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.

United Airlines Holdings Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net cash provided by operating activities	1,610)	4,799)	1,286)	1,218)	2,217)	3,710)	2,224)	1,498)	2,876)	2,847)	(910)	880)	3,799)	3,142)	1,158)	741)	2,691)	1,476)	(269)	(786)	2,675)	447)
Capital expenditures, net of flight equipment purchase deposit returns	(1,343)	(1,672)	(1,890)	(1,464)	(1,287)	(1,233)	(1,675)	(1,410)	(1,164)	(1,366)	(2,066)	(1,842)	(1,420)	(1,843)	(2,539)	(1,328)	(550)	(402)	(536)	(266)	(861)	(444)
Purchases of short-term and other investments	(2,083)	(2,356)	(1,309)	(1,732)	(2,476)	(2,246)	(1,752)	(2,303)	(888)	(866)	(595)	(1,999)	(2,683)	(4,193)	(2,848)	(5,082)	(3,146)	(156)	(21)	(47)	—)	—)
Proceeds from sale of short-term and other investments	1,910)	2,269)	1,630)	1,432)	2,199)	2,023)	1,455)	1,386)	2,163)	3,657)	1,905)	1,912)	2,641)	4,061)	1,023)	846)	153)	62)	126)	87)	79)	105)
Proceeds from sale of property and equipment	24)	9)	35)	15)	19)	29)	43)	24)	22)	20)	19)	11)	8)	1)	23)	46)	72)	66)	82)	12)	2)	11)
Other, net	32)	(144)	(31)	6)	(35)	(35)	214)	(208)	1)	(4)	(6)	(18)	(5)	6)	(46)	(10)	(13)	—)	1)	—)	(1)	(1)
Net cash (used in) provided by investing activities	(1,460)	(1,894)	(1,565)	(1,743)	(1,580)	(1,462)	(1,715)	(2,511)	134)	1,441)	(743)	(1,936)	(1,459)	(1,968)	(4,387)	(5,528)	(3,484)	(430)	(348)	(214)	(781)	(329)
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees	3,596)	2,233)	93)	485)	3)	(3)	837)	1,584)	607)	3,111)	703)	94)	1,303)	288)	526)	(2)	212)	—)	(2)	(18)	9,780)	1,336)
Proceeds from equity issuance	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	532)
Payments of long-term debt, finance leases and other financial liabilities	(1,445)	(3,092)	(575)	(2,585)	(600)	(1,011)	(1,346)	(2,575)	(1,186)	(5,031)	(825)	(809)	(1,794)	(820)	(1,406)	(810)	(1,012)	(783)	(573)	(560)	(3,503)	(569)
Repurchases of common stock	—)	(27)	(27)	(21)	(240)	(349)	(80)	(82)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(3)	(90)	—)	(15)	(6)	(94)	(2)	—)	(1)	(18)	(1)	—)	—)	(31)	3)	(6)	2)	(73)	—)	(5)	(1)	(21)
Net cash provided by (used in) financing activities	2,148)	(976)	(509)	(2,136)	(843)	(1,457)	(591)	(1,073)	(580)	(1,938)	(123)	(715)	(491)	(563)	(877)	(818)	(798)	(856)	(575)	(583)	6,276)	1,278)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,298)	1,929)	(788)	(2,661)	(206)	791)	(82)	(2,086)	2,430)	2,350)	(1,776)	(1,771)	1,849)	611)	(4,106)	(5,605)	(1,591)	190)	(1,192)	(1,583)	8,170)	1,396)

Operating cash flows exhibit significant volatility but show a general upward trajectory in peak generation capacity. After a period of instability in 2021, characterized by sharp swings between positive and negative cash flow, the company established a more consistent pattern of strong quarterly inflows. Significant peaks are observed in June 2023, March 2025, and March 2026, with the latter reaching 4,799 million US$. This suggests an increasing ability to generate cash from core business operations, despite occasional quarterly dips into negative territory, such as the loss of 910 million US$ in December 2023.

Capital Expenditure and Investment Strategy: Capital expenditures have remained consistently negative, reflecting ongoing investment in flight equipment and infrastructure. Expenditures peaked in December 2022 at 2,539 million US$ and have since largely stabilized between 1,100 million US$ and 1,900 million US$ per quarter. There is a notable pattern of liquidity management through short-term investments; large-scale purchases occurred throughout 2022, often exceeding 3,000 million US$ per quarter, which were later offset by significant sales of these investments in 2023 and 2024 to maintain operational liquidity.
Debt Management and Financing Trends: Financing activities transitioned from aggressive capital raising in early 2021 to a primary focus on debt reduction. A massive influx of cash from debt issuance was recorded in June 2021 at 9,780 million US$, whereas subsequent years show a more balanced approach of periodic issuance and consistent repayment. A significant deleveraging event occurred in March 2024, with debt payments totaling 5,031 million US$. The introduction of common stock repurchases starting in late 2024 indicates a shift toward returning capital to shareholders as the balance sheet stabilized.
Net Cash Position and Liquidity Dynamics: The net change in cash exhibits extreme fluctuations, heavily influenced by the timing of debt issuance and investment liquidations. The most substantial increase occurred in June 2021, coinciding with major debt proceeds. Conversely, 2022 saw massive net decreases in cash, driven by both high capital expenditures and aggressive purchases of short-term investments. Recent periods in 2025 and 2026 show a return to positive net cash growth, suggesting a stabilization of the cash cycle.

Overall, the financial data reflects a transition from a liquidity-preservation phase to a growth and stabilization phase. The company has shifted from relying on external equity and debt to funding its capital expenditures and debt repayments through strengthened operating cash flows. The strategic use of short-term investments has served as a buffer to manage the timing differences between operational inflows and large-scale capital outflows.

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United Airlines Holdings Inc. (NASDAQ:UAL)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data