01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
United Airlines Holdings, Inc. (UAL) reported 2025 operating revenue of $59.07 billiona, up from $57.06 billion in 2024, and net income of $3.35 billion, up from $3.15 billion.
Operating income declined to $4.71 billionb from $5.10 billion, with total operating expense rising to $54.36 billion from $51.97 billion. Passenger revenue grew $1.6 billion, or 3.1%, driven by a 6.1% increase in capacity and a 4.3% increase in passengers, while the passenger load factor fell to 82.2% from 83.1%. Fuel expense fell to $11.40 billion as the average price per gallon dropped to $2.44 from $2.65.
Special charges of $259 millionc included a $561 million labor ratification charge for the flight attendant group, which voted against the tentative agreement in July 2025 and remains in negotiations. Liquidity was $12.2 billion in unrestricted cash and short-term investments at year-end, down from approximately $14.5 billion. The company had approximately $31.0 billion of debt, finance lease, operating lease and other financial liabilities, including $5.1 billion due within 12 months.
Long-term debt, finance leases and other financial liabilities fell to $20.56 billiond from $25.20 billion, reflecting the July 2025 redemption of $1.52 billion of MileagePlus senior secured notes. In February 2026 the company issued $1.0 billion of 5.375% Senior Notes due 2031 and $1.0 billion of 4.875% Senior Notes due 2029, and it lowered the margin on its 2024 term loans. The company expects less than $8.0 billion of adjusted capital expenditures in 2026 because of aircraft delivery delays, and it plans to take delivery of over 630 new aircraft by the end of 2034 under its United Next plan.
The company reported a $10.6 billion U.S. federal net operating loss carryforward and continued to repurchase stock, buying 8.1 million shares for about $640 million in 2025 with about $0.8 billion remaining under the program. Credit ratings are BB+ at S&P and Fitch and Ba1 at Moody's. The filing also discloses a dispute with Rolls-Royce over a $175 million commitment payment, for which a loss is not considered probable or estimable, and a pending antitrust class action over airline capacity.
02—Key points
Key Highlights
- Operating revenue rose to $59.07 billion in 2025 from $57.06 billion, and net income rose to $3.35 billion from $3.15 billion.
- Operating income declined to $4.71 billion from $5.10 billion as operating expense rose 4.6% to $54.36 billion.
- Aircraft fuel expense fell to $11.40 billion as the average price per gallon declined to $2.44 from $2.65.
- Unrestricted cash and short-term investments were $12.2 billion, down from approximately $14.5 billion at year-end 2024.
- Debt, finance lease, operating lease and other financial liabilities totaled approximately $31.0 billion, including $5.1 billion due in the next 12 months.
- The company issued $2.0 billion of senior notes in February 2026 and expects less than $8.0 billion of adjusted capital expenditures in 2026.
- Flight attendants (AFA) rejected the tentative agreement in July 2025, and a $561 million ratification-related special charge was recorded; negotiations continue.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $59.07B$57.06B | +3.5% |
| Operating Expenses | $54.36B$51.97B | +4.6% |
| Operating Income | $4.71B$5.10B | −7.5% |
| Net Income | $3.35B$3.15B | +6.5% |
| EPS (Basic) | $10.32$9.58 | +7.7% |
| EPS (Diluted) | $10.20$9.45 | +7.9% |
| Shares Outstanding (Basic) | 324.90M328.60M | −1.1% |
| Shares Outstanding (Diluted) | 328.50M333.20M | −1.4% |
05—Questions
Frequently Asked Questions
How did United's profitability change in 2025?
Net income increased to $3.35 billion from $3.15 billion, but operating income decreased to $4.71 billion from $5.10 billion. Operating expense grew faster than revenue, with salaries and related costs up $969 million and other operating expenses up $866 million, partly offset by lower aircraft fuel expense.
What is the company's liquidity position and debt profile?
Unrestricted cash, cash equivalents and short-term investments were $12.2 billion at December 31, 2025, versus about $14.5 billion a year earlier. The company had a $3.0 billion undrawn revolving credit facility and approximately $31.0 billion of debt and lease-related obligations, with covenants requiring at least $2.0 billion of unrestricted liquidity.
What are the main labor risks disclosed?
About 83% of employees are represented by U.S. labor organizations. The flight attendants represented by AFA voted against ratifying a tentative agreement on July 29, 2025, and negotiations continue. The filing also notes that other contracts with amendable dates are under active negotiation.
What does the filing say about capital spending and fleet plans?
The company expects less than $8.0 billion of adjusted capital expenditures in 2026 due to aircraft delivery delays. Firm commitments cover aircraft scheduled for delivery through 2034 under the United Next plan, and the company expects to take delivery of over 630 new narrow- and widebody aircraft by the end of 2034.
Are there any notable legal or contingent matters?
The company is in a dispute with Rolls-Royce after Rolls-Royce terminated engine agreements, and the company has determined a loss is neither probable nor reasonably estimable. It is also defending consolidated Sherman Act class actions alleging collusion on airline capacity and is subject to a certified class action over employee vaccination requirements.
06—Continue