Revenue
$59.07B
Fiscal year ended 2025-12-31Operating income
$4.71B
Fiscal year ended 2025-12-31Free cash flow
Unavailable
Fiscal year ended 2025-12-31United Airlines Holdings, Inc. (UAL) reported revenue of $59.07B and net income of $3.35B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from United Airlines Holdings, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Air Transportation, Scheduled.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.07B | $57.06B | $53.72B | $44.96B | $24.63B | $15.36B | $43.26B | $41.30B | $37.78B | $36.56B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $4.71B | $5.10B | $4.21B | $2.34B | -$1.02B | -$6.36B | $4.30B | $3.23B | $3.62B | $4.34B |
| Net income | $3.35B | $3.15B | $2.62B | $737.00M | -$1.96B | -$7.07B | $3.01B | $2.12B | $2.14B | $2.23B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 328.50M | shares 333.20M | shares 331.90M | shares 330.10M | shares 321.90M | shares 279.40M | shares 259.90M | shares 276.70M | shares 303.60M | shares 330.30M |
| Pretax income | $4.31B | $4.17B | $3.39B | $990.00M | -$2.56B | -$8.82B | $3.91B | $2.65B | $3.02B | $3.77B |
| Income tax expense | $953.00M | $1.02B | $769.00M | $253.00M | -$593.00M | -$1.75B | $905.00M | $526.00M | $880.00M | $1.54B |
| Diluted EPS | $10.20 | $9.45 | $7.89 | $2.23 | $-6.10 | $-25.30 | $11.58 | $7.67 | $7.06 | $6.76 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.94B | $8.77B | $6.06B | $7.17B | $18.28B | $11.27B | $2.76B | $1.69B | $1.48B | $2.18B |
| Total assets | $76.45B | $74.08B | $71.10B | $67.36B | $68.18B | $59.55B | $52.61B | $49.02B | $42.35B | $40.14B |
| Current assets | $16.86B | $18.88B | $18.49B | $20.06B | $21.83B | $14.80B | $8.19B | $7.09B | $7.13B | $7.31B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $26.13B | $23.31B | $22.20B | $19.99B | $18.30B | $12.72B | $14.94B | $13.84B | $12.76B | $12.29B |
| Total equity incl. NCI | $15.28B | $12.68B | $9.32B | $6.90B | $5.03B | $5.96B | $11.53B | $10.04B | $8.79B | $8.57B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $2.39B | $2.16B | $1.90B | $1.80B | $1.66B | $1.30B | $1.36B | $1.43B | $1.34B | $1.18B |
| Goodwill | $4.53B | $4.53B | $4.53B | $4.53B | $4.53B | $4.53B | $4.52B | $4.52B | $4.52B | $4.52B |
| Long-term debt | $20.56B | $21.68B | $25.06B | $28.28B | $30.36B | $24.84B | $13.14B | $12.22B | $11.70B | $9.92B |
| Accounts payable | $4.57B | $4.19B | $3.84B | $3.40B | $2.56B | $1.60B | $2.70B | $2.36B | $2.20B | $2.14B |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.43B | $9.44B | $6.91B | $6.07B | $2.07B | -$4.13B | $6.91B | $6.16B | $3.47B | Unavailable |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$6.35B | -$2.65B | -$6.11B | -$13.83B | -$1.67B | $50.00M | -$4.56B | -$4.46B | -$3.80B | Unavailable |
| Financing cash flow | -$4.94B | -$4.18B | -$1.89B | -$3.35B | $6.40B | $12.96B | -$1.28B | -$1.50B | -$383.00M | Unavailable |
| Net change in cash | -$2.86B | $2.61B | -$1.09B | -$11.11B | $6.79B | $8.87B | $1.07B | $208.00M | -$712.00M | -$909.00M |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $637.00M | $162.00M | $0 | $0 | $0 | $353.00M | $1.64B | $1.24B | $1.84B | $2.61B |
| Depreciation & amortization | $2.94B | $2.93B | $2.67B | $2.46B | $2.48B | $2.49B | $2.29B | $2.16B | $2.10B | $1.98B |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% | -41.4% | 9.9% | 7.8% | 9.6% | 11.9% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | 0.65x | 0.81x | 0.83x | 1.00x | 1.19x | 1.16x | 0.55x | 0.51x | 0.56x | 0.59x |
| Revenue YoY growth | 3.5% | 6.2% | 19.5% | 82.5% | 60.4% | -64.5% | 4.7% | 9.3% | 3.4% | Unavailable |
| Net margin | 5.7% | 5.5% | 4.9% | 1.6% | -8.0% | -46.0% | 7.0% | 5.1% | 5.7% | 6.1% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 1.35x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 22.1% | 24.4% | 22.7% | 25.6% | Unavailable | Unavailable | 23.1% | 19.9% | 29.1% | 40.8% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open UAL in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-16View SEC filing
10-Q · Filed 2026-04-22View SEC filing
10-K · Filed 2026-02-12View SEC filing
10-Q · Filed 2025-10-16View SEC filing
10-Q · Filed 2025-07-17View SEC filing
10-Q · Filed 2025-04-16View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.