For the year ending 2025-12-31, UAL had -$2,865M decrease in cash & cash equivalents over the period. $2,557M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 3,353 | 3,149 | 2,618 | 737 |
| Deferred income tax | 925 | 935 | 756 | 248 |
| Depreciation and amortization | 2,939 | 2,928 | 2,671 | 2,456 |
| Operating and non-operating special charges, non-cash portion | 13 | 158 | 84 | 16 |
| Unrealized (gains) losses on investments | 4 | -199 | 27 | 20 |
| Amortization of debt discount and debt issuance costs | 77 | 166 | 139 | 156 |
| Other operating activities | -62 | 9 | 6 | 218 |
| (increase) decrease in receivables | 297 | -280 | 100 | 158 |
| (increase) decrease in other assets | - | - | - | 86 |
| Increase in prepaids and other assets | 264 | 166 | 463 | - |
| Increase (decrease) in advance ticket sales | 570 | 857 | -851 | 1,200 |
| Increase in frequent flyer deferred revenue | 336 | 298 | 468 | 393 |
| Increase in accounts payable | 674 | 178 | 572 | 796 |
| Increase in other liabilities | 171 | 454 | 1,038 | 110 |
| Net cash provided by operating activities | 8,431 | 9,445 | 6,911 | 6,066 |
| Capital expenditures, net of flight equipment purchase deposit returns | 5,874 | 5,615 | 7,171 | 4,819 |
| Purchases of short-term and other investments | 7,763 | 5,809 | 9,470 | 11,232 |
| Proceeds from sale of short-term and other investments | 7,284 | 8,661 | 10,519 | 2,084 |
| Proceeds from sale of property and equipment | 98 | 109 | 39 | 207 |
| Other, net | 96 | -3 | 23 | 69 |
| Net cash used in investing activities | -6,350 | -2,651 | -6,106 | -13,829 |
| Proceeds from issuance of debt and other financial liabilities, net of discounts and fees | 578 | 6,139 | 2,388 | 736 |
| Payments of long-term debt, finance leases and other financial liabilities | 4,771 | 10,138 | 4,248 | 4,011 |
| Repurchases of common stock | 637 | 162 | - | 0 |
| Proceeds from equity issuance | - | - | 0 | 0 |
| Other, net | -115 | -21 | -32 | -74 |
| Net cash used in financing activities | -4,945 | -4,182 | -1,892 | -3,349 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -2,865 | 2,612 | -1,087 | -11,112 |
| Cash and cash equivalents at beginning of period | 8,946 | 6,334 | 7,421 | 18,533 |
| Cash and cash equivalents at end of period | 6,081 | 8,946 | 6,334 | 7,421 |
United Airlines Holdings, Inc. (UAL)
United Airlines Holdings, Inc. (UAL)