United Airlines Holdings, Inc.

UAL · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$36,200	$31,934	$13,534	$12,325	$14,176	$14,005	$22,290	$27,112	$21,825	$23,599	$18,554	$24,816	$13,165	$7,739	$6,208	$4,931	$1,946	$1,397	$3,899	$4,763	–	–	–	$1,773	$1,683	$1,929	$1,572	$2,039	$2,020	$2,223	$1,594	$1,570	$2,999	$2,999	$2,936	$2,747	$2,747	$3,757	$7,041	$5,715	$4,389
Enterprise value	$54,996	$51,092	$35,885	$32,344	$35,136	$35,073	$37,796	$42,949	$32,419	$30,876	$25,117	$32,547	$20,453	$14,362	$11,181	$11,384	$7,447	$7,507	$8,794	$11,219	–	–	–	$1,199	$9,207	$6,973	$6,213	$6,653	$5,352	$4,840	$4,612	$4,433	$6,647	$6,710	$4,633	$3,238	$3,107	$5,133	$7,558	$7,478	$7,118
P/E (TTM) at period end	10.80×	10.14×	5.17×	16.72×	–	–	7.41×	12.78×	10.18×	10.56×	2.53×	21.92×	23.06×	–	7.42×	19.57×	–	–	9.68×	0.21×	–	–	–	–	–	38.57×	1.27×	2.48×	2.13×	4.17×	4.57×	30.79×	–	–	–	29.22×	8.48×	3.34×	21.02×	519.53×	–
P/S (TTM) at period end	0.61×	0.56×	0.25×	0.27×	0.58×	0.91×	0.52×	0.66×	0.58×	0.65×	0.49×	0.64×	0.34×	0.21×	0.17×	0.21×	0.12×	0.07×	0.19×	0.25×	–	–	–	0.12×	0.10×	0.10×	0.09×	0.12×	0.12×	0.14×	0.11×	0.11×	0.21×	0.23×	0.25×	0.25×	0.28×	0.42×	0.85×	0.80×	0.83×
P/B at period end	2.37×	2.52×	1.45×	1.79×	2.82×	2.35×	1.93×	2.70×	2.48×	2.75×	2.07×	10.36×	4.41×	16.09×	3.44×	2.86×	–	–	1.61×	2.22×	–	–	–	–	0.55×	0.37×	0.31×	0.62×	0.86×	2.23×	–	–	2.49×	4.25×	1.84×	1.64×	1.76×	3.06×	2.41×	2.49×	2.82×
EV / EBITDA (TTM)	7.19×	6.37×	5.21×	6.75×	24.02×	–	5.74×	7.96×	5.67×	4.88×	3.60×	8.03×	6.96×	9.20×	3.32×	5.54×	9.85×	–	4.48×	8.40×	–	–	–	–	–	4.07×	2.75×	2.93×	2.70×	2.57×	2.97×	3.56×	–	–	42.20×	6.18×	3.16×	4.34×	9.48×	12.63×	39.30×
EV / Sales (TTM)	0.93×	0.90×	0.67×	0.72×	1.43×	2.28×	0.87×	1.04×	0.86×	0.84×	0.66×	0.84×	0.53×	0.39×	0.30×	0.49×	0.46×	0.37×	0.44×	0.58×	–	–	–	0.08×	0.53×	0.36×	0.34×	0.38×	0.31×	0.30×	0.31×	0.32×	0.46×	0.52×	0.40×	0.29×	0.32×	0.57×	0.91×	1.05×	1.34×
Returns
Return on equity	21.9%	24.8%	28.1%	10.7%	(39.1%)	(118.6%)	26.1%	21.1%	24.4%	26.1%	81.9%	47.2%	19.1%	(150.3%)	46.3%	14.6%	–	–	16.7%	1065.0%	–	–	–	–	(70.7%)	1.0%	24.0%	25.0%	40.6%	53.6%	–	–	(4.2%)	(135.6%)	(20.8%)	5.6%	20.7%	91.7%	11.5%	0.5%	(3.1%)
Return on invested capital	9.1%	10.3%	8.1%	4.8%	(3.0%)	(18.6%)	11.3%	9.2%	11.8%	14.2%	29.2%	19.0%	10.3%	0.4%	21.8%	11.1%	(5.8%)	(116.6%)	6.1%	5.0%	–	–	–	–	(20.8%)	3.8%	8.8%	11.7%	12.8%	17.0%	13.5%	6.6%	3.6%	(7.7%)	(8.0%)	(0.7%)	9.7%	15.2%	2.8%	1.1%	(2.6%)
Dividend yield	–	–	–	–	–	2.5%	–	–	–	–	–	–	–	–	–	–	–	18.1%	–	–	–	–	–	0.4%	5.2%	6.1%	0.6%	0.5%	0.5%	1.0%	3.1%	3.4%	0.9%	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.65×	0.81×	0.83×	1.00×	1.19×	1.16×	0.55×	0.51×	0.56×	0.59×	0.63×	0.60×	0.72×	0.78×	0.97×	0.95×	0.79×	0.67×	0.76×	0.79×	0.81×	0.61×	0.66×	0.85×	0.63×	0.70×	0.54×	0.51×	0.56×	0.54×	0.69×	0.65×	0.76×	0.68×	0.71×	0.70×	0.85×	0.75×	1.03×	0.47×	1.04×
Debt / equity	1.64×	2.26×	3.12×	4.52×	6.63×	4.49×	1.26×	1.34×	1.51×	1.26×	1.22×	4.70×	3.87×	25.47×	6.47×	8.02×	(2.46×)	(2.70×)	2.93×	4.26×	(0.05×)	(0.13×)	0.79×	(0.28×)	2.63×	0.94×	0.54×	0.96×	1.00×	1.84×	(12.59×)	(11.20×)	3.37×	6.00×	1.80×	1.01×	1.14×	2.05×	0.93×	0.81×	2.23×
Effective tax rate	22.1%	24.4%	22.7%	25.6%	23.2%	19.9%	23.1%	19.9%	29.1%	40.8%	(74.0%)	(0.4%)	(5.9%)	0.1%	0.6%	(1.2%)	2.5%	0.5%	42.7%	0.1%	0.0%	0.3%	(0.1%)	–	36.5%	37.1%	36.0%	34.2%	36.8%	38.1%	39.1%	55.0%	34.0%	36.4%	34.6%	42.7%	39.7%	39.3%	61.5%	50.4%	54.5%
Share count
Diluted shares outstanding	328	333	332	330	322	279	260	277	304	330	377	390	391	331	383	253	151	127	154	116	116	114	103	110	110	110	110	105	105	105	105	105	95	95	93	87	87	119	223	181	139

