United Airlines Holdings annual free cash flow
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United Airlines Holdings Free Cash Flow (FCF) History (UAL)
United Airlines Holdings reported $2.56B in free cash flow for fiscal 2025, a decrease of 33.24% from the previous fiscal year, with a free cash flow margin of 4.33%.
View full United Airlines Holdings company overviewUnited Airlines Holdings free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $2.56B | −$1.27B | −33.24% | +4.33% |
| 2024 | 2024-12-31 | $3.83B | $4.09B | — | +6.71% |
| 2023 | 2023-12-31 | −$260.0M | −$1.51B | — | −0.48% |
| 2022 | 2022-12-31 | $1.25B | $1.29B | — | +2.77% |
| 2021 | 2021-12-31 | −$40.0M | $5.82B | — | −0.16% |
| 2020 | 2020-12-31 | −$5.86B | −$8.24B | — | −38.16% |
| 2019 | 2019-12-31 | $2.38B | $287.0M | +13.71% | +5.50% |
| 2018 | 2018-12-31 | $2.09B | $2.49B | — | +5.07% |
| 2017 | 2017-12-31 | −$396.0M | −$2.71B | — | −1.05% |
| 2016 | 2016-12-31 | $2.32B | −$926.0M | −28.54% | +6.34% |
| 2015 | 2015-12-31 | $3.25B | $2.62B | +415.90% | +8.57% |
| 2014 | 2014-12-31 | $629.0M | $1.35B | — | +1.62% |
| 2013 | 2013-12-31 | −$720.0M | $361.0M | — | −1.88% |
| 2012 | 2012-12-31 | −$1.08B | −$2.65B | — | −2.91% |
| 2011 | 2011-12-31 | $1.57B | $77.0M | +5.16% | +4.23% |
| 2010 | 2010-12-31 | $1.49B | $842.0M | +129.74% | +6.39% |
| 2009 | 2009-12-31 | $649.0M | $2.36B | — | +3.97% |
| 2008 | 2008-12-31 | −$1.71B | — | — | −8.49% |
United Airlines Holdings quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $267.0M | −$663.0M | −71.29% | +1.51% |
| Q1 2026 | 2026-03-31 | $3.13B | $650.0M | +26.24% | +21.41% |
| Q4 2025 | 2025-12-31 | −$604.0M | −$1.15B | — | −3.92% |
| Q3 2025 | 2025-09-30 | −$246.0M | −$334.0M | — | −1.62% |
| Q2 2025 | 2025-06-30 | $930.0M | −$781.0M | −45.65% | +6.10% |
| Q1 2025 | 2025-03-31 | $2.48B | $995.0M | +67.14% | +18.75% |
| Q4 2024 | 2024-12-31 | $549.0M | $3.52B | — | +3.74% |
| Q3 2024 | 2024-09-30 | $88.0M | $1.05B | — | +0.59% |
| Q2 2024 | 2024-06-30 | $1.71B | −$668.0M | −28.08% | +11.42% |
| Q1 2024 | 2024-03-31 | $1.48B | $183.0M | +14.09% | +11.82% |
| Q4 2023 | 2023-12-31 | −$2.98B | −$1.59B | — | −21.84% |
| Q3 2023 | 2023-09-30 | −$962.0M | −$375.0M | — | −6.64% |
| Q2 2023 | 2023-06-30 | $2.38B | $238.0M | +11.12% | +16.78% |
| Q1 2023 | 2023-03-31 | $1.30B | $225.0M | +20.95% | +11.37% |
| Q4 2022 | 2022-12-31 | −$1.38B | −$576.0M | — | −11.14% |
| Q3 2022 | 2022-09-30 | −$587.0M | $465.0M | — | −4.56% |
| Q2 2022 | 2022-06-30 | $2.14B | $327.0M | +18.03% | +17.68% |
| Q1 2022 | 2022-03-31 | $1.07B | $1.07B | +35700.00% | +14.20% |
| Q4 2021 | 2021-12-31 | −$805.0M | $1.47B | — | −9.83% |
| Q3 2021 | 2021-09-30 | −$1.05B | $1.21B | — | −13.57% |
| Q2 2021 | 2021-06-30 | $1.81B | $1.98B | — | +33.16% |
| Q1 2021 | 2021-03-31 | $3.0M | $1.90B | — | +0.09% |
| Q4 2020 | 2020-12-31 | −$2.27B | −$2.26B | — | −66.65% |
| Q3 2020 | 2020-09-30 | −$2.26B | −$2.49B | — | −90.68% |
