SuperworthUnited Airlines free cash flow UAL
Cash from operations less capital spending, by quarter and over the last twelve months, from 2009.
- Last 12 months, to Jun 30, 2026
- $2.5B
- Latest quarter, Q2 FY26
- $267M
- −71% on a year earlier
- Fiscal year 2025
- $2.6B
- −33% on the year before
United Airlines' free cash flow was $2.5B over the twelve months to Jun 30, 2026, down 37% on a year earlier.
In its latest quarter, Q2 FY26, it was $267M, down 71% on the same quarter a year before.
Free cash flow over time
Fiscal year by fiscal year
| Fiscal year | Free cash flow | Change |
|---|---|---|
| FY2025 | $2.6B | −33% |
| FY2024 | $3.8B | n/a |
| FY2023 | −$260M | −121% |
| FY2022 | $1.2B | n/a |
| FY2021 | −$40M | n/a |
| FY2020 | −$5.9B | −346% |
| FY2019 | $2.4B | +14% |
| FY2018 | $2.1B | n/a |
| FY2017 | −$585M | −125% |
| FY2016 | $2.3B | −29% |
| FY2015 | $3.2B | +416% |
| FY2014 | $629M | n/a |
| FY2013 | −$720M | n/a |
| FY2012 | −$1.1B | −163% |
| FY2011 | $1.7B | +11% |
Each fiscal year is the twelve months to its fourth quarter.
Quarter by quarter
| Quarter | Ended | Free cash flow | On a year earlier | Last 12 months |
|---|---|---|---|---|
| Q2 FY26 | $267M | −71% | $2.5B | |
| Q1 FY26 | $3.1B | +26% | $3.2B | |
| Q4 FY25 | −$604M | −210% | $2.6B | |
| Q3 FY25 | −$246M | −380% | $3.7B | |
| Q2 FY25 | $930M | −46% | $4B | |
| Q1 FY25 | $2.5B | +67% | $4.8B | |
| Q4 FY24 | $549M | n/a | $3.8B | |
| Q3 FY24 | $88M | n/a | $305M | |
| Q2 FY24 | $1.7B | −28% | −$745M | |
| Q1 FY24 | $1.5B | +14% | −$77M | |
| Q4 FY23 | −$3B | n/a | −$260M | |
| Q3 FY23 | −$962M | n/a | $1.3B |
Against its peers
Companies in Airlines, Airports & Air Services nearest United Airlines' size, closest first, today.
| Company | Free cash flow yield |
|---|---|
| UALUnited Airlines | 8.0% |
| LUVSouthwest Airlines | −2.2% |
| DALDelta Air Lines | n/m |
| SKYWSkywest | 25.2% |
| Peer median | 11.5% |
Where United Airlines ranks
What the free cash flow tells you
Cash from operations minus capital spending. The cash the company could hand back or reinvest.
Seasonal and lumpy quarter to quarter. The TTM view is the one to trust.
More on United Airlines
Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.