Public · NASDAQ: UAL · CIK 100517 · Star Alliance founding member (1997)
United Airlines Holdings Financials
One of three US legacy mainline airlines, operating from eight hubs (ORD, EWR, IAH, DEN, SFO, LAX, IAD, GUM). FY2025 revenue $59.07B from live SEC EDGAR XBRL. The page covers four distinguishing dimensions that fundamental-finance sites surface poorly: airline operating KPIs (ASMs, RASM, CASM, load factor), Passenger / Cargo / Other segment split, fleet composition (1,066 mainline + 424 regional aircraft), and labor + fuel cost structure. The 2010 United-Continental merger is the structural origin of the modern company — see the leadership page for the deeper governance treatment, plus the per-airline profile at /aviation/airlines/united-airlines/ for fleet / hub / alliance operational detail.
FY2025 revenue
$59.07B
Live from SEC EDGAR XBRL. Three pillars: Passenger, Cargo, Other (loyalty + ancillary).
Mainline fleet
1,066
Plus 424 regional aircraft via United Express partners.
Hubs
8
ORD · EWR · IAH · DEN · SFO · LAX · IAD · GUM
Headcount (2025-12-31)
113,200
Approximately 83% represented by U.S. labor organizations per FY2025 10-K Human Capital.
2010 UAL-Continental merger · structural origin of the modern company
On October 1, 2010, UAL Corporation and Continental Airlines, Inc. closed an all-stock merger of equals creating United Continental Holdings, Inc. (renamed United Airlines Holdings, Inc. effective June 2019). The strategic rationale was route-network complementarity: UAL was strong domestically and trans-Pacific; Continental was strong trans-Atlantic and Latin American. Integration milestones spanned 18+ months — single operating certificate granted by the FAA on November 30, 2011; single passenger-service system cutover in March 2012 (MileagePlus replaced OnePass); Continental brand retired in 2012. The combined SEC registrant continued under UAL Corporation's pre-merger CIK 0000100517. The financials charts on this page intentionally start at FY2018 (a post-merger post-COVID-baseline year) to avoid splicing pre-merger UAL Corporation standalone history under the same CIK with post-merger combined-entity history.
Merger close: 2010-10-01 · FAA single operating certificate: 2011-11-30 · PSS cutover: 2012-03 · Rename to UAL Holdings: 2019-06.
The leadership page at /orgs/united-airlines/leadership/ carries the deeper governance treatment of the merger including the Smisek-Munoz-Kirby CEO transition arc.
Stock price (UAL)
Live current price plus the five-year history. The COVID dip in 2020 and the post-COVID recovery are the central visual story. Chart updates during US market hours (9:30 a.m. – 4:00 p.m. Eastern, Monday – Friday) via TradingView's embed widget.
Most recent UAL SEC filings
The freshness frontier — the latest filing of each material form type, fetched live from EDGAR under CIK 0000100517. The 10-K marked “Anchors this page” is the source of every hand-curated value below; the others are surfaced for transparency.
7 material filings have been filed since the anchor 10-K above (2 10-Q, 4 8-K, 1 DEF 14A).
Earnings Reaction History
Quarterly print-day reactions across the most-recent 8 UAL earnings prints. UAL prints quarterly AMC: Q4 mid-January, Q1 mid-April, Q2 mid-July, Q3 mid-October. Per-page in-flight-row policy ALLOWS pre-print rows: a row may be appended on or before print day with consensus + run-up populated and actuals + post-print moves marked pending; the refresh task fills the pending cells in once the print airs and the post-print prices settle. Sell-side coverage is dense for a large-cap legacy airline; aggregator consensus is reliably sourceable. As of this refresh, every cell is populated from the primary sources — no pending cells remain.
