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United Airlines Holdings Inc Financials

UAL
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows United Airlines Holdings Inc (UAL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 44 / 100
Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
40

United Airlines Holdings Inc has an operating margin of 8.0%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 8.9% the prior year.

Growth
39

United Airlines Holdings Inc's revenue grew a modest 3.5% year-over-year to $59.1B. This slow but positive growth earns a score of 39/100.

Leverage
79

United Airlines Holdings Inc carries a low D/E ratio of 1.12, meaning only $1.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
7

United Airlines Holdings Inc's current ratio of 0.65 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 7/100, which could limit financial flexibility.

Cash Flow
36

United Airlines Holdings Inc has a free cash flow margin of 4.3%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
60

United Airlines Holdings Inc's ROE of 21.9% shows moderate profitability relative to equity, earning a score of 60/100. This is down from 24.8% the prior year.

Altman Z-Score Distress
1.31

United Airlines Holdings Inc scores 1.31, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong
7/9

United Airlines Holdings Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.51x

For every $1 of reported earnings, United Airlines Holdings Inc generates $2.51 in operating cash flow ($8.4B OCF vs $3.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
3.4x

United Airlines Holdings Inc earns $3.4 in operating income for every $1 of interest expense ($4.7B vs $1.4B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$59.1B
YoY+3.5%
5Y CAGR+30.9%
10Y CAGR+4.5%

United Airlines Holdings Inc generated $59.1B in revenue in fiscal year 2025. This represents an increase of 3.5% from the prior year.

EBITDA
$7.7B
YoY-4.6%
10Y CAGR+0.9%

United Airlines Holdings Inc's EBITDA was $7.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.6% from the prior year.

Net Income
$3.4B
YoY+6.5%
10Y CAGR-7.5%

United Airlines Holdings Inc reported $3.4B in net income in fiscal year 2025. This represents an increase of 6.5% from the prior year.

EPS (Diluted)
$10.20
YoY+7.9%
10Y CAGR-6.3%

United Airlines Holdings Inc earned $10.20 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$2.6B
YoY-33.2%
10Y CAGR-2.4%

United Airlines Holdings Inc generated $2.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 33.2% from the prior year.

Cash & Debt
$5.9B
YoY-32.2%
5Y CAGR-12.0%
10Y CAGR+7.1%

United Airlines Holdings Inc held $5.9B in cash against $17.2B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
323M
YoY-1.4%
5Y CAGR+0.7%
10Y CAGR-1.1%

United Airlines Holdings Inc had 323M shares outstanding in fiscal year 2025. This represents a decrease of 1.4% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
8.0%
YoY-1.0pp
5Y CAGR+49.4pp
10Y CAGR-5.7pp

United Airlines Holdings Inc's operating margin was 8.0% in fiscal year 2025, reflecting core business profitability. This is down 1.0 percentage points from the prior year.

Net Margin
5.7%
YoY+0.2pp
5Y CAGR+51.7pp
10Y CAGR-13.7pp

United Airlines Holdings Inc's net profit margin was 5.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.2 percentage points from the prior year.

Return on Equity
21.9%
YoY-2.9pp
5Y CAGR+140.6pp
10Y CAGR-59.9pp

United Airlines Holdings Inc's ROE was 21.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.9 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$637.0M
YoY+293.2%
5Y CAGR+12.5%
10Y CAGR-6.4%

United Airlines Holdings Inc spent $637.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 293.2% from the prior year.

Capital Expenditures
$5.9B
YoY+4.6%
5Y CAGR+27.7%
10Y CAGR+7.9%

United Airlines Holdings Inc invested $5.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 4.6% from the prior year.

UAL Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $15.4B+1.1% $15.2B-0.1% $15.2B+15.3% $13.2B-10.1% $14.7B-1.0% $14.8B-1.0% $15.0B+19.5% $12.5B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $1.4B-0.6% $1.4B+5.3% $1.3B+118.3% $607.0M-59.6% $1.5B-4.0% $1.6B-18.9% $1.9B+1848.5% $99.0M
Interest Expense $325.0M-1.8% $331.0M-8.3% $361.0M+1.4% $356.0M-3.5% $369.0M-2.6% $379.0M-11.2% $427.0M-5.9% $454.0M
Income Tax $281.0M-8.2% $306.0M+11.3% $275.0M+202.2% $91.0M-71.7% $322.0M+0.3% $321.0M-22.8% $416.0M+1140.0% -$40.0M
Net Income $1.0B+10.0% $949.0M-2.5% $973.0M+151.4% $387.0M-60.7% $985.0M+2.1% $965.0M-27.1% $1.3B+1166.9% -$124.0M
EPS (Diluted) N/A $2.90-2.4% $2.97+156.0% $1.16 N/A $2.90-26.8% $3.96+1142.1% $-0.38

