United Airlines Holdings, Inc.
UAL- Exchange
- Nasdaq
- Industry
- Air Transportation, Scheduled
- SEC CIK
- 0000100517
In the last 90 days, United Airlines Holdings, Inc. insiders filed 0 open-market purchases and 2 sales; 1,075 institutions reported holding it in 13F filings for Q2 2026, worth $39.5B in total; Duquesne Family Office is the only superinvestor holding it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 22, 2026, 1:07 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 20, 2026 | Jan 21, 2025 | Jan 22, 2024 | Jan 17, 2023 | Jan 19, 2022 |
| Revenue | $59.1B | $57.1B | $53.7B | $45.0B | $24.6B |
| Operating income | $4.71B | $5.10B | $4.21B | $2.34B | -$1.02B |
| Income tax | $953.0M | $1.02B | $769.0M | $253.0M | -$593.0M |
| Net income | $3.35B | $3.15B | $2.62B | $737.0M | -$1.96B |
| EPS, basic | $10.32 | $9.58 | $7.98 | $2.26 | $-6.10 |
| EPS, diluted | $10.20 | $9.45 | $7.89 | $2.23 | $-6.10 |
| Weighted shares, basic | 324.9M | 328.6M | 327.8M | 326.4M | 321.9M |
| Weighted shares, diluted | 328.5M | 333.2M | 331.9M | 330.1M | 321.9M |
| Margins and growth | |||||
| Operating margin | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% |
| Net margin | 5.7% | 5.5% | 4.9% | 1.6% | -8.0% |
| Revenue growth, year over year | +3.5% | +6.2% | +19.5% | +82.5% | +60.4% |
| Net income growth, year over year | +6.5% | +20.3% | +255.2% | – | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 20, 2026 | Jan 21, 2025 | Jan 22, 2024 | Jan 17, 2023 | Jan 19, 2022 |
| Cash and equivalents | $5.94B | $8.77B | $6.06B | $7.17B | $18.3B |
| Short-term investments | $6.30B | $5.71B | $8.33B | $9.25B | $123.0M |
| Accounts receivable | $2.39B | $2.16B | $1.90B | $1.80B | $1.66B |
| Total current assets | $16.9B | $18.9B | $18.5B | $20.1B | $21.8B |
| Property, plant and equipment | $46.1B | $42.9B | – | – | – |
| Goodwill | $4.53B | $4.53B | $4.53B | $4.53B | $4.53B |
| Intangible assets | $2.65B | $2.68B | $2.73B | $2.76B | $2.80B |
| Total assets | $76.4B | $74.1B | $71.1B | $67.4B | $68.2B |
| Accounts payable | $4.57B | $4.19B | $3.83B | $3.40B | $2.56B |
| Short-term debt | $4.10B | $2.97B | $4.02B | $2.91B | $3.00B |
| Total current liabilities | $26.1B | $23.3B | $22.2B | $20.0B | $18.3B |
| Long-term debt | $17.2B | $21.7B | $25.1B | $28.3B | $30.4B |
| Shareholders' equity | $15.3B | $12.7B | $9.32B | $6.90B | $5.03B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 20, 2026 | Jan 21, 2025 | Jan 22, 2024 | Jan 17, 2023 | Jan 19, 2022 |
| Operating cash flow | $8.43B | $9.45B | $6.91B | $6.07B | $2.07B |
| Capital expenditures | $5.87B | $5.62B | $7.17B | $4.82B | $2.11B |
| Free cash flow | $2.56B | $3.83B | -$260.0M | $1.25B | -$40.0M |
| Depreciation and amortization | $2.94B | $2.93B | $2.67B | $2.46B | $2.48B |
| Stock-based compensation | $148.0M | $142.0M | $80.0M | $89.0M | $238.0M |
| Share buybacks | $637.0M | $162.0M | – | $0 | $0 |
| Investing cash flow | -$6.35B | -$2.65B | -$6.11B | -$13.8B | -$1.67B |
| Financing cash flow | -$4.95B | -$4.18B | -$1.89B | -$3.35B | $6.40B |
| Net change in cash | -$2.87B | $2.61B | -$1.09B | -$11.1B | $6.79B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.3% | 0.2% | 0.1% | 0.2% | 1.0% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 15, 2026 | 324.9M | +0.4% | SEC |
| Jul 9, 2026 | 324.6M | +0.3% | SEC |
| Apr 16, 2026 | 324.6M | −0.6% | SEC |
| Feb 5, 2026 | 323.4M | −1.2% | SEC |
| Oct 9, 2025 | 323.7M | −1.6% | SEC |
| Jul 10, 2025 | 323.7M | −1.6% | SEC |
| Apr 10, 2025 | 326.6M | −0.7% | SEC |
| Feb 24, 2025 | 327.3M | −0.2% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.