8-K Announcements
6Material company update
Apr 21, 2026·SEC
Material company update
Feb 6, 2026·SEC
Material company update
Feb 2, 2026·SEC
United Airlines Holdings, Inc.(UAL)Earnings, Financials & Key Ratios
UAL•NASDAQ
$100.03
$32.48B mkt cap·9.8× P/E·Price updated May 6, 2026
AboutUnited Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, training, and maintenance services for third parties. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.Show more
- Revenue$59.07B+3.5%
- EBITDA$7.65B-4.6%
- Net Income$3.35B+6.5%
- EPS (Diluted)10.22+8.1%
- Gross Margin64.12%+88.4%
- EBITDA Margin12.95%-7.9%
- Operating Margin7.98%-10.7%
- Net Margin5.68%+2.9%
- ROE23.99%-16.2%
- ROIC9.07%-8.0%
- Debt/Equity2.03-23.5%
- Interest Coverage3.77-5.1%
UAL Key Insights
United Airlines Holdings, Inc. (UAL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 28.3%
- ✓Strong Piotroski F-Score: 8/9
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 30.9%
✗Weaknesses
- ✗High debt to equity ratio of 2.0x
- ✗Thin 5Y average net margin of 1.9%
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
UAL Price & Volume
United Airlines Holdings, Inc. (UAL) stock price & volume — 10-year historical chart
Loading chart...
UAL Growth Metrics
United Airlines Holdings, Inc. (UAL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years4.55%
5 Years30.93%
3 Years9.53%
TTM4.73%
Profit CAGR
10 Years-7.54%
5 Years-
3 Years65.7%
TTM0.16%
EPS CAGR
10 Years-6.24%
5 Years-
3 Years66.1%
TTM2.19%
Return on Capital
10 Years6.57%
5 Years6.2%
3 Years9.43%
Last Year9.32%
UAL Recent Earnings
United Airlines Holdings, Inc. (UAL) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 21, 2026EPS
$1.19
Est $1.08
+10.2%
Revenue
$14.6B
Est $14.4B
+1.5%
Q1 2026
Jan 20, 2026EPS
$3.10
Est $2.93
+5.8%
Revenue
$15.4B
Est $15.4B
+0.2%
Q4 2025
Oct 15, 2025EPS
$2.78
Est $2.65
+4.9%
Revenue
$15.2B
Est $15.3B
-0.7%
Q3 2025
Jul 16, 2025EPS
$3.87
Est $3.81
+1.6%
Revenue
$15.2B
Est $15.4B
-0.8%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 21, 2026 | $1.19vs $1.08+10.2% | $14.6Bvs $14.4B+1.5% |
| Q1 2026 | Jan 20, 2026 | $3.10vs $2.93+5.8% | $15.4Bvs $15.4B+0.2% |
| Q4 2025 | Oct 15, 2025 | $2.78vs $2.65+4.9% | $15.2Bvs $15.3B-0.7% |
| Q3 2025 | Jul 16, 2025 | $3.87vs $3.81+1.6% | $15.2Bvs $15.4B-0.8% |
Based on last 12 quarters of dataView full earnings history →
UAL Peer Comparison
United Airlines Holdings, Inc. (UAL) competitors in Commercial passenger airlines — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 DAL | 47.89B | 73.32 | 9.57 | 2.79% | 7.9% | 24.12% | 8.02% | 1.02 |
