Public · NASDAQ: UAL · CIK 100517 · Star Alliance founding member (1997)
United Airlines Holdings Financials
One of three US legacy mainline carriers, operating from eight US hubs (ORD, EWR, IAH, DEN, SFO, LAX, IAD, GUM) plus a Pacific gateway at Tokyo Narita. 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.
US hubs
8
ORD · EWR · IAH · DEN · SFO · LAX · IAD · GUM (plus Tokyo Narita as Pacific gateway)
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.
5 material filings have been filed since the anchor 10-K above (1 10-Q, 3 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 carrier; aggregator consensus is reliably sourceable. As of the 2026-05-22 initial-build pass, several cells are pending — the first quarterly refresh after the initial ship will populate them from contemporaneous coverage and Yahoo Finance v8 chart data.
| Q2 2024 | $15.13B | $14.99B | $3.97 | $4.14 | -11.0% | -1.2% | -2.0% |
| 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% |
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 US hubs (ORD, EWR, IAH, DEN, SFO, LAX, IAD, GUM) plus Tokyo Narita as the Pacific gateway. Source: FY2025 10-K Item 2 Properties filed 2026-02-12.
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 (delivery through 2034)
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 | 2026 | 2027 | After 2027 |
|---|---|---|---|---|
| 787 | 150 | 48 | 9 | 93 |
| 737 MAX 9 | 103 | 103 | 0 | 0 |
| 737 MAX 10 | 167 | 3 | 44 | 120 |
| A321neo | 119 | 18 | 1 | 100 |
| A321XLR | 50 | 8 | 26 | 16 |
| 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
- 2024LaborUnited and AFA-CWA (Association of Flight Attendants) reach a Tentative Agreement covering flight attendants; the post-COVID labor reset's flight-attendant half advances
- 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
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: 2026-05-26 13:10 UTC. Latest 10-K on EDGAR: 0000100517-26-000023 filed 2026-02-12. Hand-curated source-tag anchor: 0000100517-26-000023.