| Q2 2020 | 2020-06-30 | −$169.0M | −$2.02B | — | −11.46% |
| Q1 2020 | 2020-03-31 | −$1.90B | −$2.20B | — | −23.76% |
| Q4 2019 | 2019-12-31 | −$11.0M | $434.0M | — | −0.10% |
| Q3 2019 | 2019-09-30 | $234.0M | $176.0M | +303.45% | +2.06% |
| Q2 2019 | 2019-06-30 | $1.85B | $136.0M | +7.93% | +16.24% |
| Q1 2019 | 2019-03-31 | $306.0M | −$459.0M | −60.00% | +3.19% |
| Q4 2018 | 2018-12-31 | −$445.0M | −$264.0M | — | −4.24% |
| Q3 2018 | 2018-09-30 | $58.0M | $601.0M | — | +0.53% |
| Q2 2018 | 2018-06-30 | $1.72B | $1.24B | +263.56% | +15.92% |
| Q1 2018 | 2018-03-31 | $765.0M | $909.0M | — | +8.47% |
| Q4 2017 | 2017-12-31 | −$181.0M | $41.0M | — | −1.92% |
| Q3 2017 | 2017-09-30 | −$543.0M | −$992.0M | — | −5.49% |
| Q2 2017 | 2017-06-30 | $472.0M | −$1.24B | −72.38% | +4.72% |
| Q1 2017 | 2017-03-31 | −$144.0M | −$527.0M | — | −1.71% |
| Q4 2016 | 2016-12-31 | −$222.0M | −$574.0M | — | −2.45% |
| Q3 2016 | 2016-09-30 | $449.0M | −$178.0M | −28.39% | +4.53% |
| Q2 2016 | 2016-06-30 | $1.71B | $1.06B | +162.52% | +18.19% |
| Q1 2016 | 2016-03-31 | $383.0M | −$1.23B | −76.28% | +4.67% |
| Q4 2015 | 2015-12-31 | $352.0M | $1.11B | — | +3.90% |
| Q3 2015 | 2015-09-30 | $627.0M | $445.0M | +244.51% | +6.08% |
| Q2 2015 | 2015-06-30 | $651.0M | −$224.0M | −25.60% | +6.57% |
| Q1 2015 | 2015-03-31 | $1.61B | $1.28B | +389.39% | +18.76% |
| Q4 2014 | 2014-12-31 | −$758.0M | $341.0M | — | −8.14% |
| Q3 2014 | 2014-09-30 | $182.0M | $523.0M | — | +1.72% |
| Q2 2014 | 2014-06-30 | $875.0M | $173.0M | +24.64% | +8.47% |
| Q1 2014 | 2014-03-31 | $330.0M | $312.0M | +1733.33% | +3.79% |
| Q4 2013 | 2013-12-31 | −$1.10B | −$200.0M | — | −11.78% |
| Q3 2013 | 2013-09-30 | −$341.0M | $305.0M | — | −3.33% |
| Q2 2013 | 2013-06-30 | $702.0M | $61.0M | +9.52% | +7.02% |
| Q1 2013 | 2013-03-31 | $18.0M | $195.0M | — | +0.21% |
| Q4 2012 | 2012-12-31 | −$899.0M | −$834.0M | — | −10.33% |
| Q3 2012 | 2012-09-30 | −$646.0M | −$871.0M | — | −6.52% |
| Q2 2012 | 2012-06-30 | $641.0M | $33.0M | +5.43% | +6.45% |
| Q1 2012 | 2012-03-31 | −$177.0M | −$977.0M | — | −2.06% |
| Q4 2011 | 2011-12-31 | −$65.0M | $33.0M | — | −0.73% |
| Q3 2011 | 2011-09-30 | $225.0M | −$132.0M | −36.97% | +2.21% |
| Q2 2011 | 2011-06-30 | $608.0M | −$193.0M | −24.09% | +6.20% |
| Q1 2011 | 2011-03-31 | $800.0M | $369.0M | +85.61% | +9.75% |
| Q4 2010 | 2010-12-31 | −$98.0M | — | — | −1.16% |
| Q3 2010 | 2010-09-30 | $357.0M | $361.0M | — | +6.59% |
| Q2 2010 | 2010-06-30 | $801.0M | — | — | +15.45% |
| Q1 2010 | 2010-03-31 | $431.0M | — | — | +10.12% |
| Q3 2009 | 2009-09-30 | −$4.0M | — | — | −0.09% |
United Airlines Holdings free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from −$5.86B to $2.56B, a net increase of $8.42B. United Airlines Holdings's latest reported quarter, Q2 2026, generated $267.0M in free cash flow, a decrease of 71.29% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
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