 AAL | 8.54B | 12.94 | 76.12 | 0.78% | 0.36% | |||
 LUV | 20.38B | 41.50 | 52.53 | 2.11% | 2.83% | 10.67% | 0.75 | |
 ALK | 4.64B | 40.51 | 46.56 | 21.34% | 0.7% | 2.43% | 1.67 | |
 JBLU | 1.87B | 5.04 | -3.04 | -2.34% | -7.78% | -33.13% | 4.84 | |
 ULCC | 1.1B | 4.78 | -7.97 | -1.35% | -9.62% | -88.57% | 11.13 | |
 SNCY | 897.49M | 16.56 | 17.25 | 4.74% | 3.55% | 6.44% | 9.36% | 0.95 |
 SKYW | 3.53B | 87.82 | 8.49 | 15.03% | 10.42% | 16% | 8.13% | 0.87 |
Compare UAL vs Peers
United Airlines Holdings, Inc. (UAL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
UAL Income Statement
United Airlines Holdings, Inc. (UAL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 37.78B | 41.3B | 43.26B | 15.36B | 24.63B | 44.95B | 53.72B | 57.06B | 59.07B | 60.47B |
| Revenue Growth % | 3.36% | 9.31% | 4.74% | -64.5% | 60.43% | 82.49% | 19.49% | 6.23% | 3.52% | 4.73% |
| Cost of Goods Sold | 27B | 30.23B | 30.79B | 20.39B | 23.91B | 34.31B | 38.52B | 37.64B | 21.19B | 21.62B |
| COGS % of Revenue | 71.47% | 73.19% | 71.17% | 132.76% | 97.07% | 76.33% | 71.71% | 65.97% | 35.88% | - |
| Gross Profit | 10.78B▲ 0% | 11.07B▲ 2.7% | 12.47B▲ 12.6% | -5.03B▼ 140.3% | 721M▲ 114.3% | 10.64B▲ 1375.7% | 15.2B▲ 42.8% | 19.42B▲ 27.8% | 37.88B▲ 95.0% | 38.85B▲ 0% |
| Gross Margin % | 28.53% | 26.81% | 28.83% | -32.76% | 2.93% | 23.67% | 28.29% | 34.03% | 64.12% | 64.24% |
| Gross Profit Growth % | -7.87% | 2.75% | 12.62% | -140.33% | 114.33% | 1375.73% | 42.85% | 27.77% | 95.05% | - |
| Operating Expenses | 7.16B | 7.85B | 8.17B | 1.33B | 1.74B | 8.3B | 10.99B | 14.32B | 33.16B | 33.74B |
| OpEx % of Revenue | 18.95% | 19% | 18.89% | 8.66% | 7.08% | 18.47% | 20.46% | 25.1% | 56.15% | - |
| Selling, General & Admin | 1.35B | 1.56B | 1.65B | 459M | 677M | 1.53B | 1.98B | 2.23B | 2.11B | 9.49B |
| SG&A % of Revenue | 3.57% | 3.77% | 3.82% | 2.99% | 2.75% | 3.41% | 3.68% | 3.91% | 3.57% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 5.81B | 6.29B | 6.52B | 870M | 1.07B | 6.77B | 9.01B | 12.09B | 31.06B | 4M |
| Operating Income | 3.62B▲ 0% | 3.23B▼ 10.8% | 4.3B▲ 33.2% | -6.36B▼ 247.8% | -1.02B▲ 83.9% | 2.34B▲ 328.7% | 4.21B▲ 80.2% | 5.1B▲ 21.0% | 4.71B▼ 7.5% | 5.1B▲ 0% |
| Operating Margin % | 9.58% | 7.82% | 9.94% | -41.41% | -4.15% | 5.2% | 7.84% | 8.93% | 7.98% | 8.44% |
| Operating Income Growth % | -16.71% | -10.75% | 33.2% | -247.85% | 83.93% | 328.67% | 80.19% | 21.02% | -7.52% | - |
| EBITDA | 5.77B | 5.39B | 6.59B | -3.87B | 1.46B | 4.79B | 6.88B | 8.02B | 7.65B | 8.07B |
