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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United Airlines Holdings Inc. pages available for free this week:
- 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 (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Operating Activities
- Operating cash flow exhibits significant volatility across the periods analyzed. It started with a positive inflow in early 2020, turned sharply negative during mid-2020, reflecting challenges possibly linked to external disruptions. From early 2021 onwards, operating cash flow trends improved markedly with substantial positive inflows, peaking notably in mid-2023. However, interspersed quarters show fluctuations, including a sharp negative outflow in late 2023, followed by recovery phases in 2024 and early 2025.
- Capital Expenditures
- Capital spending displayed a generally negative cash flow, indicating continuous investments. The amounts fluctuated with high negative outflows in most quarters, particularly during 2020 and post-2021 periods, reflecting consistent investment in flight equipment or related assets. The magnitude of outflows tends to be substantial and sustained, suggesting ongoing capital intensity in operations.
- Investments in Short-term and Other Investments
- Purchases of short-term and other investments occurred with varying intensity. Notable spikes in outflows happened in late 2021 and through 2022, indicating large-scale investments in short-term assets. Corresponding sales of these investments showed some recovery in cash inflows, peaking significantly in late 2022 and early 2023, indicating active portfolio management or liquidity adjustments during these periods.
- Proceeds from Sale of Property and Equipment
- Cash inflows from asset disposals generally remained modest but consistent from late 2020 onwards, showing periodic sales contributing positively to cash flow, albeit in smaller magnitudes compared to other categories.
- Other Investing Activities
- The 'Other, net' category in investing activities exhibited minor fluctuations without a clear trend, often close to neutral but with occasional negative impacts, notably sharp negative values in late 2022 and varying values in 2024–2025.
- Overall Investing Activities
- Net cash from investing activities alternated between positive and negative values, with extended periods of heavy outflows during 2021 and 2022, reflecting large capital and investment expenditures. A notable positive turn occurred in mid-2024, suggesting a shift in investing strategy or asset sales leading to cash inflows, although this was not consistently maintained.
- Financing Activities
- Financing cash flow showed high variability. In the early periods of 2020 and 2021, there was significant debt issuance contributing to positive cash inflows, supplemented by equity issuances in early 2020 and 2021. Payments on debt and finance leases were substantial and increased significantly during mid-2020 and continued through 2022, indicating active debt servicing. Stock repurchases were intermittent and intensified in recent quarters of 2023 and 2024. The balance of inflows and outflows led to an overall decreasing trend in financing cash flow from mid-2021 to 2025, shifting from large positive to predominantly negative or reduced inflows.
- Net Cash Position
- The net change in cash flow reveals a period of strong liquidity increase particularly during mid-2020 and 2021, reflecting significant capital raising and operational cash inflows. However, from late 2021 through much of 2023, net cash changes were predominantly negative or minimal, indicating cash depletion or cautious liquidity management. Recovery trends are noted in 2024 with positive net cash changes in several quarters, though the magnitude and consistency vary, showing that liquidity is managed actively but remains exposed to operational and investing activities.