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UAL

United Airlines Holdings, Inc.

UAL

United Airlines Holdings, Inc. • NASDAQ
$101.92 ▲ 0.32% (+0.33)
Market Cap $33.00 B
52w High $116.00
52w Low $52.00
Dividend Yield 0%
P/E 10.21
Volume 2.25M
Outstanding Shares 323.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.225B ▼ $8.442B ▼ $949M ▼ 6.233% ▼ $2.9 ▼ $2.263B ▼
Q2-2025 $15.236B ▲ $8.566B ▲ $973M ▲ 6.386% ▲ $3 ▲ $2.291B ▲
Q1-2025 $13.212B ▼ $7.668B ▲ $387M ▼ 2.929% ▼ $1.18 ▼ $849M ▼
Q4-2024 $14.695B ▼ $3.01B ▲ $984M ▲ 6.696% ▲ $3 ▲ $1.622B ▼
Q3-2024 $14.843B $2.873B $965M 6.501% $2.93 $2.354B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.329B ▼ $76.313B ▼ $62.004B ▼ $14.309B ▲
Q2-2025 $15.616B ▲ $77.163B ▲ $63.789B ▲ $13.374B ▲
Q1-2025 $15.33B ▲ $76.111B ▲ $63.495B ▲ $12.616B ▼
Q4-2024 $14.475B ▲ $74.083B ▲ $61.408B ▲ $12.675B ▲
Q3-2024 $14.164B $72.64B $61.203B $11.437B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 $1.218B ▼ $-1.743B ▼ $-2.136B ▼ $-2.66B ▼ $-246M ▼
Q2-2025 $0 $2.217B ▼ $-1.58B ▼ $-843M ▲ $-206M ▼ $930M ▼
Q1-2025 $0 $3.71B ▲ $-1.462B ▲ $-1.457B ▼ $791M ▲ $2.477B ▲
Q4-2024 $0 $2.224B ▲ $-1.715B ▲ $-591M ▲ $-82M ▲ $549M ▲
Q3-2024 $0 $1.498B $-2.511B $-1.073B $-2.086B $88M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cargo and Freight
Cargo and Freight
 $520.00M ▲$430.00M ▼$430.00M ▲$430.00M ▲
Passenger
Passenger
 $13.28Bn ▲$11.86Bn ▼$13.84Bn ▲$13.81Bn ▼

Five-Year Company Overview

Income Statement

Income Statement United’s earnings picture has moved from deep pandemic losses to solid profitability. Revenue has climbed steadily each year, and the company is now earning healthy operating and net profits again. Profit margins have improved as planes have refilled and cost discipline has taken hold, though they still face typical airline pressures like fuel, labor, and pricing competition. Overall, the income statement shows a mature airline that has successfully clawed back from the crisis and is now in a stronger, but still cyclical, earnings position.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive business with meaningful leverage. Total assets have grown as United has added and upgraded aircraft, but this has been funded partly by elevated debt taken on during and after the pandemic. Debt levels remain high by most standards, even though they are slowly edging down, which increases sensitivity to interest rates and downturns in travel demand. Equity has been rebuilding from a low base, indicating that financial cushions are improving but not yet generous. In short, it is a stronger balance sheet than a few years ago, but still carries notable financial risk.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has improved sharply and is now robust, reflecting fuller planes and better pricing. Free cash flow has been choppy because United is spending heavily on new and upgraded aircraft, which shows up as high capital spending. When investment is a bit lower, free cash flow turns positive; when fleet spending spikes, it dips again. This pattern suggests a business that can produce solid cash, but is deliberately reinvesting much of it to modernize and grow, which temporarily limits excess cash available for reducing debt or other uses.

Competitive Edge

Competitive Edge United operates from a position of real scale and network strength. Its extensive hub system and large international footprint give it attractive access to business and long‑haul leisure travelers, which smaller rivals cannot easily match. The MileagePlus loyalty program deepens customer stickiness and provides a valuable, recurring revenue stream through partners like credit card issuers. Fleet modernization and a strong premium product, such as Polaris business class, help it compete effectively for high‑yield customers. That said, United still competes in a tough industry with powerful peers, tight regulation, and limited ability to fully control pricing or fuel costs.

Innovation and R&D

Innovation and R&D United appears to be leaning harder into technology and product innovation than many legacy carriers. The mobile app, real‑time travel tools, video customer service, and connection‑saving systems are aimed at reducing friction and stress for travelers. Behind the scenes, cloud migration, automation, and early work with generative AI are meant to improve reliability and efficiency while lowering operating costs. Its sustainability focus, including investments in sustainable aviation fuel and a modern, fuel‑efficient fleet, is a long‑term bet that could both reduce emissions and lower unit costs over time. The “United Next” strategy and Airshop innovation lab show an airline treating technology and product design as core differentiators rather than side projects.

Summary

Taken together, United’s recent financials tell the story of a major carrier that has successfully transitioned from crisis recovery to renewed profitability, while still operating with substantial financial leverage and exposure to industry cycles. Earnings and cash flows are much healthier, but the balance sheet continues to reflect high debt and heavy ongoing investment needs. Strategically, United benefits from a powerful network, a lucrative loyalty program, and a more modern fleet, all supported by a visible push into technology and sustainability. The main opportunities lie in executing its fleet and innovation plans to lift long‑term efficiency and margins; the main risks center on debt levels, economic downturns, fuel and labor costs, and the inherent volatility of global air travel demand.

NEWS

November 4, 2025 · 8:00 AM UTC

United Airlines Launches MileagePlus Debit Rewards Card that Earns Miles for Spending and Saving

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October 23, 2025 · 8:00 AM UTC

‘Blue Sky' Takes Flight: JetBlue and United Loyalty Members Can Now Earn and Redeem Across Both Airlines

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October 15, 2025 · 4:00 PM UTC

United Airlines Continues to Win Brand-Loyal Customers as Q3 Profit and Q4 Outlook Both Exceed Wall Street Expectations

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October 14, 2025 · 8:00 AM UTC

United Schedules First Starlink-Equipped Mainline Flight for Take Off

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October 9, 2025 · 8:00 AM UTC

United Adds Flights to New Cities in Croatia, Italy, Scotland and Spain next Summer

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