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Friday 6 November 2026
Export UAL’s income statement to Excel — free account
United Airlines Holdings Inc
UAL Industrials Airlines
United Airlines Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $59.1 billion, up 3.52% from fiscal 2024.
- Revenue
- +17.4%
- EPS
- +8.28%
- Free cash flow
- −615.6%
- Total debt
- +3.81%
Quarter to September 2026, against a year earlier
110.79
4.97
−4.29%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 36,558 | 37,784 | 41,303 | 43,259 | 15,355 | 24,634 | 44,955 | 53,717 | 57,063 | 59,070 | 65,551 | +5.5% | 68,666 | 73,489 | 76,491 | +9.0% | |
| Gross margin, % | 73.31 | 70.79 | 66.77 | 68.57 | 60.60 | 62.58 | 35.42 | 66.89 | 69.62 | 70.57 | 66.07 | (2.7) pt | ||||||
| EBT | 3,773 | 3,023 | 2,648 | 3,914 | (8,822) | (2,557) | 990 | 3,387 | 4,168 | 4,306 | 4,532 | +1.5% | ||||||
| EBT margin, % | 10.32 | 8.00 | 6.41 | 9.05 | (57.45) | (10.38) | 2.20 | 6.31 | 7.30 | 7.29 | 6.91 | (3.0) pt | ||||||
| Net income | 2,234 | 2,143 | 2,122 | 3,009 | (7,069) | (1,964) | 737 | 2,618 | 3,149 | 3,353 | 3,353 | +4.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 110.82 | 124.82 | 149.92 | 167.15 | 54.96 | 76.53 | 137.73 | 163.87 | 173.65 | 181.81 | 201.76 | +5.7% | |||||
| Earnings | 6.85 | 7.02 | 7.70 | 11.58 | (25.30) | (6.10) | 2.23 | 7.89 | 9.45 | 10.20 | 10.93 | +4.5% | ||||||
| Cash flow | 16.80 | 11.48 | 22.37 | 26.70 | (14.79) | 6.42 | 18.58 | 21.08 | 28.74 | 25.95 | 25.12 | +5.0% | ||||||
| Capex | (9.77) | (12.78) | (14.77) | (17.31) | (6.16) | (6.21) | (14.13) | (21.76) | (16.76) | (17.78) | (21.41) | +6.9% | ||||||
| Free cash flow | 7.03 | (1.31) | 7.60 | 9.39 | (20.95) | 0.21 | 4.45 | (0.67) | 11.99 | 8.17 | 3.71 | +1.7% | ||||||
| Book value | 26.25 | 28.85 | 36.45 | 44.56 | 21.33 | 15.62 | 21.13 | 28.44 | 38.57 | 47.04 | 54.64 | +6.7% | ||||||
| Shares, m | 330 | 303 | 276 | 259 | 279 | 322 | 326 | 328 | 329 | 325 | 325 | (0.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 10.49 | 9.75 | 10.79 | 7.57 | 0.00 | 0.00 | 17.15 | 5.17 | 10.30 | 10.94 | 10.14 | 8.2 | |||||
| P/S | 0.66 | 0.55 | 0.56 | 0.53 | 0.79 | 0.57 | 0.27 | 0.25 | 0.56 | 0.62 | 0.55 | 0.5 | ||||||
| P/B | 2.77 | 2.39 | 2.30 | 1.98 | 2.03 | 2.80 | 1.76 | 1.43 | 2.52 | 2.38 | 2.03 | 2.2 | ||||||
| EV/Sales | 0.85 | 0.83 | 0.92 | 0.87 | 1.77 | 1.22 | 0.60 | 0.57 | 0.81 | 0.83 | 0.73 | 0.9 | ||||||
| EV/FCF | 13.43 | (79.13) | 18.18 | 15.46 | (4.64) | 448.74 | 18.57 | (138.55) | 11.70 | 18.49 | 39.62 | 32.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 5,542 | 3,474 | 6,164 | 6,909 | (4,133) | 2,067 | 6,066 | 6,911 | 9,445 | 8,431 | 8,160 | +4.8% | |||||
| Capex | (3,223) | (3,870) | (4,070) | (4,479) | (1,721) | (2,000) | (4,612) | (7,132) | (5,506) | (5,776) | (6,955) | +6.7% | ||||||
| Free cash flow | 2,319 | (396) | 2,094 | 2,430 | (5,854) | 67 | 1,454 | (221) | 3,939 | 2,655 | 1,205 | +1.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (4,977) | (5,630) | (6,745) | (6,744) | 2,075 | 3,530 | 66 | (3,716) | (4,431) | (9,276) | (6,651) | +7.2% | |||||
| Net debt | 7,161 | 10,466 | 14,995 | 14,774 | 15,051 | 15,973 | 14,850 | 17,272 | 14,181 | 12,748 | 11,745 | +6.6% | ||||||
| Shareholders’ equity | 8,659 | 8,734 | 10,042 | 11,531 | 5,960 | 5,029 | 6,896 | 9,324 | 12,675 | 15,282 | 17,754 | +6.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.52 | 5.20 | 4.64 | 5.92 | (12.61) | (3.08) | 1.09 | 3.78 | 4.34 | 4.45 | 4.43 | (1.1) pt | |||||
| ROIC | 17.16 | 11.78 | 8.06 | 10.22 | (18.92) | (3.04) | 6.72 | 9.90 | 11.86 | 10.51 | 10.43 | (6.6) pt | ||||||
| ROE | 25.35 | 24.64 | 22.60 | 27.90 | (80.83) | (35.74) | 12.36 | 32.28 | 28.63 | 23.99 | 22.31 | (1.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 88,000 | 89,800 | 92,000 | 96,000 | 74,400 | 84,100 | 92,795 | 103,300 | 107,300 | 113,200 | — | +2.8% | |||||
| Revenue/emp, $m | 0.42 | 0.42 | 0.45 | 0.45 | 0.21 | 0.29 | 0.48 | 0.52 | 0.53 | 0.52 | — | +2.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2016
| Passenger revenue | 33,429 | 91.44% |
|---|---|---|
| Product and Service, Other | 2,195 | 6.00% |
