undamentalytics Newsletter
Sign in

United Airlines Holdings (UAL) stock

Add to watchlist

Add holding +

NASDAQ: UAL Nasdaq Passenger Airlines Next results ~January 19, 2027

C+ Fundamentals grade

United Airlines Holdings is a US-listed company in the passenger airlines industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 730% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 730% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

United Airlines Holdings valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter United Airlines Holdings files

10-Q filed October 21: United Airlines

United Airlines Holdings posted revenue of $65.6bn for the twelve months to September 2026, a rise of 12.3% on the year before. That growth accelerated from the 8.5% recorded a quarter earlier. Less encouraging is the free-cash-flow margin, which slipped to 1.7% from 6.4% a year earlier. On the back of this, our model value falls from $66.11 to $61.41 a share. The shares currently trade at $102, well above both figures.

Our model value for United Airlines Holdings is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where United Airlines stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $62.9bn, up 8.5% on a year earlier, faster than 4.7% a quarter earlier. Free-cash-flow margin fell to 4.0% from 7.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 2 financial-health checks. At that price, our model says the market is pricing in about 5.4% a year of cash-flow growth for five years, slower than the 20.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

United Airlines Holdings's trailing-twelve-month revenue grew 12.3% year on year, with a free-cash-flow margin of 1.7%. Where it stands out: operating margin of 7.5% ranks 4 of 16 passenger airlines companies we cover.

Our discounted-cash-flow model values the business at ~$62 per share in the base case (~$38–$93 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 69.9% while net income grew 8.6%: a 79pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.8 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.3% in a year, so each share owns more of the business.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 48% and a beta of 2.2 against the S&P 500.
  • Insiders selling. 6 insiders sold $53M of stock over the past 365 days and none bought (38% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 31% of net income over the last 12 months.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 22.7% over 90 days.

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$2.54 against an average estimate of $2.57: missed by 1.3%
Revenue
$17.88bn, up 17.4% on a year earlier
Share reaction
+6.3% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
total operating revenue growth growth 20% (Q4)
Next report
October 20, 2026; average EPS estimate $1.38

United Airlines Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.8%
  • 1 week+8.5%
  • 1 month-2.9%
  • This year-2.3%
  • 1 year+16.2%
  • 5 years+122.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$65.6B
Operating margin
7.5%
Net margin
5.5%
EPS (TTM, diluted)
$10.94

Growth

Revenue growth
+12.3%
Change in growth rate
+3.8 pts
Share count change
−1.3%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
1.7%
Stock pay % of revenue
0.3%

Earnings

Last results
October 20, 2026
Next results (est.)
January 19, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results

    United Airlines posts record Q3 revenue and expands credit line

    United Airlines Holdings said third-quarter total operating revenue reached $17.9 billion, a 17% year-over-year increase. Diluted earnings per share were $3.14, while adjusted diluted earnings per share stood at $2.54. The company also expanded its revolving credit facility to $5 billion on October 16.

    SEC 8-KRead source ↗
  3. Guidance
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

United Airlines Holdings valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 730% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value United Airlines Holdings as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.27 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$110–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$160 ~$120–$230 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$110–$140 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare United Airlines Holdings with Passenger Airlines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$57.30$72.88$67.40$83.73$88.09$43.25$43.78$37.70$41.26$97.10$111.82$109.24
Market value$21.6bn$24.1bn$20.5bn$23.2bn$22.9bn$12.1bn$14.1bn$12.4bn$13.7bn$32.4bn$36.7bn$35.7bn
+ Net debt (− = net cash)$7.9bn$8.6bn$11.8bn$11.9bn$12.0bn$16.0bn$15.6bn$24.4bn$25.6bn$19.9bn$19.0bn$19.8bn
Enterprise value$29.5bn$32.7bn$32.2bn$35.1bn$34.9bn$28.1bn$29.7bn$36.9bn$39.3bn$52.2bn$55.8bn$55.5bn
Multiples
Price / sales 0.6x0.7x0.5x0.6x0.5x0.8x0.6x0.3x0.3x0.6x0.6x0.5x
Price / earnings 2.9x10.8x9.5x10.9x7.6x——16.9x5.2x10.3x11.0x10.0x
Price / free cash flow 6.7x10.4x—11.1x9.6x——10.0x—8.4x14.4x32.0x
EV / EBITDA 4.2x5.2x5.6x6.5x5.3x—20.3x7.7x5.7x6.5x7.3x7.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard United Airlines Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.1% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.2%; its worst year was -14.7%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.1% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.2% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.16 −33% $68.7bn +16%
Next $11.96 +67% $73.4bn +7%

Next year's EPS estimate has moved −22.7% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −30.9% on 90 days ago. In the last 30 days, 0 analysts raised United Airlines Holdings's forecast and 20 cut it.