| EBITDA Margin % | 15.26% | 13.06% | 15.23% | -25.21% | 5.94% | 10.66% | 12.81% | 14.06% | 12.95% | 13.35% |
| EBITDA Growth % | -8.76% | -6.47% | 22.15% | -158.75% | 137.79% | 227.61% | 43.58% | 16.59% | -4.65% | 2.01% |
| D&A (Non-Cash Add-back) | 2.15B | 2.17B | 2.29B | 2.49B | 2.48B | 2.46B | 2.67B | 2.93B | 2.94B | 2.97B |
| EBIT | 3.58B | 3.25B | 4.56B | -7.83B | -980M | 2.66B | 5.16B | 5.57B | 4.6B | 5.46B |
| Net Interest Income | -495M | -504M | -513M | -942M | -1.54B | -1.38B | -947M | -676M | -610M | -604M |
| Interest Income | 57M | 101M | 133M | 50M | 36M | 298M | 827M | 726M | 610M | 581M |
| Interest Expense | 552M | 605M | 646M | 992M | 1.58B | 1.67B | 1.77B | 1.4B | 1.22B | 1.19B |
| Other Income/Expense | -595M | -581M | -387M | -2.46B | -1.53B | -1.35B | -824M | -928M | -407M | -405M |
| Pretax Income | 3.02B▲ 0% | 2.65B▼ 12.4% | 3.91B▲ 47.8% | -8.82B▼ 325.4% | -2.56B▲ 71.0% | 990M▲ 138.7% | 3.39B▲ 242.1% | 4.17B▲ 23.1% | 4.31B▲ 3.3% | 4.7B▲ 0% |
| Pretax Margin % | 8% | 6.41% | 9.05% | -57.45% | -10.38% | 2.2% | 6.31% | 7.3% | 7.29% | 7.77% |
| Income Tax | 880M | 526M | 905M | -1.75B | -593M | 253M | 769M | 1.02B | 953M | 1.03B |
| Effective Tax Rate % | 29.11% | 19.86% | 23.12% | 19.87% | 23.19% | 25.56% | 22.7% | 24.45% | 22.13% | 22.01% |
| Net Income | 2.14B▲ 0% | 2.12B▼ 1.0% | 3.01B▲ 41.8% | -7.07B▼ 334.9% | -1.96B▲ 72.2% | 737M▲ 137.5% | 2.62B▲ 255.2% | 3.15B▲ 20.3% | 3.35B▲ 6.5% | 3.67B▲ 0% |
| Net Margin % | 5.67% | 5.14% | 6.96% | -46.04% | -7.97% | 1.64% | 4.87% | 5.52% | 5.68% | 6.06% |
| Net Income Growth % | -5.3% | -0.98% | 41.8% | -334.93% | 72.22% | 137.53% | 255.22% | 20.28% | 6.48% | 0.16% |
| Net Income (Continuing) | 2.14B | 2.12B | 3.01B | -7.07B | -1.96B | 737M | 2.62B | 3.15B | 3.35B | 3.66B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.02▲ 0% | 7.70▲ 9.7% | 11.58▲ 50.4% | -25.30▼ 318.5% | -6.10▲ 75.9% | 2.23▲ 136.6% | 7.89▲ 253.8% | 9.45▲ 19.8% | 10.22▲ 8.1% | 11.21▲ 0% |
| EPS Growth % | 2.48% | 9.69% | 50.39% | -318.48% | 75.89% | 136.56% | 253.81% | 19.77% | 8.15% | 2.19% |
| EPS (Basic) | 7.43 | 7.89 | 11.63 | -25.30 | -6.10 | 2.26 | 7.99 | 9.58 | 10.21 | - |
| Diluted Shares Outstanding | 303.6M | 276.7M | 259.9M | 279.4M | 321.9M | 330.1M | 331.9M | 333.2M | 327M | 326.8M |
| Basic Shares Outstanding | 303.54M | 276.66M | 251.22M | 311.85M | 321.9M | 330.1M | 331.81M | 333.2M | 327M | 326.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
UAL Balance Sheet
United Airlines Holdings, Inc. (UAL) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 7.13B | 7.09B | 8.19B | 14.8B | 21.83B | 20.06B | 18.49B | 18.88B | 16.86B | 19.39B |
