United Airlines Holdings, Inc. (UAL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.85	$1.99	+7.6%	—	—	—
Q4 26	$1.08	$1.19	+10.2%	—	—	—
Q3 26	$2.94	$3.1	+5.4%	—	—	—
Q2 26	$2.68	$2.78	+3.7%	—	—	—
Q1 26	$3.81	$3.87	+1.6%	—	—	—
Q4 25	$0.74	$0.91	+23.0%	—	—	—
Q3 25	$3.03	$3.26	+7.6%	—	—	—
Q2 25	$3.17	$3.33	+5.0%	—	—	—
Q1 25	$3.93	$4.14	+5.3%	—	—	—
Q4 24	-$0.57	-$0.15	+73.7%	—	—	—
Q3 24	$1.7	$2	+17.6%	—	—	—
Q2 24	$3.35	$3.65	+9.0%	—	—	—
Q1 24	$4.03	$5.03	+24.8%	—	—	—
Q4 23	-$0.73	-$0.63	+13.7%	—	—	—
Q3 23	$2.1	$2.46	+17.1%	—	—	—
Q2 23	$2.28	$2.81	+23.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.4	—	—	$59.1B	—
FY24	—	$9.6	—	—	$57.1B	—
FY23	—	$7.98	—	—	$53.7B	—
FY22	—	$2.25	—	—	$45B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$36.6B	$37.8B	$41.3B	$43.3B	$15.4B	$24.6B	$45B	$53.7B	$57.1B	$59.1B
YoY change	-3.45%	+3.35%	+9.31%	+4.74%	-64.5%	+60.4%	+82.5%	+19.5%	+6.23%	+3.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	36.6B	37.8B	41.3B	43.3B	15.4B	24.6B	45B	53.7B	57.1B	59.1B
Cost of revenue	24.8B	27B	30.2B	30.8B	20.4B	23.9B	34.3B	38.5B	40.6B	42.1B
Gross profit	11.8B	10.8B	11.1B	12.5B	-5B	721M	10.6B	15.2B	16.5B	17B
Gross margin	32.3%	28.5%	26.8%	28.8%	-32.8%	2.93%	23.7%	28.3%	28.9%	28.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.4B	1.4B	1.6B	1.7B	459M	677M	1.5B	2B	2.2B	2.1B
Operating expenses	6.7B	7B	7.4B	7.9B	409M	1.1B	8.2B	10B	11.3B	12B
Operating income	5.1B	3.8B	3.7B	4.5B	-5.4B	-368M	2.5B	5.2B	5.2B	5B
Operating margin	13.9%	10%	9%	10.5%	-35.4%	-1.49%	5.51%	9.61%	9.13%	8.42%
Non-operating income, net	-756M	-276M	-564M	-120M	-2.4B	-648M	-112M	-826M	-364M	-110M
Pretax income	3.8B	3B	2.6B	3.9B	-8.8B	-2.6B	990M	3.4B	4.2B	4.3B
Income tax	1.5B	880M	526M	905M	-1.8B	-593M	253M	769M	1B	953M
Net income	2.2B	2.1B	2.1B	3B	-7.1B	-2B	737M	2.6B	3.1B	3.4B
Net margin	6.11%	5.67%	5.14%	6.96%	-46%	-7.97%	1.64%	4.87%	5.52%	5.68%
EBITDA	7.1B	5.8B	5.9B	6.9B	-4.2B	2.2B	5.2B	8.8B	8.8B	8.7B
EPS	7.19	7.43	7.89	12	-22.7	-6.07	2.25	7.98	9.6	10.4
Diluted EPS	6.85	7.02	7.7	11.6	-25.3	-6.1	2.23	7.89	9.45	10.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	14.5B	13.6B	12.5B	15B	14.8B	14.7B	13.2B	15.2B	15.2B	15.4B	14.6B	17.7B
Cost of revenue	10B	9.9B	9.8B	10.2B	10.4B	10.2B	9.9B	10.5B	10.8B	10.9B	10.9B	13.4B
Gross profit	4.4B	3.7B	2.7B	4.8B	4.4B	4.5B	3.3B	4.7B	4.4B	4.5B	3.7B	4.3B
Gross margin	30.7%	27.1%	21.9%	32%	29.9%	30.7%	25.2%	31.1%	29%	29.3%	25.1%	24.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	516M	571M	480M	626M	574M	551M	496M	487M	555M	571M	522M	644M
