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FCF Margin for United Airlines Holdings (UAL)

As of · Reported

Metric

TTM

5.3%

YoY change

−2.38pp

Trough year (2020)

-38.2%

Peak year (1987)

16.3%

FCF Margin history chart for United Airlines Holdings (UAL) from 1985 to 2025

Latest: 4.3%

FCF Margin change chart for United Airlines Holdings (UAL) from 1985 to 2025

Latest: −2.38pp

FCF Margin history table for United Airlines Holdings (UAL) from 1985 to 2025

  • 20254.3%-2.38pp
  • 20246.7%+7.20pp
  • 2023-0.5%-3.26pp
  • 20222.8%+2.94pp
  • 2021-0.2%+38.00pp
  • 2020-38.2%-43.67pp
  • 20195.5%+0.43pp
  • 20185.1%+6.12pp
  • 2017-1.0%-7.39pp
  • 20166.3%-2.23pp
  • 20158.6%+6.95pp
  • 20141.6%+3.50pp
  • 2013-1.9%+1.03pp
  • 2012-2.9%-7.51pp
  • 20114.6%-2.01pp
  • 20106.6%+2.64pp
  • 20094.0%+12.16pp
  • 2008-8.2%-15.52pp
  • 20077.3%+1.12pp
  • 20066.2%+2.70pp
  • 20053.5%+4.53pp
  • 2004-1.0%-7.23pp
  • 20036.2%+15.27pp
  • 2002-9.1%+3.06pp
  • 2001-12.1%-11.79pp
  • 2000-0.3%-0.52pp
  • 19990.2%-1.88pp
  • 19982.1%+3.47pp
  • 1997-1.4%-7.00pp
  • 19965.6%-5.28pp
  • 199510.9%+5.86pp
  • 19945.0%+9.40pp
  • 1993-4.4%+10.68pp
  • 1992-15.1%+3.30pp
  • 1991-18.4%-1.21pp
  • 1990-17.2%-7.84pp
  • 1989-9.3%-13.19pp
  • 19883.9%-12.42pp
  • 198716.3%+24.20pp
  • 1986-7.9%+14.61pp
  • 1985-22.5%—

FCF Margin values are taken from United Airlines Holdings's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About FCF Margin at United Airlines Holdings (UAL)

According to United Airlines Holdings's latest reported financial statements, the company's latest reported free cash flow margin is 5.3%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

2025's annual free cash flow margin for United Airlines Holdings (UAL) came in at 4.33% – contracted 2.4 percentage points year-over-year.

The highest annual free cash flow margin of 16.29% was reported in 1987. The lowest in the available history was -38.16% in 2020.

United Airlines Holdings FCF Margin by Year

United Airlines Holdings FCF Margin 2025: 4.3%

In 2025, United Airlines Holdings reported free cash flow margin of 4.33%, contracted 2.4 percentage points from 2024.

United Airlines Holdings FCF Margin 2024: 6.7%

United Airlines Holdings free cash flow margin in 2024 was 6.71%, expanded 7.2 percentage points from 2023.

United Airlines Holdings FCF Margin 2023: -0.5%

2023's free cash flow margin for United Airlines Holdings came in at -0.48%, contracted 3.3 percentage points from 2022.

United Airlines Holdings FCF Margin 2022: 2.8%

United Airlines Holdings posted free cash flow margin of 2.77% in 2022, expanded 2.9 percentage points from 2021.

United Airlines Holdings FCF Margin 2021: -0.2%

United Airlines Holdings free cash flow margin in 2021 was -0.16%.

See more financial history for United Airlines Holdings (UAL).

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Industrials peers of United Airlines Holdings (UAL), ranked by their latest free cash flow margin

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