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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Analysis of Revenues
- Aggregate Accruals
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United Airlines Holdings Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 company experienced significant fluctuations in cash flow across the observed period, spanning from March 2021 to December 2025. Operating cash flow demonstrated a volatile pattern, initially recovering strongly from pandemic lows, then experiencing periods of negative cash flow, and ultimately showing renewed strength in later periods. Investing and financing activities also exhibited substantial variability, reflecting strategic shifts in capital allocation and funding strategies.
- Operating Activities
- Net cash provided by operating activities began at US$447 million in March 2021, surged to US$2,675 million by June 2021, before declining to a negative US$786 million in September 2021. A recovery followed, peaking at US$3,799 million in June 2023, but then decreased significantly to a negative US$910 million in December 2023. The trend showed a rebound in 2024 and 2025, reaching US$3,710 million in March 2025, though with subsequent declines.
- Investing Activities
- Net cash used in investing activities consistently remained negative throughout the period, indicating ongoing investments. The outflow increased substantially from US$329 million in March 2021 to a peak of US$5,528 million in September 2022. A notable component of this outflow was purchases of short-term and other investments, which peaked at US$5,082 million in September 2022, and remained substantial throughout the period. Proceeds from the sale of short-term and other investments partially offset these purchases, with a significant increase to US$4,061 million in March 2023. A positive cash flow from investing activities was observed in March 2024, driven by proceeds from sales, but this was not sustained.
- Financing Activities
- Financing activities displayed considerable volatility. Net cash provided by financing activities was strong in the earlier part of the period, reaching US$6,276 million in June 2021, largely due to proceeds from debt issuance and equity issuance. However, this shifted to net cash used in financing activities, particularly due to payments of long-term debt and repurchases of common stock. Significant debt repayment occurred throughout the period, with US$5,031 million paid in March 2024. Common stock repurchases began in September 2024 and continued through December 2025, contributing to the negative cash flow from financing. Proceeds from debt issuance fluctuated, becoming negative in March 2025.
- Capital Expenditures
- Capital expenditures, net of flight equipment purchase deposit returns, consistently represented a cash outflow. The outflow increased over time, reaching US$2,539 million in December 2022 and US$2,066 million in December 2023, before decreasing slightly in subsequent periods. The trend suggests increasing investment in property, plant, and equipment.
Overall, the company navigated a complex cash flow environment. The initial recovery in operating cash flow was followed by periods of strain, likely influenced by ongoing pandemic-related disruptions and strategic investment decisions. The financing activities demonstrate a shift from raising capital to debt repayment and shareholder returns. The consistent negative cash flow from investing activities indicates a continued commitment to capital investment, despite the financial challenges.