Consensus EPS forecast United Airlines Holdings, last 90 days
$5.00 $10.00 $15.00 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.36 Current fiscal year, 60 days ago: $10.12 Current fiscal year, 30 days ago: $9.36 Current fiscal year, 7 days ago: $7.69 Current fiscal year, Now: $7.16 $7.16 Next fiscal year, 90 days ago: $15.46 Next fiscal year, 60 days ago: $15.23 Next fiscal year, 30 days ago: $14.31 Next fiscal year, 7 days ago: $12.50 Next fiscal year, Now: $11.96 $11.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.36$15.46
60 days ago $10.12$15.23
30 days ago $9.36$14.31
7 days ago $7.69$12.50
Now $7.16$11.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.57 $2.54 −1.3%
Jun 2026 $1.85 $1.99 +7.6%
Mar 2026 $1.08 $1.19 +10.0%
Dec 2025 $2.94 $3.10 +5.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • total operating revenue growth Q4 about 20% growth
    “United expects Q4 total operating revenue growth to accelerate versus Q3 and set another record with an over 20% year-over-year increase” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

25 analysts, Oct 2026
Buy2392%
Hold28%
Sell00%

Monthly trend

  1. Oct 2026419225
  2. Sep 2026419225
  3. Aug 202641925
  4. Jul 2026419225

Counts of recommendations published by analysts covering United Airlines Holdings, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
3.08
at average volume
Short interest, 1 month
−26%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.6%
of shares
Employees
117,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +16.2%

$94.04 on October 31, 2025 to $109.24

ThenNowEffect
Revenue (last 12 months) $58.0bn $62.9bn +8.5%
Net margin 5.7% 5.6% −2.6%
P/E multiple 9.5x 10.2x +8.0%
Share count 333m 327m +1.8%

Biggest factor: revenue.

Last 3 years +191.2%

$37.51 on November 3, 2023 to $109.24

ThenNowEffect
Revenue (last 12 months) $50.9bn $62.9bn +23.6%
Net margin 5.2% 5.6% +6.1%
P/E multiple 4.7x 10.2x +119.2%
Share count 331m 327m +1.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UAL+1%−14%+9%+135%+15%−2%
Industry peers (median)−3%−29%−13%+18%−17%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UAL42%50%50%75%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UAL−38%−39%−41%−31%−49%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 79% from November 30, 2018 to May 15, 2020. Getting back needed a 385% gain, reached on November 25, 2024, 1655 days after the low.

Price behaviour

52-week range
$85.21 – $136.11
From 52-week high
−19.7%
vs 50-day average
+1.6%
vs 200-day average
+1.1%
Volatility (1 year)
48%
Beta vs S&P 500
2.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.4%
After a week
6 up, 6 down
typical move ±8.8%
After a month
6 up, 5 down
typical move ±13.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +6.3% +0.9% +9.5% —
July 15, 2026 −1.3% −0.1% −2.6% +5.0%
April 21, 2026 −7.3% +0.4% −8.6% −0.9%
January 20, 2026 −2.2% −0.9% −8.3% −3.0%
October 15, 2025 −4.8% −0.2% −6.7% −5.8%
July 16, 2025 +5.6% +0.9% +4.7% +14.8%
July 9, 2025 +12.9% +0.9% +8.9% +8.3%
April 15, 2025 +2.0% −2.5% +3.6% +16.5%
January 21, 2025 +0.5% +1.5% −1.0% −4.6%
October 15, 2024 +13.4% −0.3% +17.3% +41.3%
July 17, 2024 −1.4% −2.2% −2.2% −9.4%
April 16, 2024 +18.8% −0.8% +31.7% +33.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