| Q3 2024 | $14.78B | $14.84B | $3.17 | $3.33 | +46.0% | +12.4% | +16.3% |
| Q4 2024 | $14.35B | $14.70B | $3.03 | $3.26 | +11.4% | -2.3% | -3.8% |
| Q1 2025 | $13.22B | $13.21B | $0.75 | $0.91 | -22.3% | -0.0% | +1.5% |
| Q2 2025 | $15.36B | $15.24B | $3.81 | $3.87 | +8.9% | +3.1% | +2.2% |
| Q3 2025 | $15.29B | $15.22B | $2.67 | $2.78 | -2.0% | -5.6% | -7.5% |
| Q4 2025 | $15.35B | $15.40B | $2.97 | $3.10 | +3.7% | +2.2% | -4.2% |
| Q1 2026 | $14.39B | $14.61B | $1.08 | $1.19 | +2.8% | -5.6% | -6.9% |
| Q2 2026 | $17.68B | $17.67B | $1.92 | $1.99 | +8.2% | -1.8% | -3.1% |
Annual revenue (FY2018–FY2025)
Live from SEC EDGAR XBRL under CIK 0000100517. The chart intentionally starts at FY2018 (a post-merger post-COVID-baseline year) to avoid splicing pre/post-October-2010-merger histories and pre/post-ASC-606 tag transitions onto a single visual. The COVID dip in FY2020 / FY2021 is highlighted in rose; the post-COVID recovery to FY2024 ($57.06B) is the central visual story, with the FY2025 hold at $59.07B reflecting capacity discipline.
Other metrics from EDGAR
Operating income, net income, operating cash flow, capex (PP&E + flight equipment via PaymentsToAcquireProductiveAssets), and stock-based compensation (via AllocatedShareBasedCompensationExpense) — pulled live from SEC EDGAR XBRL. The COVID-era losses (FY2020 OpInc of -$6.36B, NetInc -$7.07B) and the post-COVID profitability recovery are the central story; capex jumped sharply in FY2023 ($7.17B) as the post-COVID fleet-renewal program scaled up.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income (Loss) | $3.23B | $4.30B | -$6.36B | -$1.02B | $2.34B | $4.21B | $5.10B | $4.71B |
| Net Income (Loss) | $2.12B | $3.01B | -$7.07B | -$1.96B | $737M | $2.62B | $3.15B | $3.35B |
| Operating Cash Flow | $6.16B | $6.91B | -$4.13B | $2.07B | $6.07B | $6.91B | $9.45B | $8.43B |
| Capex (Productive Assets) | $4.07B | $4.53B | $1.73B | $2.11B | $4.82B | $7.17B | $5.62B | $5.87B |
| Stock-Based Compensation | $101M | $100M | $108M | $238M | $89M | $80M | $142M | $148M |
Airline operating KPIs
The airline-economics dashboard that fundamental-finance sites surface poorly. ASMs (Available Seat Miles) measure capacity; load factor measures utilization; PRASM, TRASM, and yield measure revenue intensity; CASM measures unit cost. Hand-curated from each 10-K MD&A “Statistical Information” table; the table below shows the most recent three FYs disclosed comparatively in the FY2025 10-K. Source: FY2025 10-K filed 2026-02-12.
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| ASMs (capacity, millions) | 291,333 | 311,185 | 330,284 |
| Passenger load factor | 83.9% | 83.1% | 82.2% |
| PRASM (passenger rev per ASM, ¢) | 16.84¢ | 16.66¢ | 16.18¢ |
| TRASM (total rev per ASM, ¢) | 18.44¢ | 18.34¢ | 17.88¢ |
| Yield (¢ per RPM) | 20.07¢ | 20.05¢ | 19.67¢ |
| CASM (cost per ASM, ¢) | 16.99¢ | 16.70¢ | 16.46¢ |
| Fuel gallons consumed (millions) | 4,205 | 4,444 | 4,663 |
| Avg fuel price ($/gallon) | $3.01 | $2.65 | $2.44 |
| Cargo revenue ton miles (millions) | 3,159 | 3,604 | 3,626 |
| Avg stage length (miles) | 1,479 | 1,490 | 1,488 |
Segment revenue split (Passenger / Cargo / Other)
Operating revenue by segment per the FY2025 10-K Statements of Consolidated Operations. Passenger is ~90% of total in every recent year; Cargo and Other (loyalty + ancillary fees) are the two minor lines. Other includes MileagePlus loyalty-program revenue plus baggage / premium-seat / inflight-amenity ancillary fees. Source: FY2025 10-K filed 2026-02-12.
