United Airlines Holdings, Inc.

UALNASDAQIndustrials● Active

$105.32

$-0.41(-0.39%)

Market Cap$34.2B

P/E Ratio—

52W High$119.21

52W Low$71.55

Avg Volume7.7M

Open$104.69

Beta1.29

Free Cash Flow Financials Revenue

United Airlines Holdings, Inc. (UAL) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

UAL · free cash flow · updated Jun 8, 2026

Core FCF metrics

UAL · FCF · TTM · margin & CAGR

Free cash flow was $2.56B for FY2025 (fiscal year ending 2025-12-31), down 33.2% year-over-year The FCF margin was 4.3%.

FY2025 Free Cash Flow$2.56B▼ -33.2% YoY

Trailing 12M (TTM)$3.21Btrailing 4 quarters sum

FCF Margin4.3%$2.56B ÷ revenue

3-Year CAGR+27.0%FY2022 → FY2025

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

UAL · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$8.43B(5.87B)$2.56B▼ 33.2%4.3%

FY2024$9.45B(5.62B)$3.83B▲ +1573.1%6.7%

FY2023$6.91B(7.17B)−$260.0M▼ 120.9%-0.5%

FY2022$6.07B(4.82B)$1.25B▲ +3217.5%2.8%

FY2021$2.07B(2.11B)−$40.0M▲ +99.3%-0.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

UAL · P/FCF · FCF yield · FCF per share

United Airlines Holdings, Inc. (UAL) trades at a FCF yield of 9.39% and a price-to-free-cash-flow ratio of 10.7x. FCF per share stands at $9.81, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

9.39%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$9.81

TTM FCF ÷ Shares Outstanding

Price / FCF

x10.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x17.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

UAL · cash flow statement · operating / investing / financing

For FY2025, United Airlines Holdings, Inc. generated $8.43B in operating cash flow and spent 5.87B in capital expenditures, yielding $2.56B in free cash flow.

Operating Activities

+$8.43B

Cash from core business operations

2025-12-31

Investing Activities

−$6.35B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.95B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($8.43B) − |CapEx| (5.87B) = FCF ($2.56B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

UAL vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

United Airlines Holdings, Inc.YOU

UAL

$2.56B-33.2%4.3%

25%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

United Airlines Holdings, Inc. (UAL) reported free cash flow of $2.56B for FY2025 (fiscal year ending 2025-12-31), down 33.2% year-over-year. The FCF margin was 4.3%.

Based on available data, United Airlines Holdings, Inc. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $3.83B in FY2024.

United Airlines Holdings, Inc.'s FCF yield is 9.39% and price-to-FCF ratio is 10.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

UAL free cash flow · 8 questions

United Airlines Holdings, Inc. free cash flow was $2.56B for FY2025, down 33.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.21B.

UAL free cash flowUAL FCFUAL FCF 2025UAL free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · United Airlines Holdings, Inc. · United Airlines Holdings, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026