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UAL

NASDAQ · USD
United Airlines Holdings, Inc.
Industrials · Airlines, Airports & Air Services
CEO J. Scott Kirby Employees 113,200 R&D / revenue 0.0%
Last price
$96.10−5.14%last session
Market cap
$31.2B
P/E (TTM)
9.0x
From 52w high
−30.7%
From 52w low
+13.5%
1-year return
−2.1%
RSI 14 · vs SMA200
30.4 · −11.6%
IS score
40.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

UAL   SPY   XLI (sector ETF) · weekly closes
90100110120130140Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111UAL 98

Score DNA

Each bar is a 0-100 score within the scored universe
50
Profitability
51
Growth
63
Value
78
Momentum
30
Risk (safety)
70
Quality
45
Balance sheet
83
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: Narrow, Efficient ScalePiotroski 9 / 9Altman Z 1.4Beta 1.273 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
12 open-market sales, $38.4M
Form 144 notices (12m): 14, $48.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+93
206 new holders, 102 closed
1,073 filers hold 89.6% · 364 added, 349 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+148
999 funds adding shares
851 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
39.2%
20-day avg 41.3%, 50-day avg 46.7%
Latest 2.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$59.1B
Revenue growth YoY+3.5%
Gross margin64.1%
Operating income$4.7B
Operating margin8.0%
Net income$3.4B
Net margin5.7%
EPS (diluted)$10.22
Cash flow
Operating cash flow$8.4B
Capital expenditure$5.9B
Free cash flow$2.6B
FCF conversion (FCF / OCF)30.3%
Stock-based compensation$0
FCF less SBC$2.6B
Buybacks$637.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$12.2B
Total debt$24.9B
Net debt$12.7B
Shareholders' equity$15.3B
Goodwill & intangibles$7.2B
Debt / equity2.02
ROE (TTM)22.5%
ROIC (TTM)6.4%
Operating margin by fiscal year
-4.1%FY20215.2%FY20227.8%FY20238.9%FY20248.0%FY2025
Revenue $24.6B (FY2021) to $59.1B (FY2025), a 24.4% CAGR.

Valuation

P/E (TTM)9.0x
EV / EBITDA6.5x
Price / sales0.50x
Price / FCF12.3x
FCF yield8.16%
Buyback yield2.04%
SBC / revenue0.0%
Price / book1.88x
Forward P/E FY202611.9x
Forward P/E FY20277.4x
Forward P/E FY20285.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $149.71 across 7 analysts last quarter is theirs, not ours.

UAL vs industry median

91 companies in Airlines, Airports & Air Services
Gross margin 65.1% 19.8% Operating margin 7.7% 3.0% Net margin 5.6% 0.6% ROIC 6.4% 6.0%
UAL (TTM)Industry median Asset turnover 0.74 vs industry 0.69 · financial leverage 5.06

Earnings delivery

Next report 2026-10-20 · consensus EPS $2.58
100%
beat rate, 12 of 12 quarters
+7.4%
median EPS surprise
12
longest beat streak
+9+18+72+5+5+13+21+2+5+6+10+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-17 to 2026-07-15. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
UAL United Airlines Holdings, In $31.2B9.0x22.5%5.6%+3.5% −2.1%
DAL Delta Air Lines, Inc. $49.6B15.0x15.9%3.7%+14.1% +24.8%
LUV Southwest Airlines Co. $19.3B23.8x11.1%2.8%+9.5% +20.8%
LTM LATAM Airlines Group S.A. $13.6B8.8x107.0%3.0%+20.1% +9.1%
AAL American Airlines Group Inc. $7.9Bn/m8.3%0.4%+7.5% −0.1%
CPA Copa Holdings, S.A. $5.5B8.7x23.1%6.4%+14.8% —
CAAP Corporacion America Airports $4.1B14.8x16.7%10.2%+7.8% —
ALK Alaska Air Group, Inc. $3.9Bn/m-4.6%-1.9%+9.8% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-05-22Shareholder Vote
2025-05-28Departure/Election of Directors; Appointment of Officers
2025-05-28Submission of Matters to a Vote of Security Holders
2025-01-17Departure/Election of Directors; Appointment of Officers
2024-12-18Amendments to Articles of Incorporation or Bylaws; Financial Statements and Exhibits
2024-09-17Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits

