.96B | -1.28B | -1.50B | -383.00M | -3.21B |
| Net Change in Cash | -2.87B | 2.61B | -1.09B | -11.11B | 6.79B | 8.87B | 1.07B | 208.00M | -712.00M | -909.00M |
| Free Cash Flow | 2.56B | 3.83B | -260.00M | 1.25B | -40.00M | -5.86B | 2.38B | 2.09B | -396.00M | 2.32B |
This table shows 10 annual periods of United Airlines's cash flow statement, from FY 2025 back to FY 2016, across 13 line items including net income, depreciation & amortization, stock-based compensation. Values in USD; B = billions, M = millions. Fiscal periods follow UAL's reporting calendar. What is a cash flow statement?