Cash Flow Statement
Quarterly Data
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 Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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United Airlines Holdings Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The cash flow profile exhibits a transition from heavy reliance on external financing and liquidity preservation toward a period of operational self-sufficiency and active deleveraging. Operating cash flows have shown a general upward trajectory, characterized by significant seasonal peaks in the first and second quarters of each year, peaking most notably in the first quarter of 2026.
- Operating Cash Flow Trends
- Net cash provided by operating activities has shifted from volatile recovery levels in 2021 to more robust and consistent generation. While periodic dips occur—such as the negative values observed in the latter half of 2021 and the fourth quarter of 2023—the overall trend indicates a strengthening ability to generate cash from core business operations, with values frequently exceeding 2,000 million USD in recent quarters.
- Investment Patterns and Capital Expenditure
- Capital expenditures have remained a consistent cash outflow, generally fluctuating between 1,100 million USD and 2,000 million USD per quarter. A peak in spending occurred in the fourth quarter of 2022. Additionally, there is a clear pattern of liquidity management through short-term investments; massive purchases of investments in 2022 were subsequently offset by large-scale proceeds from sales in 2023 and 2024, suggesting a strategic movement of cash between liquid assets and operational needs.
- Financing and Debt Strategy
- The financing strategy evolved from aggressive capital raising to disciplined debt reduction. An exceptionally large inflow of cash from debt issuance occurred in the second quarter of 2021. In subsequent years, the focus shifted toward repayment, highlighted by a significant 5,031 million USD payment in the first quarter of 2024. More recently, the introduction of common stock repurchases starting in late 2024 indicates a shift toward returning capital to shareholders.
- Net Liquidity Position
- The net increase or decrease in cash exhibits high volatility, driven largely by the timing of debt repayments and investment liquidations rather than operational instability. The substantial fluctuations in net cash reflect a dynamic balance between funding long-term capital assets, managing short-term investment portfolios, and reducing long-term financial liabilities.