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United Airlines Holdings logo

United Airlines Holdings Cash Flow Statement

Operating, investing, and financing cash movements

United Airlines Holdings generated $9.5B in operating cash flow over the trailing twelve months. After $6.3B in capital expenditures, free cash flow was $7.1B. Free cash flow increased 22.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$9.5BNet Cash From Investing (TTM)-$6.8BNet Cash From Financing (TTM)-$4.5BCapital Expenditures (TTM)$6.3BDepreciation And Amortization Cf (TTM)$3.0BNet Change In Cash (TTM)-$1.7B
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$37.5B
P/E Ratio10.23
ROE25.73%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$1.7B$1.2B$1.3B$1.5B$1.9B$1.7B
Payment for (Proceeds from) Other Investing Activity-$214M$35M$35M$0$32M$144M
Payments to Acquire Short-Term Investments$1.8B$2.2B$2.5B$1.7B$1.3B$2.4B
Proceeds from disposition of marketable securities and other investments$1.5B$2B$2.2B$1.4B$1.6B$2.3B
Proceeds from disposals of property, plant and equipment$43M$29M$19M$15M$35M$9M
Net cash from investing activities-$1.7B-$1.5B-$1.6B-$1.7B-$1.6B-$1.9B
Other investing activities-$214M$35M$35M$0$32M$144M
Proceeds from maturities/sales of investments$1.5B$2B$2.2B$1.4B$1.6B$2.3B
Proceeds from sale of property, plant and equipment$43M$29M$19M$15M$35M$9M
Purchases of investments$1.8B$2.2B$2.5B$1.7B$1.3B$2.4B

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$1.3B$1B$600M$2.6B$575M$3.1B
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees$837M-$3M$3M$485M$93M$2.2B
Other, net-$2M-$94M-$5M-$15M-$1M-$90M
Net cash from financing activities-$591M-$1.5B-$843M-$2.1B-$509M-$976M
Other financing activities-$2M-$94M-$5M-$15M-$1M-$90M
Repurchases of common stock$80M$349M$240M$21M$27M$27M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$732M$734.8M$734.8M$734.8M$734.8M$756M
Net cash from operating activities$2.2B$3.7B$2.2B$1.2B$1.3B$4.8B
Net income$787.3M$838.3M$838.3M$838.3M$838.3M$699M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$549M$2.5B$930M——$3.1B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash—$791M-$206M-$2.7B-$790M$1.9B
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities$565M-$1M-$51M——$23M
Operating leases converted to finance leases$143M$0$0$417M$0$24M
Other Significant Noncash Transaction Value Of Consideration Received1$5M$0$14M$2M$29M$50M
Leased assets obtained in exchange for operating lease liabilities$230M$419M$554M$409M$519M$902M
Unrealized Gain (Loss) on Investments-$49.8M$1M$1M$1M$1M-$13M