| FY | Passenger | % | Cargo | % | Other | % | Total |
|---|---|---|---|---|---|---|---|
| FY2023 | $49,046M | 91.3% | $1,495M | 2.8% | $3,176M | 5.9% | $53.72B |
| FY2024 | $51,829M | 90.8% | $1,743M | 3.1% | $3,491M | 6.1% | $57.06B |
| FY2025 | $53,438M | 90.5% | $1,779M | 3.0% | $3,853M | 6.5% | $59.07B |
Passenger revenue by geographic region
From the FY2025 10-K Note 2 (Revenue) Geographic Information disclosure. Revenue is attributed by the origin and destination of each flight segment. The Pacific region's $5.27B → $6.88B trajectory across FY2023–FY2025 (+31%) is the most-prominent post-COVID recovery story; Atlantic and Latin America have held roughly flat in dollar terms. Source: FY2025 10-K filed 2026-02-12.
| FY | Domestic | % | Atlantic | % | Pacific | % | Latin America | % |
|---|---|---|---|---|---|---|---|---|
| FY2023 | $32,400M | 60.3% | $10,982M | 20.4% | $5,267M | 9.8% | $5,068M | 9.4% |
| FY2024 | $34,067M | 59.7% | $11,097M | 19.4% | $6,462M | 11.3% | $5,437M | 9.5% |
| FY2025 | $35,017M | 59.3% | $11,647M | 19.7% | $6,878M | 11.6% | $5,528M | 9.4% |
Cost structure: labor + fuel are the two largest categories
Operating expense line items from the FY2025 10-K Statements of Consolidated Operations. Salaries and Aircraft fuel together account for roughly 55% of total operating expense every year. The post-COVID labor reset (the October 2023 ALPA pilot contract ratification + the FY2024 AFA-CWA flight-attendant negotiations) is the salaries-line driver from FY2023's $14.79B to FY2025's $17.65B (+19% over two years). Fuel-cost movements track average jet-fuel prices — FY2023 was a post-Russian-invasion fuel-spike year ($3.01/gallon avg vs. FY2025's $2.44/gallon). Source: FY2025 10-K filed 2026-02-12.
| FY | Salaries & related | % | Aircraft fuel | % | All other | % | Total |
|---|---|---|---|---|---|---|---|
| FY2023 | $14,787M | 29.9% | $12,651M | 25.6% | $22,068M | 44.6% | $49.51B |
| FY2024 | $16,678M | 32.1% | $11,756M | 22.6% | $23,533M | 45.3% | $51.97B |
| FY2025 | $17,647M | 32.5% | $11,396M | 21.0% | $25,314M | 46.6% | $54.36B |
Fleet composition + route network
Mainline fleet of 1,066 aircraft (958 owned + 108 leased) with a 15.3-year fleet-average age, plus 424 regional aircraft operated by United Express partners (SkyWest, Republic, Mesa, GoJet, CommuteAir) under capacity-purchase agreements. Eight hubs — ORD, EWR, IAH, DEN, SFO, LAX, IAD and GUM (A.B. Won Pat International, Guam, the Pacific-region hub). Fleet tables source: FY2025 10-K Item 2 Properties filed 2026-02-12; the firm-order table below is refreshed off the more recent Q2 2026 10-Q filed 2026-07-16, which restates it.
