United Airlines Holdings Inc (UAL) — Free Cash Flow Generation Index
United Airlines Holdings Inc (UAL) has a Free Cash Flow Generation Index of 0.17x as of June 2026. Free cash flow of $267.00 Million represents 0% of operating cash flow ($1.61 Billion). Explore UAL capex to operating cash flow ratio to see what proportion of operating cash flow is directed to capital expenditures.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
United Airlines Holdings Inc Free Cash Flow Generation Index (1986–2025)
Historical FCF Generation Index trend for United Airlines Holdings Inc across 35 annual periods. For the full cash flow conversion analysis, see UAL cash flow metrics.
Annual Free Cash Flow Generation for United Airlines Holdings Inc (1986–2025)
Year-by-year Free Cash Flow Generation Index for United Airlines Holdings Inc. Check UAL total capital reinvestment ratio to assess the company's total reinvestment commitment from operating cash flow.
| Year | FCG Index | Free Cash Flow (USD) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.30x | $2.56 Billion | $8.43 Billion | $5.87 Billion | ▼ -25.2% |
| 2024 | 0.41x | $3.83 Billion | $9.45 Billion | $5.62 Billion | ▲ +1177.9% |
| 2023 | -0.04x | $-260.00 Million | $6.91 Billion | $7.17 Billion | ▼ -118.3% |
| 2022 | 0.21x | $1.25 Billion | $6.07 Billion | $4.82 Billion | ▲ +1162.3% |
| 2021 | -0.02x | $-40.00 Million | $2.07 Billion | $2.11 Billion | ▼ -105.6% |
| 2019 | 0.34x | $2.38 Billion | $6.91 Billion | $4.53 Billion | ▲ +1.4% |
| 2018 | 0.34x | $2.09 Billion | $6.16 Billion | $4.07 Billion | ▲ +398.0% |
| 2017 | -0.11x | $-396.00 Million | $3.47 Billion | $3.87 Billion | ▼ -127.2% |
| 2016 | 0.42x | $2.32 Billion | $5.54 Billion | $3.22 Billion | ▼ -22.7% |
| 2015 | 0.54x | $3.25 Billion | $5.99 Billion | $2.75 Billion | ▲ +126.8% |
| 2014 | 0.24x | $629.00 Million | $2.63 Billion | $2.00 Billion | ▲ +147.9% |
| 2013 | -0.50x | $-720.00 Million | $1.44 Billion | $2.16 Billion | ▲ +56.9% |
| 2012 | -1.16x | $-1.08 Billion | $935.00 Million | $2.02 Billion | ▼ -263.0% |
| 2011 | 0.71x | $1.71 Billion | $2.41 Billion | $700.00 Million | ▼ -11.9% |
| 2010 | 0.81x | $1.54 Billion | $1.91 Billion | $371.00 Million | ▲ +19.9% |
| 2009 | 0.67x | $649.00 Million | $966.00 Million | $317.00 Million | ▼ -2.9% |
| 2007 | 0.69x | $1.48 Billion | $2.13 Billion | $658.00 Million | ▼ -10.0% |
| 2006 | 0.77x | $1.20 Billion | $1.56 Billion | $362.00 Million | ▲ +36.1% |
| 2005 | 0.56x | $609.00 Million | $1.08 Billion | $470.00 Million | ▼ -33.6% |
| 2003 | 0.85x | $851.00 Million | $1.00 Billion | $150.00 Million | ▲ +3284.2% |
| 2000 | -0.03x | $-66.00 Million | $2.47 Billion | $2.54 Billion | ▼ -302.0% |
| 1999 | 0.01x | $32.00 Million | $2.42 Billion | $2.39 Billion | ▼ -88.3% |
| 1998 | 0.11x | $362.00 Million | $3.19 Billion | $2.83 Billion | ▲ +218.7% |
| 1997 | -0.10x | $-245.00 Million | $2.57 Billion | $2.81 Billion | ▼ -125.6% |
| 1996 | 0.37x | $915.00 Million | $2.45 Billion | $1.54 Billion | ▼ -62.7% |
| 1995 | 1.00x | $1.62 Billion | $1.62 Billion | $1.11 Billion | ▲ +91.1% |
| 1994 | 0.52x | $698.00 Million | $1.33 Billion | $636.00 Million | ▲ +170.4% |
| 1993 | -0.74x | $-638.00 Million | $858.00 Million | $1.50 Billion | ▲ +78.0% |
| 1992 | -3.38x | $-1.94 Billion | $575.30 Million | $2.52 Billion | ▲ +46.7% |
| 1991 | -6.34x | $-2.14 Billion | $338.00 Million | $2.48 Billion | ▼ -139.5% |
| 1990 | -2.65x | $-1.89 Billion | $715.80 Million | $2.61 Billion | ▼ -90.9% |
| 1989 | -1.39x | $-913.10 Million | $658.50 Million | $1.57 Billion | ▼ -786.5% |
| 1988 | 0.20x | $347.40 Million | $1.72 Billion | $1.37 Billion | ▼ -65.1% |
| 1987 | 0.58x | $1.35 Billion | $2.34 Billion | $987.00 Million | ▲ +195.0% |
| 1986 | -0.61x | $-563.60 Million | $926.60 Million | $1.49 Billion | — |