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$65,552	$59,070	$57,063	$53,717	$44,955	$24,634	$15,355	$43,259	$41,303	$37,736	$36,556	$37,864	$38,901	$38,279	$37,152	$37,110	$23,325	$16,335	$20,194	$20,143	$19,340	$17,379	$16,391	$13,724	$14,286	$17,396	$19,352	$18,027	$17,561	$17,378	$16,362	$14,943	$13,950	$14,511	$12,890	$11,663	$11,037	$9,794	$8,982	$8,305	$7,119	$5,292
Cost of revenue	($22,474)	($21,192)	($37,643)	($38,518)	($34,315)	($23,913)	($20,385)	($30,786)	($30,228)	($27,005)	($24,856)	($25,952)	($29,569)	($29,925)	($29,757)	($28,658)	($17,502)	($5,335)	($12,442)	($6,549)	($679)	($10,783)	($9,250)	($1,003)	($1,240)	($4,271)	($1,038)	–	–	–	–	–	–	($3,658)	($3,408)	($5,589)	($5,018)	($3,877)	($3,262)	($2,895)	($2,534)	($2,039)
Gross profit	$43,078	$37,878	$19,420	$15,199	$10,640	$721	($5,030)	$12,473	$11,075	$10,779	$11,700	$11,912	$9,332	$8,354	$7,395	$8,452	$5,727	$11,000	$7,752	$13,594	$18,661	$6,596	$7,141	$12,721	$13,046	$13,125	$18,314	–	–	–	–	–	–	$10,853	$9,482	$6,074	$6,019	$5,917	$5,720	$5,410	$4,585	$3,253
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($16,141)	($19,756)	($18,909)	($16,764)	($13,001)	($10,243)	($9,981)	($13,722)	($13,016)	($12,376)	($11,571)	($11,055)	($10,308)	($10,015)	($9,297)	($9,087)	($5,914)	($4,589)	($5,021)	($5,543)	($4,267)	($4,752)	($5,844)	–	–	($9,512)	–	–	–	–	–	($724)	($165)	($9,909)	($9,294)	($4,057)	($3,550)	($3,158)	($2,838)	($2,778)	($2,558)	($2,030)
Total operating expenses	($38,154)	($33,165)	($14,324)	($10,988)	($8,303)	($1,743)	($1,329)	($8,172)	($7,846)	($7,161)	($7,356)	($6,746)	($6,959)	($7,105)	($7,356)	($6,630)	($4,751)	($11,161)	($12,190)	($12,557)	($18,214)	($6,815)	($7,995)	($14,081)	($15,883)	($16,896)	($17,660)	–	–	–	–	–	–	($10,590)	($10,019)	($6,568)	($6,055)	($5,452)	($5,055)	($5,163)	($4,495)	($3,496)
Total costs and expenses	($60,628)	($54,357)	($51,967)	($49,506)	($42,618)	($25,656)	($21,714)	($38,958)	($38,074)	($34,118)	($32,212)	($32,698)	($36,528)	($37,030)	($37,113)	($35,288)	($22,349)	($16,496)	($24,632)	($19,106)	($18,893)	($17,598)	($17,245)	($15,084)	($17,123)	($21,167)	($18,698)	($16,636)	($16,083)	($16,119)	($15,239)	($14,114)	($13,429)	($14,248)	($13,428)	($12,157)	($11,073)	($9,329)	($8,317)	($8,058)	($7,029)	($5,535)
Operating income	$4,924	$4,713	$5,096	$4,211	$2,337	($1,022)	($6,359)	$4,301	$3,229	$3,618	$4,344	$5,166	$2,373	$1,249	$39	$1,822	$976	($161)	($4,438)	$1,037	$447	($219)	($854)	($1,360)	($2,837)	($3,771)	$654	$1,391	$1,478	$1,259	$1,123	$829	$521	$263	($538)	($494)	($36)	$465	$665	$247	$90	($243)
Earnings
EBITDA	$7,967	$7,652	$8,024	$6,882	$4,793	$1,463	($3,871)	$6,589	$5,394	$5,714	$6,321	$6,985	$4,052	$2,938	$1,561	$3,369	$2,055	$756	($3,492)	$1,962	$1,335	$654	$20	($422)	($1,867)	($1,839)	$1,712	$2,258	$2,271	$1,983	$1,882	$1,553	$1,246	($418)	($1,263)	$110	$524	$982	$1,183	$798	$592	$181