Mainline fleet (as of 2025-12-31)
| Type | Total | Owned | Leased | Seats | Avg age (yrs) | Family |
|---|---|---|---|---|---|---|
| 777-300ER | 22 | 22 | 0 | 350 | 8.0 | wide-body |
| 777-200ER | 55 | 54 | 1 | 276-362 | 25.8 | wide-body |
| 777-200 | 19 | 19 | 0 | 364 | 28.5 | wide-body |
| 787-10 | 21 | 21 | 0 | 318 | 5.2 | wide-body |
| 787-9 | 48 | 48 | 0 | 257 | 6.7 | wide-body |
| 787-8 | 12 | 12 | 0 | 243 | 12.5 | wide-body |
| 767-400ER | 16 | 16 | 0 | 231 | 24.3 | wide-body |
| 767-300ER | 37 | 37 | 0 | 167-203 | 29.8 | wide-body |
| 757-300 | 21 | 21 | 0 | 234 | 23.3 | narrow-body |
| 757-200 | 40 | 39 | 1 | 176 | 28.9 | narrow-body |
| 737 MAX 9 | 120 | 76 | 44 | 179 | 2.9 | narrow-body |
| 737 MAX 8 | 123 | 107 | 16 | 166 | 2.4 | narrow-body |
| 737-900ER | 136 | 136 | 0 | 179 | 13.0 | narrow-body |
| 737-900 | 12 | 12 | 0 | 179 | 24.3 | narrow-body |
| 737-800 | 141 | 130 | 11 | 166 | 21.8 | narrow-body |
| 737-700 | 40 | 38 | 2 | 126 | 26.8 | narrow-body |
| A321neo | 59 | 51 | 8 | 200 | 0.9 | narrow-body |
| A320-200 | 68 | 68 | 0 | 150 | 25.7 | narrow-body |
| A319-100 | 76 | 51 | 25 | 126 | 23.9 | narrow-body |
Regional fleet via United Express CPAs
424 aircraft (196 owned by United + 228 owned or leased by the regional carrier). Operated under capacity-purchase agreements; United handles scheduling, ticketing, and consumer relationships.
| Type | Total | Operators |
|---|---|---|
| E175 | 241 | SkyWest, Mesa, Republic |
| E170 | 4 | Republic |
| CRJ700 | 10 | SkyWest |
| CRJ550 | 80 | GoJet, SkyWest |
| CRJ200 | 30 | SkyWest |
| ERJ145XR | 59 | CommuteAir |
Firm aircraft orders (as of 2026-06-30, contractual delivery schedule, through 2034)
Firm commitments as of June 30, 2026, on the contractual delivery schedule; aircraft listed are scheduled for delivery through 2034. Pipeline reflects United's post-COVID fleet-renewal strategy: replacing 757/767 wide-bodies with 787s and A321XLRs; replacing 737-700/-800/A319/A320 narrow-bodies with 737 MAX 9/10 and A321neo.
| Type | Firm | Last 6 mo of 2026 | 2027 | After 2027 |
|---|---|---|---|---|
| 787 | 146 | 42 | 11 | 93 |
| 737 MAX 9 | 63 | 63 | 0 | 0 |
| 737 MAX 10 | 167 | 3 | 44 | 120 |
| A321neo | 111 | 8 | 3 | 100 |
| A321XLR | 49 | 5 | 15 | 29 |
| A350 | 45 | 0 | 0 | 45 |
Balance sheet snapshot
From the FY2025 10-K Consolidated Balance Sheet. Cash plus short-term investments at year-end 2025 was $12.24B (down from $14.48B at year-end 2024) — UAL applied capacity discipline and continued debt repayment during the year. Source: FY2025 10-K filed 2026-02-12.
| Metric | As of 2025-12-31 | As of 2024-12-31 |
|---|---|---|
| Cash and equivalents | $5,942M | $8,769M |
| Short-term investments | $6,298M | $5,706M |
| Total current assets | $16,857M | $18,883M |
| Operating PP&E, net | $46,121M | $42,908M |
| Total assets | $76,448M | $74,083M |
| Total stockholders' equity | $15,282M | $12,675M |
Major events timeline
From the 1926 Varney Air Lines first flight through the FY2025 10-K. Color of the left rule indicates event kind: founding (slate), milestone (emerald), restructuring (rose — Chapter 11, COVID), merger (amber), leadership (blue), labor (violet), filing (slate-light).