United Airlines Holdings in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) United Airlines Holdings
$50B $55B $60B $65B $70B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $53.7B Revenue (TTM), FY24 Q1: $54.8B Revenue (TTM), FY24 Q2: $55.6B Revenue (TTM), FY24 Q3: $56B Revenue (TTM), FY24 Q4: $57.1B Revenue (TTM), FY25 Q1: $57.7B Revenue (TTM), FY25 Q2: $58B Revenue (TTM), FY25 Q3: $58.4B Revenue (TTM), FY25 Q4: $59.1B Revenue (TTM), FY26 Q1: $60.5B Revenue (TTM), FY26 Q2: $62.9B Revenue (TTM), FY26 Q3: $65.6B $65.6B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $53.7B
FY24 Q1 $54.8B
FY24 Q2 $55.6B
FY24 Q3 $56B
FY24 Q4 $57.1B
FY25 Q1 $57.7B
FY25 Q2 $58B
FY25 Q3 $58.4B
FY25 Q4 $59.1B
FY26 Q1 $60.5B
FY26 Q2 $62.9B
FY26 Q3 $65.6B
Revenue growth, TTM YoY United Airlines Holdings
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.5% Revenue growth, TTM YoY, FY24 Q1: 12.3% Revenue growth, TTM YoY, FY24 Q2: 9.3% Revenue growth, TTM YoY, FY24 Q3: 6.7% Revenue growth, TTM YoY, FY24 Q4: 6.2% Revenue growth, TTM YoY, FY25 Q1: 5.3% Revenue growth, TTM YoY, FY25 Q2: 4.2% Revenue growth, TTM YoY, FY25 Q3: 4.2% Revenue growth, TTM YoY, FY25 Q4: 3.5% Revenue growth, TTM YoY, FY26 Q1: 4.7% Revenue growth, TTM YoY, FY26 Q2: 8.5% Revenue growth, TTM YoY, FY26 Q3: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.5%
FY24 Q1 12.3%
FY24 Q2 9.3%
FY24 Q3 6.7%
FY24 Q4 6.2%
FY25 Q1 5.3%
FY25 Q2 4.2%
FY25 Q3 4.2%
FY25 Q4 3.5%
FY26 Q1 4.7%
FY26 Q2 8.5%
FY26 Q3 12.3%
Operating margin (TTM) United Airlines Holdings
7% 8% 9% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 7.8% Operating margin (TTM), FY24 Q1: 7.9% Operating margin (TTM), FY24 Q2: 8.6% Operating margin (TTM), FY24 Q3: 8.2% Operating margin (TTM), FY24 Q4: 8.9% Operating margin (TTM), FY25 Q1: 9.7% Operating margin (TTM), FY25 Q2: 8.6% Operating margin (TTM), FY25 Q3: 8.3% Operating margin (TTM), FY25 Q4: 8.0% Operating margin (TTM), FY26 Q1: 8.4% Operating margin (TTM), FY26 Q2: 7.7% Operating margin (TTM), FY26 Q3: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.8%
FY24 Q1 7.9%
FY24 Q2 8.6%
FY24 Q3 8.2%
FY24 Q4 8.9%
FY25 Q1 9.7%
FY25 Q2 8.6%
FY25 Q3 8.3%
FY25 Q4 8.0%
FY26 Q1 8.4%
FY26 Q2 7.7%
FY26 Q3 7.5%
FCF margin (TTM) United Airlines Holdings
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -0.5% FCF margin (TTM), FY24 Q1: -0.1% FCF margin (TTM), FY24 Q2: -1.3% FCF margin (TTM), FY24 Q3: 0.5% FCF margin (TTM), FY24 Q4: 6.7% FCF margin (TTM), FY25 Q1: 8.4% FCF margin (TTM), FY25 Q2: 7.0% FCF margin (TTM), FY25 Q3: 6.4% FCF margin (TTM), FY25 Q4: 4.3% FCF margin (TTM), FY26 Q1: 5.3% FCF margin (TTM), FY26 Q2: 4.0% FCF margin (TTM), FY26 Q3: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -0.5%
FY24 Q1 -0.1%
FY24 Q2 -1.3%
FY24 Q3 0.5%
FY24 Q4 6.7%
FY25 Q1 8.4%
FY25 Q2 7.0%
FY25 Q3 6.4%
FY25 Q4 4.3%
FY26 Q1 5.3%
FY26 Q2 4.0%
FY26 Q3 1.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar United Airlines Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $59.1B
  2. Other operating costs $54.4B · 92.0%
  3. Operating income $4.7B · 8.0%
  4. Income tax $953M · 1.6%
  5. Interest and other $407M · 0.7%
  6. Net income $3.4B · 5.7%

