United Airlines Holdings Inc. (UAL) reported $65.55B of revenue for the twelve months ended Sep 30, 2026. That is up 12.3% from the year before. Revenue for fiscal 2025 was $59.07B.

Yes. United Airlines Holdings Inc. earned $3.58B in net income for the twelve months ended Sep 30, 2026, a net margin of 5.5%.

How much cash and debt does UAL have?

United Airlines Holdings Inc. reported $6.65B in cash and cash equivalents and $24.55B of debt on its most recent balance sheet in SEC filings.

How fast is UAL revenue growing?

United Airlines Holdings Inc.'s revenue changed +3.5% in fiscal 2025, to $59.07B. Its compound annual growth rate was +30.9% over 5 years and +4.5% over 10 years.

What is UAL free cash flow?

United Airlines Holdings Inc. generated $1.12B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $8.16B less capital expenditures.

What is UAL earnings per share?

Diluted earnings per share were $10.91 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.

When did UAL last report financial results?

The latest statements here come from United Airlines Holdings Inc.'s 10-Q filed on Oct 21, 2026, covering the period ended Sep 30, 2026.

Financials · UAL

United Airlines Holdings Inc. (UAL) financials

For the twelve months ended Sep 30, 2026, United Airlines Holdings Inc. reported $65.55B of revenue and $3.58B of net income.

Revenue, TTM: $65.55B
Revenue growth, YoY: +12.3%
Net income, TTM: $3.58B
Net income growth, YoY: +8.6%
Net margin: 5.5%
Free cash flow, TTM: $1.12B
EPS, diluted, TTM: $10.91
EPS growth, YoY: +9.1%
Cash: $6.65B
Total debt: $24.55B
P/E: 10.24
P/S: 0.56
Market cap: $36.63B

Annual revenue$59.07B

FY2016FY2025

Annual net income$3.35B

FY2016FY2025

Annual free cash flow$2.56B

FY2016FY2025

UAL revenue and earnings growth

UAL revenueQ3 2026$17.88B

Quarter YoY: +17.4%
QoQ: +1.1%
FY YoY: +3.5%
5Y CAGR: +30.9%
10Y CAGR: +4.5%

UAL revenue was $17.88B in fiscal Q3 2026 (ended Sep 30, 2026), up 17.4% from a year earlier and up 1.1% from the prior quarter. For the full fiscal 2025 it was $59.07B, up 3.5% from fiscal 2024. Compound annual growth was +30.9% over 5 years and +4.5% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

UAL net incomeQ3 2026$1.03B

Quarter YoY: +8.4%
QoQ: +27.8%
FY YoY: +6.5%
10Y CAGR: -7.5%

UAL net income was $1.03B in fiscal Q3 2026 (ended Sep 30, 2026), up 8.4% from a year earlier and up 27.8% from the prior quarter. For the full fiscal 2025 it was $3.35B, up 6.5% from fiscal 2024. Compound annual growth was -7.5% over 10 years. It rose in each of the last 3 fiscal years.

UAL EPSQ3 2026$3.14

Quarter YoY: +8.3%
QoQ: +27.6%
FY YoY: +7.9%
10Y CAGR: -6.3%

UAL diluted EPS was $3.14 in fiscal Q3 2026 (ended Sep 30, 2026), up 8.3% from a year earlier and up 27.6% from the prior quarter. For the full fiscal 2025 it was $10.20, up 7.9% from fiscal 2024. Compound annual growth was -6.3% over 10 years.

UAL free cash flowQ3 2026-$1.67B

FY YoY: -33.2%
10Y CAGR: -2.4%

UAL free cash flow was -$1.67B in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$246.00M a year earlier. For the full fiscal 2025 it was $2.56B, down 33.2% from fiscal 2024. Compound annual growth was -2.4% over 10 years.

Export CSV

Income statement

Income statement
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue	$59.07B	$57.06B	$53.72B	$44.95B	$24.63B	$15.36B	$43.26B	$41.30B	$37.78B	$36.56B
Operating income	$4.71B	$5.10B	$4.21B	$2.34B	-$1.02B	-$6.36B	$4.30B	$3.23B	$3.62B	$4.34B
Interest expense	$1.37B	$1.63B	$1.96B	$1.78B	-	-	-	$670.00M	$626.00M	$674.00M
Pre-tax income	$4.31B	$4.17B	$3.39B	$990.00M	-$2.56B	-$8.82B	$3.91B	$2.65B	$3.02B	$3.77B
Income tax	$953.00M	$1.02B	$769.00M	$253.00M	-$593.00M	-$1.75B	$905.00M	$526.00M	$880.00M	$1.54B
Net income	$3.35B	$3.15B	$2.62B	$737.00M	-$1.96B	-$7.07B	$3.01B	$2.12B	$2.14B	$2.23B
EPS, basic	$10.32	$9.58	$7.98	$2.26	-$6.10	-$25.30	$11.63	$7.70	$7.08	$6.77
EPS, diluted	$10.20	$9.45	$7.89	$2.23	-$6.10	-$25.30	$11.58	$7.67	$7.06	$6.76
Diluted shares	328.5M	333.2M	331.9M	330.1M	321.9M	279.4M	259.9M	276.7M	303.6M	330.3M