- Apr 6, 1926FoundingVarney Air Lines makes its first scheduled airmail flight from Pasco, Washington to Boise, Idaho — the operational starting point United Airlines claims as its founding date
- 1929FoundingWilliam Boeing and Frederick Rentschler consolidate Varney Air Lines, Boeing Air Transport, Pacific Air Transport, National Air Transport, and Stout Air Services into the United Aircraft and Transport Corporation conglomerate
- 1934FoundingAir Mail Act of 1934 forces breakup of United Aircraft and Transport Corporation; the airline operations spin out as United Air Lines, Inc.
- May 14, 1997MilestoneUnited co-founds Star Alliance with Lufthansa, Air Canada, SAS, and Thai Airways — the world's first global airline alliance
- Dec 9, 2002RestructuringUAL Corporation files Chapter 11 bankruptcy protection
- Feb 1, 2006RestructuringUAL Corporation emerges from Chapter 11 reorganization
- May 2, 2010MergerUAL Corporation and Continental Airlines announce merger of equals
- Oct 1, 2010MergerMerger closes; combined holding company named United Continental Holdings, Inc.; CIK 0000100517 continued from UAL Corporation
- Nov 30, 2011MergerFAA grants single operating certificate to combined United Continental operations
- Mar 3, 2012MergerSingle passenger-service system cutover; MileagePlus replaces OnePass; Continental brand retired
- Sep 8, 2015LeadershipJeff Smisek (President & CEO from merger close) resigns amid the 'Chairman's flight' Port Authority investigation; Oscar Munoz appointed President & CEO
- 2016-08LeadershipScott Kirby joins as President of UAL and United from American Airlines / US Airways
- 2019-06MilestoneHolding company renamed from United Continental Holdings, Inc. to United Airlines Holdings, Inc.
- 2020-03RestructuringCOVID-19 pandemic onset; passenger demand collapses; UAL reports FY2020 net loss of $7.07B and operating loss of $6.36B
- May 20, 2020LeadershipScott Kirby succeeds Oscar Munoz as Chief Executive Officer; Munoz transitions to Executive Chairman through May 2021
- 2021-12MilestoneStar Alliance founding-member relationship enters its 25th year
- 2023-09LeadershipMichael Leskinen appointed Executive Vice President and Chief Financial Officer
- Oct 4, 2023LaborUnited pilots ratify new four-year contract via ALPA (Air Line Pilots Association); the post-COVID labor reset's pilot half completes
- 2025-05LaborUnited reaches a Tentative Agreement with its flight attendants, represented by the Association of Flight Attendants (AFA), on a contract amendable since August 2021; a $561M special charge is recorded in Q2 2025 for the ratification payment the TA provided for
- Jul 29, 2025LaborAFA-represented flight attendants vote AGAINST ratifying the May 2025 Tentative Agreement; negotiations for a revised TA continue through the FY2025 10-K
- Feb 12, 2026FilingFY2025 10-K filed; FY2025 results: revenue $59.07B, operating income $4.71B, net income $3.35B, 113,200 employees year-end, 1,066 mainline + 424 regional aircraft
- Apr 7, 2026Filing2026 DEF 14A proxy statement filed; 2026 Annual Meeting of Stockholders set for May 19, 2026 in Chicago
- Apr 22, 2026FilingQ1 2026 10-Q filed
- Apr 27, 2026MilestoneUnited discloses (Reg FD Item 7.01 8-K) that CEO Scott Kirby approached American Airlines about a potential combination; American declined to engage and publicly closed the door, so no transaction proceeded — no merger agreement was signed
- May 19, 2026Milestone2026 Annual Meeting of Stockholders held in Chicago; voting results reported via Item 5.07 8-K
