United Airlines Holdings key statistics and ratios

In fiscal 2025, United Airlines Holdings had return on equity of 24.0%, an operating margin of 8.0%, debt equal to 163.5% of equity and a current ratio of 0.65. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

United Airlines Holdings: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	—	—	47.6%	−63.2%	33.0%	42.1%	129.2%	25.5%	24.7%	22.5%	27.9%	−80.8%	−35.7%	12.4%	32.3%	28.6%	24.0%	21.7%
Return on assets	−3.5%	0.9%	2.2%	−1.9%	1.5%	3.1%	19.0%	5.5%	5.2%	4.6%	5.9%	−12.6%	−3.1%	1.1%	3.8%	4.3%	4.5%	4.4%
Asset turnover	0.87	0.80	0.96	0.98	1.03	1.06	0.98	0.90	0.92	0.90	0.85	0.27	0.39	0.66	0.78	0.79	0.78	0.81
Current ratio	0.79	0.95	0.97	0.78	0.72	0.60	0.63	0.59	0.56	0.51	0.55	1.16	1.19	1.00	0.83	0.81	0.65	0.75
Debt to equity	—	801.7%	659.3%	>999%	392.4%	470.2%	121.5%	125.6%	151.0%	135.8%	127.8%	458.1%	673.6%	457.9%	339.6%	226.1%	163.5%	148.7%
Interest cover (operating income ÷ interest)	n/m	1.2x	1.9x	0.0x	1.6x	3.2x	7.7x	6.4x	5.8x	4.8x	—	—	—	1.3x	2.2x	3.1x	3.4x	3.6x
Effective tax rate	—	—	0.6%	—	−5.9%	−0.4%	—	40.8%	29.1%	19.9%	23.1%	—	—	25.6%	22.7%	24.4%	22.1%	21.1%
Capital spending as % of revenue	1.9%	1.8%	2.3%	5.4%	5.7%	5.2%	7.3%	8.8%	10.3%	9.9%	10.5%	11.2%	8.6%	10.7%	13.3%	9.8%	9.9%	10.7%
Free cash flow ÷ net income	—	589.3%	186.7%	—	−126.1%	55.6%	44.2%	103.8%	−18.5%	98.7%	79.1%	—	—	169.2%	−9.9%	121.6%	76.3%	31.2%
Dividends and buybacks ÷ free cash flow	0.3%	0.2%	—	—	—	49.6%	38.0%	112.7%	—	59.0%	69.1%	—	—	0.0%	—	4.2%	24.9%	4.8%

US$ thousands unless shown otherwise. Fiscal quarters.

United Airlines Holdings: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	10.2%	4.6%	8.7%	9.2%	9.0%	6.8%	6.2%	8.1%
Net margin	6.7%	2.9%	6.4%	6.2%	6.8%	4.8%	4.6%	5.8%
Free-cash-flow margin	3.7%	18.7%	6.1%	−1.6%	−3.9%	21.4%	1.5%	−9.4%
Current ratio	0.81	0.78	0.70	0.67	0.65	0.70	0.78	0.75
Debt to equity	194.5%	193.4%	156.2%	145.4%	139.2%	138.2%	145.5%	138.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from United Airlines Holdings's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to United Airlines Holdings.