Name: United Airlines Holdings Inc. (NASDAQ:UAL) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2026	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	465)	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	(2,139)	(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	(3,144)	(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	1,600)	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	21)	24)	9)	35)	15)	19)	29)	43)	24)	22)	20)	19)	11)	8)	1)	23)	46)	72)	66)	82)	12)	2)	11)
Other, net	(176)	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	(3,838)	(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	869)	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	(1,004)	(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	(6)	(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	(141)	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	(3,514)	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)

The cash flow profile exhibits significant volatility across operating, investing, and financing activities, reflecting a cycle of liquidity accumulation, heavy capital reinvestment, and active debt management. While operating cash flows show a general upward trajectory in peak performance, the overall liquidity position remains sensitive to large-scale investment outlays and financing obligations.

Operating Cash Flow Trends: Net cash provided by operating activities demonstrates a pattern of seasonal and periodic fluctuations. Positive cash generation peaked in March 2026 at 4,799 million USD, following a trend of increasing highs across 2023 and 2024. However, intermittent quarterly deficits, such as those observed in September 2021 and December 2023, indicate periods where operational outflows exceeded inflows.
Investment Expenditure and Asset Management: Investing activities consistently result in net cash outflows, driven primarily by capital expenditures and the purchase of short-term investments. Capital expenditures show a steady requirement, with expenditures frequently exceeding 1,000 million USD per quarter from late 2022 onward. There is a notable pattern of managing liquidity through the sale and purchase of short-term investments, with significant purchase activity peaking in 2022, often offset by substantial proceeds from sales in subsequent quarters to maintain operational liquidity.
Financing Strategy and Debt Obligations: Financing activities transitioned from a period of heavy capital infusion in mid-2021, characterized by a 9,780 million USD debt issuance, to a prolonged phase of debt reduction. Payments for long-term debt and finance leases became a primary cash drain, consistently ranging between 600 million and 3,000 million USD per quarter. A return to significant debt issuance is observed in early 2024 and mid-2026, suggesting a strategic refinancing approach. Additionally, a shift toward shareholder returns is evident starting in late 2024 with the initiation of common stock repurchases.
Net Liquidity Position: The net change in cash, cash equivalents, and restricted cash is highly erratic, reflecting the interplay between operational gains and aggressive investment or debt repayment schedules. Large net increases in 2021 and early 2024 are contrasted by significant net decreases in 2022 and late 2025, highlighting a liquidity strategy that relies on periodic large-scale financing to offset continuous capital investment and debt servicing.

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United Airlines Holdings Inc. (NASDAQ:UAL)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data