← United Airlines Holdings, Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $737.0m $2.6b $3.1b $3.4b
Net Income (Loss) Attributable to Parent $2.3b $2.1b $2.1b $3.0b ($7.1b) ($2.0b) $737.0m $2.6b $3.1b $3.4b
Net Income (Loss) Available to Common Stockholders, Basic $2.3b $2.1b $2.1b $3.0b ($7.1b) ($2.0b) $737.0m $2.6b $3.1b $3.4b
Amortization of Debt Issuance Costs and Discounts — — — — $94.0m $171.0m $156.0m $139.0m $166.0m $77.0m
Amortization of Intangible Assets $90.0m $79.0m $67.0m $60.0m $55.0m $49.0m $41.0m $37.0m $32.0m $28.0m
Amortization of debt discount and debt issuance costs — — — — $94.0m $171.0m $156.0m $139.0m $166.0m $77.0m
Depreciation Amortization Depletion — — — — — — $2.5b $2.7b $2.9b $2.9b
Depreciation, Depletion and Amortization $2.0b $2.1b $2.2b $2.3b $2.5b $2.5b $2.5b $2.7b $2.9b $2.9b
Deferred Income Tax — — — — — — $248.0m $756.0m $935.0m $925.0m
Deferred Income Tax Expense (Benefit) $1.6b $945.0m $515.0m $882.0m ($1.7b) ($583.0m) $248.0m $756.0m $935.0m $925.0m
Deferred Tax — — — — — — $248.0m $756.0m $935.0m $925.0m
Deferred income tax $1.6b $945.0m $515.0m $882.0m ($1.7b) ($583.0m) $248.0m $756.0m $935.0m $925.0m
Restructuring Costs and Asset Impairment Charges $391.0m $35.0m $416.0m $175.0m $1.4b $32.0m $16.0m $84.0m $158.0m $13.0m
Share-based Payment Arrangement, Expense $70.0m $73.0m $101.0m $100.0m $108.0m $238.0m $89.0m $80.0m $142.0m $148.0m
Gain (Loss) on Disposition of Assets — — — ($14.0m) — — — — — —
Gain (Loss) on Disposition of Other Assets ($51.0m) — — — — — — — — —
Gain (Loss) on Extinguishment of Debt $1.0m — $0 — — — — — — —
Income Tax Expense (Benefit) $1.6b $868.0m $529.0m $905.0m ($1.8b) ($593.0m) $253.0m $769.0m $1.0b $953.0m
Interest Expense Nonoperating — — — — — — — — $1.6b $1.4b
Operating leases converted to finance leases — — — — — — — $295.0m $239.0m $417.0m
Other Nonoperating Income (Expense) ($19.0m) $3.0m ($76.0m) ($27.0m) ($1.3b) $40.0m $8.0m $96.0m ($53.0m) $144.0m
Right-of-use assets acquired or modified through operating leases — $319.0m $663.0m $498.0m $198.0m $771.0m $137.0m $552.0m $577.0m $1.9b
Changes in operating assets and liabilities:
Additional Financial Items
(Increase) decrease in receivables ($16.0m) ($183.0m) ($29.0m) $44.0m $135.0m ($448.0m) ($158.0m) ($100.0m) $280.0m ($297.0m)
Beginning Cash Position — — — — — — $18.5b $7.4b $6.3b $8.9b
Cash Flow From Continuing Financing Activities — — — — — — ($3.3b) ($1.9b) ($4.2b) ($4.9b)
Cash Flow From Continuing Investing Activities — — — — — — ($13.8b) ($6.1b) ($2.7b) ($6.4b)
Change In Account Payable — — — — — — $796.0m $572.0m $178.0m $674.0m
Change In Other Current Assets — — — — — ($292.0m) ($86.0m) — — —
Change In Other Current Liabilities — — — — — — $110.0m $1.0b $454.0m $171.0m
Change In Other Working Capital — — — — — — $1.6b ($383.0m) $1.2b $906.0m
Change In Payable — — — — — — $796.0m $572.0m $178.0m $674.0m
Change In Payables And Accrued Expense — — — — — — $796.0m $572.0m $178.0m $674.0m
Change In Prepaid Assets — — — — — — ($86.0m) ($463.0m) ($166.0m) ($264.0m)
Change In Receivables — — — — — — ($158.0m) ($100.0m) $280.0m ($297.0m)
Change In Working Capital — — — — — — $2.3b $664.0m $1.9b $1.2b
Changes In Cash — — — — — — ($11.1b) ($1.1b) $2.6b ($2.9b)
End Cash Position — — — — — — $7.4b $6.3b $8.9b $6.1b
Financing Cash Flow — — — — — — ($3.3b) ($1.9b) ($4.2b) ($4.9b)
