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.
Paying user area
Try for free
United Airlines Holdings Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to United Airlines Holdings Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
United Airlines Holdings Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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
- The net cash provided by operating activities displayed significant volatility throughout the periods analyzed. There was a steep decline in early 2020, culminating in large negative values by the end of that year. However, from the first quarter of 2021 onwards, a recovery trend became evident, characterized by positive inflows reaching as high as approximately 3.8 billion US dollars in the third quarter of 2023. Despite this recovery, occasional declines and negative values surfaced sporadically, notably in several quarters of 2024 and early 2025, indicating intermittent operational challenges or fluctuations in working capital management.
- Investing Activities
- Capital expenditures showed a persistent outflow across almost all periods, with values consistently negative and reaching highs near 2.5 billion US dollars in late 2022. This indicates ongoing investment in flight equipment and other assets. Purchases of short-term and other investments were especially prominent from mid-2021 through 2023, featuring substantial outflows tens of billions of dollars, possibly reflecting a strategic allocation of capital to investments. Offsetting these were proceeds from sales of short-term investments, which fluctuated markedly, peaking above 4 billion US dollars in early 2023. Proceeds from the sale of property and equipment remained relatively minor but stable, generally in the tens of millions. Overall, net cash used in investing activities showed considerable variation, with large negative spikes in the 2022 period transitioning to occasional positive inflows in parts of 2024, suggesting some divestment or reduced investment intensity during those times.
- Financing Activities
- Financing cash flows reflected complex debt and equity management strategies. Proceeds from the issuance of debt varied widely, with significant influxes especially in the second quarter of 2020 and mid-2021, as well as in parts of 2024, reaching multiple billions of dollars. Payments on long-term debt and other financing liabilities consistently exhibited significant outflows, frequently exceeding hundreds of millions to over five billion US dollars in certain quarters, reinforcing an ongoing cycle of debt repayment or restructuring. Equity issuance occurred primarily in early 2020 and sporadically through the early 2021 period but was absent in subsequent years. Share repurchases were mostly inactive until late 2023 and 2024, when they resumed with moderate outflows. The overall net cash provided by or used in financing activities varied between positive inflows in earlier periods and notable outflows by the later years, signaling shifts in financing policy and capital structure adjustments.
- Liquidity Trends
- The net increase or decrease in cash and cash equivalents echoed the fluctuations evident in operational, investing, and financing activities. Early 2020 experienced strong cash increases, likely supported by financing activities. However, cash balances exhibited large swings afterward, with pronounced declines during 2022 aligning with heavy investing outflows and principal repayments. Positive cash flow episodes returned intermittently in 2023 and parts of 2024. Towards the end of the period, cash balances experienced moderate declines again. These oscillations suggest careful liquidity management amidst fluctuating market conditions and capital expenditure requirements.