| Cash & Short-Term Investments | 3.8B | 3.95B | 4.94B | 11.68B | 18.41B | 16.41B | 14.39B | 14.47B | 12.24B | 14.17B |
| Cash Only | 1.48B | 1.69B | 2.76B | 11.27B | 18.28B | 7.17B | 6.06B | 8.77B | 5.94B | 7.87B |
| Short-Term Investments | 2.32B | 2.26B | 2.18B | 414M | 123M | 9.25B | 8.33B | 5.71B | 6.3B | 6.3B |
| Accounts Receivable | 1.34B | 1.43B | 1.36B | 1.29B | 1.66B | 1.8B | 1.9B | 2.16B | 2.39B | 2.66B |
| Days Sales Outstanding | 12.94 | 12.6 | 11.51 | 30.78 | 24.64 | 14.62 | 12.9 | 13.84 | 14.77 | 14.74 |
| Inventory | 924M | 985M | 1.07B | 932M | 983M | 1.11B | 1.56B | 1.57B | 1.56B | 1.72B |
| Days Inventory Outstanding | 12.49 | 11.89 | 12.71 | 16.69 | 15 | 11.8 | 14.79 | 15.24 | 26.8 | 27.05 |
| Other Current Assets | 0 | 0 | 0 | 255M | 37M | 45M | 31M | 0 | 670M | 847M |
| Total Non-Current Assets | 35.21B | 41.93B | 44.42B | 44.75B | 46.34B | 47.3B | 52.62B | 55.2B | 59.59B | 61.55B |
| Property, Plant & Equipment | 26.21B | 32.66B | 34.93B | 36B | 36.72B | 38.34B | 43.73B | 46.72B | 51.71B | 53.56B |
| Fixed Asset Turnover | 1.44x | 1.26x | 1.24x | 0.43x | 0.67x | 1.17x | 1.23x | 1.22x | 1.14x | 1.19x |
| Goodwill | 4.52B | 4.52B | 4.52B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B |
| Intangible Assets | 3.54B | 3.16B | 3.01B | 2.84B | 2.8B | 2.76B | 2.73B | 2.68B | 2.65B | 2.65B |
| Long-Term Investments | 806M | 966M | 1.18B | 1B | 1.42B | 1.37B | 348M | 1.27B | 1.33B | 5.43B |
| Other Non-Current Assets | 137M | 621M | 130M | 249M | 213M | 210M | 1.29B | 0 | -631M | -1.38B |
| Total Assets | 42.35B▲ 0% | 49.02B▲ 15.8% | 52.61B▲ 7.3% | 59.55B▲ 13.2% | 68.17B▲ 14.5% | 67.36B▼ 1.2% | 71.1B▲ 5.6% | 74.08B▲ 4.2% | 76.45B▲ 3.2% | 80.94B▲ 0% |
| Asset Turnover | 0.89x | 0.84x | 0.82x | 0.26x | 0.36x | 0.67x | 0.76x | 0.77x | 0.77x | 0.78x |
| Asset Growth % | 5.5% | 15.77% | 7.32% | 13.19% | 14.49% | -1.2% | 5.56% | 4.19% | 3.19% | 19.93% |
| Total Current Liabilities | 12.76B | 13.84B | 14.94B | 12.72B | 18.3B | 19.99B | 22.2B | 23.31B | 26.13B | 27.78B |
| Accounts Payable | 2.2B | 2.36B | 2.7B | 1.59B | 2.56B | 3.4B | 3.83B | 4.19B | 4.57B | 5.38B |
| Days Payables Outstanding | 29.68 | 28.53 | 32.05 | 28.56 | 39.11 | 36.11 | 36.34 | 40.66 | 78.66 | 82.3 |
| Short-Term Debt | 1.56B | 1.23B | 1.41B | 1.91B | 3B | 2.91B | 4.25B | 3.45B | 4.33B | 3B |
| Deferred Revenue (Current) | 2.19B | 2.29B | 7.26B | 5.74B | 8.59B | 2.69B | 3.1B | 3.4B | 11.85B | 41.88B |
| Other Current Liabilities | 4.52B | 4.93B | 566M | 724M | 1.39B | 8.36B | 7.51B | 8.51B | 757M | 15.57B |
