Saturday 17 October 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. 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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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
10.94 | 10.30 | 5.17 | 17.15 | 0.00 | 0.00 | 7.57 | 10.79 | 9.75 | 10.49 |
Piotroski F-Score |
7 | 7 | 7 | 6 | 6 | 2 | 8 | 4 | 5 | 6 |
P/S ratio |
0.62 | 0.56 | 0.25 | 0.27 | 0.57 | 0.79 | 0.53 | 0.56 | 0.55 | 0.66 |
Altman Z-Score |
1.37 | 1.37 | 1.10 | 0.93 | 0.52 | 0.14 | 1.53 | 1.44 | 1.53 | 1.70 |
P/FCF ratio |
13.68 | 8.10 | 0.00 | 8.35 | 210.34 | 0.00 | 9.38 | 11.02 | 0.00 | 10.34 |
Altman Z″-Score (non-manufacturers) |
0.31 | 0.59 | 0.39 | 0.42 | 0.35 | (0.23) | 0.61 | 0.26 | 0.33 | 0.48 |
Beneish M-Score |
(2.65) | (2.80) | (4.36) | (1.94) | (2.42) | (1.94) | (2.90) | (2.63) | (2.54) | (2.94) |
P/Operating CF |
28.25 | 14.35 | (14.67) | 10.49 | (52.39) | (5.55) | 19.30 | 20.43 | 26.45 | 36.45 |
P/B ratio |
2.38 | 2.52 | 1.43 | 1.76 | 2.80 | 2.03 | 1.98 | 2.30 | 2.39 | 2.77 |
Price to Tangible BV |
4.49 | 5.84 | 6.44 | 0.00 | 0.00 | 0.00 | 5.70 | 9.77 | 31.05 | 47.59 |
EV/Sales |
0.83 | 0.81 | 0.57 | 0.60 | 1.22 | 1.77 | 0.87 | 0.92 | 0.83 | 0.85 |
EV/EBITDA |
10.41 | 9.04 | 7.27 | 11.55 | 0.00 | 0.00 | 8.74 | 11.79 | 8.66 | 7.17 |
EV/Operating CF |
5.82 | 4.88 | 4.43 | 4.45 | 14.55 | (6.57) | 5.44 | 6.18 | 9.02 | 5.62 |
EV/FCF |
18.49 | 11.70 | (138.55) | 18.57 | 448.74 | (4.64) | 15.46 | 18.18 | (79.13) | 13.43 |
Quick Ratio |
0.56 | 0.71 | 0.73 | 0.91 | 1.10 | 1.04 | 0.42 | 0.39 | 0.40 | 0.46 |
Current Ratio |
0.65 | 0.81 | 0.83 | 1.00 | 1.19 | 1.16 | 0.55 | 0.51 | 0.56 | 0.59 |
Net Debt/EBITDA |
1.65 | 1.73 | 2.46 | 3.10 | 9.78 | (3.98) | 2.24 | 2.78 | 1.83 | 1.13 |
Debt/Assets |
32.69% | 38.68% | 44.53% | 46.48% | 50.48% | 45.32% | 37.48% | 38.64% | 33.68% | 28.87% |
Debt/Equity |
1.64 | 2.26 | 3.40 | 4.54 | 6.84 | 4.53 | 1.71 | 1.89 | 1.63 | 1.34 |
Asset Turnover |
0.78 | 0.79 | 0.78 | 0.66 | 0.39 | 0.27 | 0.85 | 0.90 | 0.92 | 0.90 |
Operating CF/Net income |
2.51 | 3.00 | 2.64 | 8.23 | (1.05) | 0.58 | 2.30 | 2.90 | 1.62 | 2.48 |
Capex/Depreciation |
(1.92) | (1.78) | (2.54) | (1.88) | (0.75) | (0.67) | (1.96) | (1.88) | (1.85) | (1.63) |
Interest Coverage |
3.43 | 3.13 | 2.15 | 1.31 | (0.62) | (5.98) | 5.88 | 4.82 | 5.78 | 6.45 |
| 23.99% | 28.63% | 32.28% | 12.36% | (35.74%) | (80.83%) | 27.90% | 22.60% | 24.64% | 25.35% | |
| 4.45% | 4.34% | 3.78% | 1.09% | (3.08%) | (12.61%) | 5.92% | 4.64% | 5.20% | 5.52% | |
ROIC |
10.51% | 11.86% | 9.90% | 6.72% | (3.04%) | (18.92%) | 10.22% | 8.06% | 11.78% | 17.16% |
Return on Tangible Assets |
9.10% | 8.18% | 7.25% | 2.14% | (5.52%) | (21.08%) | 12.84% | 10.27% | 10.41% | 12.18% |
Average Days of Receivables |
14.77 | 13.84 | 12.90 | 14.62 | 24.64 | 30.78 | 11.51 | 12.60 | 12.94 | 11.74 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
33.45% | 33.14% | 31.21% | 3.41% | 41.58% | 65.00% | 31.72% | 31.51% | 32.75% | 31.65% |
Intangible Assets out of Total Assets |
0.09 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.14 | 0.16 | 0.19 | 0.20 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(1.22) | (1.33) | (3.24) | (3.33) | (2.93) | (3.21) | (1.44) | (1.38) | (1.27) | (1.01) |
Graham Number |
