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Overview

United Airlines Holdings, Inc.

UALNASDAQIndustrialsAir Transportation, ScheduledCIK 0000100517Large-cap benchmark

Latest 10-K: FY2025, filed Feb 12, 2026 · Open the 10-K (Inline XBRL) ↗

Revenue
$59.07B
3.5%YoYup from FY2024
TotalRevenue
Gross profit
Not reported
Operating income
$4.71B
7.5%YoYdown from FY2024
OperatingIncome
Net income
$3.35B
6.5%YoYup from FY2024
NetIncome
Diluted EPS
$10.20
7.9%YoYup from FY2024
EPSDiluted
Diluted shares
328.5M
1.4%YoYdown from FY2024
WeightedAvgSharesDiluted

At a glance

Growth

  • United Airlines Holdings, Inc. reported revenue of $59.07B for fiscal 2025, up 3.5% from fiscal 2024.
  • Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.

Profitability

  • Operating margin was 8.0% and net margin was 5.7%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.

Per share

  • Diluted EPS was $10.20, up 7.9% from the prior year.
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Written from the filed figures on this page by fixed rules — no AI.

Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K

Financial statements

Annual figures from the 10-K, most recent fiscal year first.

Income Statement

5 annual periods

Chip: YoY change.

Income Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Revenue
$59.07B3.5%up
Benchmark median 6.4%
$57.06B6.2%up
Benchmark median 4.5%
$53.72B19.5%up
Benchmark median 4.8%
$44.95B82.5%up
Benchmark median 10.3%
$24.63B60.4%up
Benchmark median 13.8%
24.4%
Benchmark median 6.6%
Gross Profit
Median of 315 / 498
—
—
—
—
—
—
Benchmark median 6.2%
Operating Income
Median of 373 / 498
$4.71B7.5%down
Benchmark median 7.3%
$5.10B21.0%up
Benchmark median 7.4%
$4.21B80.2%up
Benchmark median 4.9%
$2.34Bn/m
Benchmark median 7.5%
negative: -$1.02Bn/m
Benchmark median 23.5%
n/m
Benchmark median 7.2%
Net Income
$3.35B6.5%up
Benchmark median 4.8%
$3.15B20.3%up
Benchmark median 5.7%
$2.62B255.2%up
Benchmark median 1.9%
$0.74Bn/m
Benchmark median 1.3%
negative: -$1.96Bn/m
Benchmark median 33.9%
n/m
Benchmark median 4.1%
EPS (Diluted)
$10.207.9%up
Benchmark median 6.2%
$9.4519.8%up
Benchmark median 7.9%
$7.89253.8%up
Benchmark median 1.9%
$2.23n/m
Benchmark median 1.5%
negative: -$6.10n/m
Benchmark median 34.8%
n/m
Benchmark median 5.6%

Balance Sheet

5 annual periods

Chip: YoY change.

Balance Sheet, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Total Assets
$76.45B3.2%up
Benchmark median 5.6%
$74.08B4.2%up
Benchmark median 3.4%
$71.10B5.6%up
Benchmark median 4.1%
$67.36B1.2%down
Benchmark median 2.2%
$68.17B14.5%up
Benchmark median 6.7%
2.9%
Benchmark median 4.7%
Total Liabilities
Median of 357 / 498
—
—
—
—
—
—
Benchmark median 4.4%
Stockholders' Equity
$15.28B20.6%up
Benchmark median 6.8%
$12.68B35.9%up
Benchmark median 5.4%
$9.32B35.2%up
Benchmark median 7.3%
$6.90B37.1%up
Benchmark median 2.5%
$5.03B15.6%down
Benchmark median 9.0%
32.0%
Benchmark median 6.1%
Cash & Equivalents
$5.94B32.2%down
Benchmark median 5.2%
$8.77B44.8%up
Benchmark median 1.9%
$6.06B15.5%down
Benchmark median 6.7%
$7.17B60.8%down
Benchmark median -8.6%
$18.28B62.2%up
Benchmark median -2.9%
-24.5%
Benchmark median 2.0%
Total Debt
$21.27B13.7%down
Benchmark median 2.1%
$24.65B15.2%down
Benchmark median 0.2%
$29.07B6.8%down
Benchmark median 0.3%
$31.19B6.5%down
Benchmark median 0.1%
$33.36B24.7%up
Benchmark median -0.1%
-10.6%
Benchmark median 4.3%

Cash Flow Statement

5 annual periods

Chip: YoY change.

Cash Flow Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Operating Cash Flow
$8.43B10.7%down
Benchmark median 6.3%
$9.45B36.7%up
Benchmark median 4.8%
$6.91B13.9%up
Benchmark median 9.9%
$6.07B193.5%up
Benchmark median -0.7%
$2.07Bn/m
Benchmark median 10.7%
42.1%
Benchmark median 7.0%
Capital Expenditures
$5.87B4.6%up
Benchmark median 5.4%
$5.62B21.7%down
Benchmark median 2.8%
$7.17B48.8%up
Benchmark median 11.3%
$4.82B128.7%up
Benchmark median 14.0%
$2.11B22.0%up
Benchmark median 8.1%
29.2%
Benchmark median 9.0%
Free Cash Flow
Median of 378 / 498
$2.56B33.2%down
Benchmark median 7.3%
$3.83Bn/m
Benchmark median 6.1%
negative: -$0.26B120.9%down
Benchmark median 8.8%
$1.25Bn/m
Benchmark median -11.3%
negative: -$0.04Bn/m
Benchmark median 10.2%
n/m
Benchmark median 4.9%

n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.

Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology

Ratios & valuation

FY2025

Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.

Valuation · Earnings yield

What a dollar of market value earned

9.1%

Wall Street

on net earnings

FY2024 9.7%

7.0%

Value investor

on free cash flow

FY2024 11.8%

Gap −2.1 pts: Value-investor figure 2.1 points lower

How it’s calculated

Wall Street · on net earnings

Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)

pe_ratio (ratio table)

P/E 11.0×

Value investor · on free cash flow

(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)

free cash flow ÷ market cap

Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.

Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.

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Smart money

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Peers, filings & research

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Research Reports

No published research on UAL yet.

Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on UAL and publish the result to your public profile.

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Cite this page

Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/UAL

APA-style text
Valuein. (2026, October 31). United Airlines Holdings, Inc. (UAL) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/UAL
BibTeX
@misc{valuein_ual_2026,
  author = {{Valuein}},
  title = {United Airlines Holdings, Inc. (UAL) financial statements, earnings power and smart-money summary},
  year = {2026},
  howpublished = {\url{https://valuein.biz/data/UAL}},
  note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}
Open 10-K in SEC Inline XBRL viewer

10-K filed Feb 12, 2026 · accession 0000100517-26-000023

Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.

point-in-time · survivorship-free · every number traceable to its SEC filing

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