UNITED AIRLINES HOLDINGS, INC.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 21,266 | 58.2 |
| Stockholders' equity | 15,282 | 41.8 |
| Total capitalization | 36,548 | 100.0 |
324,583,772 shares outstanding at 9 July 2026 (cover page of the 10-Q filed 16 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, noncurrent | 17,170 |
| Current maturities | 4,096 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 1,000,000,000 |
| Common shares issued | 323,470,682 |
| Par or stated value per share ($) | 0.01 |
| Preferred stock ($ millions) | 0 |
| Outstanding at 7/9/26 | 324,583,772 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware. Formerly known as United Continental Holdings, Inc. (to 27 June 2019); UAL CORP /DE/ (to 30 September 2010).
BUSINESS: Classified by the SEC under Standard Industrial Classification 4512, Air Transportation, Scheduled. Large accelerated filer. Principal executive office: E. Anna Ha - Whqld, 233 South Wacker Drive, Chicago, IL 60606. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 59,070 | 57,063 | 53,717 |
| Depreciation and amortization | 2,939 | 2,928 | 2,671 |
| Operating income | 4,713 | 5,096 | 4,211 |
| Interest expense | 1,373 | 1,629 | 1,956 |
| Income before income taxes | 4,306 | 4,168 | 3,387 |
| Income taxes | 953 | 1,019 | 769 |
| Net income | 3,353 | 3,149 | 2,618 |
| Earned per share, diluted ($) | 10.20 | 9.45 | 7.89 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 5,942 | 8,769 |
| Receivables, net | 2,391 | 2,163 |
| Total current assets | 16,857 | 18,883 |
| Property, plant and equipment, net | 46,121 | 42,908 |
| Goodwill | 4,527 | 4,527 |
| Total assets | 76,448 | 74,083 |
| Total current liabilities | 26,133 | 23,314 |
| Long-term debt | 17,170 | 21,680 |
| Stockholders' equity | 15,282 | 12,675 |
| Total liabilities and equity | 76,448 | 74,083 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 59,070 | 4,713 | 3,353 | 5.7 | 10.20 | – | 8,431 | 5,874 | 2,557 | 76,448 | 61,166d | 21,266 | 15,282 | 21.9 | 1.39 |
| 12/31/24 | 57,063 | 5,096 | 3,149 | 5.5 | 9.45 | – | 9,445 | 5,615 | 3,830 | 74,083 | 61,408d | 24,653 | 12,675 | 24.8 | 1.95 |
| 12/31/23 | 53,717 | 4,211 | 2,618 | 4.9 | 7.89 | – | 6,911 | 7,171 | (260) | 71,104 | 61,780d | 29,075 | 9,324 | 28.1 | 3.12 |
| 12/31/22 | 44,955 | 2,337 | 737 | 1.6 | 2.23 | – | 6,066 | 4,819 | 1,247 | 67,358 | 60,462d | 31,194 | 6,896 | 10.7 | 4.52 |
| 12/31/21 | 24,634 | (1,022) | (1,964) | -8.0 | (6.10) | – | 2,067 | 2,107 | (40) | 68,175 | 63,146d | 33,363 | 5,029 | -39.1 | 6.63 |
| 12/31/20 | 15,355 | (6,359) | (7,069) | -46.0 | (25.30) | – | (4,133) | 1,727 | (5,860) | 59,548 | 53,588d | 26,747 | 5,960 | -118.6 | 4.49 |
| 12/31/19 | 43,259 | 4,301 | 3,009 | 7.0 | 11.58 | – | 6,909 | 4,528 | 2,381 | 52,611 | 41,080d | 14,552 | 11,531 | 26.1 | 1.26 |
| 12/31/18 | 41,303 | 3,229 | 2,122 | 5.1 | 7.67 | – | 6,164 | 4,070 | 2,094 | 49,024 | 38,982d | 13,445 | 10,042 | 21.1 | 1.34 |
| 12/31/17 | 37,784 | 3,618 | 2,143 | 5.7 | 7.06 | – | 3,474 | 3,870 | (396) | 42,346 | 33,558d | 13,268 | 8,788 | 24.4 | 1.51 |
| 12/31/16 | 36,558 | 4,344 | 2,234 | 6.1 | 6.76 | – | 5,542 | 3,223 | 2,319 | 40,140 | 31,566d | 10,767 | 8,574 | 26.1 | 1.26 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
United Airlines Holdings, Inc.
CIK 100517 · EIN 36-2675207
PRINCIPAL OFFICE:
E. Anna Ha - Whqld, 233 South Wacker Drive, Chicago, IL 60606
Tel.: 872-825-4000
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
4512 · Air Transportation, Scheduled
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 12 February 2026
FORMER NAMES:
United Continental Holdings, Inc.; UAL CORP /DE/
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/12/26) · 10-K FY2024 (filed 2/27/25) · 10-K FY2023 (filed 2/29/24) · 10-K FY2022 (filed 2/16/23) · 10-K FY2021 (filed 2/18/22) · 10-K FY2020 (filed 3/1/21) · 10-K FY2019 (filed 2/25/20) · 10-K FY2018 (filed 2/28/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.