Balance sheet

Balance sheet
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Cash and equivalents	$5.94B	$8.95B	$6.06B	$7.42B	$18.53B	$11.74B	$2.87B	$1.80B	$1.59B	$2.30B
Short-term investments	$6.30B	$5.71B	$8.33B	$9.25B	$123.00M	$414.00M	$2.18B	$2.26B	$2.32B	$2.25B
Receivables	$2.39B	$2.16B	$1.90B	$1.80B	$1.66B	$1.29B	$1.36B	$1.43B	$1.34B	$1.18B
Current assets	$16.86B	$18.88B	$18.49B	$20.06B	$21.83B	$14.80B	$8.19B	$7.09B	$7.13B	$7.31B
Goodwill	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.52B	$4.52B	$4.52B	$4.52B
Total assets	$76.45B	$74.08B	$71.10B	$67.36B	$68.17B	$59.55B	$52.61B	$49.02B	$42.35B	$40.14B
Current liabilities	$26.13B	$23.31B	$22.20B	$19.99B	$18.30B	$12.72B	$14.94B	$13.84B	$12.76B	$12.29B
Short-term debt	$4.10B	$2.97B	$4.02B	$2.91B	$3.00B	$1.91B	$1.41B	$1.23B	$1.56B	$849.00M
Long-term debt	$20.56B	$21.68B	$25.06B	$28.28B	$30.36B	$24.84B	$13.14B	$12.21B	$11.70B	$9.92B
Total debt	$24.66B	$24.65B	$29.07B	$31.19B	$33.36B	$26.75B	$14.55B	$13.45B	$13.27B	$10.77B
Shareholders' equity	$15.28B	$12.68B	$9.32B	$6.90B	$5.03B	$5.96B	$11.53B	$10.04B	$8.79B	$8.57B

Cash flow

Cash flow
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Operating cash flow	$8.43B	$9.45B	$6.91B	$6.07B	$2.07B	-$4.13B	$6.91B	$6.16B	$3.47B	$5.54B
Capital expenditures	$5.87B	$5.62B	$7.17B	$4.82B	$2.11B	$1.73B	$4.53B	$4.07B	$3.87B	$3.22B
Free cash flow	$2.56B	$3.83B	-$260.00M	$1.25B	-$40.00M	-$5.86B	$2.38B	$2.09B	-$396.00M	$2.32B
Investing cash flow	-$6.35B	-$2.65B	-$6.11B	-$13.83B	-$1.67B	$50.00M	-$4.56B	-$4.46B	-$3.80B	-$3.24B
Financing cash flow	-$4.95B	-$4.18B	-$1.89B	-$3.35B	$6.40B	$12.96B	-$1.28B	-$1.50B	-$383.00M	-$3.21B
Share repurchases	$637.00M	$162.00M	$0	$0	$0	$353.00M	$1.65B	$1.24B	$1.84B	$2.61B
Depreciation and amortization	$2.94B	$2.93B	$2.67B	$2.46B	$2.48B	$2.49B	$2.29B	$2.17B	$2.10B	$1.98B

Key ratios

Key ratios
Line item	FY2025 Dec 31, 2025	FY2024 Dec 31, 2024	FY2023 Dec 31, 2023	FY2022 Dec 31, 2022	FY2021 Dec 31, 2021	FY2020 Dec 31, 2020	FY2019 Dec 31, 2019	FY2018 Dec 31, 2018	FY2017 Dec 31, 2017	FY2016 Dec 31, 2016
Revenue growth, YoY	3.5%	6.2%	19.5%	82.5%	60.4%	-64.5%	4.7%	9.3%	3.4%	-3.4%
Net income growth, YoY	6.5%	20.3%	255.2%	-	-	-	41.8%	-1.0%	-4.1%	-69.6%
EPS growth, YoY	7.9%	19.8%	253.8%	-	-	-	51.0%	8.6%	4.4%	-65.3%
Operating margin	8.0%	8.9%	7.8%	5.2%	-4.1%	-41.4%	9.9%	7.8%	9.6%	11.9%
Net margin	5.7%	5.5%	4.9%	1.6%	-8.0%	-46.0%	7.0%	5.1%	5.7%	6.1%
Free cash flow margin	4.3%	6.7%	-0.5%	2.8%	-0.2%	-38.2%	5.5%	5.1%	-1.0%	6.3%
Return on equity	21.9%	24.8%	28.1%	10.7%	-39.1%	-118.6%	26.1%	21.1%	24.4%	26.1%
Return on assets	4.4%	4.3%	3.7%	1.1%	-2.9%	-11.9%	5.7%	4.3%	5.1%	5.6%
Current ratio	0.65	0.81	0.83	1.00	1.19	1.16	0.55	0.51	0.56	0.59
Debt to equity	1.61	1.95	3.12	4.52	6.63	4.49	1.26	1.34	1.51	1.26

Income statement

Income statement
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue	$17.88B	$17.67B	$14.61B	$15.40B	$15.22B	$15.24B	$13.21B	$14.70B	$14.84B	$14.99B	$12.54B	$13.63B
Operating income	$1.45B	$1.10B	$997.00M	$1.39B	$1.40B	$1.32B	$607.00M	$1.50B	$1.56B	$1.93B	$99.00M	$998.00M
Interest expense	$359.00M	$343.00M	$327.00M	$325.00M	$331.00M	$361.00M	$356.00M	$369.00M	$379.00M	$427.00M	$454.00M	$484.00M
Pre-tax income	$1.31B	$1.03B	$870.00M	$1.32B	$1.25B	$1.25B	$478.00M	$1.31B	$1.29B	$1.74B	-$164.00M	$771.00M
Income tax	$282.00M	$221.00M	$172.00M	$281.00M	$306.00M	$275.00M	$91.00M	$322.00M	$321.00M	$416.00M	-$40.00M	$171.00M
Net income	$1.03B	$805.00M	$699.00M	$1.04B	$949.00M	$973.00M	$387.00M	$985.00M	$965.00M	$1.32B	-$124.00M	$600.00M
EPS, basic	$3.17	$2.48	$2.16	$3.21	$2.93	$3.00	$1.18	$3.01	$2.93	$4.02	-$0.38	$1.82
EPS, diluted	$3.14	$2.46	$2.14	$3.17	$2.90	$2.97	$1.16	$2.97	$2.90	$3.96	-$0.38	$1.82
Diluted shares	327.4M	326.6M	326.8M	-	326.9M	327.2M	333.0M	-	332.7M	333.9M	328.3M	-

Balance sheet

Balance sheet
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Cash and equivalents	$6.65B	$10.17B	$7.87B	$5.94B	$6.73B	$9.35B	$9.37B	$8.95B	$8.81B	$10.86B	$8.40B	$6.06B
Short-term investments	$8.01B	$6.47B	$6.30B	$6.30B	$6.60B	$6.26B	$5.96B	$5.71B	$5.35B	$4.38B	$5.59B	$8.33B
Receivables	$2.64B	$2.47B	$2.66B	$2.39B	$2.43B	$2.29B	$2.29B	$2.16B	$2.04B	$2.38B	$2.26B	$1.90B
Current assets	$19.99B	$21.66B	$19.39B	$16.86B	$18.09B	$20.26B	$20.15B	$18.88B	$18.57B	$20.00B	$18.70B	$18.49B
Goodwill	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B
Total assets	$85.12B	$84.57B	$80.94B	$76.45B	$76.31B	$77.16B	$76.11B	$74.08B	$72.64B	$73.25B	$71.90B	$71.10B
Current liabilities	$26.64B	$27.76B	$27.78B	$26.13B	$27.12B	$28.99B	$25.80B	$23.31B	$23.36B	$25.86B	$24.76B	$22.20B
Short-term debt	-	-	-	$4.10B	-	-	-	$2.97B	$3.28B	$4.76B	$3.96B	$4.02B
Long-term debt	$24.55B	$24.29B	$21.94B	$20.56B	$20.81B	$20.89B	$24.40B	$21.68B	$22.21B	$21.69B	$23.06B	$25.06B
Total debt	$24.55B	$24.29B	$21.94B	$24.66B	$20.81B	$20.89B	$24.40B	$24.65B	$25.49B	$26.44B	$27.02B	$29.07B
Shareholders' equity	$17.75B	$16.70B	$15.88B	$15.28B	$14.31B	$13.37B	$12.62B	$12.68B	$11.44B	$10.53B	$9.19B	$9.32B