Shares of revenue. Source: United Airlines Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 16.3 23.3 37.1 37.2 38.3 38.9 37.9 36.6 37.7 41.3 43.3 15.4 24.6 45.0 53.7 57.1 59.1 65.6
EBITDA 0.8 2.1 3.4 1.6 2.9 4.1 7.0 6.3 5.7 5.4 6.6 −3.9 1.5 4.8 6.9 8.0 7.7 8.0
Operating income −0.2 1.0 1.8 0.0 1.2 2.4 5.2 4.3 3.6 3.2 4.3 −6.4 −1.0 2.3 4.2 5.1 4.7 4.9
Net income −0.7 0.3 0.8 −0.7 0.6 1.1 7.3 2.2 2.1 2.1 3.0 −7.1 −2.0 0.7 2.6 3.1 3.4 3.6
Diluted EPS −$4.32 $1.08 $2.26 −$2.18 $1.53 $2.93 $19.47 $6.76 $7.06 $7.67 $11.58 −$25.30 −$6.10 $2.23 $7.89 $9.45 $10.20 $10.94
Growth (year on year)
Revenue −19.1% +42.8% +59.1% +0.1% +3.0% +1.6% −2.7% −3.5% +3.2% +9.5% +4.7% −64.5% +60.4% +82.5% +19.5% +6.2% +3.5% +12.3%
EBITDA — +171.8% +63.9% −53.7% +88.2% +37.9% +72.4% −9.5% −9.6% −5.6% +22.2% −158.7% — +227.6% +43.6% +16.6% −4.6% +2.4%
Operating income — — +86.7% −97.9% — +90.0% +117.7% −15.9% −16.7% −10.8% +33.2% −247.8% — — +80.2% +21.0% −7.5% +1.9%
Net income — — — −186.1% — — +548.4% −69.6% −4.1% −1.0% +41.8% −334.9% — — — +20.3% +6.5% +8.6%
Diluted EPS — — — −196.5% — — +564.5% −65.3% +4.4% +8.6% +51.0% −318.5% — — — +19.8% +7.9% +10.0%
Margins
EBITDA margin 4.6% 8.8% 9.1% 4.2% 7.7% 10.4% 18.4% 17.3% 15.1% 13.1% 15.2% −25.2% 5.9% 10.7% 12.8% 14.1% 13.0% 12.2%
Operating margin −1.0% 4.2% 4.9% 0.1% 3.3% 6.1% 13.6% 11.9% 9.6% 7.8% 9.9% −41.4% −4.1% 5.2% 7.8% 8.9% 8.0% 7.5%
Net margin −4.0% 1.1% 2.3% −1.9% 1.5% 2.9% 19.4% 6.1% 5.7% 5.1% 7.0% −46.0% −8.0% 1.6% 4.9% 5.5% 5.7% 5.5%
Free-cash-flow margin 4.0% 6.4% 4.2% −2.9% −1.9% 1.6% 8.6% 6.3% −1.0% 5.1% 5.5% −38.2% −0.2% 2.8% −0.5% 6.7% 4.3% 1.7%
Cash flow
Cash from operations 1.0 1.9 2.4 0.9 1.4 2.6 6.0 5.5 3.5 6.2 6.9 −4.1 2.1 6.1 6.9 9.4 8.4 8.2
Capital spending 0.3 0.4 0.8 2.0 2.2 2.0 2.7 3.2 3.9 4.1 4.5 1.7 2.1 4.8 7.2 5.6 5.9 7.0
Free cash flow 0.6 1.5 1.6 −1.1 −0.7 0.6 3.2 2.3 −0.4 2.1 2.4 −5.9 −0.0 1.2 −0.3 3.8 2.6 1.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.2
Free cash flow after stock pay 0.6 1.5 1.6 −1.1 −0.7 0.5 3.2 2.2 −0.5 2.0 2.3 −6.0 −0.3 1.2 −0.3 3.7 2.4 0.9
Balance sheet
Cash 3.0 8.1 6.2 4.8 3.2 2.0 3.0 2.2 1.5 1.7 2.8 11.3 18.3 7.2 6.1 8.8 5.9 6.6
Total debt 6.9 13.8 11.9 12.4 11.7 11.3 10.9 10.8 13.3 13.6 14.7 27.3 33.9 31.6 31.7 28.7 25.0 26.4
Net debt (negative = net cash) 3.9 5.8 5.7 7.6 8.5 9.3 7.9 8.6 11.8 11.9 12.0 16.0 15.6 24.4 25.6 19.9 19.0 19.8
Diluted shares 151m 253m 383m 331m 391m 390m 377m 330m 304m 277m 260m 279m 322m 330m 332m 333m 329m 327m
Returned to shareholders
Buybacks 0.0 0.0 — 0.0 0.0 0.3 1.2 2.6 1.8 1.2 1.6 0.4 0.0 0.0 0.0 0.2 0.6 0.1
Total returned 0.0 0.0 — 0.0 0.0 0.3 1.2 2.6 1.8 1.2 1.6 0.4 0.0 0.0 0.0 0.2 0.6 0.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $85.1bn
Short-term assets $20.0bnLonger-term assets $65.1bn
What it owes, and who funded it · $44.4bn
Short-term liabilities $26.6bnShareholders' equity $17.8bn
  • Short-term assets cover short-term liabilities $20.0bn of assets due within a year against $26.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $6.6bn of cash against $24.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 138% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 819% to 138% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.2bn of operating cash flow against $24.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.9bn against $1.4bn of interest.

