United Airlines Holdings Inc (UAL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UAL SEC filings page.
United Airlines Holdings Inc (UAL) reported $62.9B in revenue over the twelve months to Jun 30, 2026, up 8.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
United is converting operating earnings into cash while deleveraging, but heavier short-term obligations and reinvestment pressure constrain the improvement.
The clearest earnings-quality shift is in FY2025: net income rose6.5% , but operating cash flow fell10.7% . Free cash flow also fell33.2% as capital expenditures rose4.6% , pointing to a more reinvestment-heavy cash profile rather than purely stronger earnings.
Operating profitability compressed by 1.1 percentage points in FY2025, while net margin edged higher. Lower interest expense, down
Debt-to-equity fell by 0.6x across FY2024-FY2025, indicating balance-sheet deleveraging. At the same time, the current ratio fell by 0.2x, showing that short-term obligations became heavier relative to current assets despite the stronger long-term capital structure.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of United Airlines Holdings Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
United Airlines Holdings Inc has an operating margin of 8.0%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 55/100, indicating healthy but not exceptional operating efficiency. This is down from 8.9% the prior year.
United Airlines Holdings Inc's revenue grew a modest 3.5% year-over-year to $59.1B. This slow but positive growth earns a score of 49/100.
United Airlines Holdings Inc has a moderate D/E ratio of 1.12. This balance of debt and equity financing earns a leverage score of 38/100.
United Airlines Holdings Inc's current ratio of 0.65 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
United Airlines Holdings Inc has a free cash flow margin of 4.3%, earning a moderate score of 41/100. The company generates positive cash flow after capital investments, but with room for improvement.
United Airlines Holdings Inc's ROE of 21.9% shows moderate profitability relative to equity, earning a score of 58/100. This is down from 24.8% the prior year.
United Airlines Holdings Inc scores 1.36, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
United Airlines Holdings Inc passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, United Airlines Holdings Inc generates $2.51 in operating cash flow ($8.4B OCF vs $3.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
United Airlines Holdings Inc earns $3.43 in operating income for every $1 of interest expense ($4.7B vs $1.4B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
United Airlines Holdings Inc generated $17.7B in revenue in Q2 2026. This represents an increase of 16.0% from the same quarter a year earlier. Against the prior quarter it is up 21.0%.
United Airlines Holdings Inc's EBITDA was $1.9B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 9.7% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.
United Airlines Holdings Inc reported $805.0M in net income in Q2 2026. This represents a decrease of 17.3% from the same quarter a year earlier. Against the prior quarter it is up 15.2%.
United Airlines Holdings Inc earned $2.46 per diluted share (EPS) in Q2 2026. This represents a decrease of 17.2% from the same quarter a year earlier. Against the prior quarter it is up 15.0%.
Cash & Balance Sheet
United Airlines Holdings Inc generated $267.0M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 71.3% from the same quarter a year earlier. Against the prior quarter it is down 91.5%.
United Airlines Holdings Inc held $10.2B in cash against $24.3B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
United Airlines Holdings Inc's operating margin was 6.2% in Q2 2026, reflecting core business profitability. This is down 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.
United Airlines Holdings Inc's net profit margin was 4.6% in Q2 2026, showing the share of revenue converted to profit. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.
United Airlines Holdings Inc's ROE was 4.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
United Airlines Holdings Inc repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
United Airlines Holdings Inc invested $1.3B in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 4.4% from the same quarter a year earlier. Against the prior quarter it is down 19.7%.
Not reported for Q2 2026.