Interest income	$578	$611	$726	$827	$298	$36	$50	$133	$101	$57	$42	$25	$22	$21	$23	$20	$15	$19	$112	$257	–	$38	$25	–	–	$184	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,354)	($1,373)	($1,629)	($1,956)	($1,778)	($1,577)	($992)	($646)	($670)	($626)	($674)	($669)	($735)	($783)	($835)	($949)	($798)	($577)	($571)	($642)	–	($485)	($448)	–	–	($525)	–	–	–	–	–	–	–	–	–	$210	$192	$221	$245	$258	$223	$159
Pre-tax income	$4,532	$4,306	$4,168	$3,387	$990	($2,557)	($8,822)	$3,914	$2,648	$3,023	$3,773	$4,219	$1,128	$539	($724)	$845	$253	($668)	($5,427)	$695	$22,889	($21,180)	($1,726)	($2,804)	($3,205)	($3,357)	$431	$1,942	$1,256	$1,524	$970	$621	$171	($47)	($656)	($508)	$164	$539	$989	($13)	($228)	($209)
Income tax expense	($956)	($953)	($1,019)	($769)	($253)	$593	$1,753	($905)	($526)	($880)	($1,539)	$3,121	$4	$32	$1	($5)	$3	$17	$25	($297)	($21)	$4	$5	($4)	–	$1,226	($160)	($699)	($429)	($561)	($370)	($243)	($94)	$16	$239	$176	($70)	($214)	($389)	$8	$115	$114
Net income	$3,577	$3,353	$3,149	$2,618	$737	($1,964)	($7,069)	$3,009	$2,122	$2,143	$2,234	$7,340	$1,132	$571	($723)	$840	$253	($651)	($5,396)	$403	$22,876	($21,176)	($1,721)	($2,808)	($3,212)	($2,145)	$50	$1,235	$821	$949	$533	$349	$51	($50)	($957)	($332)	$94	$324	$1,124	$335	$11	($49)
Per share
Diluted EPS (GAAP)	$10.93	$10.20	$9.45	$7.89	$2.23	($6.10)	($25.30)	$11.58	$7.67	$7.06	$6.76	$19.47	$2.93	$1.53	($2.18)	$2.26	$1.08	($4.32)	($42.59)	$2.79	$196.84	($182.29)	($15.25)	($27.36)	($29.32)	($19.58)	$0.46	$11.28	$7.79	$9.01	$5.06	$3.31	$0.48	($0.53)	($10.07)	($3.57)	$1.08	$3.72	$9.45	$1.50	$0.0608	($0.35)
Basic EPS (GAAP)	$11.00	$10.32	$9.58	$7.98	$2.26	($6.10)	($25.30)	$11.63	$7.70	$7.08	$6.77	$19.52	$3.05	$1.64	($2.18)	$2.54	$1.22	($4.32)	($42.59)	$3.34	$196.84	($182.29)	($15.25)	($27.36)	($57.18)	($40.13)	$0.94	$10.96	$12.71	$14.83	$7.57	$5.00	$1.03	($0.53)	($10.07)	($3.57)	$1.08	$3.72	$9.45	$1.50	$0.0608	($0.35)
Basic shares outstanding	325	325	329	328	326	322	279	259	276	303	330	376	371	348	331	329	207	151	127	117	116	116	114	103	56	53	61	50	65	64	70	51	50	95	95	93	87	87	119	223	181	139
Margins
Gross margin	65.7%	64.1%	34.0%	28.3%	23.7%	2.9%	(32.8%)	28.8%	26.8%	28.6%	32.0%	31.5%	24.0%	21.8%	19.9%	22.8%	24.6%	67.3%	38.4%	67.5%	96.5%	38.0%	43.6%	92.7%	91.3%	75.4%	94.6%	–	–	–	–	–	–	74.8%	73.6%	52.1%	54.5%	60.4%	63.7%	65.1%	64.4%	61.5%
Operating margin	7.5%	8.0%	8.9%	7.8%	5.2%	(4.1%)	(41.4%)	9.9%	7.8%	9.6%	11.9%	13.6%	6.1%	3.3%	0.1%	4.9%	4.2%	(1.0%)	(22.0%)	5.1%	2.3%	(1.3%)	(5.2%)	(9.9%)	(19.9%)	(21.7%)	3.4%	7.7%	8.4%	7.2%	6.9%	5.5%	3.7%	1.8%	(4.2%)	(4.2%)	(0.3%)	4.7%	7.4%	3.0%	1.3%	(4.6%)
Net margin	5.5%	5.7%	5.5%	4.9%	1.6%	(8.0%)	(46.0%)	7.0%	5.1%	5.7%	6.1%	19.4%	2.9%	1.5%	(1.9%)	2.3%	1.1%	(4.0%)	(26.7%)	2.0%	118.3%	(121.8%)	(10.5%)	(20.5%)	(22.5%)	(12.3%)	0.3%	6.9%	4.7%	5.5%	3.3%	2.3%	0.4%	(0.3%)	(7.4%)	(2.8%)	0.9%	3.3%	12.5%	4.0%	0.2%	(0.9%)