From United Airlines Holdings's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$54M
Returned to shareholders
5%
of free cash flow
Buybacks, last 3 fiscal years
$799M
Diluted share count
−1.3%
year over year
Total shareholder yield
0.1%
dividends 0.0% + buybacks 0.1% of market value

Competitors: side by side with peers

Closest by revenue in passenger airlines
Last 12 months unless stated UAL AAL DAL LUV RYAAY ALK Median
Revenue, last 12 months $65.6bn $61.0bn $71.8bn $31.5bn $18.0bn $14.8bn $5.0bn
Revenue growth, last 12 months 12.3% 12.3% 14.1% 14.5% 20.3% 9.8% 11.1%
Revenue growth, 3-year average 7.7% 4.8% 7.8% 7.4% — 12.6% 7.6%
Revenue growth, latest quarter 17.4% 19.3% 21.1% 21.2% — 9.7% 20.2%
Operating margin 7.5% 1.6% 7.4% 4.4% 15.3% −1.5% 0.0%
Operating margin, 3-year average 8.0% 3.2% 8.8% 1.4% 10.5% 2.0% −1.6%
Net margin 5.5% −0.8% 4.6% 3.3% 14.0% −1.2% 0.1%
Cash from operations / revenue 12.4% 7.0% 11.1% 8.7% 23.8% 6.9% 7.0%
Free-cash-flow margin 1.7% −0.1% 7.5% −1.4% 11.6% 5.0% −0.1%
Free-cash-flow margin, 3-year average 2.9% 0.1% 4.8% −3.2% 12.7% 4.8% −3.2%
Stock pay / revenue 0.3% — — 0.1% 0.1% 0.5% 0.4%
Change in share count −1.3% −6.4% 0.7% −13.1% −3.9% −8.4% −1.3%

Median of all 16 companies we cover in passenger airlines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 passenger airlines companies
Measure Company Peer median Rank
Revenue growth Growth 12.3% 12.2% 7 of 16
Change in growth rate Growth +3.8pp +4.8pp 10 of 16
Operating margin Profitability 7.5% 1.6% 4 of 16
Net margin Profitability 5.5% 0.9% 5 of 16
Free-cash-flow margin Cash generation 1.7% 0.0% 7 of 16
Stock pay as % of revenue Cash generation 0.3% 0.4% 4 of 13
Long-term debt as % of assets Balance sheet 28.8% 26.9% 9 of 14
Change in share count Balance sheet -1.3% -1.3% 6 of 10

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Passenger $53.4B ▲ 3.1%
Passenger Ancillary Fees $4.8B ▲ 6.7%
Other $3.9B ▲ 10.4%
Cargo and Freight $1.8B ▲ 2.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From United Airlines Holdings's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$39.4B
Institutions reporting
1,062
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
185 / 100