Context

Shares outstanding324,583,772
Free float99.3%
Institutional ownership89.6%
Beta1.27
Dividend yield0.00%
Last dividend$2.15 on 2008-01-07
50 / 200-day average$112.54 / $108.80
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where UAL sits among 16 scored companies in Airlines, Airports & Air Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureUALIndustry medianIndustry percentileSector median
P/E (TTM) 8.9x 13.3x
33rd		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 0.89 — 1.42
Price / sales 0.5x 0.6x
40th		 2.0x
Price / book 1.9x 2.0x
38th		 2.9x
Price / tangible book 4.7x 4.7x
50th		 5.6x
Price / free cash flow 12.3x 10.1x
67th		 20.8x
Price / operating cash flow 3.5x 3.8x
33rd		 14.5x
Enterprise value $48.2B $5.4B
93rd		 $4.8B
EV / sales 0.8x 1.2x
20th		 2.4x
EV / EBITDA 5.8x 6.4x
23rd		 13.6x
EV / EBIT 9.0x 10.4x
36th		 19.9x
EV / free cash flow 19.0x 14.3x
67th		 24.3x
Earnings yield 11.2% 4.7%
80th		 3.3%
FCF yield 8.2% 5.0%
60th		 3.8%
Operating cash flow yield 28.6% 24.3%
73rd		 6.2%
Graham number (per share) $110.98 $44.61
75th		 $38.21

Profitability (TTM)

MeasureUALIndustry medianIndustry percentileSector median
Gross margin 65.1% 30.6%
86th		 30.5%
EBITDA margin 13.3% 13.8%
47th		 14.3%
Operating margin 7.7% 6.4%
60th		 9.8%
EBIT margin 8.5% 6.1%
60th		 9.9%
Net margin 5.6% 2.8%
73rd		 6.0%
NOPAT margin 6.1% 4.1%
60th		 7.8%
FCF margin 4.0% 4.0%
53rd		 7.0%
Operating cash flow margin 14.2% 14.3%
47th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 15.3% 6.9%
87th		 14.1%
Stock comp / revenue 0.0% 0.0%
0th		 0.6%
Effective tax rate 21.9% 21.0%
73rd		 21.0%

Returns on capital

MeasureUALIndustry medianIndustry percentileSector median
ROE (on average equity) 23.3% 7.8%
92nd		 11.9%
ROA 4.3% 1.8%
73rd		 4.8%
ROIC 11.3% 6.4%
73rd		 8.7%
ROCE 9.4% 6.5%
67th		 9.4%
Return on tangible assets 6.6% 4.5%
73rd		 7.9%
Cash ROIC (OCF / invested capital) 26.4% 21.3%
73rd		 12.8%
Gross profitability (GP / assets) 48.4% 19.4%
87th		 19.2%
ROIC, 3-yr average 8.9% 2.7%
73rd		 7.8%
ROIC, 5-yr average 7.0% 3.2%
73rd		 8.6%
ROE, 5-yr average 15.5% 5.0%
73rd		 12.5%
Incremental ROIC 29.1% 14.3%
67th		 20.5%

Growth

MeasureUALIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 8.5% 9.5%
25th		 8.6%
Revenue growth (QoQ) 21.0% 13.9%
73rd		 9.9%
Revenue CAGR, 3 yr 7.3% 5.9%
64th		 5.0%
Revenue CAGR, 5 yr 33.9% 25.3%
82nd		 8.3%
Gross profit CAGR, 3 yr 41.7% 17.0%
73rd		 6.5%
Operating income CAGR, 3 yr 4.2% 1.2%
62nd		 6.4%
Net income growth (TTM YoY) 5.7% 5.7%
50th		 11.3%
Net income CAGR, 3 yr 9.5% 11.2%
40th		 6.6%
EPS growth (TTM YoY) 5.9% 5.9%
50th		 13.3%
EPS CAGR, 3 yr 10.0% 15.8%
40th		 5.6%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) -37.1% 19.5%
14th		 14.7%
FCF CAGR, 3 yr 14.2% 9.4%
67th		 12.2%
Operating cash flow CAGR, 3 yr 0.3% 2.1%
44th		 8.8%
Book value CAGR, 3 yr 30.1% 2.2%
91st		 7.3%
Dividend CAGR, 3 yr —
Sustainable growth rate 23.3% 13.4%
88th		 11.0%

Margin history & stability

MeasureUALIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 46.7% 31.0%
91st		 30.6%
Operating margin, 3-yr average 8.3% 5.2%
64th		 10.0%
Net margin, 3-yr average 5.5% 1.3%
64th		 6.2%
FCF margin, 3-yr average 3.2% 2.1%
55th		 7.1%
Revenue stability (0-1) 0.85 0.83
67th		 0.81
Earnings stability (0-1) 0.76 0.36
92nd		 0.47
Margin stability (0-1) 0.00 0.00
0th		 0.90

Liquidity (latest quarter)

