financial statements

The full income statement, balance sheet, and cash-flow statement for United Airlines Holdings Inc. (UAL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	59.1B YoY+3.5%	57.1B YoY+6.2%	53.7B YoY+19.5%	45.0B YoY+82.5%	24.6B YoY+60.4%
Amortization of intangibles	28.0M YoY-12.5%	32.0M YoY-13.5%	37.0M YoY-9.8%	41.0M YoY-16.3%	49.0M YoY-10.9%
Operating income	4.71B YoY-7.5%	5.10B YoY+21.0%	4.21B YoY+80.2%	2.34B YoY+328.7%	-1.02B YoY+83.9%
Interest expense	1.37B YoY-15.7%	1.63B YoY-16.7%	1.96B YoY+10.0%	1.78B	—
Interest & investment income	611M YoY-15.8%	726M YoY-12.2%	827M YoY+177.5%	298M YoY+727.8%	36.0M YoY-28.0%
Other non-operating income	144M YoY+371.7%	-53.0M YoY-155.2%	96.0M YoY+1100.0%	8.00M YoY-80.0%	40.0M YoY+103.0%
Pre-tax income	4.31B YoY+3.3%	4.17B YoY+23.1%	3.39B YoY+242.1%	990M YoY+138.7%	-2.56B YoY+71.0%
Income tax	953M YoY-6.5%	1.02B YoY+32.5%	769M YoY+204.0%	253M YoY+142.7%	-593M YoY+66.2%
	3.35B YoY+6.5%	3.15B YoY+20.3%	2.62B YoY+255.2%	737M YoY+137.5%	-1.96B YoY+72.2%
Net income to common	3.35B YoY+6.5%	3.15B YoY+20.3%	2.62B YoY+255.2%	737M YoY+137.5%	-1.96B YoY+72.2%
	$10.20 YoY+7.9%	$9.45 YoY+19.8%	$7.89 YoY+253.8%	$2.23 YoY+136.6%	-$6.10 YoY+75.9%
EPS (basic)	$10.32 YoY+7.7%	$9.58 YoY+20.1%	$7.98 YoY+253.1%	$2.26 YoY+137.0%	-$6.10 YoY+75.9%
Weighted-avg shares (basic)	325M YoY-1.1%	329M YoY+0.2%	328M YoY+0.4%	326M YoY+1.4%	322M YoY+15.2%
Weighted-avg shares (diluted)	329M YoY-1.4%	333M YoY+0.4%	332M YoY+0.5%	330M YoY+2.5%	322M YoY+15.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	16.9B YoY-10.7%	18.9B YoY+2.1%	18.5B YoY-7.8%	20.1B YoY-8.1%	21.8B YoY+47.5%
Cash & equivalents	5.94B YoY-32.2%	8.77B YoY+44.8%	6.06B YoY-15.5%	7.17B YoY-60.8%	18.3B YoY+62.2%
Short-term investments	6.30B YoY+10.4%	5.71B YoY-31.5%	8.33B YoY-9.9%	9.25B YoY+7418.7%	123M YoY-70.3%
Cash & short-term investments	4.38B YoY+0.0%	4.38B YoY+0.0%	4.38B YoY+0.0%	4.38B YoY+0.0%	4.38B YoY+0.0%
Accounts receivable	2.39B YoY+10.5%	2.16B YoY+14.0%	1.90B YoY+5.4%	1.80B YoY+8.3%	1.66B YoY+28.4%
Inventory	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%
Prepaid expenses	671M YoY-0.3%	673M YoY+5.2%	640M YoY-7.1%	689M YoY-7.5%	745M YoY+17.3%
	76.4B YoY+3.2%	74.1B YoY+4.2%	71.1B YoY+5.6%	67.4B YoY-1.2%	68.2B YoY+14.5%
Property, plant & equipment	46.1B YoY+7.5%	42.9B YoY+7.8%	39.8B YoY+32.0%	30.2B YoY+0.0%	30.2B YoY+0.0%
Operating lease right-of-use	4.96B YoY+30.0%	3.81B YoY-2.5%	3.91B YoY+0.6%	3.89B YoY-16.3%	4.64B YoY+2.4%
