UNITED AIRLINES, INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
UAL$120.56+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Consolidated Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities: | |||
| Net income | $3,353 | $3,149 | $2,618 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities - | |||
| Deferred income tax | 925 | 935 | 756 |
| Depreciation and amortization | 2,939 | 2,928 | 2,671 |
| Operating and non-operating special charges, non-cash portion | 13 | 158 | 84 |
| Unrealized (gains) losses on investments | (4) | 199 | (27) |
| Amortization of debt discount and debt issuance costs | 77 | 166 | 139 |
| Other operating activities | (62) | 9 | 6 |
| Changes in operating assets and liabilities - | |||
| (Increase) decrease in receivables | (297) | 280 | (100) |
| Increase in prepaids and other assets | (264) | (166) | (463) |
| Increase (decrease) in advance ticket sales | 570 | 857 | (851) |
| Increase in frequent flyer deferred revenue | 336 | 298 | 468 |
| Increase in accounts payable | 674 | 178 | 572 |
| Increase in other liabilities | 171 | 454 | 1,038 |
| Net cash provided by operating activities | 8,431 | 9,445 | 6,911 |
| Investing Activities: | |||
| Capital expenditures, net of flight equipment purchase deposit returns | (5,874) | (5,615) | (7,171) |
| Purchases of short-term and other investments | (7,763) | (5,809) | (9,470) |
| Proceeds from sale of short-term and other investments | 7,284 | 8,661 | 10,519 |
| Proceeds from sale of property and equipment | 98 | 109 | 39 |
| Other, net | (96) | 3 | (23) |
| Net cash used in investing activities | (6,350) | (2,651) | (6,106) |
| Financing Activities: | |||
| Proceeds from issuance of debt and other financial liabilities, net of discounts and fees | 578 | 6,139 | 2,388 |
| Payments of long-term debt, finance leases and other financial liabilities | (4,771) | (10,138) | (4,248) |
| Repurchases of common stock | (637) | (162) | — |
| Other, net | (115) | (21) | (32) |
| Net cash used in financing activities | (4,945) | (4,182) | (1,892) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (2,865) | 2,612 | (1,087) |
| Cash, cash equivalents and restricted cash at beginning of year | 8,946 | 6,334 | 7,421 |
| Cash, cash equivalents and restricted cash at end of year | $6,081 | $8,946 | $6,334 |
| Investing and Financing Activities Not Affecting Cash: | |||
| Right-of-use assets acquired or modified through operating leases | $1,901 | $625 | $761 |
| Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities | (25) | 409 | 819 |
| Operating leases converted to finance leases | 417 | 239 | 295 |
| Investment interests received in exchange for loans, goods and services | 45 | 24 | 33 |
| Cash Paid During the Period for: | |||
| Interest | $1,330 | $1,494 | $1,848 |
| Income taxes | 62 | 88 | 7 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.