Operating expenses	2.7B	2.6B	2.6B	2.8B	2.9B	2.9B	2.8B	3B	3.1B	3.1B	3.1B	3.3B
Operating income	1.8B	1B	112M	2B	1.6B	1.6B	502M	1.8B	1.3B	1.4B	608M	951M
Operating margin	12.2%	7.66%	0.89%	13.1%	10.5%	10.7%	3.8%	11.6%	8.68%	8.94%	4.16%	5.38%
Non-operating income, net	-71M	-52M	-60M	-49M	-135M	-120M	123M	-380M	69M	78M	400M	211M
Pretax income	1.5B	769M	-164M	1.7B	1.3B	1.3B	478M	1.2B	1.3B	1.3B	870M	1B
Income tax	348M	170M	-40M	416M	321M	322M	91M	275M	306M	281M	172M	221M
Net income	1.1B	599M	-124M	1.3B	965M	984M	387M	973M	949M	1B	698M	805M
Net margin	7.86%	4.4%	-0.99%	8.83%	6.5%	6.7%	2.93%	6.39%	6.23%	6.78%	4.78%	4.56%
EBITDA	2B	1.3B	279M	2.2B	1.7B	1.7B	699M	2B	1.5B	1.6B	767M	1.1B
EPS	3.47	1.83	-0.38	4.02	2.93	3	1.18	3	2.93	3.23	2.15	2.48
Diluted EPS	3.42	1.81	-0.38	3.96	2.9	2.95	1.16	2.97	2.9	3.19	2.14	2.46

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	19.3B	22.6B	22.1B	—	14.2B	12.3B	13.5B	31.8B	36.2B	36.2B
Enterprise value	—	29.9B	38.4B	37.6B	—	35.1B	32.3B	33.6B	51B	55B	54B
Shares outstanding	314.6M	287M	269.9M	251.2M	311.8M	323.8M	326.9M	328M	327.9M	323.5M	323.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	9.03	10.7	7.35	—	—	16.7	5.17	10.1	10.8	10.7
P/S	—	0.51	0.55	0.51	—	0.58	0.27	0.25	0.56	0.61	0.59
P/B	—	2.21	2.25	1.92	—	2.82	1.79	1.45	2.51	2.37	2.22
EV/EBITDA	—	5.12	6.5	5.42	—	16	6.17	3.83	5.79	6.34	7.62
EV/Sales	—	0.79	0.93	0.87	—	1.43	0.72	0.62	0.89	0.93	0.86
Earnings yield	—	11.1%	9.39%	13.6%	—	—	5.98%	19.3%	9.89%	9.27%	9.37%
FCF yield	—	-2.05%	9.27%	10.8%	—	-0.28%	10.1%	-1.92%	12%	7.07%	2.51%
PEG	—	—	—	—	—	—	—	—	—	—	-0.61

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.3%	28.5%	26.8%	28.8%	-32.8%	2.93%	23.7%	28.3%	28.9%	28.8%	24.3%
Operating margin	13.9%	10%	9%	10.5%	-35.4%	-1.49%	5.51%	9.61%	9.13%	8.42%	5.53%
Net margin	6.11%	5.67%	5.14%	6.96%	-46%	-7.97%	1.64%	4.87%	5.52%	5.68%	5.56%
ROE	25.8%	24.5%	21.1%	26.1%	-118.6%	-39.1%	10.7%	28.1%	24.8%	21.9%	23.3%
ROA	5.57%	5.06%	4.33%	5.72%	-11.9%	-2.88%	1.09%	3.68%	4.25%	4.39%	3.38%
ROIC	18.9%	13.9%	11.5%	12.9%	-20.1%	-1.42%	6.85%	13.6%	12.4%	11.4%	9.86%
Return on tangible assets	9.37%	8.17%	6.3%	8.01%	-15.8%	-3.67%	1.4%	4.63%	5.28%	5.4%	4.98%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.59	0.56	0.51	0.55	1.16	1.19	1	0.83	0.81	0.65	0.78
Quick ratio	0.52	0.49	0.44	0.48	1.09	1.14	0.95	0.76	0.74	0.59	0.72
Debt / equity	1.35	1.65	1.97	1.77	5.5	7.83	5.28	3.69	2.65	2.03	2.02
Debt / assets	0.29	0.34	0.4	0.39	0.55	0.58	0.54	0.48	0.45	0.41	0.4
Net debt / EBITDA	1.03	1.81	2.68	2.23	-4.98	9.56	3.82	2.29	2.17	2.17	3.45