| Cargo revenue | 934 | 2.55% |
| Gross margin | 73.31% | |
| Operating margin | 11.88% | |
| Pre-tax margin | 10.32% |
United Airlines Holdings Inc vs peers in Airlines (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DAL Delta Air Lines, Inc. | $56.2B | 17.0× | 16.2× | +21.07% (above 0%: growing) | −47.25% (below 0%: shrinking) | −56.40% (below 0%: shrinking) | 21.85% | 7.20% | Compare |
| UAL United Airlines Holdings Inc | $35.9B | 10.1× | 12.2× | +17.41% (above 0%: growing) | +8.28% (above 0%: growing) | −615.58% (below 0%: shrinking) | 64.34% | 8.08% | |
| RYAAY Ryanair Holdings PLC | $30.3B | 14.3× | — | +2.39% (above 0%: growing) | −62.31% (below 0%: shrinking) | −150.18% (below 0%: shrinking) | 60.67% | 31.94% | Compare |
| LUV Southwest Airlines Co. | $21.8B | 21.1× | 17.1× | +21.20% (above 0%: growing) | +450.00% (above 0%: growing) | +46.94% (above 0%: growing) | 21.40% | 4.49% | Compare |
| LTM LATAM Airlines Group S.A. | $13.5B | 8.3× | 8.3× | +17.97% (above 0%: growing) | +17.79% (above 0%: growing) | −13.57% (below 0%: shrinking) | 23.04% | 13.14% | Compare |
| AAL American Airlines Group Inc. | $8.6B | — (loss-making) | — (loss-making) | +19.31% (above 0%: growing) | n/m | −43.12% (below 0%: shrinking) | 19.23% | 0.70% | Compare |
| CPA Copa Holdings, S.A. | $5.8B | 9.4× | 8.5× | +25.72% (above 0%: growing) | −53.74% (below 0%: shrinking) | +207.63% (above 0%: growing) | 50.85% | 8.65% | Compare |
| ALK Alaska Air Group, Inc. | $4.3B | — (loss-making) | — (loss-making) | +14.39% (above 0%: growing) | n/m | −16.83% (below 0%: shrinking) | 100.00% | 1.90% | Compare |
| SKYW SkyWest, Inc. | $3.0B | 7.6× | 7.7× | +6.41% (above 0%: growing) | +7.27% (above 0%: growing) | −119.57% (below 0%: shrinking) | 69.21% | 15.75% | Compare |
| Median of peers | $11.0B | 11.8× | 8.5× | +18.64% | −19.99% | −29.97% | 36.94% | 7.92% |
From the latest earnings call
- CFO Michael Leskinen said United recovered much of its third-quarter fuel-cost increase through revenue, but expects a lag in recovering higher fuel costs.
- CEO Scott Kirby said Starlink could attract customers in 2027, but its revenue benefit alone would probably not be enough to reach United’s pretax margin goal.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.39%
Held by the ten largest
50.49%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 37.96m | 11.70% | +127.99k |
| BlackRock | 22.44m | 6.91% | +1.54m |
| Capital Group | 20.46m | 6.30% | +1.61m |
| Fidelity (FMR) | 19.47m | 6.00% | +2.45m |
| PRIMECAP Management | 16.46m | 5.07% | +711.02k |
| Sanders Capital | 15.03m | 4.63% | −176.60k |
| State Street | 11.79m | 3.63% | +162.28k |
| Geode Capital Management | 9.54m | 2.94% | +232.23k |
| Dimensional Fund Advisors | 5.39m | 1.66% | −278.56k |
| PAR CAPITAL MANAGEMENT INC | 5.36m | 1.65% | +362.89k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 7 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 32.28m | 45.64m | 258.54 |
| 2024 | 33.92m | 96.72m | 224.51 |
| 2023 | 18.57m | 23.06m | 95.40 |
| 2022 | 9.80m | 9.92m | 87.17 |
| 2021 | 9.85m | 11.10m | 101.23 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
United Airlines Holdings Inc (UAL) Latest News
29 Oct
28 Oct
27 Oct
22 Oct
21 Oct
UAL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
United Airlines Holdings is a holding company whose wholly owned subsidiary, United Airlines, operates the airline business. United transports passengers and cargo in North America and between North America and destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. It operates across six continents through hubs at Chicago O’Hare, Denver, Houston, Los Angeles, Newark, San Francisco, Washington Dulles and Guam.
Its hub-and-spoke system brings passengers into major airports and connects them onward to other destinations. This lets United offer connecting itineraries and add a destination from multiple cities without flying every city pair directly. Regional carriers operate flights under the United Express brand, connecting smaller cities to United’s hubs; United determines their schedules, pricing and revenue management.