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UALUnited Airlines Holdings

Industrials · Airlines · Nasdaq

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FY2025 at a glance

Sales up 3.5%, free cash flow down to $2.6B

XBRL, from each 10-K

RevenueStatements ↓

$59.1B

from $57.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

$3.4B

from $3.1B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$2.6B

from $3.8B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$10.20

from $9.45 in FY2024

FY2016FY2025

Operating marginStatements ↓

8.0%

from 8.9% in FY2024

FY2016FY2025

Total debtStatements ↓

$24.7B

from $28.2B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	10.92	Sales (ttm)	65.6B	Net income (ttm)	3.6B	Sales growth	+3.5%	EPS growth	+7.9%	Sales Q/Q	+17.4%
Free cash flow	1.1B	Gross margin	-	Oper. margin	7.5%	Net margin	5.5%	FCF margin	1.7%	ROE	20.1%
ROA	4.2%	R&D / sales	-	Dividend	-	Debt/Eq	1.49	Curr. ratio	0.75	Cash	6.6B
Op. cash flow (ttm)	8.2B	EBITDA	7.7B	EBITDA margin	13.0%	Net debt	19.8B	Quick ratio	0.75	Interest cover	3.43
ROIC	8.3%	Tax rate	22.1%	Stock pay / sales	0.3%	Shares out.	324.9M	Shares Y/Y	-1.4%	Book / share	54.65
Cash / share	20.46	Sales / share	201.77	Asset turnover	0.77	Days sales out.	15	Sales 3Y CAGR	+9.5%	Sales 5Y CAGR	+30.9%
EPS 3Y CAGR	+66.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow fell 33%$3.8B → $2.6B · Cash from operations − capital expenditure · 10-K ↗

What management wrote about it → · Every company →

UAL against Industrials peers

Ten years, side by side → · All 83 →

UALPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+3.5%50th of 82 · median +4.8%

Net margin

5.5%71st of 82 · median 13.0%

Return on equity

20.1%43rd of 77 · median 24.9%

Free cash flow margin

1.7%76th of 79 · median 13.0%

Debt / equity (less is better)

1.4964th of 72 · median 0.72

UAL and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
UAL United Airlines Holdings	$65.6B	+3.5%	-	5.5%	20.1%	1.7%	1.49
CAT Caterpillar Inc.	$77.8B	+4.3%	92.3%	15.2%	55.1%	14.5%	1.69
DAL Delta Air Lines	$71.8B	+2.8%	-	4.6%	14.6%	4.9%	0.54
UBER Uber	$56.5B	+18.3%	-	6.1%	12.5%	18.4%	0.57
GD General Dynamics	$56.5B	+10.1%	-	8.2%	17.1%	10.2%	0.26
GE GE Aerospace	$52.6B	+18.5%	-	17.3%	52.0%	15.3%	1.00

Profitability

1 of 3

!
Net margin below the peer median5.5% vs 13.0%
✓
Return on equity above 15%20.1%
!
A profit in 8 of 10 years

Net margin, FY2016 to FY2025: 6.1% → 5.7%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 3.4× interest expense
!
Debt larger than equityDebt / equity 1.49 on the latest balance sheet (peer median 0.72)
!
Current ratio below 1Current ratio 0.75
!
Net debt over 3 years of free cash flow$13.5B net debt, 12.1 years

Debt / equity at each year end, FY2016 to FY2025: 1.26 → 1.61

What the debt is made of ↓

Cash and shareholders

1 of 3

!
Free cash flow positive in 6 of 10 years$2.6B last year
!
Share count up over 5 years+17.6%
✓
Cash from operations above net income$8.4B vs $3.4B

Free cash flow, FY2016 to FY2025: 2.3B → 2.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 59.1B Net income 3.4B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

UAL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue59.1B

Net income3.4B

Free cash flow2.6B

EPS (diluted)10.20

Diluted shares328.5M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Passenger revenue	53.4B	90.5%	+3.1%
Passenger, Ancillary Fees	4.8B	8.1%	+6.7%
Cargo revenue	1.8B	3.0%	+2.1%

