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United Airlines HoldingsUAL

Legal name
United Airlines Holdings, Inc.
Sector
Other
Industry
Air Transportation, Scheduled
Exchange
Nasdaq

Stock Price $UAL

Latest filings

You are here#57 of 86 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K265

UAL filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 265 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’17Apr ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Leadership change8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $59.07B
YoY changeLargest recent move+82.5%in FY22Latest +3.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All UAL Financial Metrics51 metrics

Income Statement12

Balance Sheet24

Cash Flow11

Per Share4

02—Overview

United Airlines Holdings Financial Overview 2021–2025

Updated Nov 4, 2026

United Airlines swung from a $1.96 billion net loss in FY2021 to $3.35 billiona of net income in FY2025, a $5.3 billion turnaround that reframes this as a profit-generating carrier rather than a pandemic recovery story. The core thesis: United has repaired its earnings and balance sheet, but margins are now flattening and fuel is the swing factor.

Revenue grew from $24.63 billion in FY2021 to $59.07 billionb in FY2025. Growth has slowed sharply, though. FY2025 revenue rose just 3.5%, while operating income fell to $4.71 billion from $5.10 billion as operating expense climbed 4.6% to $54.36 billion. Capacity grew 6.1% but passenger revenue only 3.1%, and load factor slipped to 82.2% from 83.1%. A $561 million flight attendant ratification charge added to the squeeze.

The balance sheet is where the progress shows. Debt and lease obligations fell from about $41.1 billionc at the end of FY2021 to roughly $31.0 billion at the end of FY2025, and S&P's rating rose to BB+. United also bought back about $640 million of stock in 2025. The market priced the stock at $111.82, or 11.0x earnings, with a $36.2 billion market cap at the close of FY2025. Fuel is the pressure point: the average price hit $4.19 per gallon in Q2 2026, up from $2.34, and cut net income 17.3% that quarter.

Recent Developments (Q2 and Q3 2026)

United's Q3 2026 revenue hit an all-time quarterly record of $17.9 billiond, up 17.4%, with unit revenue (TRASM) up 15.9%. Yet fuel at $3.90 per gallon lifted fuel expense 61.6% to $4.8 billion, and adjusted EPS fell 8.6% to $2.54. GAAP EPS of $3.14 was helped by $294 million of aircraft sale-leaseback gains. Management raised FY2026 adjusted EPS guidance to $9.00 to $11.00 in July, then guided Q4 2026 to just $0.50 to $1.50 on fuel near $4.80. Free cash flow was negative $1.8 billion in Q3, and the company expanded its revolver to $5.0 billion on October 16.

The bull case: record revenue, pricing power and $14.7 billione of unrestricted cash support earnings through the fuel spike. The bear case: Q4 guidance implies sharply lower earnings, and net leverage rose to 2.4x. The stock traded at 10.0x trailing earnings as of the October 20, 2026 report date, not today.

What to watch: Q4 2026 fuel price against the $4.80 guide; free cash flow recovery after $7.5 billion of capital spending

