UAL
United Airlines Holdings Inc.Stock · IndustrialsS&P 500 Equal Weight 0.2% · Nasdaq Composite 0.08% · S&P 500 0.07% · Russell 1000 0.06% · Russell 3000 0.06% · US Stock Market 0.06% · MSCI World 0.01% · MSCI ACWI 0.008%$109.82+3.13%
as of market close, Sep 11, 2026
☾ AH — —
UAL 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.
Shares outstanding (point-in-time)
2024-06 328.8M2024-09 328.9M2024-12 327.3M2025-03 326.6M2025-06 323.7M2025-09 323.7M2025-12 323.4M2026-03 324.6M2026-06 324.6M-1.3% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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+3.5% | 57.1B+6.2% | 53.7B+19.5% | 45.0B+82.5% | 24.6B+60.4% | |
| Amortization of intangibles | 28.0M-12.5% | 32.0M-13.5% | 37.0M-9.8% | 41.0M-16.3% | 49.0M-10.9% | |
| Operating income | 4.71B-7.5% | 5.10B+21.0% | 4.21B+80.2% | 2.34B+328.7% | -1.02B+83.9% | |
| Interest expense | 1.37B-15.7% | 1.63B-16.7% | 1.96B+10.0% | 1.78B | — | |
| Interest & investment income | 611M-15.8% | 726M-12.2% | 827M+177.5% | 298M+727.8% | 36.0M-28.0% | |
| Other non-operating income | 144M+371.7% | -53.0M-155.2% | 96.0M+1100.0% | 8.00M-80.0% | 40.0M+103.0% | |
| Pre-tax income | 4.31B+3.3% | 4.17B+23.1% | 3.39B+242.1% | 990M+138.7% | -2.56B+71.0% | |
| Income tax | 953M-6.5% | 1.02B+32.5% | 769M+204.0% | 253M+142.7% | -593M+66.2% | |
| 3.35B+6.5% | 3.15B+20.3% | 2.62B+255.2% | 737M+137.5% | -1.96B+72.2% | ||
| Net income to common | 3.35B+6.5% | 3.15B+20.3% | 2.62B+255.2% | 737M+137.5% | -1.96B+72.2% | |
| $10.20+7.9% | $9.45+19.8% | $7.89+253.8% | $2.23+136.6% | -$6.10+75.9% | ||
| EPS (basic) | $10.32+7.7% | $9.58+20.1% | $7.98+253.1% | $2.26+137.0% | -$6.10+75.9% | |
| Weighted-avg shares (basic) | 325M-1.1% | 329M+0.2% | 328M+0.4% | 326M+1.4% | 322M+15.2% | |
| Weighted-avg shares (diluted) | 329M-1.4% | 333M+0.4% | 332M+0.5% | 330M+2.5% | 322M+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-10.7% | 18.9B+2.1% | 18.5B-7.8% | 20.1B-8.1% | 21.8B+47.5% | ||
| Cash & equivalents | 5.94B-32.2% | 8.77B+44.8% | 6.06B-15.5% | 7.17B-60.8% | 18.3B+62.2% | |
| Short-term investments | 6.30B+10.4% | 5.71B-31.5% | 8.33B-9.9% | 9.25B+7418.7% | 123M-70.3% | |
| Accounts receivable | 2.39B+10.5% | 2.16B+14.0% | 1.90B+5.4% | 1.80B+8.3% | 1.66B+28.4% | |
| Prepaid expenses | 671M-0.3% | 673M+5.2% | 640M-7.1% | 689M-7.5% | 745M+17.3% | |
| 76.4B+3.2% | 74.1B+4.2% | 71.1B+5.6% | 67.4B-1.2% | 68.2B+14.5% | ||
| Property, plant & equipment | 46.1B+7.5% | 42.9B+7.8% | 39.8B | — | — | |
| Operating lease right-of-use | 4.96B+30.0% | 3.81B-2.5% | 3.91B+0.6% | 3.89B-16.3% | 4.64B+2.4% | |