UAL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17.7B+16.0% | $14.6B+10.6% | $15.4B+4.8% | $15.2B+2.6% | $15.2B+1.7% | $13.2B+5.4% | $14.7B+7.8% | $14.8B+2.5% |
| SG&A Expenses | $4.7B+6.2% | $4.6B+9.8% | $4.5B+4.6% | $4.6B+5.4% | $4.4B+7.7% | $4.2B+5.7% | $4.3B+12.6% | $4.3B+10.4% |
| Operating Income | $1.1B-17.3% | $997.0M+64.3% | $1.4B-7.8% | $1.4B-10.9% | $1.3B-31.3% | $607.0M+513.1% | $1.5B+50.6% | $1.6B-10.0% |
| EBITDA | $1.9B-9.7% | $1.8B+31.4% | $2.1B-5.6% | $2.1B-7.9% | $2.1B-22.3% | $1.3B+65.3% | $2.3B+34.5% | $2.3B-4.0% |
| Interest Expense | $343.0M-5.0% | $327.0M-8.1% | $325.0M-11.9% | $331.0M-12.7% | $361.0M-15.5% | $356.0M-21.6% | $369.0M | $379.0M-23.1% |
| Income Tax | $221.0M-19.6% | $172.0M+89.0% | $281.0M-12.7% | $306.0M-4.7% | $275.0M-33.9% | $91.0M+327.5% | $322.0M+88.3% | $321.0M-7.8% |
| Net Income | $805.0M-17.3% | $699.0M+80.6% | $1.0B+6.0% | $949.0M-1.7% | $973.0M-26.5% | $387.0M+412.1% | $985.0M+64.2% | $965.0M-15.1% |
| EPS (Basic) | $2.48-17.3% | $2.16+83.1% | $3.22+7.3% | $2.930.0% | $3.00-25.4% | $1.18+410.5% | $3.00+64.8% | $2.93-15.6% |
| EPS (Diluted) | $2.46-17.2% | $2.14+84.5% | $3.18+7.4% | $2.900.0% | $2.97-25.0% | $1.16+405.3% | $2.96+63.5% | $2.90-15.2% |
| Diluted Shares (Avg) | 327M-0.2% | 327M-1.9% | N/A | 327M-1.7% | 327M-2.0% | 333M+1.4% | N/A | 333M+0.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
UAL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $84.6B+9.6% | $80.9B+6.3% | $76.4B+3.2% | $76.3B+5.1% | $77.2B+5.3% | $76.1B+5.9% | $74.1B+4.2% | $72.6B-0.7% |
| Current Assets | $21.7B+6.9% | $19.4B-3.8% | $16.9B-10.7% | $18.1B-2.6% | $20.3B+1.3% | $20.1B+7.8% | $18.9B+2.1% | $18.6B-15.2% |
| Cash & Equivalents | $10.2B+8.7% | $7.9B-16.0% | $5.9B-32.2% | $6.7B-23.6% | $9.4B-13.9% | $9.4B+11.5% | $8.8B+44.8% | $8.8B+17.8% |
| Short-Term Investments | $6.5B+3.3% | $6.3B+5.7% | $6.3B+10.4% | $6.6B+23.3% | $6.3B+42.8% | $6.0B+6.6% | $5.7B-31.5% | $5.4B-44.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $4.5B0.0% | $4.5B0.0% | $4.5B0.0% | $4.5B0.0% | $4.5B0.0% | $4.5B0.0% | $4.5B0.0% | $4.5B0.0% |
| Total Liabilities | $67.9B+6.4% | $65.1B+2.5% | $61.2B-0.4% | $62.0B+1.3% | $63.8B+1.7% | $63.5B+1.2% | $61.4B-0.6% | $61.2B-4.8% |
| Current Liabilities | $27.8B-4.2% | $27.8B+7.7% | $26.1B+12.1% | $27.1B+16.1% | $29.0B+12.1% | $25.8B+4.2% | $23.3B+5.0% | $23.4B-5.6% |
| Non-Current Liabilities | $40.1B+15.3% | $37.3B-1.1% | $35.0B-8.0% | $34.9B-7.8% | $34.8B-5.6% | $37.7B-0.7% | $38.1B-3.7% | $37.8B-4.3% |
| Long-Term Debt | $24.3B+16.3% | $21.9B-10.1% | $17.2B-20.8% | $20.8B-6.3% | $20.9B-3.7% | $24.4B+5.8% | $21.7B-13.5% | $22.2B-14.4% |
| Total Equity | $16.7B+24.9% | $15.9B+25.8% | $15.3B+20.6% | $14.3B+25.1% | $13.4B+27.0% | $12.6B+37.3% | $12.7B+35.9% | $11.4B+29.2% |