03—Filings

Recent SEC Filings

  1. 8-KUnited Airlines Holdings 8-K Report, Financial Results (Oct 20, 2026)United Airlines Holdings, Inc. (UAL) reported third-quarter 2026 results on October 20, 2026, with total operating revenue of $17.9 billion, up 17.4% year-over-year and a record for the quarter. Pre-tax earnings were $1.3 billion (pre-tax margin 7.3%), while adjusted pre-tax earnings were $1.1 billion (adjusted pre-tax margin 6.2%). Diluted EPS was $3.14 and adjusted diluted EPS was $2.54. Net income was $1.0 billion and adjusted net income was $833 million. Fuel expense rose sharply, with aircraft fuel expense of $4.8 billion up 61.6% and average fuel price per gallon of $3.90, up 60.3%. Total CASM rose 17.3%, while CASM-ex rose 7.8%. The company furnished an Investor Update with fourth-quarter 2026 guidance: adjusted diluted EPS of $0.50 to $1.50, an average aircraft fuel price of approximately $4.80 per gallon, and full-year 2026 adjusted total capital expenditures of approximately $7.5 billion. Management said fourth-quarter unit revenue growth is expected to accelerate versus third quarter, and that every $0.01 change in fuel price equates to roughly 2.5 cents of quarterly EPS impact. The filing states that consensus assumes a fourth-quarter fuel price of approximately $4.35. Balance sheet metrics show ending available liquidity of $17.7 billion, total debt, finance lease obligations and other financial liabilities of $26.4 billion, and trailing twelve-month net leverage of 2.4x. The company also stated that on October 16 it expanded its revolving credit facility, raising available liquidity from $3 billion to $5 billion.
  2. 8-KUnited Airlines Holdings 8-K Report, Financial Results (Jul 15, 2026)United Airlines Holdings, Inc. reported second-quarter 2026 results on July 15, 2026, with diluted earnings per share of $2.46 and adjusted diluted earnings per share of $1.99. Total operating revenue was $17.7 billion, up 16.0% year-over-year, with pre-tax earnings of $1.0 billion (5.8% pre-tax margin) and adjusted pre-tax earnings of $843 million (4.8% adjusted pre-tax margin). Net income was $805 million. Average fuel price per gallon rose to $4.19 from $2.34, and aircraft fuel expense increased 84.1% to $5.11 billion. The company said it recovered about half of the second-quarter fuel increase and expects to recover 80% to 90% in the third quarter and 100% by the fourth quarter. The company raised its full-year 2026 adjusted diluted EPS guidance to $9.00 to $11.00 in an Investor Update furnished with the filing. It expects third-quarter 2026 adjusted diluted EPS of $2.50 to $3.50 and full-year adjusted total capital expenditures of approximately $7.5 billion. The Investor Update states that fuel costs have increased $575 million since the beginning of July, or $1.12 per adjusted diluted share for the third quarter alone, and that guidance assumes a third-quarter all-in fuel price of about $3.69 per gallon. Balance sheet activity included raising $3.7 billion in new liquidity through private bank transactions, with the company stating it prepaid about $1 billion of higher-cost debt since the start of the second quarter. Ending available liquidity was $19.6 billion, total debt and finance lease obligations were $26.5 billion, and trailing twelve-month net leverage was 2.2x. The company says it is targeting an investment-grade rating in 2026.
  3. 8-KUnited Airlines Holdings 8-K Report, Shareholder Vote Results (May 22, 2026)United Airlines Holdings, Inc. filed this Form 8-K on May 22, 2026 to report the results of its Annual Meeting of stockholders, held May 19, 2026. The filing covers four proposals: the election of directors, ratification of the auditor, an advisory vote on executive compensation, and a stockholder proposal on the right to act by written consent. All 11 director nominees were elected to terms expiring at the 2027 annual meeting. Stockholders ratified Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and approved the named executive officer compensation in a nonbinding advisory vote. The stockholder proposal on acting by written consent was not approved. It received 94,123,936 votes for, 143,564,484 against, and 6,760,782 abstentions, with 34,789,391 broker non-votes. Captain Brian Noyes and Richard Johnsen were also elected to the Board by the ALPA and IAM, respectively, under their junior preferred stock rights, each for a term expiring in 2027. The filing states that the proposals are described in more detail in the Company's Proxy Statement.
  4. 8-KUnited Airlines Holdings 8-K Report, Regulation FD Disclosure (Apr 27, 2026)United Airlines Holdings, Inc. (UAL) furnished a press release under Item 7.01 (Regulation FD Disclosure) in which CEO Scott Kirby publicly addressed reports of a potential merger with American Airlines. Kirby states that he approached American about exploring a combination, that American declined to engage and publicly closed the door, and that without a willing partner the deal cannot proceed. He says American's public comments make a merger off the table for the foreseeable future. The statement lays out the rationale Kirby said the combination would have pursued: growth in international and smaller-community service through a larger network, expanded loyalty benefits, greater economy seat capacity, and a more globally competitive U.S.-based carrier. He also says regulators would likely have approved the deal with divestitures in certain domestic markets, and that United's own strategy of building a brand-loyal airline remains the company's focus. For investors, the filing is primarily a disclosure of a proposed-but-abandoned strategic initiative rather than a financial report. The filing contains no financial results, guidance, or transaction terms, and the statement is accompanied by standard forward-looking statement cautions referencing UAL's 2025 Form 10-K and Q1 2026 Form 10-Q.
  5. 8-KUnited Airlines Holdings 8-K Report, Financial Results (Apr 21, 2026)United Airlines Holdings, Inc. (UAL) reported first-quarter 2026 results on April 21, 2026, with diluted earnings per share of $2.14, up 85% year-over-year, and adjusted diluted earnings per share of $1.19, up 31% year-over-year and within its initial guidance range of $1.00 to $1.50. Total operating revenue rose 10.6% to $14.6 billion, with TRASM up 6.9%. Pre-tax earnings were $0.9 billion (6.0% pre-tax margin), while adjusted pre-tax earnings were $0.5 billion (3.4% adjusted pre-tax margin). Aircraft fuel expense increased by $340 million versus the first quarter of 2025, with the average fuel price per gallon at $2.78, up 9.9%. The company generated $4.8 billion of operating cash flow and $2.9 billion of free cash flow, and paid down $3.1 billion of debt during the quarter. The company's second-quarter and full-year 2026 outlook, set out in the Investor Update (Exhibit 99.2), calls for estimated adjusted diluted earnings per share of $1.00 to $2.00 for 2Q 2026 and $7.00 to $11.00 for FY 2026, based on an estimated average fuel price of approximately $4.30 per gallon in the second quarter. United expects to reduce planned capacity by 5 points for the rest of the year, with third- and fourth-quarter 2026 capacity flat to up approximately 2% year-over-year. Management expects revenue to recover 40% to 50% of fuel price increases in the second quarter, 70% to 80% in the third quarter, and 85% to 100% in the fourth quarter. Balance sheet metrics improved, with ending available liquidity of $17.2 billion, total debt and finance lease obligations of $24.2 billion, and trailing twelve-month net leverage of 2.0x. The company also returned to the unsecured bond market, raising $2 billion in two bond issuances, and reached a tentative agreement with the Association of Flight Attendants.
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04—See also

Related Companies

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