Financing Receivable, Credit Loss, Expense (Reversal) — — — — $697.0m $0 $0 — — —
Free Cash Flow — — — — — — $1.2b ($260.0m) $3.8b $2.6b
Gain (Loss) Related to Litigation Settlement — — — ($18.0m) — — — — — —
Goodwill $4.5b $4.5b $4.5b $4.5b $4.5b $4.5b $4.5b $4.5b $4.5b $4.5b
Income taxes $14.0m $20.0m $19.0m $29.0m ($29.0m) $0 $8.0m $7.0m $88.0m $62.0m
Increase (Decrease) in Accounts Payable $239.0m $66.0m $130.0m $324.0m ($1.1b) $985.0m $796.0m $572.0m $178.0m $674.0m
Increase (Decrease) in Other Operating Assets $298.0m $533.0m ($29.0m) $252.0m ($484.0m) $292.0m $86.0m — — —
Increase (decrease) in advance ticket sales ($22.0m) $146.0m $441.0m $438.0m $14.0m $1.5b $1.2b ($851.0m) $857.0m $570.0m
Increase in accounts payable $239.0m $66.0m $130.0m $324.0m ($1.1b) $985.0m $796.0m $572.0m $178.0m $674.0m
Increase in frequent flyer deferred revenue ($60.0m) ($142.0m) $222.0m $271.0m $699.0m $307.0m $393.0m $468.0m $298.0m $336.0m
Increase in other liabilities ($114.0m) ($478.0m) ($82.0m) ($302.0m) ($26.0m) ($403.0m) $110.0m $1.0b $454.0m $171.0m
Increase in prepaids and other assets — — — — — ($292.0m) ($86.0m) ($463.0m) ($166.0m) ($264.0m)
Interest $584.0m $571.0m $651.0m $648.0m $874.0m $1.4b $1.6b $1.8b $1.5b $1.3b
Inventory Write-down — — — — — — — — $175.0m $119.0m
Investing Cash Flow — — — — — — ($13.8b) ($6.1b) ($2.7b) ($6.3b)
Investment Income, Interest $42.0m $57.0m $101.0m $133.0m $50.0m $36.0m $298.0m $827.0m $726.0m $611.0m
Investment interests received in exchange for loans, goods and services — — — $0 $0 $131.0m $103.0m $33.0m $18.0m $45.0m
Issuance Of Capital Stock — — — — — $532.0m $0 $0 — —
Net PPE Purchase And Sale — — — — — — $207.0m $39.0m $109.0m $98.0m
Nonoperating Income (Expense) ($519.0m) ($499.0m) ($634.0m) ($387.0m) ($2.5b) ($1.5b) ($1.3b) ($824.0m) ($928.0m) ($408.0m)
Other Non Cash Items — — — — — — $390.0m $229.0m $333.0m $28.0m
Other operating activities $109.0m $142.0m $170.0m $185.0m $320.0m $393.0m $218.0m $6.0m $9.0m ($62.0m)
Other, net $2.0m ($13.0m) ($17.0m) ($30.0m) ($20.0m) ($27.0m) ($74.0m) ($32.0m) ($21.0m) ($115.0m)
Proceeds from Stock Options Exercised $6.0m $2.0m — — — — — — — —
Proceeds from sale of property and equipment $28.0m $12.0m — $49.0m $6.0m $107.0m $207.0m $39.0m $109.0m $98.0m
Repurchase Of Capital Stock — — — — — — $0 $0 ($162.0m) ($637.0m)
Sale Of PPE — — — — — — $207.0m $39.0m $109.0m $98.0m
Unrealized (gains) losses on investments — $0 $5.0m ($153.0m) $194.0m $34.0m ($20.0m) ($27.0m) $199.0m ($4.0m)
Unrealized Gain (Loss) on Derivatives — — — — ($24.0m) — — — — —
Unrealized Gain (Loss) on Investments — — — $153.0m ($194.0m) ($34.0m) $20.0m $27.0m ($199.0m) $4.0m
Unrealized Gain Loss On Investment Securities — — — — — — ($20.0m) ($27.0m) $199.0m ($4.0m)
Net Cash Provided by (Used in) Operating Activities $5.5b $3.4b $6.2b $6.9b ($4.1b) $2.1b $6.1b $6.9b $9.4b $8.4b
Cash flows from investing activities:
Capital Expenditure — — — — — — ($4.8b) ($7.2b) ($5.6b) ($5.9b)
Capital Expenditure Reported $3.2b $4.0b $4.2b $4.5b $1.7b $2.1b ($4.8b) ($7.2b) ($5.6b) ($5.9b)
Capital expenditures, net of flight equipment purchase deposit returns $386.0m $935.0m $174.0m $22.0m $2.0b $814.0m $19.0m $777.0m $406.0m ($25.0m)
Net Investment Purchase And Sale — — — — — — ($9.1b) $1.0b $2.9b ($479.0m)
Payments to Acquire Investments $2.8b $3.2b $2.6b — — — — — — —
