UAL · United Airlines Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $59.07B | $57.06B | $53.72B | $44.95B | $24.63B | $15.36B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $54.36B | $51.97B | $49.51B | $42.62B | $25.66B | $21.71B |
| D&A | $2.94B | $2.93B | $2.67B | $2.46B | $2.48B | $2.49B |
| Operating Income | $4.71B | $5.10B | $4.21B | $2.34B | ($1.02B) | ($6.36B) |
| Interest Expense | $1.37B | $1.63B | - | - | - | - |
| Income Tax | $953.00M | $1.02B | $769.00M | $253.00M | ($593.00M) | ($1.75B) |
| Net Income | $3.35B | $3.15B | $2.62B | $737.00M | ($1.96B) | ($7.07B) |
| EPS - Basic | $10.32 | $9.58 | $7.98 | $2.26 | ($6.10) | ($25.30) |
| EPS - Diluted | $10.20 | $9.45 | $7.89 | $2.23 | ($6.10) | ($25.30) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.94B | $8.77B | $6.06B | $7.17B | $18.28B | $11.27B |
| Accounts Receivable | $2.39B | $2.16B | $1.90B | $1.80B | $1.66B | $1.29B |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $4.57B | $4.19B | $3.83B | $3.40B | $2.56B | $1.59B |
| Current Assets | $16.86B | $18.88B | $18.49B | $20.06B | $21.83B | $14.80B |
| Total Assets | $76.45B | $74.08B | $71.10B | $67.36B | $68.17B | $59.55B |
| Current Liabilities | $26.13B | $23.31B | $22.20B | $19.99B | $18.30B | $12.72B |
| Long-term Debt | $17.17B | $21.68B | $25.06B | $28.28B | $30.36B | $24.84B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $15.28B | $12.68B | $9.32B | $6.90B | $5.03B | $5.96B |
| Retained Earnings | $10.09B | $6.88B | $3.83B | $1.26B | $625.00M | $2.63B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.43B | $9.45B | $6.91B | $6.07B | $2.07B | ($4.13B) |
| Investing Cash Flow | ($6.35B) | ($2.65B) | ($6.11B) | ($13.83B) | ($1.67B) | $50.00M |
| Financing Cash Flow | ($4.95B) | ($4.18B) | ($1.89B) | ($3.35B) | $6.40B | $12.96B |
| CapEx | $5.87B | $5.62B | $7.17B | $4.82B | $2.11B | $1.73B |
| Free Cash Flow | $2.56B | $3.83B | ($260.00M) | $1.25B | ($40.00M) | ($5.86B) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% | -41.4% |
| EBITDA margin | 13.0% | 14.1% | 12.8% | 10.7% | 5.9% | -25.2% |
| Net margin | 5.7% | 5.5% | 4.9% | 1.6% | -8.0% | -46.0% |
| Free cash flow margin | 4.3% | 6.7% | -0.5% | 2.8% | -0.2% | -38.2% |
| FCF / Net income | 0.76 | 1.22 | -0.10 | 1.69 | 0.02 | 0.83 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 22.1% | 24.4% | 22.7% | 25.6% | - | - |
| Return on assets | 4.4% | 4.3% | 3.7% | 1.1% | -2.9% | -11.9% |
| Return on equity | 21.9% | 24.8% | 28.1% | 10.7% | -39.1% | -118.6% |
| Return on invested capital | 11.3% | 11.2% | 9.5% | 4.9% | -2.3% | -16.3% |
| Liquidity | ||||||
| Current ratio | 0.65 | 0.81 | 0.83 | 1.00 | 1.19 | 1.16 |
| Quick ratio | 0.65 | 0.81 | 0.83 | 1.00 | 1.19 | 1.16 |
| Cash ratio | 0.23 | 0.38 | 0.27 | 0.36 | 1.00 | 0.89 |
| Leverage | ||||||
| Debt / Equity | 1.12 | 1.71 | 2.69 | 4.10 | 6.04 | 4.17 |
| Debt / Assets | 0.22 | 0.29 | 0.35 | 0.42 | 0.45 | 0.42 |
| Debt / EBITDA | 2.24 | 2.70 | 3.64 | 5.90 | 20.75 | - |
| Interest coverage | 3.4x | 3.1x | - | - | - | - |
| Equity multiplier | 5.00 | 5.84 | 7.63 | 9.77 | 13.56 | 9.99 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.77 | 0.77 | 0.76 | 0.67 | 0.36 | 0.26 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 15d | 14d | 13d | 15d | 25d | 31d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 11.0x | 10.3x | 5.2x | 16.9x | - | - |
| P / B | 2.4x | 2.6x | 1.5x | 1.8x | 2.8x | 2.0x |
| P / S | 0.6x | 0.6x | 0.3x | 0.3x | 0.6x | 0.8x |
| EV / EBITDA | 6.3x | 5.6x | 4.8x | 7.0x | 17.9x | - |
| Growth | ||||||
| Revenue growth (YoY) | 3.5% | 6.2% | 19.5% | 82.5% | 60.4% | -64.5% |
| Revenue CAGR (3y) | 9.5% | 32.3% | 51.8% | 1.3% | -12.3% | -25.9% |
| Revenue CAGR (5y) | 30.9% | 5.7% | 8.0% | 3.6% | -7.6% | -16.5% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -7.5% | 21.0% | 80.2% | - | 83.9% | - |
| Net income growth (YoY) | 6.5% | 20.3% | 255.2% | - | 72.2% | - |
| EPS growth (YoY) | 7.9% | 19.8% | 253.8% | - | 75.9% | - |
| EPS CAGR (3y) | 66.0% | - | - | -42.3% | - | - |
| EPS CAGR (5y) | - | -4.0% | 0.5% | -20.5% | - | - |
| FCF growth (YoY) | -33.2% | - | - | - | 99.3% | - |
| FCF CAGR (5y) | - | 10.0% | - | - | - | - |
| Book value growth (YoY) | 20.6% | 35.9% | 35.2% | 37.1% | -15.6% | -48.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$63.87B totalPassenger$53.44B · 83.7%
Passenger Ancillary Fees$4.80B · 7.5%
Product And Service Other$3.85B · 6.0%
Cargo And Freight$1.78B · 2.8%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Air Transportation, Scheduled
Comparing United Airlines Holdings against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Jan 7, 2008 | $2.1500 |