| Current Ratio | 0.56x | 0.51x | 0.55x | 1.16x | 1.19x | 1.00x | 0.83x | 0.81x | 0.65x | 0.65x |
| Quick Ratio | 0.49x | 0.44x | 0.48x | 1.09x | 1.14x | 0.95x | 0.76x | 0.74x | 0.59x | 0.59x |
| Cash Conversion Cycle | -4.25 | -4.04 | -7.83 | 18.91 | 0.54 | -9.69 | -8.65 | -11.58 | -37.09 | -40.51 |
| Total Non-Current Liabilities | 20.85B | 25.14B | 26.14B | 40.86B | 44.84B | 40.47B | 39.58B | 38.09B | 35.03B | 37.28B |
| Long-Term Debt | 11.7B | 12.21B | 13.14B | 24.84B | 30.36B | 28.28B | 27.41B | 25.2B | 20.56B | 21.94B |
| Capital Lease Obligations | 996M | 5.5B | 5.17B | 5.21B | 5.37B | 4.57B | 4.5B | 4.51B | 5.42B | 21.94B |
| Deferred Tax Liabilities | 225M | 814M | 1.74B | 0 | 0 | 844M | 594M | 1.58B | 2.46B | 9.21B |
| Other Non-Current Liabilities | 5.36B | 3.9B | 3.26B | 5.75B | 5.07B | 2.79B | 3.02B | 2.76B | 2.54B | 4.99B |
| Total Liabilities | 33.61B | 38.98B | 41.08B | 53.59B | 63.15B | 60.46B | 61.78B | 61.41B | 61.17B | 65.06B |
| Total Debt | 14.39B | 19.79B | 20.45B | 32.75B | 39.37B | 36.43B | 36.74B | 33.63B | 31.04B | 30.97B |
| Net Debt | 12.91B | 18.09B | 17.69B | 21.48B | 21.08B | 29.27B | 30.68B | 24.86B | 25.09B | 23.1B |
| Debt / Equity | 1.65x | 1.97x | 1.77x | 5.50x | 7.83x | 5.28x | 3.94x | 2.65x | 2.03x | 2.03x |
| Debt / EBITDA | 2.50x | 3.67x | 3.10x | - | 26.91x | 7.60x | 5.34x | 4.19x | 4.06x | 3.84x |
| Net Debt / EBITDA | 2.24x | 3.35x | 2.68x | - | 14.41x | 6.11x | 4.46x | 3.10x | 3.28x | 3.28x |
| Interest Coverage | 6.48x | 5.38x | 7.06x | -7.89x | -0.62x | 1.59x | 2.91x | 3.97x | 3.77x | 4.61x |
| Total Equity | 8.73B▲ 0% | 10.04B▲ 15.0% | 11.53B▲ 14.8% | 5.96B▼ 48.3% | 5.03B▼ 15.6% | 6.9B▲ 37.1% | 9.32B▲ 35.2% | 12.68B▲ 35.9% | 15.28B▲ 20.6% | 15.88B▲ 0% |
| Equity Growth % | 0.87% | 14.98% | 14.83% | -48.31% | -15.62% | 37.12% | 35.21% | 35.94% | 20.57% | 98.58% |
| Book Value per Share | 28.77 | 36.29 | 44.37 | 21.33 | 15.62 | 20.89 | 28.09 | 38.04 | 46.73 | 48.58 |
| Total Shareholders' Equity | 8.73B | 10.04B | 11.53B | 5.96B | 5.03B | 6.9B | 9.32B | 12.68B | 15.28B | 15.88B |
| Common Stock | 3M | 3M | 3M | 4M | 4M | 4M | 4M | 4M | 4M | 4M |
| Retained Earnings | 4.55B | 6.71B | 9.72B | 2.63B | 625M | 1.26B | 3.83B | 6.88B | 10.09B | 10.73B |
| Treasury Stock | -769M | -1.99B | -3.6B | -3.9B | -3.81B | -3.53B | -3.44B | -3.38B | -3.77B | 0 |
| Accumulated OCI | -1.15B | -803M | -718M | -1.14B | -942M | 175M | -62M | 188M | 48M | 23M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
UAL Cash Flow Statement
