Skip to content
MARKETS / NASDAQ / UAL
NASDAQ · AIR TRANSPORTATION, SCHEDULED · LARGE CAP

United Airlines Holdings, Inc. UAL

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$59.1B
▲ 3.5% YoY
$3.4B
▲ 6.5% YoY
$2.6B
▼ 33.2% YoY
In brief

What this company does

United Airlines Holdings transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. It operates across six continents, with hubs at Chicago O'Hare, Denver, George Bush Intercontinental, Los Angeles, Newark Liberty, San Francisco, Washington Dulles and A.B. Won Pat international airports. As of December 31, 2025, it had approximately 113,200 employees, of whom approximately 83% were represented by various U.S. labor organizations. Regional capacity accounted for approximately 6.1% of total capacity for the year ended December 31, 2025, and is flown by regional carriers under contract to provide aircraft service branded as United Express. Members of the MileagePlus loyalty program earn miles for flights on United, United Express, Star Alliance members and certain other airlines that participate in the program. Freight and mail transportation services are provided mostly to commercial businesses, freight forwarders, logistics firms and national postal services. Third-party business revenue comes from maintenance services, frequent flyer award non-travel redemptions, flight academy and ground handling. The parent is a holding company whose wholly-owned subsidiary is United Airlines, Inc.

Written from the business description in United Airlines Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth
USD 59.1B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 59.1 · Net income 3.4
20.0B40.0B-2.5B-5.0B2008201120142017202020232025
Compound annual growth
+9.5%
+30.9%
+4.5%
+6.4%
+65.7%
−7.5%
+18.8%
+66.0%
−6.3%
−6.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +30.9% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
6 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 8.0% · Net 5.7%
5%10%15%-20%-40%2008201120142017202020232025
ROE
FY2025 · ROE 24.0%
50%100%-50%2008201120142017202020232025

Each USD of equity produced 24 cents of profit this year.

Cash & shareholders
USD 637.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.6
2B-2B-4B2008201120142017202020232025
Net buybacks $B Dividends $B
FY2025 · Dividends — · Net buybacks 0.6
1.00B2.00B-0.25B-0.50B200820102013201520172019202120232025

USD 637.0M in buybacks — 19% of the year's profit went back to shareholders.

Total assetsUSD 76.4B
EquityUSD 15.3B
CashUSD 5.9B
Gross debtUSD 21.3B
Net debtUSD 15.3B
Current ratio0.65×

Net debt stands at 100% of equity.

The 18-year record
18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B59.157.153.745.024.615.443.341.337.836.637.938.938.337.237.123.316.320.2
Operating income $B4.75.14.22.3−1.0−6.44.33.23.64.35.22.41.20.01.81.0−0.2−4.4
EBITDA $B7.78.06.94.81.5−3.96.65.4······2.0···
Income tax $B1.01.00.80.3−0.6−1.80.90.50.91.5−3.1−0.0−0.0−0.00.0·−0.0−0.0
Net income $B3.43.12.60.7−2.0−7.13.02.12.12.27.31.10.6−0.70.80.3−0.7−5.4
Free cash flow $B2.63.8−0.31.2−0.0−5.92.42.1−0.42.33.20.6−0.7−1.11.61.50.6−1.7
EPS, diluted $10.209.457.892.23−6.10−25.3011.587.677.066.7619.472.931.53−2.182.261.08−4.32−42.59
Dividend / sh $··················
Payout %··················
ROE %24.028.632.312.4−35.7−80.827.922.524.725.5129.242.133.0−63.247.6···
Shares out B0.320.330.330.330.320.310.250.270.290.310.360.370.360.330.330.330.17·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 69 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityAir Transportation, Scheduled
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2008

Share this section

Download image