FirmAtlas
Company handbook · UAL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
UAL · CIK 100517 · LATEST FILING: 10-Q JUN '26 · FILED JUL 16, 2026
United Airlines Holdings, Inc.
$96.10
−5.21 (−5.14%)
Close, Oct 16, 2026 · 52-week $85–139
Last fiscal year
United Airlines Holdings, Inc. reported revenue of $59.1B for the year ended Dec 31, 2025 (FY25), up 3.5% from FY24. Net income was $3.4B, operating cash flow $8.4B and free cash flow $2.6B. Source: 10-K filed Feb 12, 2026.
Market cap
$31.1B
P/E
8.9
EV/EBITDA
5.1x
P/B
1.9
ROIC
15.7%
Revenue 1Y
3.5%/yr
EPS 1Y
7.9%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOScott Kirby
HQChicago, IL
AuditorErnst & Young LLP
Employees113,200
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.1%
14.9%
34.5%
−2.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$12.3B deployed
Capex
$11.5B
93.5%
Buybacks
$799M
6.5%
Operating cash flow over the period: $17.9B. Total debt changed by −$4.6B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
57,063
59,070+3.5%
62,901
YoY
+3.5%
Operating income
5,096
4,713−7.5%
4,874
Operating margin
8.9%
8.0%−1.0 pp
—
EBITDA
8,024
7,652−4.6%
—
EBITDA margin
14.1%
13.0%−1.1 pp
—
Interest expense
1,629
1,373−15.7%
—
Interest coverage
4.93x
5.57x+0.65x
—
Net income
3,149
3,353+6.5%
3,497
YoY
+6.5%
Net margin
5.5%
5.7%+0.2 pp
—
EPS (diluted, $)
9.45
10.20+7.9%
10.73
YoY
+7.9%
Balance sheet
Total assets
74,083
76,448+3.2%
84,569
Cash & short-term investments
14,652
12,379−15.5%
—
Accounts receivable
2,163
2,391+10.5%
—
Net PP&E
42,908
46,121+7.5%
—
Other assets
14,360
15,557+8.3%
—
Total liabilities
61,408
61,166−0.4%
67,872
Accounts payable
4,193
4,567+8.9%
—
Total debt
25,203
20,562−18.4%
24,294
Other liabilities
32,012
36,037+12.6%
—
Shareholders’ equity
12,675
15,282+20.6%
16,697
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
9,445
8,431−10.7%
8,913
Net income
3,149
3,353+6.5%
—
Depreciation & amortization
2,928
2,939+0.4%
—
Stock-based compensation
142
148+4.2%
—
Working capital & other
3,226
1,991−38.3%
—
Cash from investing
(2,651)
(6,350)n/m
—
Capex
(5,615)
(5,874)n/m
—
PP&E sold
109
98−10.1%
—
Investments bought
(5,809)
(7,763)n/m
—
Investments sold / matured
8,661
7,284−15.9%
—
Other investing
3
(95)−3266.7%
—
Cash from financing
(4,182)
(4,945)n/m
—
Debt raised
6,139
—
—
Debt repaid
(10,138)
(4,771)n/m
—
Buybacks
(162)
(637)n/m
—
Other financing
(21)
463n/m
—
Net change in cash
2,612
(2,865)−209.7%
—
Free cash flow (OCF − capex)
3,830
2,557−33.2%
2,544
Where the cash went
Operating cash flow
9,445
8,431−10.7%
8,913
Reinvested in the business
5,615
5,874+4.6%
—
% of operating cash flow
59.4%
69.7%
Capex
5,615
5,874+4.6%
6,369
Free cash flow
3,830
2,557−33.2%
2,544
YoY
−33.2%
Returned to shareholders
162
637+293.2%
—
% of free cash flow
4.2%
24.9%
Buybacks
162
637+293.2%
—
Change in total debt
—
(4,641)
—
Cash left over
—
(2,721)
—
FCF conversion (FCF ÷ net income)
121.6%
76.3%−45.4 pp
—
Owner earnings
—
564
—
Owner earnings margin
—
1.0%
—
Returns & ratios
ROIC (all capital)
16.6%
15.7%−0.9 pp
—
ROIC (operating)
9.4%
8.7%−0.8 pp
—
Net debt / EBITDA
1.31x
1.07x−0.25x
—
Debt / equity
1.99x
1.35x−0.64x
—
ROE
24.8%
21.9%−2.9 pp
—
ROA
4.3%
4.4%+0.1 pp
—
ROCE
10.0%
9.4%−0.7 pp
—
NOPAT
3,850
3,670−4.7%
—
Invested capital (operating)
40,878
43,945+7.5%
—
Invested capital (all)
23,226
23,465+1.0%
—
Reinvestment rate
—
83.6%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
15,225
15,396
14,608
17,672
vs year-ago quarter
Operating income
1,395
1,386
997
1,096
Net income
949
1,044
699
805
vs year-ago quarter
Net margin
6.2%
6.8%
4.8%
4.6%
EPS (diluted, $)
2.90
3.23
2.14
2.46
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
76,313
76,448
80,941
84,569
Cash & equivalents
6,871
12,379
8,011
10,308
Total debt
20,807
20,562
21,940
24,294
Shareholders’ equity
14,309
15,282
15,876
16,697
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,218
1,286
4,799
1,610
Capex
1,464
1,890
1,672
1,343
Free cash flow
(246)
(604)
3,127
267
vs year-ago quarter