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 | −$94.0M | — | −1.15% |
| Q3 2010 | 2010-09-30 | $357.0M | — | — | +6.59% |
| Q2 2010 | 2010-06-30 | $801.0M | — | — | +15.52% |
| Q1 2010 | 2010-03-31 | $431.0M | — | — | +10.16% |
| 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 SEC-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.
Review United Airlines Holdings filings at SEC.gov ↗