Goodwill	4.53B YoY+0.0%	4.53B YoY+0.0%	4.53B YoY+0.0%	4.53B YoY+0.0%	4.53B YoY+0.0%
Intangible assets	2.65B YoY-1.0%	2.68B YoY-1.5%	2.73B YoY-1.3%	2.76B YoY-1.5%	2.80B YoY-1.2%
Long-term investments	92.0M YoY+0.0%	92.0M YoY+0.0%	92.0M YoY+0.0%	92.0M YoY+0.0%	92.0M YoY+0.0%
Deferred tax assets	0.00	0.00	0.00 YoY-100.0%	91.0M YoY-86.2%	659M YoY+403.1%
Other non-current assets	8.61B YoY+0.0%	8.61B YoY-3.2%	8.89B YoY-0.8%	8.96B YoY-6.8%	9.62B YoY+10.0%
Total non-current assets	59.6B YoY+8.0%	55.2B YoY+4.9%	52.6B YoY+401.4%	10.5B YoY+0.0%	10.5B YoY+0.0%
	26.1B YoY+12.1%	23.3B YoY+5.0%	22.2B YoY+11.1%	20.0B YoY+9.2%	18.3B YoY+43.8%
Accounts payable	4.57B YoY+8.9%	4.19B YoY+9.3%	3.83B YoY+13.0%	3.40B YoY+32.5%	2.56B YoY+60.6%
Short-term & current debt	4.10B YoY+37.8%	2.97B YoY-26.0%	4.02B YoY+38.0%	2.91B YoY-3.0%	3.00B YoY+57.1%
Current lease liability	631M YoY+35.1%	467M YoY-18.9%	576M YoY+2.7%	561M YoY+0.9%	556M YoY-9.2%
Other current liabilities	757M YoY-20.1%	948M YoY+17.6%	806M YoY+3.5%	779M YoY+39.1%	560M YoY-20.7%
Long-term debt	17.2B YoY-20.8%	21.7B YoY-13.5%	25.1B YoY-11.4%	28.3B YoY-6.8%	30.4B YoY+22.2%
Non-current lease liability	5.42B YoY+20.1%	4.51B YoY+0.2%	4.50B YoY+1.0%	4.46B YoY-13.5%	5.15B YoY+3.3%
Deferred tax liabilities	2.46B YoY+55.9%	1.58B YoY+166.0%	594M	0.00	0.00
Other non-current liabilities	1.48B YoY-3.4%	1.53B YoY+8.2%	1.41B YoY+3.3%	1.37B YoY+6.6%	1.28B YoY+11.1%
Total non-current liabilities	35.0B YoY-8.0%	38.1B YoY-3.7%	39.6B YoY+272.4%	10.6B YoY+0.0%	10.6B YoY+0.0%
	15.3B YoY+20.6%	12.7B YoY+35.9%	9.32B YoY+35.2%	6.90B YoY+37.1%	5.03B YoY-15.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	4.00M YoY+0.0%	4.00M YoY+0.0%	4.00M YoY+0.0%	4.00M YoY+0.0%	4.00M YoY+0.0%
Additional paid-in capital	8.91B YoY-0.8%	8.98B YoY-0.1%	8.99B YoY+0.1%	8.99B YoY-1.9%	9.16B YoY+9.4%
Retained earnings	10.1B YoY+46.7%	6.88B YoY+79.6%	3.83B YoY+202.8%	1.26B YoY+102.4%	625M YoY-76.2%
Treasury stock	3.77B YoY+11.7%	3.38B YoY-1.9%	3.44B YoY-2.6%	3.53B YoY-7.3%	3.81B YoY-2.1%
Accumulated other comprehensive income	48.0M YoY-74.5%	188M YoY+403.2%	-62.0M YoY-135.4%	175M YoY+118.6%	-942M YoY+17.3%
Total liabilities & equity	76.4B YoY+3.2%	74.1B YoY+4.2%	71.1B YoY+5.6%	67.4B YoY-1.2%	68.2B YoY+14.5%
Common shares issued	323M YoY-1.4%	328M YoY+121.6%	148M YoY+0.0%	148M YoY+0.0%	148M YoY+0.0%
Common shares outstanding	323M YoY-1.4%	328M YoY-0.0%	328M YoY+0.3%	327M YoY+1.0%	324M YoY+3.8%
Shares outstanding (cover)	324M YoY-1.6%	329M YoY+0.3%	328M YoY+0.3%	327M YoY+1.0%	324M YoY+11.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.43B YoY-10.7%	9.45B YoY+36.7%	6.91B YoY+13.9%	6.07B YoY+193.5%	2.07B YoY+150.0%
