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United Airlines Holdings cash flow statement

In fiscal 2025, United Airlines Holdings's operations generated $8.43bn of cash; it spent $5.87bn on capital projects, leaving free cash flow of $2.56bn. It returned $637m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations9661,9072,4089351,4442,6345,9925,5423,4746,1646,909−4,1332,0676,0666,9119,4458,4318,160
Depreciation and amortisation9171,0791,5471,5221,6891,6791,8191,9772,0962,1652,2882,4882,4852,4562,6712,9282,9393,043
Stock-based pay21141714111145870731011001082388980142148172
Capital spending3174168402,0162,1642,0052,7473,2233,8704,0704,5281,7272,1074,8197,1715,6155,8747,044
Free cash flow6491,4911,568−1,081−7206293,2452,319−3962,0942,381−5,860−401,247−2603,8302,5571,116
Free cash flow after stock pay6281,4771,551−1,095−7315153,1872,249−4691,9932,281−5,968−2781,158−3403,6882,409944
Share buybacks23—433121,2332,6141,8441,2351,64535300016263754
Shares issued222————————001,10053200———

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from United Airlines Holdings's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to United Airlines Holdings.