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United Airlines Holdings 8-K Report, Financial Results (Jan 21, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed January 21, 2025
Period End
January 21, 2025
Security
UAL
In the 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. Leadership change8-K · May ’18May ’18
  2. Restructuring8-K · Jul ’20Jul ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Feb ’26Feb ’26

01—Abstract

Summary

Summary of the 8-K filed January 21, 2025. Cited figures are marked; the original filing is the authoritative source.

United Airlines Holdings, Inc. (UAL) reported fourth-quarter and full-year 2024 results in a press release furnished as Exhibit 99.1.

For full-year 2024, the company reported pre-tax earnings of $4.2 billiona with a 7.3% pre-tax margin, and adjusted pre-tax earnings of $4.6 billion with an 8.1% adjusted pre-tax margin. Diluted earnings per share were $9.45, and adjusted diluted earnings per share were $10.61, at the better end of the 2024 guidance range of $9.00 to $11.00. Fourth-quarter pre-tax margin was 8.9%, up 3.2 points year over year, and adjusted pre-tax margin was 9.7%, up 3.5 points.

Total operating revenue for the quarter was $14.7 billionb, up 7.8%. Full-year 2024 operating cash flow was $9.4 billion and free cash flow was $3.4 billion. Ending available liquidity was $17.4 billion, total debt, finance lease obligations and other financial liabilities were $28.7 billion, and net leverage was 2.4x.

The company repurchased approximately $81 millionc of shares in the fourth quarter and has over $1.4 billion remaining under its authorization. Exhibit 99.2, an Investor Update, provides first-quarter and full-year 2025 guidance. Estimated first-quarter 2025 adjusted diluted EPS is $0.75 to $1.25, and estimated full-year 2025 adjusted diluted EPS is $11.50 to $13.50.

Estimated full-year 2025 adjusted total capital expenditures are less than $7 billiond. The filing also includes a fleet plan for 2025 projecting 1,054 mainline aircraft and 428 regional aircraft at year end, and a first-quarter 2025 profit sharing accrual of $40 million to $60 million.

02—Key points

Key Highlights

  1. Full-year 2024 pre-tax earnings of $4.2 billion (7.3% margin); adjusted pre-tax earnings of $4.6 billion (8.1% adjusted margin).
  2. Full-year 2024 diluted EPS of $9.45; adjusted diluted EPS of $10.61, at the better end of the $9.00 to $11.00 guidance range.
  3. Fourth-quarter 2024 pre-tax margin of 8.9%, up 3.2 points year over year; adjusted pre-tax margin of 9.7%, up 3.5 points.
  4. Full-year 2024 operating cash flow of $9.4 billion and free cash flow of $3.4 billion; net leverage of 2.4x and ending available liquidity of $17.4 billion.
  5. 2025 guidance: estimated first-quarter adjusted diluted EPS of $0.75 to $1.25 and full-year adjusted diluted EPS of $11.50 to $13.50.
  6. Estimated full-year 2025 adjusted total capital expenditures of less than $7 billion.
  7. 2025 fleet plan projects 1,054 mainline and 428 regional aircraft at year end 2025.

03—Questions

Frequently Asked Questions

  1. How did United perform financially in full-year 2024?

    United reported full-year 2024 pre-tax earnings of $4.2 billion with a 7.3% pre-tax margin and net income of $3.1 billion. Adjusted pre-tax earnings were $4.6 billion, with an 8.1% adjusted pre-tax margin, and diluted EPS was $9.45 (adjusted $10.61).

  2. What is United's outlook for 2025?

    The Investor Update estimates adjusted diluted EPS of $0.75 to $1.25 for the first quarter of 2025 and $11.50 to $13.50 for full-year 2025. Adjusted total capital expenditures are estimated at less than $7 billion for 2025.

  3. How strong is United's balance sheet and cash generation?

    At year end 2024, United reported $17.4 billion of ending available liquidity and total debt, finance lease obligations and other financial liabilities of $28.7 billion, with net leverage of 2.4x. The company generated $9.4 billion of operating cash flow and $3.4 billion of free cash flow in 2024.

  4. Did United return capital to shareholders in the period?

    United repurchased approximately $81 million of shares in the fourth quarter of 2024 and has over $1.4 billion remaining under its repurchase authorization.

  5. Why are the adjusted figures different from GAAP results?

    Adjusted measures exclude special charges, unrealized gains and losses on investments, and debt extinguishment and modification fees. For 2024, these items totaled $439 million before taxes, which is why adjusted pre-tax earnings of $4.6 billion exceed GAAP pre-tax earnings of $4.2 billion.

04—Continue

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