| Goodwill | 4.53B+0.0% | 4.53B+0.0% | 4.53B+0.0% | 4.53B+0.0% | 4.53B+0.0% | |
| Intangible assets | 2.65B-1.0% | 2.68B-1.5% | 2.73B-1.3% | 2.76B-1.5% | 2.80B-1.2% | |
| Deferred tax assets | — | — | 0.00-100.0% | 91.0M-86.2% | 659M+403.1% | |
| Other non-current assets | — | — | 8.89B-0.8% | 8.96B-6.8% | 9.62B+10.0% | |
| Total non-current assets | 59.6B+8.0% | 55.2B+4.9% | 52.6B | — | — | |
| 26.1B+12.1% | 23.3B+5.0% | 22.2B+11.1% | 20.0B+9.2% | 18.3B+43.8% | ||
| Accounts payable | 4.57B+8.9% | 4.19B+9.3% | 3.83B+13.0% | 3.40B+32.5% | 2.56B+60.6% | |
| Short-term & current debt | 4.10B+37.8% | 2.97B-26.0% | 4.02B+38.0% | 2.91B-3.0% | 3.00B+57.1% | |
| Current lease liability | 631M+35.1% | 467M-18.9% | 576M+2.7% | 561M+0.9% | 556M-9.2% | |
| Other current liabilities | 757M-20.1% | 948M+17.6% | 806M+3.5% | 779M+39.1% | 560M-20.7% | |
| Finance lease liability (current) | 96.0M-57.0% | 223M+29.7% | 172M+65.4% | 104M+36.8% | 76.0M-58.2% | |
| Long-term debt | 17.2B-20.8% | 21.7B-13.5% | 25.1B-11.4% | 28.3B-6.8% | 30.4B+22.2% | |
| Non-current lease liability | 5.42B+20.1% | 4.51B+0.2% | 4.50B+1.0% | 4.46B-13.5% | 5.15B+3.3% | |
| Operating lease liability (total) | 6.05B+21.5% | 4.98B-2.0% | 5.08B+1.2% | 5.02B-12.1% | 5.71B+2.0% | |
| Finance lease liability (total) | 474M+62.9% | 291M+10.6% | 263M+20.1% | 219M-25.8% | 295M-27.3% | |
| Finance lease liability | 378M+455.9% | 68.0M-25.3% | 91.0M-20.9% | 115M-47.5% | 219M-2.2% | |
| Deferred tax liabilities | 2.46B+55.9% | 1.58B+166.0% | 594M | 0.00 | — | |
| Other non-current liabilities | 1.48B-3.4% | 1.53B+8.2% | 1.41B+3.3% | 1.37B+6.6% | 1.28B+11.1% | |
| Total non-current liabilities | 35.0B-8.0% | 38.1B-3.7% | 39.6B | — | — | |
| 15.3B+20.6% | 12.7B+35.9% | 9.32B+35.2% | 6.90B+37.1% | 5.03B-15.6% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 4.00M+0.0% | 4.00M+0.0% | 4.00M+0.0% | 4.00M+0.0% | 4.00M+0.0% | |
| Additional paid-in capital | 8.91B-0.8% | 8.98B-0.1% | 8.99B+0.1% | 8.99B-1.9% | 9.16B+9.4% | |
| Retained earnings | 10.1B+46.7% | 6.88B+79.6% | 3.83B+202.8% | 1.26B+102.4% | 625M-76.2% | |
| Treasury stock | 3.77B+11.7% | 3.38B-1.9% | 3.44B-2.6% | 3.53B-7.3% | 3.81B-2.1% | |
| Accumulated other comprehensive income | 48.0M-74.5% | 188M+403.2% | -62.0M-135.4% | 175M+118.6% | -942M+17.3% | |
| Total liabilities & equity | 76.4B+3.2% | 74.1B+4.2% | 71.1B+5.6% | 67.4B-1.2% | 68.2B+14.5% | |
| Common shares issued | 323M-1.4% | 328M | — | — | — | |
| Common shares outstanding | 323M-1.4% | 328M-0.0% | 328M+0.3% | 327M+1.0% | 324M+3.8% | |
