United Airlines Holdings Inc (UAL) — Capital Reinvestment Ratio
United Airlines Holdings Inc (UAL) has a Capital Reinvestment Ratio of 0.83x as of June 2026, meaning it reinvests 1% of its operating cash flow ($1.61 Billion) in capital expenditures ($1.34 Billion). Check tangible equity quality of United Airlines Holdings Inc to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
United Airlines Holdings Inc Capital Reinvestment Ratio (1986–2025)
This chart tracks United Airlines Holdings Inc's Capital Reinvestment Ratio across 35 annual periods. For the full cash flow conversion analysis, see UAL operating cash flow.
Annual Capital Reinvestment Ratio for United Airlines Holdings Inc (1986–2025)
Year-by-year Capital Reinvestment Ratio for United Airlines Holdings Inc from 1986 to 2025. See cash generation quality of United Airlines Holdings Inc to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.70x | $8.43 Billion | $5.87 Billion | ▲ +17.2% |
| 2024 | 0.59x | $9.45 Billion | $5.62 Billion | ▼ -42.7% |
| 2023 | 1.04x | $6.91 Billion | $7.17 Billion | ▲ +30.6% |
| 2022 | 0.79x | $6.07 Billion | $4.82 Billion | ▼ -22.1% |
| 2021 | 1.02x | $2.07 Billion | $2.11 Billion | ▲ +55.5% |
| 2019 | 0.66x | $6.91 Billion | $4.53 Billion | ▼ -0.7% |
| 2018 | 0.66x | $6.16 Billion | $4.07 Billion | ▼ -40.7% |
| 2017 | 1.11x | $3.47 Billion | $3.87 Billion | ▲ +91.6% |
| 2016 | 0.58x | $5.54 Billion | $3.22 Billion | ▲ +26.9% |
| 2015 | 0.46x | $5.99 Billion | $2.75 Billion | ▼ -39.8% |
| 2014 | 0.76x | $2.63 Billion | $2.00 Billion | ▼ -49.2% |
| 2013 | 1.50x | $1.44 Billion | $2.16 Billion | ▼ -30.5% |
| 2012 | 2.16x | $935.00 Million | $2.02 Billion | ▲ +641.7% |
| 2011 | 0.29x | $2.41 Billion | $700.00 Million | ▲ +49.4% |
| 2010 | 0.19x | $1.91 Billion | $371.00 Million | ▼ -40.7% |
| 2009 | 0.33x | $966.00 Million | $317.00 Million | ▲ +6.4% |
| 2007 | 0.31x | $2.13 Billion | $658.00 Million | ▲ +33.0% |
| 2006 | 0.23x | $1.56 Billion | $362.00 Million | ▼ -46.8% |
| 2005 | 0.44x | $1.08 Billion | $470.00 Million | ▲ +190.7% |
| 2003 | 0.15x | $1.00 Billion | $150.00 Million | ▼ -85.4% |
| 2000 | 1.03x | $2.47 Billion | $2.54 Billion | ▲ +4.0% |
| 1999 | 0.99x | $2.42 Billion | $2.39 Billion | ▲ +11.3% |
| 1998 | 0.89x | $3.19 Billion | $2.83 Billion | ▼ -19.1% |
| 1997 | 1.10x | $2.57 Billion | $2.81 Billion | ▲ +74.7% |
| 1996 | 0.63x | $2.45 Billion | $1.54 Billion | ▼ -8.4% |
| 1995 | 0.68x | $1.62 Billion | $1.11 Billion | ▲ +43.5% |
| 1994 | 0.48x | $1.33 Billion | $636.00 Million | ▼ -72.7% |
| 1993 | 1.74x | $858.00 Million | $1.50 Billion | ▼ -60.2% |
| 1992 | 4.38x | $575.30 Million | $2.52 Billion | ▼ -40.4% |
| 1991 | 7.34x | $338.00 Million | $2.48 Billion | ▲ +101.3% |
| 1990 | 3.65x | $715.80 Million | $2.61 Billion | ▲ +52.8% |
| 1989 | 2.39x | $658.50 Million | $1.57 Billion | ▲ +199.1% |
| 1988 | 0.80x | $1.72 Billion | $1.37 Billion | ▲ +89.2% |
| 1987 | 0.42x | $2.34 Billion | $987.00 Million | ▼ -73.8% |
| 1986 | 1.61x | $926.60 Million | $1.49 Billion | — |