104.00 | 90.47 | 71.02 | 32.12 | 0.00 | 0.00 | 107.98 | 79.78 | 67.75 | 63.97 |
Earnings Yield |
9.14% | 9.71% | 19.35% | 5.83% | (14.12%) | (58.66%) | 13.20% | 9.27% | 10.26% | 9.53% |
Free Cash Flow Yield |
7.31% | 12.35% | (1.66%) | 11.97% | 0.48% | (48.44%) | 10.66% | 9.08% | (1.90%) | 9.67% |
Revenue per Share |
181.81 | 173.65 | 163.87 | 137.73 | 76.53 | 54.96 | 167.15 | 149.92 | 124.82 | 110.82 |
Operating CF per Share |
25.95 | 28.74 | 21.08 | 18.58 | 6.42 | (14.79) | 26.70 | 22.37 | 11.48 | 16.80 |
Capex per Share |
(17.78) | (16.76) | (21.76) | (14.13) | (6.21) | (6.16) | (17.31) | (14.77) | (12.78) | (9.77) |
Free Cash Flow per Share |
8.17 | 11.99 | (0.67) | 4.45 | 0.21 | (20.95) | 9.39 | 7.60 | (1.31) | 7.03 |
Cash per Share |
37.67 | 44.05 | 43.89 | 50.43 | 57.29 | 42.73 | 19.10 | 14.34 | 12.55 | 13.42 |
Shareholders Equity per Share |
47.04 | 38.57 | 28.44 | 21.13 | 15.62 | 21.33 | 44.56 | 36.45 | 28.85 | 26.25 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
47.04 | 38.57 | 28.44 | 21.13 | 15.62 | 21.33 | 44.56 | 36.45 | 28.85 | 26.25 |
Free Cash Flow |
2,655.00 | 3,939.00 | (221.00) | 1,454.00 | 67.00 | (5,854.00) | 2,430.00 | 2,094.00 | (396.00) | 2,319.00 |
Working Capital |
(9,276.00) | (4,431.00) | (3,716.00) | 66.00 | 3,530.00 | 2,075.00 | (6,744.00) | (6,745.00) | (5,630.00) | (4,977.00) |
Capital Expenditures |
(5,776.00) | (5,506.00) | (7,132.00) | (4,612.00) | (2,000.00) | (1,721.00) | (4,479.00) | (4,070.00) | (3,870.00) | (3,223.00) |
Net Current Asset Value |
(44,309.00) | (42,525.00) | (43,293.00) | (40,404.00) | (41,312.00) | (38,788.00) | (32,886.00) | (31,888.00) | (26,479.00) | (24,172.00) |
EV/EBIT |
10.41 | 9.04 | 7.27 | 11.55 | 0.00 | 0.00 | 8.74 | 11.79 | 8.66 | 7.17 |
Capex to Sales |
0.10 | 0.10 | 0.13 | 0.10 | 0.08 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 |
Price to Operating Income |
7.71 | 6.26 | 3.17 | 5.20 | 0.00 | 0.00 | 5.30 | 7.14 | 5.77 | 5.52 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
Cash ROIC |
5.06% | 7.06% | (0.40%) | 2.66% | 0.12% | (13.04%) | 6.71% | 6.36% | (1.48%) | 9.40% |
Accounts Receivable Turnover |
25.94 | 28.10 | 29.04 | 25.96 | 16.66 | 11.55 | 31.01 | 29.86 | 30.04 | 31.73 |
Accounts Payable Turnover |
3.97 | 4.32 | 4.92 | 9.75 | 4.43 | 2.82 | 5.37 | 6.02 | 5.09 | 4.87 |
Inventory Turnover |
11.11 | 11.07 | 13.32 | 27.75 | 9.63 | 6.04 | 13.22 | 14.38 | 12.28 | 12.12 |
Average Days of Payables |
95.90 | 88.29 | 78.70 | 42.68 | 101.45 | 96.23 | 72.57 | 62.85 | 72.62 | 80.00 |
Days of Inventory on Hand |
32.67 | 33.10 | 32.03 | 13.94 | 38.92 | 56.23 | 28.78 | 26.20 | 30.56 | 32.65 |
Average Receivables |
2,277.00 | 2,030.50 | 1,849.50 | 1,732.00 | 1,479.00 | 1,329.50 | 1,395.00 | 1,383.00 | 1,258.00 | 1,152.00 |
Average Payables |
4,380.00 | 4,014.00 | 3,615.00 | 2,978.50 | 2,078.50 | 2,149.00 | 2,533.00 | 2,279.50 | 2,167.50 | 2,004.00 |
Average Inventory |
1,564.00 | 1,566.50 | 1,335.00 | 1,046.00 | 957.50 | 1,002.00 | 1,028.50 | 954.50 | 898.50 | 805.50 |
Average Assets |
75,265.50 | 72,593.50 | 69,231.00 | 67,766.50 | 63,861.50 | 56,079.50 | 50,817.50 | 45,685.00 | 41,243.00 | 40,500.50 |
Average Common Equity |
13,978.50 | 10,999.50 | 8,110.00 | 5,962.50 | 5,494.50 | 8,745.50 | 10,786.50 | 9,388.00 | 8,696.50 | 8,812.50 |
Columns are period end dates