United Airlines Holdings, Inc. (UAL) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 3.47B | 6.16B | 6.91B | -4.13B | 2.07B | 6.07B | 6.91B | 9.45B | 8.43B | 8.43B |
| Operating CF Margin % | 9.19% | 14.92% | 15.97% | -26.92% | 8.39% | 13.49% | 12.87% | 16.55% | 14.27% | - |
| Operating CF Growth % | -37.31% | 77.43% | 12.09% | -159.82% | 150.01% | 193.47% | 13.93% | 36.67% | -10.74% | -54.43% |
| Net Income | 2.14B | 2.12B | 3.01B | -7.07B | -1.96B | 737M | 2.62B | 3.15B | 0 | 3.67B |
| Depreciation & Amortization | 2.15B | 2.17B | 2.29B | 2.49B | 2.48B | 2.46B | 2.67B | 2.93B | 0 | 0 |
| Stock-Based Compensation | 73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 957M | 512M | 882M | -1.74B | -583M | 248M | 756M | 935M | 0 | 0 |
| Other Non-Cash Items | 51M | 582M | 207M | 1.96B | 459M | 370M | 202M | 532M | 8.43B | 8.82B |
| Working Capital Changes | -1.9B | 783M | 523M | 227M | 1.67B | 2.25B | 664M | 1.9B | 0 | 0 |
| Change in Receivables | 0 | 17M | 44M | 135M | -448M | -158M | -100M | 280M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 66M | 130M | 324M | -1.08B | 985M | 796M | 572M | 178M | 0 | 0 |
| Cash from Investing | -3.93B | -4.46B | -4.56B | 50M | -1.67B | -13.83B | -6.11B | -2.65B | -6.35B | -6.78B |
| Capital Expenditures | -3.87B | -4.07B | -4.53B | -1.73B | -2.11B | -4.82B | -7.17B | -5.62B | -5.87B | -6.31B |
| CapEx % of Revenue | 10.24% | 9.85% | 10.47% | 11.25% | 8.55% | 10.72% | 13.35% | 9.84% | 9.94% | - |
| Acquisitions | -2M | -139M | -36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6M | -310M | -59M | 10M | 106M | 138M | 16M | 112M | 3M | -126M |
| Cash from Financing | -383M | -1.5B | -1.28B | 12.96B | 6.4B | -3.35B | -1.89B | -4.18B | -4.95B | -4.44B |
| Debt Issued (Net) | 1.66B | -212M | 395M | 11.23B | 5.89B | -3.27B | -1.86B | -4B | -4.19B | -4.04B |
| Equity Issued (Net) | -1.84B | -1.24B | -1.65B | 1.75B | 532M | 0 | 0 | -162M | -637M | -315M |
| Dividends Paid | 0 | 0 | 0 | -353M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.84B | -1.24B | -1.65B | -353M | 0 | 0 | 0 | -162M | -637M | -315M |
| Other Financing | -199M | -54M | -30M | 333M | -27M | -74M | -32M | -21M | -115M | -84M |
| Net Change in Cash | -712M▲ 0% | 208M▲ 129.2% | 1.07B▲ 413.9% | 8.87B▲ 730.1% | 6.79B▼ 23.5% | -11.11B▼ 263.6% | -1.09B▲ 90.2% | 2.61B▲ 340.3% | -2.87B▼ 209.7% | -1.7B▲ 0% |
| Free Cash Flow | -396M▲ 0% | 2.09B▲ 628.8% | 2.38B▲ 13.7% | -5.86B▼ 346.1% | -40M▲ 99.3% | 1.25B▲ 3217.5% | -260M▼ 120.9% | 3.83B▲ 1573.1% | 2.56B▼ 33.2% | 3.21B▲ 0% |
| FCF Margin % | -1.05% | 5.07% | 5.5% | -38.16% | -0.16% | 2.77% | -0.48% | 6.71% | 4.33% | 5.3% |