UAL Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $76.4B+0.2% $76.3B-1.1% $77.2B+1.4% $76.1B+2.7% $74.1B+2.0% $72.6B-0.8% $73.3B+1.9% $71.9B
Current Assets $16.9B-6.8% $18.1B-10.7% $20.3B+0.5% $20.1B+6.7% $18.9B+1.7% $18.6B-7.2% $20.0B+7.0% $18.7B
Cash & Equivalents $5.9B-11.7% $6.7B-28.1% $9.4B-0.2% $9.4B+6.9% $8.8B-0.5% $8.8B-18.9% $10.9B+29.3% $8.4B
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $4.5B0.0% $4.5B0.0% $4.5B0.0% $4.5B0.0% $4.5B0.0% $4.5B0.0% $4.5B0.0% $4.5B
Total Liabilities $61.2B-1.4% $62.0B-2.8% $63.8B+0.5% $63.5B+3.4% $61.4B+0.3% $61.2B-2.4% $62.7B0.0% $62.7B
Current Liabilities $26.1B-3.6% $27.1B-6.5% $29.0B+12.4% $25.8B+10.7% $23.3B-0.2% $23.4B-9.6% $25.9B+4.4% $24.8B
Long-Term Debt $17.2B-17.5% $20.8B-0.4% $20.9B-14.4% $24.4B+12.5% $21.7B-2.4% $22.2B+2.4% $21.7B-5.9% $23.1B
Total Equity $15.3B+6.8% $14.3B+7.0% $13.4B+6.0% $12.6B-0.5% $12.7B+10.8% $11.4B+8.7% $10.5B+14.6% $9.2B
Retained Earnings $10.1B+11.5% $9.0B+11.6% $8.1B+13.6% $7.1B+3.7% $6.9B+16.7% $5.9B+18.3% $5.0B+36.1% $3.7B

UAL Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $1.3B+5.6% $1.2B-45.1% $2.2B-40.2% $3.7B+66.8% $2.2B+48.5% $1.5B-47.9% $2.9B+0.9% $2.8B
Capital Expenditures $1.9B+29.1% $1.5B+13.8% $1.3B+4.4% $1.2B-26.4% $1.7B+18.8% $1.4B+21.1% $1.2B-14.8% $1.4B
Free Cash Flow -$604.0M-145.5% -$246.0M-126.5% $930.0M-62.5% $2.5B+351.2% $549.0M+523.9% $88.0M-94.9% $1.7B+15.5% $1.5B
Investing Cash Flow -$1.6B+10.2% -$1.7B-10.3% -$1.6B-8.1% -$1.5B+14.8% -$1.7B+31.7% -$2.5B-1973.9% $134.0M-90.7% $1.4B
Financing Cash Flow -$509.0M+76.2% -$2.1B-153.4% -$843.0M+42.1% -$1.5B-146.5% -$591.0M+44.9% -$1.1B-85.0% -$580.0M+70.1% -$1.9B
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $27.0M+28.6% $21.0M-91.3% $240.0M-31.2% $349.0M+336.3% $80.0M-2.4% $82.0M $0 $0

UAL Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 9.0%-0.2pp 9.2%+0.5pp 8.7%+4.1pp 4.6%-5.6pp 10.2%-0.3pp 10.5%-2.3pp 12.9%+12.1pp 0.8%
Net Margin 6.8%+0.5pp 6.2%-0.2pp 6.4%+3.5pp 2.9%-3.8pp 6.7%+0.2pp 6.5%-2.3pp 8.8%+9.8pp -1.0%
Return on Equity 6.8%+0.2pp 6.6%-0.7pp 7.3%+4.2pp 3.1%-4.7pp 7.8%-0.7pp 8.4%-4.1pp 12.6%+13.9pp -1.4%
Return on Assets 1.4%+0.1pp 1.2%-0.0pp 1.3%+0.8pp 0.5%-0.8pp 1.3%0.0pp 1.3%-0.5pp 1.8%+2.0pp -0.2%
Current Ratio 0.65-0.0 0.67-0.0 0.70-0.1 0.78-0.0 0.81+0.0 0.79+0.0 0.77+0.0 0.76
Debt-to-Equity 1.12-0.3 1.45-0.1 1.56-0.4 1.93+0.2 1.71-0.2 1.94-0.1 2.06-0.4 2.51
FCF Margin -3.9%-2.3pp -1.6%-7.7pp 6.1%-12.7pp 18.8%+15.0pp 3.7%+3.1pp 0.6%-10.8pp 11.4%-0.4pp 11.8%

Note: The current ratio is below 1.0 (0.65), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

United Airlines Holdings Inc (UAL) reported $59.1B in total revenue for fiscal year 2025. This represents a 3.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

United Airlines Holdings Inc (UAL) revenue grew by 3.5% year-over-year, from $57.1B to $59.1B in fiscal year 2025.

Yes, United Airlines Holdings Inc (UAL) reported a net income of $3.4B in fiscal year 2025, with a net profit margin of 5.7%.

United Airlines Holdings Inc (UAL) reported diluted earnings per share of $10.20 for fiscal year 2025. This represents a 7.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

United Airlines Holdings Inc (UAL) had EBITDA of $7.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, United Airlines Holdings Inc (UAL) had $5.9B in cash and equivalents against $17.2B in long-term debt.

United Airlines Holdings Inc (UAL) had an operating margin of 8.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

United Airlines Holdings Inc (UAL) had a net profit margin of 5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

United Airlines Holdings Inc (UAL) has a return on equity of 21.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

United Airlines Holdings Inc (UAL) generated $2.6B in free cash flow during fiscal year 2025. This represents a -33.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

United Airlines Holdings Inc (UAL) generated $8.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

United Airlines Holdings Inc (UAL) had $76.4B in total assets as of fiscal year 2025, including both current and long-term assets.

United Airlines Holdings Inc (UAL) invested $5.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, United Airlines Holdings Inc (UAL) spent $637.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

United Airlines Holdings Inc (UAL) had 323M shares outstanding as of fiscal year 2025.

United Airlines Holdings Inc (UAL) had a current ratio of 0.65 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

United Airlines Holdings Inc (UAL) had a debt-to-equity ratio of 1.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

United Airlines Holdings Inc (UAL) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

United Airlines Holdings Inc (UAL) has an Altman Z-Score of 1.31, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

United Airlines Holdings Inc (UAL) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

United Airlines Holdings Inc (UAL) has an earnings quality ratio of 2.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

United Airlines Holdings Inc (UAL) has an interest coverage ratio of 3.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

United Airlines Holdings Inc (UAL) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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