Interest coverage	7.27	6.48	5.38	7.06	-7.89	-0.62	1.59	2.91	3.97	4.69	5.05
Effective tax rate	40.8%	29.1%	19.9%	23.1%	0%	0%	25.6%	22.7%	24.4%	22.1%	21.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	116.2	131.7	153	172.2	49.2	76.1	137.5	163.8	174	182.6	194.2
EPS (basic)	7.19	7.43	7.89	12	-22.7	-6.07	2.25	7.98	9.6	10.4	10.4
EPS (diluted)	6.85	7.02	7.7	11.6	-25.3	-6.1	2.23	7.89	9.45	10.2	10.7
Book value per share	27.5	30.4	37.2	45.9	19.1	15.5	21.1	28.4	38.7	47.2	51.4
FCF per share	7.37	-1.38	7.76	9.48	-18.8	-0.12	3.81	-0.79	11.7	7.9	7.79
Cash per share	14.1	13.2	14.6	19.7	37.5	56.8	50.2	43.9	44.1	37.8	51.3
Capex per share	0.09	0.04	—	0.2	0.02	0.33	0.63	0.12	0.33	18.2	19.5

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.08%	0.03%	—	0.11%	0.04%	0.43%	0.46%	0.07%	0.19%	9.94%	10.1%
Capex / operating cash flow	0.51%	0.35%	—	0.69%	-0.14%	5.26%	3.4%	0.53%	1.16%	69.7%	71.5%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$2.15

ex-dividend Jan 7, 2008

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jan 7, 2008	$2.15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$14.5B	$13.6B	$12.5B	$15B	$14.8B	$14.7B	$13.2B	$15.2B	$15.2B	$15.4B	$14.6B	$17.7B
YoY change	+12.5%	+9.89%	+9.71%	+5.7%	+2.48%	+7.85%	+5.37%	+1.67%	+2.57%	+4.77%	+10.6%	+16%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.4B	3.8B	4B	4.9B	11.7B	18.4B	16.4B	14.4B	14.5B	12.2B
Receivables	1.2B	1.3B	1.4B	1.4B	1.3B	1.7B	1.8B	1.9B	2.2B	2.4B
Inventory	873M	924M	985M	1.1B	932M	983M	1.1B	1.6B	1.6B	1.6B
Total current assets	7.3B	7.1B	7.1B	8.2B	14.8B	21.8B	20.1B	18.5B	18.9B	16.9B
Property, plant & equipment	-3.9B	-3.6B	62M	-493M	-2.2B	-2.9B	-4.4B	-4.7B	-6B	-5.8B
Goodwill & intangibles	16.3B	16.1B	15.4B	15.1B	14.7B	14.7B	14.6B	14.5B	14.4B	14.4B
Total assets	40.1B	42.3B	49B	52.6B	59.5B	68.2B	67.4B	71.1B	74.1B	76.4B
Accounts payable	2.1B	2.2B	2.4B	2.7B	1.6B	2.6B	3.4B	3.8B	4.2B	4.6B
Short-term debt	965M	1.7B	2.1B	2.1B	2.7B	3.6B	3.6B	4.8B	3.9B	5.1B
Total current liabilities	12.3B	12.8B	13.8B	14.9B	12.7B	18.3B	20B	22.2B	23.3B	26.1B
Long-term debt	10.7B	12.7B	17.7B	18.3B	30B	35.7B	32.9B	29.7B	29.7B	26B
Total liabilities	31.5B	33.6B	39B	41.1B	53.6B	63.1B	60.5B	61.8B	61.4B	61.2B
Shareholders' equity	8.7B	8.7B	10B	11.5B	6B	5B	6.9B	9.3B	12.7B	15.3B
Total debt	11.7B	14.4B	19.8B	20.4B	32.8B	39.4B	36.4B	34.4B	33.6B	31B
Net debt	9.5B	12.9B	18.1B	17.7B	21.5B	21.1B	29.3B	28.4B	24.9B	25.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	17.1B	14.4B	14B	15.2B	14.2B	14.5B	15.3B	15.6B	13.3B	12.2B	14.2B	16.6B
Receivables	2.2B	1.9B	2.3B	2.4B	2B	2.2B	2.3B	2.3B	2.4B	2.4B	2.7B	2.5B
