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Stocks · Industrials · Air Transportation, Scheduled

United Airlines Holdings

UAL Clue Score63
United States Fiscal year ends December CIK 0000100517
$107.46 +0.01% Close, 9 Oct 2026
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Price $107.46 +118.49% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue36.56Operating income4.34Net income2.23EPS, diluted6.76Fiscal year 2017Revenue37.78 +3.4%Operating income3.62Net income2.14 −4.1%EPS, diluted7.06 +4.4%Fiscal year 2018Revenue41.30 +9.3%Operating income3.23Net income2.12 −1.0%EPS, diluted7.67 +8.6%Fiscal year 2019Revenue43.26 +4.7%Operating income4.30Net income3.01 +41.8%EPS, diluted11.58 +51.0%Fiscal year 2020Revenue15.36 −64.5%Operating income−6.36Net income−7.07 −334.9%EPS, diluted−25.30 −318.5%Fiscal year 2021Revenue24.63 +60.4%Operating income−1.02Net income−1.96EPS, diluted−6.10Fiscal year 2022Revenue44.96 +82.5%Operating income2.34Net income0.74EPS, diluted2.23Fiscal year 2023Revenue53.72 +19.5%Operating income4.21Net income2.62 +255.2%EPS, diluted7.89 +253.8%Fiscal year 2024Revenue57.06 +6.2%Operating income5.10Net income3.15 +20.3%EPS, diluted9.45 +19.8%Fiscal year 2025Revenue59.07 +3.5%Operating income4.71Net income3.35 +6.5%EPS, diluted10.20 +7.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 36.56 37.78 41.30 43.26 15.36 24.63 44.96 53.72 57.06 59.07
Growth +3.4% +9.3% +4.7% −64.5% +60.4% +82.5% +19.5% +6.2% +3.5%
Operating income 4.34 3.62 3.23 4.30 −6.36 −1.02 2.34 4.21 5.10 4.71
Net income 2.23 2.14 2.12 3.01 −7.07 −1.96 0.74 2.62 3.15 3.35
Growth −4.1% −1.0% +41.8% −334.9% +255.2% +20.3% +6.5%
EPS, diluted 6.76 7.06 7.67 11.58 −25.30 −6.10 2.23 7.89 9.45 10.20
Growth +4.4% +8.6% +51.0% −318.5% +253.8% +19.8% +7.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin11.9%Net margin6.1%Free cash flow margin6.3%Fiscal year 2017Operating margin9.6%Net margin5.7%Free cash flow margin−1.0%Fiscal year 2018Operating margin7.8%Net margin5.1%Free cash flow margin5.1%Fiscal year 2019Operating margin9.9%Net margin7.0%Free cash flow margin5.5%Fiscal year 2020Operating margin−41.4%Net margin−46.0%Free cash flow margin−38.2%Fiscal year 2021Operating margin−4.1%Net margin−8.0%Free cash flow margin−0.2%Fiscal year 2022Operating margin5.2%Net margin1.6%Free cash flow margin2.8%Fiscal year 2023Operating margin7.8%Net margin4.9%Free cash flow margin−0.5%Fiscal year 2024Operating margin8.9%Net margin5.5%Free cash flow margin6.7%Fiscal year 2025Operating margin8.0%Net margin5.7%Free cash flow margin4.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 6.3% −1.0% 5.1% 5.5% −38.2% −0.2% 2.8% −0.5% 6.7% 4.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.54Capital expenditure−3.22Free cash flow2.32Buybacks−2.61Fiscal year 2017Operating cash flow3.47Capital expenditure−3.87Free cash flow−0.40 −117.1%Buybacks−1.84Fiscal year 2018Operating cash flow6.16Capital expenditure−4.07Free cash flow2.09Buybacks−1.24Fiscal year 2019Operating cash flow6.91Capital expenditure−4.53Free cash flow2.38 +13.7%Buybacks−1.65Fiscal year 2020Operating cash flow−4.13Capital expenditure−1.73Free cash flow−5.86 −346.1%Buybacks−0.35Fiscal year 2021Operating cash flow2.07Capital expenditure−2.11Free cash flow−0.04Buybacks0.00Fiscal year 2022Operating cash flow6.07Capital expenditure−4.82Free cash flow1.25Buybacks0.00Fiscal year 2023Operating cash flow6.91Capital expenditure−7.17Free cash flow−0.26 −120.9%Buybacks0.00Fiscal year 2024Operating cash flow9.45Capital expenditure−5.62Free cash flow3.83Buybacks−0.16Fiscal year 2025Operating cash flow8.43Capital expenditure−5.87Free cash flow2.56 −33.2%Buybacks−0.64
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.54 3.47 6.16 6.91 −4.13 2.07 6.07 6.91 9.45 8.43
Capital expenditure −3.22 −3.87 −4.07 −4.53 −1.73 −2.11 −4.82 −7.17 −5.62 −5.87
Free cash flow 2.32 −0.40 2.09 2.38 −5.86 −0.04 1.25 −0.26 3.83 2.56
Growth −117.1% +13.7% −346.1% −120.9% −33.2%
Buybacks −2.61 −1.84 −1.24 −1.65 −0.35 0.00 0.00 0.00 −0.16 −0.64