| FCF Growth % | -117.08% | 628.79% | 13.71% | -346.12% | 99.32% | 3217.5% | -120.85% | 1573.08% | -33.24% | -33.55% |
| FCF per Share | -1.30 | 7.57 | 9.16 | -20.97 | -0.12 | 3.78 | -0.78 | 11.49 | 7.82 | 7.82 |
| FCF Conversion (FCF/Net Income) | 1.62x | 2.90x | 2.30x | 0.58x | -1.05x | 8.23x | 2.64x | 3.00x | 2.51x | 0.88x |
| Interest Paid | 571M | 651M | 648M | 0 | 0 | 1.57B | 1.85B | 1.49B | 0 | 0 |
| Taxes Paid | 20M | 19M | 29M | 0 | 0 | 8M | 7M | 88M | 0 | 0 |
UAL Key Ratios
United Airlines Holdings, Inc. (UAL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 24.64% | 22.6% | 27.9% | -80.83% | -35.74% | 12.36% | 32.28% | 28.63% | 23.99% | 24.91% |
| Return on Invested Capital (ROIC) | 13.63% | 9.73% | 11.25% | -16.83% | -2.86% | 5.63% | 8.29% | 9.86% | 9.07% | 9.07% |
| Gross Margin | 28.53% | 26.81% | 28.83% | -32.76% | 2.93% | 23.67% | 28.29% | 34.03% | 64.12% | 64.24% |
| Net Margin | 5.67% | 5.14% | 6.96% | -46.04% | -7.97% | 1.64% | 4.87% | 5.52% | 5.68% | 6.06% |
| Debt / Equity | 1.65x | 1.97x | 1.77x | 5.50x | 7.83x | 5.28x | 3.94x | 2.65x | 2.03x | 2.03x |
| Interest Coverage | 6.48x | 5.38x | 7.06x | -7.89x | -0.62x | 1.59x | 2.91x | 3.97x | 3.77x | 4.61x |
| FCF Conversion | 1.62x | 2.90x | 2.30x | 0.58x | -1.05x | 8.23x | 2.64x | 3.00x | 2.51x | 0.88x |
| Revenue Growth | 3.36% | 9.31% | 4.74% | -64.5% | 60.43% | 82.49% | 19.49% | 6.23% | 3.52% | 4.73% |
UAL SEC Filings & Documents
United Airlines Holdings, Inc. (UAL) SEC filings — annual & quarterly reports (10-K, 10-Q)
UAL Frequently Asked Questions
United Airlines Holdings, Inc. (UAL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
United Airlines Holdings, Inc. (UAL) reported $60.47B in revenue for fiscal year 2025. This represents a 270% increase from $16.36B in 1996.
United Airlines Holdings, Inc. (UAL) grew revenue by 3.5% over the past year. Growth has been modest.
Yes, United Airlines Holdings, Inc. (UAL) is profitable, generating $3.67B in net income for fiscal year 2025 (5.7% net margin).
Dividend & Returns
United Airlines Holdings, Inc. (UAL) has a return on equity (ROE) of 24.0%. This is excellent, indicating efficient use of shareholder capital.
United Airlines Holdings, Inc. (UAL) generated $3.21B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Explore More UAL
United Airlines Holdings, Inc. (UAL) financial analysis — history, returns, DCA and operating performance tools
Full UAL Stock Analysis
Analyst verdict, bull/bear case, risk factors and peer comparison
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates