United Airlines Holdings filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $65.55 billion, which rose 12.3% on the year before. That growth rate was up 3.8 percentage points on the rate a quarter earlier.
Profitability
The trailing operating margin was 7.5%, down 0.8 percentage points from a year earlier. The trailing net margin was 5.5%.
Net income over the twelve months was $3.58 billion, which rose 8.6% on the year before.
Cash flow
Operating cash flow over the twelve months was $8.16 billion, down 12.9% on the year before. Capital spending was $7.04 billion, or 10.7% of revenue.
Free cash flow, operating cash flow less capital spending, was $1.12 billion, down 69.9% on the year before. Free cash flow was 1.7% of revenue, known as the free-cash-flow margin, down 4.7 percentage points from a year earlier.
Share count
The average diluted share count fell 1.3% over the year.
Against its own history
Today’s free-cash-flow margin of 1.7% is higher than 43% of the company’s own past quarterly readings, which have ranged from −38.2% to 8.6%. Today’s operating margin of 7.5% is higher than 48% of the company’s own past quarterly readings, which have ranged from −63.9% to 13.6%.
Today’s twelve-month revenue growth rate of 12.3% is higher than 74% of the company’s own past quarterly readings, which have ranged from −74.6% to 173.5%.
Guidance
The company gave its Q4 guidance for total operating revenue growth: 20%.
What it means for value
In our model, growth 5 percentage points lower would lower the value by 29.9%, and 5 percentage points higher would raise it by 38.6%. A free-cash-flow margin 1 percentage point lower would lower it by 36.6%.
What to watch
The next filing will reveal whether the recent decline in operating cash flow continues or reverses. It will also show if the free-cash-flow margin stabilizes after its recent drop. Additionally, the report will clarify if the average diluted share count maintains its recent downward trend.