| Retained Earnings | $11.5B+42.2% | $10.7B+50.3% | $10.1B+46.7% | $9.0B+53.5% | $8.1B+62.7% | $7.1B+94.8% | $6.9B+79.6% | $5.9B+82.4% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
UAL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.6B-27.4% | $4.8B+29.4% | $1.3B-42.2% | $1.2B-18.7% | $2.2B-22.9% | $3.7B+30.3% | $2.2B+344.4% | $1.5B+70.2% |
| Depreciation & Amortization | $762.0M+4.0% | $756.0M+4.0% | $748.0M-1.4% | $730.0M-1.6% | $733.0M+1.9% | $727.0M+2.7% | $759.0M+11.0% | $742.0M+11.9% |
| Capital Expenditures | $1.3B+4.4% | $1.7B+35.6% | $1.9B+12.8% | $1.5B+3.8% | $1.3B+10.6% | $1.2B-9.7% | $1.7B-18.9% | $1.4B-23.5% |
| Free Cash Flow | $267.0M-71.3% | $3.1B+26.2% | -$604.0M-210.0% | -$246.0M-379.5% | $930.0M-45.6% | $2.5B+67.1% | $549.0M+118.4% | $88.0M+109.1% |
| Investing Cash Flow | -$1.5B+7.6% | -$1.9B-29.5% | -$1.6B+8.7% | -$1.7B+30.6% | -$1.6B-1279.1% | -$1.5B-201.5% | -$1.7B-130.8% | -$2.5B-29.7% |
| Financing Cash Flow | $2.1B+354.8% | -$976.0M+33.0% | -$509.0M+13.9% | -$2.1B-99.1% | -$843.0M-45.3% | -$1.5B+24.8% | -$591.0M-380.5% | -$1.1B-50.1% |
| Share Buybacks | $0-100.0% | $27.0M-92.3% | $27.0M-66.3% | $21.0M-74.4% | $240.0M | $349.0M | $80.0M | $82.0M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
UAL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 6.2%-2.5pp | 6.8%+2.2pp | 9.0%-1.2pp | 9.2%-1.4pp | 8.7%-4.2pp | 4.6%+3.8pp | 10.2%+2.9pp | 10.5%-1.5pp |
| Net Margin | 4.6%-1.8pp | 4.8%+1.9pp | 6.8%+0.1pp | 6.2%-0.3pp | 6.4%-2.4pp | 2.9%+3.9pp | 6.7%+2.3pp | 6.5%-1.3pp |
| Return on Equity | 4.8%-2.5pp | 4.4%+1.3pp | 6.8%-0.9pp | 6.6%-1.8pp | 7.3%-5.3pp | 3.1%+4.4pp | 7.8%+1.3pp | 8.4%-4.4pp |
| Return on Assets | 0.9%-0.3pp | 0.9%+0.3pp | 1.4%0.0pp | 1.2%-0.1pp | 1.3%-0.6pp | 0.5%+0.7pp | 1.3%+0.5pp | 1.3%-0.2pp |
| Current Ratio | 0.78+0.1x | 0.70-0.1x | 0.65-0.2x | 0.67-0.1x | 0.70-0.1x | 0.780.0x | 0.810.0x | 0.79-0.1x |
| Debt-to-Equity | 1.46-0.1x | 1.38-0.6x | 1.12-0.6x | 1.45-0.5x | 1.56-0.5x | 1.93-0.6x | 1.71-1.0x | 1.94-1.0x |
| Asset Turnover | 0.210.0x | 0.180.0x | 0.200.0x | 0.200.0x | 0.200.0x | 0.170.0x | 0.200.0x | 0.200.0x |
| FCF Margin | 1.5%-4.6pp | 21.4%+2.7pp | -3.9%-7.7pp | -1.6%-2.2pp | 6.1%-5.3pp | 18.8%+6.9pp | 3.7%+25.6pp | 0.6%+7.2pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.65), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| United Airlines Holdings Inc UAL | FY2025 | $59.1B | $3.4B | 5.7% | $34.8B | 41/100 |
| Delta Air Lines Inc Del DAL | FY2025 | $63.4B | $5.0B | 7.9% | $51.8B | 47/100 |
| Southwest Airls Co LUV | FY2025 | $28.1B | $441.0M | 1.6% | $18.9B | 33/100 |
| American Airline AAL | FY2025 | $54.6B | $111.0M | 0.2% | $8.6B | 27/100 |
| Alaska Air Group Inc ALK | FY2025 | $14.2B | $100.0M | 0.7% | $4.5B | 34/100 |
| Copa Holdings Sa CPA | FY2025 | $3.6B | $671.6M | 18.6% | $5.3B | 26/100 |
Where United Airlines Holdings Inc Ranks
Frequently Asked Questions
What is United Airlines Holdings Inc's annual revenue?