Analyst consensus

Buy47 analysts

Bearish · 0 · Hold · 16 · Bullish · 31

Earnings history

	EPS	Estimate
Q4 2024	$3.26	$2.89	Beat
Q1 2025	$0.91	$0.75	Beat
Q2 2025	$3.87	$3.81	Beat
Q3 2025	$2.78	$2.65	Beat
Q4 2025	$3.10	$2.93	Beat
Q1 2026	$1.19	$1.08	Beat
Q2 2026	$1.99	$1.88	Beat
Q3 2026	$2.54	$2.57	Miss

Peers

Company overview

IPO dateFeb 6, 2006

CEOJ. Scott Kirby

Employees117,500

SectorIndustrials

IndustryAirlines, Airports & Air Services

CountryUS

ExchangeNASDAQ Global Select

Websitewww.united.com

United Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. Its vast network extends across North America, Europe, Asia, Africa, the Pacific, the Middle East, and Latin America, facilitating the movement of both passengers and freight. The company operates these services using a combination of its primary and regional aircraft fleets. Beyond its core transportation offerings, United also provides specialized support to external clients, encompassing catering, ground handling, aviation training, and aircraft maintenance. Established in 1968, the enterprise has its principal offices in Chicago, Illinois. Notably, it adopted its current name, United Airlines Holdings, Inc., in June 2019, having previously operated as United Continental Holdings, Inc.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.