Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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United Airlines Holdings Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net income (loss)
- The company experienced a significant improvement in net income over the five-year period. In 2020, the net loss was substantial at -7069 million USD, improving to a loss of -1964 million USD in 2021. Subsequently, the company returned to profitability, recording positive net income each year from 2022 to 2024, reaching 3149 million USD by 2024.
- Deferred income tax (benefit)
- Deferred income tax showed a shifting trend from a large benefit in 2020 (-1741 million USD) to smaller benefits in 2021 (-583 million USD), followed by positive amounts in later years, indicating a transition to deferred income tax expense by 2024 (935 million USD).
- Depreciation and amortization
- This expense remained relatively stable between 2020 and 2022, fluctuating slightly around the 2450 million USD mark. However, depreciation and amortization increased in 2023 and 2024, reaching 2928 million USD, suggesting greater asset base or accelerated amortization.
- Operating and non-operating special charges, non-cash portion
- Special charges declined markedly following 2020’s high of 1448 million USD, dropping to minimal amounts in 2021 and 2022. There was a moderate increase again in 2023 and 2024, although still significantly lower than 2020’s level.
- Unrealized (gains) losses on investments
- This item varied year to year, with gains recorded in 2020 and 2021 but turning to losses in 2022 and 2023, before returning to a gain in 2024. The fluctuations suggest volatility in investment valuations during the period.
- Amortization of debt discount and debt issuance costs
- These amortization expenses fluctuated modestly but remained relatively stable, ranging between 94 and 171 million USD, with no clear upward or downward trend.
- Other operating activities
- Other operating activities consistently contributed a small positive amount, with a notable decline in 2023 and 2024 relative to earlier years.
- Changes in working capital items (receivables, prepaids, advance ticket sales, frequent flyer deferred revenue, accounts payable, other liabilities)
- The changes in operating assets and liabilities showed a significant increase in 2021 (1670 million USD) and peaked in 2022 (2255 million USD). By 2024, this amount remained strong at 1901 million USD despite some volatility in individual components such as advance ticket sales and accounts payable, reflecting active management of working capital.
- Adjustments to reconcile net income (loss) to net cash from operating activities
- These non-cash adjustments increased steadily from 2936 million USD in 2020 to 6296 million USD in 2024, indicating growing non-cash expenses or income smoothing factors contributing to cash flow.
- Net cash provided by (used in) operating activities
- The company’s cash flow from operations improved dramatically, turning around from a large cash use of -4133 million USD in 2020 to strong positive cash flows every year thereafter, reaching 9445 million USD in 2024. This trend reflects successful operational recovery and improved earnings quality.
- Capital expenditures, net of deposits
- Capital expenditures increased sharply starting from 2022, with peaks in 2023 and 2024 (-7171 million USD and -5615 million USD respectively), indicating substantial investment in flight equipment or other assets after a relatively modest spend in 2020 and 2021.
- Investing activities related to short-term and other investments
- There was notable volatility in investment purchases and sales. Large purchases of investments were recorded particularly in 2022 and 2023 (-11232 million USD and -9470 million USD), balanced partially by significant proceeds from sales, especially in 2023 and 2024. The net investing cash flows were negative from 2021 onward but declined in magnitude by 2024.
- Proceeds from sale of property and equipment
- Proceeds increased steadily from 6 million USD in 2020 to over 100 million USD in later years, indicating asset disposals contributing modest cash inflows.
- Net cash used in investing activities
- Net investing cash flows were positive in 2020 (50 million USD) but turned sharply negative thereafter, peaking at -13829 million USD in 2022 before improving in 2023 and 2024, reflecting heavy investment outlays post-pandemic recovery phase.
- Financing activities
- Cash flows from financing activities began strongly positive in 2020 and 2021, with substantial proceeds from debt issuance and equity offerings exceeding repayments. However, starting in 2022, financing activities generated negative cash flow, due mainly to increased repayments of long-term debt and a reduction in equity issuances. Repurchases of common stock resumed in 2024 but at relatively modest levels.
- Net increase (decrease) in cash
- Cash and equivalents increased substantially in 2020 and 2021, driven by strong financing inflows despite operating losses. However, the company experienced sharp cash declines in 2022 and 2023, related to heavy investing and reduced financing inflows, before cash balances increased again in 2024.
- Cash balances at year end
- Cash and restricted cash peaked in 2021 at 18533 million USD but declined noticeably to 6334 million USD by the end of 2023. The year 2024 saw a partial recovery in cash balances to 8946 million USD, indicating cautious liquidity management following earlier drawdowns.