United Airlines Holdings Inc (UAL) — Capital Reinvestment Ratio
Latest as of March 2026:
0.35x
United Airlines Holdings Inc (UAL) has a Capital Reinvestment Ratio of 0.35x as of March 2026, meaning it reinvests 0% of its operating cash flow ($4.80 Billion) in capital expenditures ($1.67 Billion). See UAL free cash flow generation to measure how efficiently the company converts operating cash flow to free cash.
Capital Reinvestment Ratio
0.35x
Capex / Operating Cash Flow
Operating Cash Flow
$4.80 Billion
USD
Capital Expenditures
$1.67 Billion
USD
Data as of
Mar 2026
Most recent filing
United Airlines Holdings Inc Capital Reinvestment Ratio (1986–2025)
This chart tracks United Airlines Holdings Inc's Capital Reinvestment Ratio across 35 annual periods.
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. For live market cap and broader valuation context, see UAL market cap overview.
| 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 | — |
Capital Reinvestment Ratio = ABS(Capital Expenditures) / Operating Cash Flow