United Airlines Holdings Inc (UAL) reported $59.1B in total revenue for fiscal year 2025. This represents a 3.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is United Airlines Holdings Inc's revenue growing?
United Airlines Holdings Inc (UAL) revenue grew by 3.5% year-over-year, from $57.1B to $59.1B in fiscal year 2025.
Is United Airlines Holdings Inc profitable?
Yes, United Airlines Holdings Inc (UAL) reported a net income of $3.4B in fiscal year 2025, with a net profit margin of 5.7%.
What is United Airlines Holdings Inc's EBITDA?
United Airlines Holdings Inc (UAL) had EBITDA of $7.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does United Airlines Holdings Inc have?
As of fiscal year 2025, United Airlines Holdings Inc (UAL) had $5.9B in cash and equivalents against $17.2B in long-term debt.
What is United Airlines Holdings Inc's operating margin?
United Airlines Holdings Inc (UAL) had an operating margin of 8.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is United Airlines Holdings Inc's net profit margin?
United Airlines Holdings Inc (UAL) had a net profit margin of 5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is United Airlines Holdings Inc's return on equity (ROE)?
United Airlines Holdings Inc (UAL) has a return on equity of 21.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is United Airlines Holdings Inc's free cash flow?
United Airlines Holdings Inc (UAL) generated $2.6B in free cash flow during fiscal year 2025. This represents a -33.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is United Airlines Holdings Inc's operating cash flow?
United Airlines Holdings Inc (UAL) generated $8.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are United Airlines Holdings Inc's total assets?
United Airlines Holdings Inc (UAL) had $76.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are United Airlines Holdings Inc's capital expenditures?
United Airlines Holdings Inc (UAL) invested $5.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is United Airlines Holdings Inc's current ratio?
United Airlines Holdings Inc (UAL) had a current ratio of 0.65 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is United Airlines Holdings Inc's debt-to-equity ratio?
United Airlines Holdings Inc (UAL) had a debt-to-equity ratio of 1.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is United Airlines Holdings Inc's return on assets (ROA)?
United Airlines Holdings Inc (UAL) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is United Airlines Holdings Inc's P/E ratio?
United Airlines Holdings Inc (UAL) trades at 9.9x earnings, its market capitalization divided by net income of $3.5B net income, trailing 12 months to June 30, 2026. The market capitalization is $34.8B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is United Airlines Holdings Inc's price-to-sales ratio?
United Airlines Holdings Inc (UAL) trades at 0.6x sales, its market capitalization divided by revenue of $62.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $34.8B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is United Airlines Holdings Inc's Altman Z-Score?
United Airlines Holdings Inc (UAL) has an Altman Z-Score of 1.36, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is United Airlines Holdings Inc's Piotroski F-Score?
United Airlines Holdings Inc (UAL) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are United Airlines Holdings Inc's earnings high quality?
United Airlines Holdings Inc (UAL) has an earnings quality ratio of 2.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can United Airlines Holdings Inc cover its interest payments?
United Airlines Holdings Inc (UAL) has an interest coverage ratio of 3.43x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is United Airlines Holdings Inc?
United Airlines Holdings Inc (UAL) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.