UALUnited Airlines Holdings
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). 10-K, Item 1
- Headquarters
- Chicago, IL
- CEO
- J. Scott Kirby
- Next results
- around Jan 19, 2027
6 paragraphs in Risk Factors of the 10-K filed Feb 12, 2026 with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 81 Industrials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Our MileagePlus loyalty program plays a significant role in our business, and unfavorable developments affecting the program could adversely affect our business and results of operations.
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may have a negative impact on our business, operating results, financial condition and liquidity and may limit our ability to expand or change our route network and execute our United Next strategy.
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services has in the past adversely affected—and could in the future adversely affect—our business and financial results, as well as has in the past required—and could in the future require—additional resources to rebuild our reputation that may not be successful.
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management succession planning process, our business, ability to execute our strategic operating plan and company culture may be adversely affected.
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As discussed in Part I, Item 1. Business—Our Approach to Corporate Citizenship and Value Creation—Environmental Sustainability Strategy, the Company has made commitments to reduce its GHG emissions by 100% by 2050 and its carbon emission intensity by 50% by 2035 compared to 2019. The Company has incurred, and expects to continue to incur, costs to achieve its climate goals—which will involve a transition to lower-carbon technologies (such as SAF)—and to comply with environmental sustainability legislation and regulation and non-binding standards and accords. Such activity may require the
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comply with material provisions of its contractual obligations, including covenants under its financing and credit card processing agreements.
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New in the latest 10-Q
13 paragraphs in the 10-Q filed Oct 21, 2026 with nothing like them in the 10-Q filed Jul 16, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Right-of-use assets acquired or modified through operating leases $ 2,488 $ 1,382
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Right-of-use assets acquired or modified through operating leases $ 2,488 $ 1,382
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Subsequent Event. On October 16, 2026, United amended and restated its revolving credit facility (the "Revolving Credit Facility"), increasing total commitments from $ 3.0 billion to $ 5.0 billion and extending the maturity from February 15, 2029 to October 16, 2031. Borrowings under the Revolving Credit Facility will bear interest at Term SOFR or, at United's election, another specified market-based rate, in each case subject to a floor, plus a specified margin. In addition, the Company is required to pay a commitment fee on the aggregate unused portion of the commitments under the Revolving Credit Facility ranging from 0.080 % to 0.275 %, depending on the Company's credit ratings. The Revolving Credit Facility remains guaranteed by UAL and secured on a senior basis, subject to certain exclusions, by all of United's international route authorities, its rights to substantially all of its foreign and domestic take-off and landing slots and, to the extent necessary at the relevant time of determination for servicing the scheduled air carrier service authorized by an applicable route authority, its rights to use or occupy airport terminal space, which also secure the Company's Term Loan Credit and Guaranty Agreement and its 4.625 % Senior Secured Notes due 2029.
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Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Labor contract ratification bonuses $ (2) $ — $ 182 $ 561 (Gains) losses on sale of assets and other special charges (213) (73) (931) (295) Total operating special charges (credits) (215) (73) (749) 266 Nonoperating unrealized (gains) losses on investments, net 13 13 (13) 8 Nonoperating debt extinguishment and modification fees — 20 6 20 Total nonoperating special charges and unrealized (gains) losses on investments, net 13 33 (8) 28 Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net (202) (40) (757) 295 Income tax expense (benefit), net of valuation allowance 6 — 95 (127) Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net of income taxes $ (197) $ (40) $ (662) $ 168
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The Company had $3.0 billion undrawn and available under its revolving credit facility as of September 30, 2026. No borrowings were outstanding under the revolving credit facility as of September 30, 2026. On October 16, 2026, the Company amended and restated its revolving credit facility to increase total commitments from $3.0 billion to $5.0 billion and to extend the maturity of the commitments to October 16, 2031. The amendment also reduced the applicable interest rate margins on borrowings under the facility. No borrowings were outstanding under the revolving credit facility as of the date of this report. See Note 8 to the financial statements included in Part I, Item 1 of this report and Part II, Item 5 (Other Information) for additional information regarding the Company's revolving credit facility.