10-K 0000100517-26-000023, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	36.6B	37.8B	41.3B	43.3B	15.4B	24.6B	45.0B	53.7B	57.1B	59.1B
Operating income	4.3B	3.6B	3.2B	4.3B	-6.4B	-1.0B	2.3B	4.2B	5.1B	4.7B
Interest expense	674.0M	626.0M	670.0M	648.0M	874.0M	1.4B	1.8B	2.0B	1.6B	1.4B
Pretax income	3.8B	3.0B	2.6B	3.9B	-8.8B	-2.6B	990.0M	3.4B	4.2B	4.3B
Income tax	1.5B	880.0M	526.0M	905.0M	-1.8B	-593.0M	253.0M	769.0M	1.0B	953.0M
Net income	2.2B	2.1B	2.1B	3.0B	-7.1B	-2.0B	737.0M	2.6B	3.1B	3.4B
EPS (diluted)	6.76	7.06	7.67	11.58	-25.30	-6.10	2.23	7.89	9.45	10.20
Diluted shares	330.3M	303.6M	276.7M	259.9M	279.4M	321.9M	330.1M	331.9M	333.2M	328.5M
Depreciation & amortization	2.0B	2.1B	2.2B	2.3B	2.5B	2.5B	2.5B	2.7B	2.9B	2.9B
EBITDA	6.3B	5.7B	5.4B	6.6B	-3.9B	1.5B	4.8B	6.9B	8.0B	7.7B
Operating margin	11.9%	9.6%	7.8%	9.9%	-41.4%	-4.1%	5.2%	7.8%	8.9%	8.0%
Net margin	6.1%	5.7%	5.1%	7.0%	-46.0%	-8.0%	1.6%	4.9%	5.5%	5.7%
Revenue growth	-	+3.4%	+9.3%	+4.7%	-64.5%	+60.4%	+82.5%	+19.5%	+6.2%	+3.5%
EPS growth	-	+4.4%	+8.6%	+51.0%	-318%	-	-	+254%	+19.8%	+7.9%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.2B	1.5B	1.7B	2.8B	11.3B	18.3B	7.2B	6.1B	8.8B	5.9B
Short-term investments	2.2B	2.3B	2.3B	2.2B	414.0M	123.0M	9.2B	8.3B	5.7B	6.3B
Receivables	1.2B	1.3B	1.4B	1.4B	1.3B	1.7B	1.8B	1.9B	2.2B	2.4B
Current assets	7.3B	7.1B	7.1B	8.2B	14.8B	21.8B	20.1B	18.5B	18.9B	16.9B
Property & equipment	23.3B	26.2B	27.4B	30.2B	-	-	-	39.8B	42.9B	46.1B
Goodwill	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B
Total assets	40.1B	42.3B	49.0B	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
Current liabilities	12.3B	12.8B	13.8B	14.9B	12.7B	18.3B	20.0B	22.2B	23.3B	26.1B
Total debt	10.8B	13.3B	13.4B	14.6B	26.7B	33.4B	31.2B	31.4B	28.2B	24.7B
Shareholders' equity	8.6B	8.8B	10.0B	11.5B	6.0B	5.0B	6.9B	9.3B	12.7B	15.3B
Retained earnings	3.4B	4.5B	6.7B	9.7B	2.6B	625.0M	1.3B	3.8B	6.9B	10.1B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	5.5B	3.5B	6.2B	6.9B	-4.1B	2.1B	6.1B	6.9B	9.4B	8.4B
Capital spending	3.2B	3.9B	4.1B	4.5B	1.7B	2.1B	4.8B	7.2B	5.6B	5.9B
Free cash flow	2.3B	-396.0M	2.1B	2.4B	-5.9B	-40.0M	1.2B	-260.0M	3.8B	2.6B
Stock-based pay (added back)	70.0M	73.0M	101.0M	100.0M	108.0M	238.0M	89.0M	80.0M	142.0M	148.0M
Buybacks	2.6B	1.8B	1.2B	1.6B	353.0M	0	0	0	162.0M	637.0M
Debt raised	808.0M	2.5B	1.6B	1.8B	15.7B	11.1B	736.0M	2.4B	6.1B	-
Debt repaid	1.2B	901.0M	1.7B	1.4B	4.4B	5.2B	4.0B	4.2B	10.1B	4.8B
Investing cash flow	-3.2B	-3.8B	-4.5B	-4.6B	50.0M	-1.7B	-13.8B	-6.1B	-2.7B	-6.3B
Financing cash flow	-3.2B	-383.0M	-1.5B	-1.3B	13.0B	6.4B	-3.3B	-1.9B	-4.2B	-4.9B

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	70.0M	73.0M	101.0M	100.0M	108.0M	238.0M	89.0M	80.0M	142.0M	148.0M
Stock-based pay / revenue	0.2%	0.2%	0.2%	0.2%	0.7%	1.0%	0.2%	0.1%	0.2%	0.3%
Operating lease cost	-	1.4B	1.2B	1.0B	933.0M	958.0M	941.0M	925.0M	855.0M	894.0M
Operating lease cash paid	-	1.5B	1.1B	902.0M	788.0M	977.0M	919.0M	874.0M	851.0M	971.0M
Finance lease principal paid	-	84.0M	79.0M	151.0M	66.0M	216.0M	124.0M	311.0M	269.0M	174.0M
Right-of-use assets	-	-	5.3B	4.8B	4.5B	4.6B	3.9B	3.9B	3.8B	5.0B
Operating lease liabilities	-	-	6.0B	5.6B	5.6B	5.7B	5.0B	5.1B	5.0B	6.0B
Finance lease liabilities	-	-	-	266.0M	406.0M	295.0M	219.0M	263.0M	291.0M	474.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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