Depreciation & amortization	2.94B YoY+0.4%	2.93B YoY+9.6%	2.67B YoY+8.8%	2.46B YoY-1.2%	2.48B YoY-0.1%
Deferred income taxes	925M YoY-1.1%	935M YoY+23.7%	756M YoY+204.8%	248M YoY+142.5%	-583M YoY+66.5%
Change in payables	674M YoY+278.7%	178M YoY-68.9%	572M YoY-28.1%	796M YoY-19.2%	985M YoY+191.3%
Other operating activities	-62.0M YoY-788.9%	9.00M YoY+50.0%	6.00M YoY-97.2%	218M YoY-1.8%	222M YoY-1.8%
	-6.35B YoY-139.5%	-2.65B YoY+56.6%	-6.11B YoY+55.8%	-13.8B YoY-727.1%	-1.67B YoY-3444.0%
Capital expenditure	5.87B YoY+4.6%	5.62B YoY-21.7%	7.17B YoY+48.8%	4.82B YoY+128.7%	2.11B YoY+22.0%
Sales/maturities of investments	7.28B YoY-15.9%	8.66B YoY-17.7%	10.5B YoY+404.8%	2.08B YoY+424.9%	397M YoY-82.9%
Proceeds from sale of PP&E	98.0M YoY-10.1%	109M YoY+179.5%	39.0M YoY-81.2%	207M YoY+93.5%	107M YoY+1683.3%
Other investing activities	96.0M YoY+3300.0%	-3.00M YoY-113.0%	23.0M YoY-66.7%	69.0M YoY+6800.0%	1.00M YoY+125.0%
	-4.95B YoY-18.2%	-4.18B YoY-121.0%	-1.89B YoY+43.5%	-3.35B YoY-152.4%	6.40B YoY-50.6%
Long-term debt issued	—	6.14B YoY+157.1%	2.39B YoY+224.5%	736M YoY-93.4%	11.1B YoY-29.2%
Long-term debt repaid	4.77B YoY-52.9%	10.1B YoY+138.7%	4.25B YoY+5.9%	4.01B YoY-22.9%	5.21B YoY+17.0%
Common stock repurchased	637M YoY+293.2%	162M	0.00	0.00	0.00 YoY-100.0%
Other financing activities	-115M YoY-447.6%	-21.0M YoY+34.4%	-32.0M YoY+56.8%	-74.0M YoY-174.1%	-27.0M YoY-35.0%
Net change in cash	-2.87B YoY-209.7%	2.61B YoY+340.3%	-1.09B YoY+90.2%	-11.1B YoY-263.6%	6.79B YoY-23.5%
Interest paid	1.33B YoY-11.0%	1.49B YoY-19.2%	1.85B YoY+17.5%	1.57B YoY+10.5%	1.42B YoY+62.9%
Income taxes paid	62.0M YoY-29.5%	88.0M YoY+1157.1%	7.00M YoY-12.5%	8.00M	0.00 YoY+100.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	36.2B YoY+13.4%	31.9B YoY+136.0%	13.5B YoY+9.8%	12.3B YoY-13.1%	14.2B YoY+12.6%
P/E	10.8× YoY+6.5%	10.1× YoY+114.4%	4.7×	—	—
P/S	0.6× YoY+9.5%	0.6× YoY+117.1%	0.3× YoY-14.7%	0.3× YoY-47.5%	0.6× YoY-29.8%
P/B	2.4× YoY-6.0%	2.5× YoY+64.8%	1.5× YoY-39.2%	2.5× YoY-10.8%	2.8× YoY+33.5%
P/FCF	14.2× YoY+69.8%	8.3× YoY-17.7%	10.1× YoY+50.0%	6.8×	—
Earnings yield	9.3% YoY-6.1%	9.9% YoY-53.4%	21.1%	—	—
FCF yield	7.1% YoY-41.1%	12.0% YoY+21.6%	9.9% YoY-33.3%	14.8%	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: UAL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all UAL filings on SEC EDGAR → Not investment advice.

UAL▼ financial statements

About this data

financial statements