United Airlines Holdings owns United Airlines, a global passenger and cargo carrier whose network also earns ancillary-service and loyalty-partner revenue. Figures below are UAL consolidated results, not the sum of parent and airline statements.
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A snapshot of what United Airlines Holdings, Inc. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000100517-24-000027 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000100517-25-000046 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000100517-26-000023 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
United’s stronger pricing and customer demand are producing much higher revenue, but not stronger underlying profitability. In the third quarter of 2026, revenue reached $17.875 billion and GAAP net income increased to $1.029 billion. Yet operating margin declined and company-adjusted net income fell, as fuel and labor costs rose. Aircraft sale-leaseback gains and lower taxes helped reported earnings. Cash generation also weakened while fleet investment increased. September cash and short-term investments provided a substantial liquidity cushion, but aircraft commitments, expanding leases and debt still require sustained operating cash and financing access. The October revolver expansion adds conditional borrowing capacity—not cash. Management expects further revenue growth, although its fourth-quarter earnings outlook assumes considerably more expensive fuel.
Sources: EX-99.1 · 2026-10-20 · 10-Q · 2026-09-30 · EX-99.2 · 2026-10-20
United operates one network-based segment, rather than separately reported regional businesses. Passenger transportation generated $53.438 billion of its $59.070 billion revenue in 2025. Ancillary fees are already included in passenger revenue; loyalty-partner revenue is not a separate measure of MileagePlus profit. Regional flying adds reach, but United assumes seat-inventory risk and pays contractual fees plus costs such as fuel and landing charges.
Recent growth has been driven more by pricing than additional flying. In July–September 2026, passenger yield rose 16.8%, while capacity rose 1.3% and passenger traffic rose 0.7%; seat occupancy slipped to 83.9%. Management attributed strong business-travel revenue to close-in demand. Customer investment continues: Starlink was available on about half of flights, including regional services, and the A321XLR entered domestic service in September. These developments support management’s differentiation strategy, but their individual financial returns are not disclosed.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-10-20 · 10-Q · 2026-09-30
The October 20 earnings release reported third-quarter revenue growth of 17.4%, but expenses grew faster. GAAP operating margin fell to 8.1% from 9.2%. Net income increased to $1.029 billion from $949 million, while company-adjusted, non-GAAP net income declined to $833 million from $909 million. Fuel expense rose 61.6%, principally because fuel prices increased, and salaries rose 8.9%. Lower profit sharing partly offset these pressures.
The divergence extends beyond one quarter. January–September revenue reached $50.156 billion and GAAP net income $2.533 billion, but adjusted net income fell 24.5% to $1.871 billion. Operating special credits of $749 million replaced $266 million of charges a year earlier. Approximately $1.1 billion of aircraft sale-leaseback gains was the principal favorable component, offset by other items including $182 million of labor-ratification expense; these overlapping amounts must not be added together. A tax valuation-allowance release also helped net income. A slightly lower nine-month diluted share count supported EPS, rather than representing additional profit.
Sources: EX-99.1 · 2026-10-20 · 10-Q · 2026-09-30
Nine-month operating cash flow fell to $6.874 billion from $7.145 billion, while cash capital expenditures net of equipment-deposit returns rose to $5.154 billion from $3.984 billion. Company-defined non-GAAP free cash flow fell to $1.382 billion from $3.289 billion. That measure adjusts operating and investing cash flows for investment and restricted-cash movements; it is neither profit nor simply operating cash flow minus capital spending.
Management attributed weaker cash generation principally to working-capital movements, especially the $740 million flight-attendant ratification payment made September 15, partly offset by advance ticket sales. The agreement was ratified in May and became effective May 31; the payment differs from current-period expense because charges were also recorded previously. September advance ticket sales of $10.672 billion and loyalty deferrals of $7.965 billion represent future-service obligations. Operating-lease liabilities increased to $7.896 billion from $6.048 billion at year-end, so sale-leaseback gains coexist with continuing rental commitments. Noncash lease additions are outside cash capex. Share-repurchase cash spending slowed to $27 million from $610 million.
Sources: EX-99.1 · 2026-10-20 · 10-Q · 2026-09-30
At September 30, United held $6.648 billion of cash and equivalents and $8.005 billion of short-term investments. Its broader debt, lease and other financial liabilities totaled approximately $34.3 billion, including $2.8 billion due within 12 months. These obligations overlap with debt-only measures and should not be added to them. Substantial assets are pledged, corporate ratings remain below investment grade, and management’s longer-term funding assessment depends on operating cash and capital-market access.
The October 16 amendment increased revolving-credit commitments from $3 billion to $5 billion and extended maturity to October 16, 2031. The facility remained undrawn when the 10-Q was filed October 21. Reported conditions include $2 billion minimum unrestricted liquidity, 1.6:1 collateral coverage and default-related restrictions. September covenant compliance does not prove compliance with every subsequently amended condition or quantify current borrowing headroom.
Sources: 10-Q · 2026-09-30
Guidance issued October 20 forecasts fourth-quarter revenue growth above 20% and adjusted diluted EPS of $0.50–$1.50, assuming approximately $4.80 per gallon of fuel using the October 16 forward curve. Full-year adjusted capital expenditures are approximately $7.5 billion, including specified noncash acquisitions. These are conditional forecasts, not achieved results or GAAP targets. Prospective GAAP EPS and cash-capex reconciliations are unavailable, and excluded items may be material.
Manufacturer delays and certification constraints make delivery schedules uncertain. The latest commitments still include 45 A350s without an expected-delivery allocation. The executed July 31 Airbus amendment changes delivery provisions, but redactions prevent determining timing, conditional rights or payment consequences. Boeing’s August 28 supplement and separate June 17 and September 30 letters also contain redacted economics. Their October 21 filing establishes contractual changes—not cancellation, payment relief or an absence of further obligations.
Conflict-related route disruption and fuel volatility, higher labor costs, airport constraints, antitrust and employment litigation, environmental costs and cyber dependence remain material risks. The Rolls-Royce dispute involves competing claims concerning a $175 million commitment payment; neither recovery nor a quantified loss or resolution is established. Separately, the April 27 announcement ended United’s exploratory approach to American Airlines after American declined engagement: there is no announced pending merger. Azul’s investment did proceed, with United holding an 8.6% minority interest at September 30.
Sources: EX-99.1 · 2026-10-20 · EX-99.2 · 2026-10-20 · 10-Q · 2026-09-30 · EX-10.2 · 2026-09-30 · EX-10.3 · 2026-09-30 · EX-10.4 · 2026-09-30 · EX-10.5 · 2026-09-30 · 10-K · 2025-12-31 · EX-99.1 · 2026-04-27
USD 59.07 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 59.07 bn | 3.5% |
| 2024 | USD 57.063 bn | 6.2% |
| 2023 | USD 53.717 bn | — |
UAL consolidated passenger, cargo and other operating revenue.
Sources: 10-K · 2025-12-31
USD 3.353 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.353 bn | 6.5% |
| 2024 | USD 3.149 bn | 20.3% |
| 2023 | USD 2.618 bn | — |
UAL consolidated net income after income taxes, not United Airlines, Inc. standalone consolidated net income.
Sources: 10-K · 2025-12-31
USD 8.431 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.431 bn | -10.7% |
| 2024 | USD 9.445 bn | 36.7% |
| 2023 | USD 6.911 bn | — |
UAL consolidated operating cash flow after elimination of intercompany transactions.
Sources: 10-K · 2025-12-31
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