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Other information
(a) The information set forth below is included for the purpose of providing disclosure under “Item 1.01 - Entry into a Material Definitive Agreement” and “Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant” of Form 8-K.
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On October 16, 2026, United entered into a Second Amended and Restated Revolving Credit and Guaranty Agreement (the "Revolving Credit Facility") among United, as borrower, UAL, as parent and guarantor, certain subsidiaries of UAL, as guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Wilmington Trust, National Association, not in its individual capacity, except as expressly stated therein, but solely as collateral trustee (the "Collateral Trustee"). The Revolving Credit Facility amends and restates United's existing revolving credit facility to increase total revolving loan commitments from $3.0 billion to $5.0 billion and to extend the maturity from February 15, 2029 to October 16, 2031. Revolving Loans (as defined in the Revolving Credit Facility) bear interest at Term SOFR (as defined in the Revolving
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Credit Facility) or, at United's election, another rate based on certain market interest rates, in each case subject to a floor, plus a margin based on United's credit ratings ranging from 1.000% to 1.875% for Term SOFR loans and 0.000% to 0.875% for loans at other market rates. United has not made any drawings under the Revolving Credit Facility as of the date of this report.
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The Revolving Credit Facility is secured on a senior basis by security interests granted by United to the Collateral Trustee in, subject to certain exclusions, all of United's U.S. Department of Transportation route authorities to operate scheduled service between international airports in the United States and international airports in other countries (except Cuba), its rights to substantially all of its foreign and domestic take-off and landing slots (including at John F. Kennedy International Airport, LaGuardia Airport and Ronald Reagan Washington National Airport) and to the extent necessary at the relevant time of determination for servicing the scheduled air carrier service authorized by an applicable route authority, its rights to use or occupy airport terminal space (the "Collateral"). The Collateral also secures on a senior basis United's Term Loan Credit and Guaranty Agreement, dated as of April 21, 2021, as amended, and the Company's 4.625% Senior Secured Notes due 2029. United may be required to pledge additional collateral in the future under the terms of the Revolving Credit Facility.
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The Revolving Credit Facility also contains mandatory prepayment provisions in connection with dispositions of collateral and, subject to certain cure rights, upon failure to comply with the minimum Collateral Coverage Ratio (as defined in the Revolving Credit Facility). Additionally, the Revolving Credit Facility provides that the lenders may require us to prepay all or a specified portion of such lenders' Revolving Loans if a Change of Control (as defined in the Revolving Credit Facility) occurs and such lender accepts a Change of Control Offer (as defined in the Revolving Credit Facility). In no event will a prepayment premium be payable for a mandatory prepayment or acceleration.
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The Revolving Credit Facility contains negative covenants that, among other things, limit our ability under certain circumstances to create liens on, or dispose of, Collateral, incur additional debt secured on a senior or junior basis by Collateral and consolidate, merge, or dispose of all or substantially all of our assets. The Revolving Credit Facility also contains financial covenants that require us to maintain unrestricted liquidity of at least $2.0 billion and a minimum Collateral Coverage Ratio of 1.6 to 1.0.
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The Revolving Credit Facility also contains customary events of default, including, among others, nonpayment, covenant breaches, material inaccuracy of representations, cross-payment default and cross-acceleration to other material indebtedness and certain bankruptcy and insolvency events, subject in certain cases to grace periods and thresholds. Upon an event of default, the outstanding obligations may be accelerated and, upon certain bankruptcy or insolvency events of United, will be accelerated automatically.
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The foregoing description of the Revolving Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Revolving Credit Facility, which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 21, 2026 against Item 1A of the 10-K filed Feb 12, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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See Part I, Item 1A. Risk Factors of the 2025 Form 10-K for a discussion of the risk factors affecting UAL and United.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on UAL in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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