Top buyers and sellers, Q2 2026: 552 institutions bought and 443 sold ; the biggest buyer was FMR LLC (+2.5M shares) and the biggest seller Goldman Sachs Group Inc (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.1B 22.4M 7.7% ▲ 7.4%
Vanguard Capital Management LLC $2.9B 21.0M 7.2% ▲ 0.1%
FMR LLC $2.6B 19.5M 6.7% ▲ 14.4%
Primecap Management Co $2.2B 16.5M 5.7% ▲ 4.5%
Sanders Capital, LLC $2B 15.0M 5.2% ▼ 1.2%
Vanguard Portfolio Management LLC $1.9B 14.2M 4.9% ▲ 0.7%
State Street Corp $1.6B 11.8M 4.1% ▲ 1.4%
Capital World Investors $1.5B 11.4M 3.9% ▲ 2.2%
Geode Capital Management, LLC $1.3B 9.5M 3.3% ▲ 2.5%
Capital International Investors $850M 6.2M 2.2% ▼ 3.0%
Dimensional Fund Advisors LP $732M 5.4M 1.9% ▼ 4.9%
PAR Capital Management Inc $729M 5.4M 1.8% ▲ 7.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not United Airlines Holdings's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $53.4M 14 trades by 6 insiders · 38% under pre-set plans
Net ▼ $53.4M net selling
Insider Date Trade Shares Price Value
Nocella Andrew P EVP & Chief Commercial Officer August 25, 2026 Sell 5,000 $117.00 $585,000
Nocella Andrew P EVP & Chief Commercial Officer August 4, 2026 Sell 3,000 $132.30 $396,900
Leskinen Michael D. EVP & Chief Financial Officer August 3, 2026 Sell pre-set plan 10,000 $128.19 $1.3M
Hart Brett J President July 28, 2026 Sell 30,108 $120.72 $3.6M
Nocella Andrew P EVP & Chief Commercial Officer July 28, 2026 Sell 4,200 $120.48 $506,016
Enqvist Torbjorn J EVP & Chief Operations Officer July 24, 2026 Sell 20,000 $119.91 $2.4M
Kirby J Scott Chief Executive Officer July 21, 2026 Sell 159,321 $118.05 $18.8M
Kirby J Scott Chief Executive Officer June 16, 2026 Sell pre-set plan 1,078 $120.74 $130,158
Kirby J Scott Chief Executive Officer June 15, 2026 Sell pre-set plan 48,303 $121.30 $5.9M
Gebo Kate EVP HR and Labor Relations May 26, 2026 Sell 34,669 $105.41 $3.7M
Gebo Kate EVP HR and Labor Relations May 26, 2026 Sell 5,331 $105.51 $562,474
Nocella Andrew P EVP & Chief Commercial Officer May 1, 2026 Sell 7,000 $90.19 $631,330

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 18 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of United Airlines Holdings shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Daniel S. Goldman(D-NY 10):Purchase, $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 15, 2026
  • April 21, 2026
  • January 20, 2026
  • October 15, 2025
  • July 16, 2025

Recent SEC filings

Data status

When each part of this page on United Airlines Holdings was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

United Airlines Holdings in brief

What does United Airlines Holdings do?
United Airlines Holdings is a US-listed company in the passenger airlines industry. Its financial year ends in December.
What is United Airlines Holdings's stock ticker?
United Airlines Holdings trades under the ticker UAL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is United Airlines Holdings's revenue, and how fast is it growing?
Over its most recent trailing twelve months, United Airlines Holdings reported revenue of $65.6B, 12.3% higher than a year earlier, according to its SEC filings.
What is United Airlines Holdings's free cash flow?
United Airlines Holdings's free-cash-flow margin is 1.7% of revenue over the trailing twelve months, ranking 7 of the 16 passenger airlines companies we cover.
Who are United Airlines Holdings's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is United Airlines Holdings buying back stock, and does it pay a dividend?
United Airlines Holdings spent $54M on share repurchases over the trailing twelve months, and its diluted share count fell 1.3% over the year.
What is United Airlines Holdings's market cap?
On November 2, 2026, United Airlines Holdings's market capitalisation was about $35.7B, with a price-to-earnings ratio of 10.0 and net debt of $19.8B. Market figures come from third-party market data and may be delayed.
How much debt does United Airlines Holdings have?
United Airlines Holdings's debt-to-equity ratio is 138.3%, from its latest balance sheet (818.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are United Airlines Holdings's competitors?
In our Passenger Airlines peer group, the companies closest to United Airlines Holdings are American Airlines Group Inc., Delta Air Lines, Southwest Airlines, Ryanair Holdings PLC and Alaska AIR Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against United Airlines Holdings's.
Are insiders buying or selling United Airlines Holdings stock?
Over the last 12 months, United Airlines Holdings's directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is United Airlines Holdings's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — United Airlines Holdings announces its own schedule.