Inventory	1.5B	1.6B	1.7B	1.7B	1.6B	1.6B	1.6B	1.5B	1.6B	1.6B	1.7B	1.8B
Total current assets	21.9B	18.5B	18.7B	20B	18.6B	18.9B	20.1B	20.3B	18.1B	16.9B	19.4B	21.7B
Property, plant & equipment	-4.6B	-4.7B	-4.9B	-5.3B	-5.5B	-6B	47.5B	48.4B	49.8B	-5.8B	52.8B	54.1B
Goodwill & intangibles	14.5B	14.5B	14.5B	14.5B	14.4B	14.4B	14.4B	14.4B	14.4B	14.4B	14.4B	14.3B
Total assets	73.2B	71.1B	71.9B	73.3B	72.6B	74.1B	76.1B	77.2B	76.3B	76.4B	80.9B	84.6B
Accounts payable	4.2B	3.8B	4.3B	4.5B	4B	4.2B	4.7B	4.9B	4.6B	4.6B	5.4B	5.8B
Short-term debt	4.5B	4.8B	4.6B	5.4B	3.9B	3.9B	3.8B	6.7B	5.2B	5.1B	3B	3B
Total current liabilities	24.8B	22.2B	24.8B	25.9B	23.4B	23.3B	25.8B	29B	27.1B	26.1B	27.8B	27.8B
Long-term debt	30.5B	29.7B	27.7B	26.2B	26.7B	29.7B	29.2B	26.1B	26.1B	26B	28B	30.7B
Total liabilities	64.3B	61.8B	62.7B	62.7B	61.2B	61.4B	63.5B	63.8B	62B	61.2B	65.1B	67.9B
Shareholders' equity	8.9B	9.3B	9.2B	10.5B	11.4B	12.7B	12.6B	13.4B	14.3B	15.3B	15.9B	16.7B
Total debt	35B	34.4B	32.3B	31.6B	30.6B	33.6B	32.9B	32.8B	31.3B	31B	31B	33.7B
Net debt	27.5B	28.4B	23.9B	20.7B	21.8B	24.9B	23.6B	23.4B	24.6B	25.1B	23.1B	23.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.2B	2.1B	2.1B	3B	-7.1B	-2B	737M	2.6B	3.1B	3.4B
Depreciation & amortization	2B	2.1B	2.2B	2.3B	2.5B	2.5B	2.5B	2.7B	2.9B	2.9B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-800M	-1.9B	783M	523M	227M	1.7B	2.3B	1.1B	2.1B	1.5B
Operating cash flow	5.5B	3.5B	6.2B	7.1B	-4.3B	2B	6.1B	7.4B	9.4B	8.4B
Capital expenditure	28M	12M	—	49M	6M	107M	207M	39M	109M	-5.9B
Investing cash flow	13M	79M	-385M	-68M	1.8B	435M	-9B	1.1B	3B	-6.4B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-2.6B	-1.8B	-1.2B	-1.6B	-353M	0	0	—	-162M	-637M
Financing cash flow	-3.2B	-383M	-1.5B	-1.3B	13B	6.4B	-3.3B	-1.9B	-4.2B	-4.9B
Net change in cash	2.3B	3.2B	4.3B	5.7B	10.4B	8.9B	-6.3B	6.6B	8.2B	-3B
Free cash flow	2.3B	-396M	2.1B	2.4B	-5.9B	-40M	1.2B	-260M	3.8B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	1.2B	1.3B	4.8B	1.6B
Capital expenditure	11M	19M	20M	22M	24M	43M	29M	19M	-1.5B	-1.9B	-1.7B	-1.3B
Investing cash flow	-94M	1.3B	2.8B	1.3B	-1.1B	-40M	-229M	-293M	-1.8B	-1.6B	-1.9B	-1.5B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	-82M	-80M	-349M	-240M	-21M	-27M	-27M	0
Financing cash flow	-715M	-123M	-1.9B	-580M	-1.1B	-591M	-1.5B	-843M	-2.1B	-509M	-976M	2.1B
Net change in cash	-809M	1.2B	869M	718M	-2.2B	-631M	-1.7B	-1.1B	-2.7B	-823M	1.9B	2.3B
Free cash flow	-962M	-3B	1.5B	1.7B	88M	549M	2.5B	930M	-246M	-604M	3.1B	267M

United Airlines Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement