Saturday 17 October 2026 Export UAL’s income statement to Excel — free account

United Airlines Holdings Inc

United Airlines Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $59.1 billion, up 3.52% from fiscal 2024. In the quarter to June 2026, revenue grew 16.0%, EPS fell 17.2%, free cash flow fell 69.3% and total debt fell 2.27%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years.

96.16 5.15 −5.08%

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Market cap: $32.9B
P/E: 9.0×
Fwd P/E: 10.8×
Dividend yield: —
F-score: 7/9
Altman Z: 1.37
Beneish M: −2.65
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 53.41

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	—	1	—	—	2	1	4	3	—	—

Insider Ownership 0.88%

Capital & Financial Ratios $m

Market Cap 32,880.00

Revenue 62,901.00

Net Income 3,353.00

Free Cash Flow 2,627.00

Net Debt 9,827.00

Current Ratio 0.78

Debt/Equity 1.59

P/E ratio 9.00

Fwd P/E 10.80

P/S ratio 0.50

P/B ratio 1.87

Past 5Y EPS Growth —

This Y EPS Growth (24.21%)

Next Y EPS Growth 60.32%

Next Y revenue growth 15.19%

Next 5Y EPS Growth 18.84%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 48.15%

10-year low 10-year high

P/S against its own 10 years 42.76%

10-year low 10-year high

P/B against its own 10 years 18.91%

10-year low 10-year high

EV/Sales against its own 10 years 26.50%

10-year low 10-year high

EV/FCF against its own 10 years 42.28%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	14,388	14,475	12,240	16,637
Receivables	1,898	2,163	2,391	2,473
Inventory	1,561	1,572	1,556	1,795
Other	—	—	—	—
	18,487	18,883	16,857	21,664

	2023	2024	2025	Q'26
Payables	3,835	4,193	4,567	5,772
ST’ Debt	4,247	3,453	4,426	2,170
Other	7,510	8,509	8,888	11,606
	22,203	23,314	26,133	27,764

Compound Annual Growth %

	10y	5y	3y
Sales	4.55%	30.93%	9.53%
Cash Flow	3.47%	0.00%	11.60%
Earnings	(7.54%)	0.00%	65.70%
Book Value	5.48%	20.72%	30.37%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	14,608	17,672	—	—	—
’25	13,213	15,236	15,225	15,396	59,070
’24	12,539	14,986	14,843	14,695	57,063
’23	11,429	14,178	14,484	13,626	53,717
’22	7,566	12,112	12,877	12,400	44,955
’21	3,221	5,471	7,750	8,192	24,634
’20	7,979	1,475	2,489	3,412	15,355

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	4,799	1,610	—	—	—
’25	3,710	2,217	1,218	1,286	8,431
’24	2,848	2,875	1,498	2,224	9,445
’23	3,142	3,799	880	(910)	6,911
’22	1,476	2,691	741	1,158	6,066
’21	447	2,675	(786)	(269)	2,067
’20	63	(130)	(1,889)	(2,177)	(4,133)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3,136	291	—	—	—
’25	2,506	949	(231)	(569)	2,655
’24	1,502	1,733	112	592	3,939
’23	1,300	2,387	(951)	(2,957)	(221)
’22	1,140	2,213	(541)	(1,358)	1,454
’21	14	1,816	(1,040)	(723)	67
’20	(1,896)	(169)	(1,521)	(2,268)	(5,854)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.14	2.46	—	—	—
’25	1.16	2.97	2.90	3.19	10.20
’24	(0.38)	3.96	2.90	2.95	9.45
’23	(0.59)	3.24	3.42	1.81	7.89
’22	(4.24)	1.00	2.86	2.55	2.23
’21	(4.29)	(1.34)	1.44	(1.99)	(6.10)
’20	(6.86)	(5.79)	(6.33)	(6.39)	(25.30)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	37.41	56.51	60.44	77.02	17.80	38.88	30.54	33.68	37.02	52.00	Analyst estimates 2026–2028 Powerpack
	High	76.80	83.04	97.85	96.03	90.57	63.70	53.12	58.23	105.09	116.32
People
People	Employees	88,000	89,800	92,000	96,000	74,400	84,100	92,795	103,300	107,300	113,200
	Revenue/emp, $m	0.42	0.42	0.45	0.45	0.21	0.29	0.48	0.52	0.53	0.52
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
	Gross margin, %	73.31	70.79	66.77	68.57	60.60	62.58	35.42	66.89	69.62	70.57
	EBT	3,773	3,023	2,648	3,914	(8,822)	(2,557)	990	3,387	4,168	4,306
	EBT margin, %	10.32	8.00	6.41	9.05	(57.45)	(10.38)	2.20	6.31	7.30	7.29
	Net income	2,234	2,143	2,122	3,009	(7,069)	(1,964)	737	2,618	3,149	3,353
	Depreciation	1,977	2,096	2,165	2,288	2,582	2,656	2,456	2,810	3,094	3,016
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
	Earnings	6.85	7.02	7.70	11.58	(25.30)	(6.10)	2.23	7.89	9.45	10.20
	Cash flow	16.80	11.48	22.37	26.70	(14.79)	6.42	18.58	21.08	28.74	25.95
	Capex	(9.77)	(12.78)	(14.77)	(17.31)	(6.16)	(6.21)	(14.13)	(21.76)	(16.76)	(17.78)
	Free cash flow	7.03	(1.31)	7.60	9.39	(20.95)	0.21	4.45	(0.67)	11.99	8.17
	Book value	26.25	28.85	36.45	44.56	21.33	15.62	21.13	28.44	38.57	47.04
	Shares, m	330	303	276	259	279	322	326	328	329	325
Valuation, ×
Valuation, ×	P/E	10.49	9.75	10.79	7.57	0.00	0.00	17.15	5.17	10.30	10.94
	P/S	0.66	0.55	0.56	0.53	0.79	0.57	0.27	0.25	0.56	0.62
	P/B	2.77	2.39	2.30	1.98	2.03	2.80	1.76	1.43	2.52	2.38
	EV/Sales	0.85	0.83	0.92	0.87	1.77	1.22	0.60	0.57	0.81	0.83
	EV/FCF	13.43	(79.13)	18.18	15.46	(4.64)	448.74	18.57	(138.55)	11.70	18.49
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
	Capex	(3,223)	(3,870)	(4,070)	(4,479)	(1,721)	(2,000)	(4,612)	(7,132)	(5,506)	(5,776)
	Free cash flow	2,319	(396)	2,094	2,430	(5,854)	67	1,454	(221)	3,939	2,655
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)
	Total debt	11,589	14,264	18,945	19,718	26,989	34,416	31,309	31,660	28,656	24,988
	Net debt	7,161	10,466	14,995	14,774	15,051	15,973	14,850	17,272	14,181	12,748
	Shareholders’ equity	8,659	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675	15,282
Returns, %
Returns, %	ROA	5.52	5.20	4.64	5.92	(12.61)	(3.08)	1.09	3.78	4.34	4.45
	ROIC	17.16	11.78	8.06	10.22	(18.92)	(3.04)	6.72	9.90	11.86	10.51
	ROE	25.35	24.64	22.60	27.90	(80.83)	(35.74)	12.36	32.28	28.63	23.99

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$51.4B	15.0×	16.9×	+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	$32.9B	9.0×	10.8×	+15.99% (above 0%: growing)	−17.17% (below 0%: shrinking)	−69.34% (below 0%: shrinking)	61.75%	6.20%
RYAAY Ryanair Holdings PLC	$27.0B	5.3×	—	+3.52% (above 0%: growing)	−72.60% (below 0%: shrinking)	−10.66% (below 0%: shrinking)	49.61%	13.12%	Compare
LUV Southwest Airlines Co.	$20.0B	23.8×	15.0×	+16.40% (above 0%: growing)	+20.00% (above 0%: growing)	+86.75% (above 0%: growing)	21.20%	3.38%	Compare
ZNH China Southern Airlines Company Limited	$17.7B	— (loss-making)	—	−21.77% (below 0%: shrinking)	n/m	+258.94% (above 0%: growing)	10.93%	3.41%	Compare
LTM LATAM Airlines Group S.A.	$13.9B	8.7×	8.8×	+27.15% (above 0%: growing)	−45.68% (below 0%: shrinking)	−20.71% (below 0%: shrinking)	16.27%	5.29%	Compare
AAL American Airlines Group Inc.	$8.1B	— (loss-making)	— (loss-making)	+16.28% (above 0%: growing)	−87.91% (below 0%: shrinking)	−175.65% (below 0%: shrinking)	20.73%	2.67%	Compare
CPA Copa Holdings, S.A.	$5.5B	8.7×	8.2×	+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.	$4.1B	— (loss-making)	— (loss-making)	+9.75% (above 0%: growing)	n/m	−14.61% (below 0%: shrinking)	100.00%	(4.13%)	Compare
Median of peers	$15.8B	8.7×	11.9×	+16.34%	−50.49%	−12.64%	21.53%	4.35%

All 19 Airlines stocks →

United Airlines Holdings Inc (UAL) key facts

Strength: United Airlines Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $59.1 billion, up 3.52% from fiscal 2024.
United Airlines Holdings Inc (UAL) is an Airlines company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, UAL traded at $96.16, a market capitalization of $32.9 billion.
Return on equity was 24.0% and debt-to-equity 1.58.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.37 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.