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.18Total debt10.77Net cash (debt)−8.59Shareholders’ equity8.57Debt to equity1.26Fiscal year 2017Cash1.48Total debt13.27Net cash (debt)−11.79Shareholders’ equity8.79Debt to equity1.51Fiscal year 2018Cash1.69Total debt13.45Net cash (debt)−11.75Shareholders’ equity10.04Debt to equity1.34Fiscal year 2019Cash2.76Total debt14.55Net cash (debt)−11.79Shareholders’ equity11.53Debt to equity1.26Fiscal year 2020Cash11.27Total debt26.75Net cash (debt)−15.48Shareholders’ equity5.96Debt to equity4.49Fiscal year 2021Cash18.28Total debt33.36Net cash (debt)−15.08Shareholders’ equity5.03Debt to equity6.63Fiscal year 2022Cash7.17Total debt31.19Net cash (debt)−24.03Shareholders’ equity6.90Debt to equity4.52Fiscal year 2023Cash6.06Total debt29.08Net cash (debt)−23.02Shareholders’ equity9.32Debt to equity3.12Fiscal year 2024Cash8.77Total debt24.65Net cash (debt)−15.88Shareholders’ equity12.68Debt to equity1.95Fiscal year 2025Cash5.94Total debt21.27Net cash (debt)−15.32Shareholders’ equity15.28Debt to equity1.39
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.18 1.48 1.69 2.76 11.27 18.28 7.17 6.06 8.77 5.94
Total debt 10.77 13.27 13.45 14.55 26.75 33.36 31.19 29.08 24.65 21.27
Net cash (debt) −8.59 −11.79 −11.75 −11.79 −15.48 −15.08 −24.03 −23.02 −15.88 −15.32
Shareholders’ equity 8.57 8.79 10.04 11.53 5.96 5.03 6.90 9.32 12.68 15.28
Debt to equity 1.26 1.51 1.34 1.26 4.49 6.63 4.52 3.12 1.95 1.39

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
2.18 1.48 1.69 2.76 11.27 18.28 7.17 6.06 8.77 5.94
23.32 26.21 27.40 30.17 n/a n/a n/a 39.82 42.91 46.12
4.52 4.52 4.52 4.52 4.53 4.53 4.53 4.53 4.53 4.53
40.14 42.35 49.02 52.61 59.55 68.18 67.36 71.10 74.08 76.45
Growth +5.5% +15.8% +7.3% +13.2% +14.5% −1.2% +5.6% +4.2% +3.2%
Liabilities
0.85 1.57 1.23 1.41 1.91 3.00 2.91 4.02 2.97 4.10
9.92 11.70 12.22 13.15 24.84 30.36 28.28 25.06 21.68 17.17
calc 10.77 13.27 13.45 14.55 26.75 33.36 31.19 29.08 24.65 21.27
Equity
3.43 4.55 6.72 9.72 2.63 0.63 1.27 3.83 6.88 10.09
8.57 8.79 10.04 11.53 5.96 5.03 6.90 9.32 12.68 15.28
Growth +2.5% +14.3% +14.8% −48.3% −15.6% +37.1% +35.2% +35.9% +20.6%
Per share and net cash
calc −8.59 −11.79 −11.75 −11.79 −15.48 −15.08 −24.03 −23.02 −15.88 −15.32
314.6 287.0 269.9 251.2 311.8 323.8 326.9 328.0 327.9 323.5
calc 27.25 30.62 37.20 45.90 19.11 15.53 21.09 28.43 38.66 47.24

Lines marked calc are worked out here from filed figures; point at one for how.