| Shares outstanding (cover) | 323M-1.2% | 327M-0.2% | 328M+0.3% | 327M+0.8% | 325M+1.9% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 8.43B-10.7% | 9.45B+36.7% | 6.91B+13.9% | 6.07B+193.5% | 2.07B+150.0% | ||
| Depreciation & amortization | 2.94B+0.4% | 2.93B+9.6% | 2.67B+8.8% | 2.46B-1.2% | 2.48B-0.1% | |
| Intangible amortization | 28.0M-12.5% | 32.0M-13.5% | 37.0M-9.8% | 41.0M-16.3% | 49.0M-10.9% | |
| Deferred income taxes | 925M-1.1% | 935M+23.7% | 756M+204.8% | 248M+142.5% | -583M+66.5% | |
| Change in payables | 674M+278.7% | 178M-68.9% | 572M-28.1% | 796M-19.2% | 985M+191.3% | |
| Other operating activities | -62.0M-788.9% | 9.00M+50.0% | 6.00M-97.2% | 218M-1.8% | 222M-1.8% | |
| -6.35B-139.5% | -2.65B+56.6% | -6.11B+55.8% | -13.8B-727.1% | -1.67B-3444.0% | ||
| Capital expenditure | 5.87B+4.6% | 5.62B-21.7% | 7.17B+48.8% | 4.82B+128.7% | 2.11B+22.0% | |
| Free cash flow | 2.56B-33.2% | 3.83B+1573.1% | -260M-120.9% | 1.25B+3217.5% | -40.0M+99.3% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Sales/maturities of investments | 7.28B-15.9% | 8.66B-17.7% | 10.5B+404.8% | 2.08B+424.9% | 397M-82.9% | |
| Proceeds from sale of PP&E | 98.0M-10.1% | 109M+179.5% | 39.0M-81.2% | 207M+93.5% | 107M+1683.3% | |
| Other investing activities | 96.0M+3300.0% | -3.00M-113.0% | 23.0M-66.7% | 69.0M+6800.0% | 1.00M+125.0% | |
| -4.95B-18.2% | -4.18B-121.0% | -1.89B+43.5% | -3.35B-152.4% | 6.40B-50.6% | ||
| Long-term debt issued | 0.00-100.0% | 6.14B+157.1% | 2.39B+224.5% | 736M-93.4% | 11.1B-29.2% | |
| Long-term debt repaid | 4.77B-52.9% | 10.1B+138.7% | 4.25B+5.9% | 4.01B-22.9% | 5.21B+17.0% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Common stock repurchased | 637M+293.2% | 162M | 0.00 | 0.00 | 0.00-100.0% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other financing activities | -115M-447.6% | -21.0M+34.4% | -32.0M+56.8% | -74.0M-174.1% | -27.0M-35.0% | |
| Net change in cash | -2.87B-209.7% | 2.61B+340.3% | -1.09B+90.2% | -11.1B-263.6% | 6.79B-23.5% | |
| Interest paid | 1.33B-11.0% | 1.49B-19.2% | 1.85B+17.5% | 1.57B+10.5% | 1.42B+62.9% | |
| Income taxes paid | 62.0M-29.5% | 88.0M+1157.1% | 7.00M-12.5% | 8.00M | 0.00+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+13.8% | 31.8B+134.9% | 13.5B+9.8% | 12.3B-13.3% | 14.2B+3.2% | |
| P/E | 10.8×+6.9% | 10.1×+113.4% | 4.7× | — | — | |
| P/S | 0.6×+9.9% | 0.6×+116.0% | 0.3×-14.8% | 0.3×-47.6% | 0.6×-35.7% | |
| P/B | 2.4×-5.6% | 2.5×+64.0% | 1.5×-39.2% | 2.5×-11.0% | 2.8×+22.3% | |
| P/FCF | 14.1×+70.4% | 8.3×-18.1% | 10.1×+49.9% | 6.8× | — | |
| Earnings yield | 9.3%-6.4% | 9.9%-53.1% | 21.1% | — | — | |
| FCF yield | 7.1%-41.3% | 12.0%+22.2% | 9.9%-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.