United Airlines Holdings Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $3.35B | $3.15B | $2.62B | $737.0M | $-1.96B | $-7.07B | $3.01B | $2.12B |
| Depreciation & Amortization | $2.94B | $2.93B | $2.67B | $2.46B | $2.49B | $2.49B | $2.29B | $2.17B |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $28.0M | $32.0M | $37.0M | $41.0M | $49.0M | $55.0M | $60.0M | $67.0M |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $8.43B | $9.45B | $6.91B | $6.07B | $2.07B | $-4.13B | $6.91B | $6.16B |
| Investing Activities | ||||||||
| Capital Expenditures | $5.87B | $5.62B | $7.17B | $4.82B | $2.11B | $1.73B | $4.53B | $4.07B |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-6.35B | $-2.65B | $-6.11B | $-13.83B | $-1.67B | $50.0M | $-4.56B | $-4.46B |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $637.0M | $162.0M | $0 | $0 | $0 | $353.0M | $1.65B | $1.24B |
| Net Cash from Financing Activities | $-4.95B | $-4.18B | $-1.89B | $-3.35B | $6.40B | $12.96B | $-1.28B | $-1.50B |
| Net Change in Cash | $-2.87B | $2.61B | $-1.09B | $-11.11B | $6.79B | $8.87B | $1.07B | $208.0M |
| Free Cash Flow | $2.56B | $3.83B | $-260.0M | $1.25B | $-40.0M | $-5.86B | $2.38B | $2.09B |