- May 31, 2026LaborAFA-represented flight attendants ratify a five-year agreement effective May 31, 2026 — the second attempt after the July 2025 rejection. A further $181M of ratification-payment expense is recorded in Q2 2026, bringing the total ratification-payment liability to $742M at June 30, 2026, payable no later than September 15, 2026. Fleet technical instructors, storekeepers, maintenance instructors and security officers represented by the IAM also ratify agreements in the quarter
- Jul 15, 2026FilingQ2 2026 results: revenue $17.67B (up 16.0% YoY, the highest quarterly revenue in UAL history) on capacity up 3.5%; adjusted diluted EPS $1.99 against a $1.00-$2.00 guidance range. Q2 fuel expense rose $2.3B (+84%) YoY; full-year adjusted-EPS guidance nonetheless raised to $9.00-$11.00 despite nearly $6B of added expected full-year fuel cost
- Jul 16, 2026FilingQ2 2026 10-Q filed; firm aircraft commitments drawn down to 581 aircraft across six types as H1 deliveries arrived
Methodology & data sources
Live data. Annual revenue, operating income, net income, operating cash flow, capex (via PaymentsToAcquireProductiveAssets), and stock-based compensation (via AllocatedShareBasedCompensationExpense) are sourced live from United Airlines Holdings' SEC EDGAR XBRL company-facts endpoint on every refresh. If EDGAR is unreachable when the page is being prepared, the build aborts loud rather than ship pre-fetched values.
Hand-curated, source-tagged. Airline operating KPIs (ASMs, RASM, CASM, load factor, yield, fuel gallons consumed, average stage length), segment revenue split (Passenger / Cargo / Other), geographic passenger revenue split (Domestic / Atlantic / Pacific / Latin), operating-expense line items, fleet composition by aircraft type, firm-order pipeline, balance-sheet snapshot, Continental-merger event details, and the major-events timeline are not exposed in EDGAR companyfacts JSON. Each value is hand-curated from the FY2025 10-K MD&A Statistical Information table, the Statements of Consolidated Operations, Note 2 (Revenue), Item 2 (Properties), and the Consolidated Balance Sheet, and tagged with the filing's accession number.
Multi-year chart starting fiscal year. The annual revenue chart and the EDGAR-derived other-metrics table start at FY2018 (a post-merger post-COVID-baseline year) rather than the earliest available XBRL history. CIK 0000100517 has been continuous since well before the October 1, 2010 UAL-Continental merger; pre-merger XBRL filings under this CIK reflect UAL Corporation standalone, post-merger filings reflect the combined entity. Splicing pre/post-merger histories and pre/post-ASC-606 tag transitions onto a single visual would mislead more than it would inform; the 2010 merger callout near the top documents the boundary explicitly.
Cross-references. Sibling page: United Airlines Holdings Leadership. Per-airline operational profile: United Airlines on /aviation/. UAL on the orgs roster: United Airlines Holdings.
What's intentionally not here. Per-block-hour CPA rates with the regional partners (trade-secret). Pre-2010-merger UAL Corporation standalone and pre-2010 Continental Airlines standalone charts (splicing two entities at the merger boundary onto a single chart would mislead). Per-aircraft-type fuel-efficiency disclosures (UAL doesn't publish these; the fuel-gallons-consumed line is reported on a fleet-wide basis only). Per-event earnings-preview or earnings-recap pages (those page types were retired site-wide). Forward guidance, analyst estimates, or price targets (the page is reported actuals).
Last updated: 2026-08-11 15:16 UTC. Latest 10-K on EDGAR: 0000100517-26-000023 filed 2026-02-12. Hand-curated source-tag anchor: 0000100517-26-000023.