Cash flow

Cash flow
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Operating cash flow	$465.00M	$1.61B	$4.80B	$1.29B	$1.22B	$2.22B	$3.71B	$2.22B	$1.50B	$2.88B	$2.85B	-$910.00M
Capital expenditures	$2.14B	$1.34B	$1.67B	$1.89B	$1.46B	$1.29B	$1.23B	$1.68B	$1.41B	$1.16B	$1.37B	$2.07B
Free cash flow	-$1.67B	$267.00M	$3.13B	-$604.00M	-$246.00M	$930.00M	$2.48B	$549.00M	$88.00M	$1.71B	$1.48B	-$2.98B
Investing cash flow	-$3.84B	-$1.46B	-$1.89B	-$1.56B	-$1.74B	-$1.58B	-$1.46B	-$1.72B	-$2.51B	$134.00M	$1.44B	-$743.00M
Financing cash flow	-$141.00M	$2.15B	-$976.00M	-$509.00M	-$2.14B	-$843.00M	-$1.46B	-$591.00M	-$1.07B	-$580.00M	-$1.94B	-$123.00M
Share repurchases	$0	$0	$27.00M	$27.00M	$21.00M	$240.00M	$349.00M	$80.00M	$82.00M	$0	$0	$0
Depreciation and amortization	$777.00M	$762.00M	$756.00M	$748.00M	$730.00M	$733.00M	$727.00M	$759.00M	$742.00M	$719.00M	$708.00M	$684.00M

Key ratios

Key ratios
Line item	Q3 2026 Sep 30, 2026	Q2 2026 Jun 30, 2026	Q1 2026 Mar 31, 2026	Q4 2025* Dec 31, 2025	Q3 2025 Sep 30, 2025	Q2 2025 Jun 30, 2025	Q1 2025 Mar 31, 2025	Q4 2024* Dec 31, 2024	Q3 2024 Sep 30, 2024	Q2 2024 Jun 30, 2024	Q1 2024 Mar 31, 2024	Q4 2023* Dec 31, 2023
Revenue growth, YoY	17.4%	16.0%	10.6%	4.8%	2.6%	1.7%	5.4%	7.8%	2.5%	5.7%	9.7%	9.9%
Net income growth, YoY	8.4%	-17.3%	80.6%	6.0%	-1.7%	-26.5%	-	64.2%	-15.1%	23.1%	-	-28.8%
EPS growth, YoY	8.3%	-17.2%	84.5%	6.7%	0.0%	-25.0%	-	63.2%	-15.2%	22.2%	-	-30.3%
Operating margin	8.1%	6.2%	6.8%	9.0%	9.2%	8.7%	4.6%	10.2%	10.5%	12.9%	0.8%	7.3%
Net margin	5.8%	4.6%	4.8%	6.8%	6.2%	6.4%	2.9%	6.7%	6.5%	8.8%	-1.0%	4.4%
Free cash flow margin	-9.4%	1.5%	21.4%	-3.9%	-1.6%	6.1%	18.7%	3.7%	0.6%	11.4%	11.8%	-21.8%
Current ratio	0.75	0.78	0.70	0.65	0.67	0.70	0.78	0.81	0.79	0.77	0.75	0.83
Debt to equity	1.38	1.45	1.38	1.61	1.45	1.56	1.93	1.95	2.23	2.51	2.94	3.12

Source: XBRL data United Airlines Holdings Inc. files with the SEC, latest filing dated Oct 21, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

UAL peers

Company	Revenue	Growth	Net income	Net margin	Market cap
UAL	$65.55B	+12.3%	$3.58B	5.5%	$36.63B
DALDelta Air Lines Inc.	$71.80B	+14.1%	$3.29B	4.6%	$57.37B
LUVSouthwest Airlines Company	$31.55B	+14.5%	$1.05B	3.3%	$21.76B
AALAmerican Airlines Group Inc.	$60.98B	+12.3%	-$481.00M	-0.8%	$8.73B

UAL FAQ

8 questions

What is UAL revenue?
United Airlines Holdings Inc. (UAL) reported $65.55B of revenue for the twelve months ended Sep 30, 2026. That is up 12.3% from the year before. Revenue for fiscal 2025 was $59.07B.
Is UAL profitable?
Yes. United Airlines Holdings Inc. earned $3.58B in net income for the twelve months ended Sep 30, 2026, a net margin of 5.5%.
How much cash and debt does UAL have?
United Airlines Holdings Inc. reported $6.65B in cash and cash equivalents and $24.55B of debt on its most recent balance sheet in SEC filings.
How fast is UAL revenue growing?
United Airlines Holdings Inc.'s revenue changed +3.5% in fiscal 2025, to $59.07B. Its compound annual growth rate was +30.9% over 5 years and +4.5% over 10 years.
What is UAL free cash flow?
United Airlines Holdings Inc. generated $1.12B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $8.16B less capital expenditures.
What is UAL earnings per share?
Diluted earnings per share were $10.91 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
When did UAL last report financial results?
The latest statements here come from United Airlines Holdings Inc.'s 10-Q filed on Oct 21, 2026, covering the period ended Sep 30, 2026.
Where does this UAL financial data come from?
Quantisnow builds these statements from the structured XBRL data United Airlines Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.