Purchase Of Investment — — — — — — ($11.2b) ($9.5b) ($5.8b) ($7.8b)
Purchases of short-term and other investments ($2.8b) ($3.2b) ($2.6b) ($2.9b) ($552.0m) ($68.0m) ($11.2b) ($9.5b) ($5.8b) ($7.8b)
Gain (Loss) on Sale of Investments $9.0m — — — — — — — — —
Proceeds from sale of short-term and other investments $2.7b $3.2b $2.6b $3.0b $2.3b $397.0m $2.1b $10.5b $8.7b $7.3b
Sale Of Investment — — — — — — $2.1b $10.5b $8.7b $7.3b
Net Other Investing Changes — — — — — — ($69.0m) ($23.0m) $3.0m ($95.0m)
Payments for (Proceeds from) Other Investing Activities ($13.0m) ($120.0m) ($155.0m) ($79.0m) ($10.0m) $1.0m $69.0m $23.0m ($3.0m) $96.0m
Net Cash Provided by (Used in) Investing Activities ($3.2b) ($3.9b) ($4.6b) ($4.6b) $50.0m ($1.7b) ($13.8b) ($6.1b) ($2.7b) ($6.3b)
Cash flows from financing activities:
Issuance Of Debt — — — — — — $736.0m $2.4b $6.1b $578.0m
Long Term Debt Issuance — — — — — — $736.0m $2.4b $6.1b $578.0m
Net Issuance Payments Of Debt — — — — — — ($3.3b) ($1.9b) ($4.0b) ($4.2b)
Net Long Term Debt Issuance — — — — — — ($3.3b) ($1.9b) ($4.0b) ($4.2b)
Proceeds from Issuance of Long-term Debt $808.0m $2.8b $1.7b $1.8b $16.0b $11.1b $736.0m $2.4b $6.1b $578.0m
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees — — — — — $11.1b $736.0m $2.4b $6.1b $578.0m
Long Term Debt Payments — — — — — — ($4.0b) ($4.2b) ($10.1b) ($4.8b)
Payments of long-term debt, finance leases and other financial liabilities ($1.2b) ($901.0m) ($1.7b) ($1.2b) ($4.4b) ($5.2b) ($4.0b) ($4.2b) ($10.1b) ($4.8b)
Repayment Of Debt — — — — — — ($4.0b) ($4.2b) ($10.1b) ($4.8b)
Repayments of Long-term Debt $1.2b $901.0m $1.7b $1.2b $4.4b $5.2b $4.0b $4.2b $10.1b $4.8b
Common Stock Issuance — — — — — $532.0m $0 $0 — —
Net Common Stock Issuance — — — — — — $0 $0 ($162.0m) ($637.0m)
Proceeds from Issuance of Common Stock — — — — $2.1b — — — — —
Common Stock Payments — — — — — — $0 $0 ($162.0m) ($637.0m)
Payments for Repurchase of Common Stock $2.6b $1.8b $1.2b $1.6b $353.0m $0 $0 — $162.0m $637.0m
Repurchases of common stock ($2.6b) ($1.8b) ($1.2b) ($1.6b) ($353.0m) $0 $0 $0 ($162.0m) ($637.0m)
Net Other Financing Charges — — — — — — ($74.0m) ($32.0m) ($21.0m) ($115.0m)
Proceeds from (Payments for) Other Financing Activities $2.0m ($13.0m) ($17.0m) ($30.0m) ($20.0m) ($27.0m) ($74.0m) ($32.0m) ($21.0m) ($115.0m)
Net Cash Provided by (Used in) Financing Activities ($3.2b) ($195.0m) ($1.4b) ($1.3b) $13.0b $6.4b ($3.3b) ($1.9b) ($4.2b) ($4.9b)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($909.0m) ($712.0m) $208.0m $1.1b $8.9b $6.8b ($11.1b) ($1.1b) $2.6b ($2.9b)
Net increase (decrease) in cash, cash equivalents and restricted cash ($909.0m) ($712.0m) $208.0m $1.1b $8.9b $6.8b ($11.1b) ($1.1b) $2.6b ($2.9b)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents ($909.0m) ($712.0m) $1.8b $2.9b $11.7b $18.5b $7.4b $6.3b $8.9b $6.1b
Cash, cash equivalents and restricted cash at beginning of year $3.2b $2.3b $1.8b $2.9b $11.7b $18.5b $7.4b $6.3b $8.9b $6.1b
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($11.1b) ($1.1b) $2.6b ($2.9b)
Interest Paid, Excluding Capitalized Interest, Operating Activities $584.0m $571.0m $651.0m $648.0m $874.0m $1.4b $1.6b $1.8b $1.5b $1.3b
Income Taxes Paid, Net $14.0m $20.0m $19.0m $29.0m ($29.0m) $0 $8.0m $7.0m $88.0m $62.0m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.