MeasureUALIndustry medianIndustry percentileSector median
Cash & short-term investments $16.6B $1.6B
100th		 $249.6M
Net cash (− = net debt) −$17.0B −$3.1B
7th		 −$666.5M
Working capital −$6.1B −$1.1B
20th		 $376.4M
Current ratio 0.78 0.66
67th		 1.79
Quick ratio 0.72 0.62
67th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.60 0.40
73rd		 0.32
Defensive interval (days) 193 days 451 days
33rd		 614 days

Leverage & solvency (latest quarter)

MeasureUALIndustry medianIndustry percentileSector median
Total debt $33.7B $4.7B
93rd		 $919.8M
Debt / equity 2.02 1.29
62nd		 0.65
Net debt / equity 1.02 0.84
62nd		 0.46
Debt / assets 39.8% 38.2%
53rd		 29.3%
Debt / capital 66.8% 55.5%
62nd		 39.5%
Debt / EBITDA 4.03 3.93
54th		 2.44
Net debt / EBITDA 2.04 2.47
31st		 1.86
Interest coverage (EBIT / interest) 4.2x 3.4x
62nd		 5.0x
Cash interest coverage 7.0x 5.7x
57th		 6.1x
Debt payback (years of OCF) 3.8 yrs 2.9 yrs
58th		 3.2 yrs
Liabilities / assets 80.3% 78.4%
53rd		 56.7%
IS credit model rating BB- — —
Implied credit spread (bps) 550 512
53rd		 200

Efficiency

MeasureUALIndustry medianIndustry percentileSector median
Asset turnover 0.78 0.59
73rd		 0.75
Fixed asset turnover 1.16 1.02
67th		 5.14
Inventory turnover 13.2 22.6
21st		 5.0
Receivables turnover 26.4 21.8
73rd		 6.7
Days sales outstanding 14 days 17 days
27th		 54 days
Days inventory outstanding 28 days 16 days
79th		 72 days
Days payables outstanding 89 days 31 days
87th		 41 days
Cash conversion cycle (days) −47 days 0 days
7th		 63 days
Capex / revenue 10.1% 10.0%
53rd		 3.0%
Capex / depreciation 2.13 1.70
73rd		 0.76
Operating expense ratio 61.5% 22.1%
73rd		 17.7%

Cash flow & earnings quality

MeasureUALIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.55 2.49
56th		 1.50
FCF / net income 0.73 1.00
33rd		 1.15
FCF / operating cash flow 28.5% 28.5%
50th		 74.0%
Capex / operating cash flow 71.5% 71.5%
50th		 26.1%
Accruals ratio -6.7% -7.3%
60th		 -4.0%
Sloan accruals ratio -0.4% -5.8%
87th		 -2.4%
Earnings quality score (0-1) 0.75 0.75
0th		 1.00

Dividends & buybacks

MeasureUALIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.6%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.44
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 22.5%
Dividends / FCF 0.0% 0.0%
0th		 19.6%
Dividend growth (YoY) —
Buyback yield 0.2% 0.1%
60th		 0.5%
Shareholder yield (dividends + buybacks) 0.2% 0.2%
53rd		 2.0%
Share count change (YoY) -0.2% 0.1%
46th		 0.0%
Buybacks, last 5 years $2.5B $0
100th		 $76.0M

Scores & forensic checks

MeasureUALIndustry medianIndustry percentileSector median
IS score 41 41
47th		 53
IS profitability 50 24
93rd		 37
IS growth 51 49
62nd		 54
IS value 63 44
80th		 47
IS momentum 78 70
69th		 76
IS risk (safety) 30 30
47th		 80
IS quality 70 55
80th		 67
IS balance sheet 45 42
53rd		 56
IS earnings quality 83 71
93rd		 70
IS cash flow 33 38
33rd		 54
Piotroski F-score (0-9) 9 6
100th		 6
Altman Z-score 1.4 1.4
53rd		 3.3
Beneish M-score −2.74 −2.79
58th		 −2.52
Ohlson O-score −6.87 −6.59
33rd		 −7.49
IS credit score 38 40
47th		 65

Per share

MeasureUALIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.71 $1.25
93rd		 $2.21
Book value per share $51.12 $12.80
80th		 $18.38
Tangible book per share $29.16 $3.40
79th		 $4.39
Revenue per share $192.60 $57.77
100th		 $36.64
FCF per share $7.79 $2.94
87th		 $2.70
Operating cash flow per share $27.29 $8.52
93rd		 $4.28
Cash per share $50.94 $7.36
100th		 $3.02

Size (TTM)

MeasureUALIndustry medianIndustry percentileSector median
Market cap $31.2B $4.0B
93rd		 $3.9B
Revenue $62.9B $4.2B
93rd		 $2.7B
EBITDA $8.4B $858.9M
100th		 $394.8M
Net income $3.5B $90.7M
100th		 $136.3M
Free cash flow $2.5B $227.8M
93rd		 $162.9M
Total assets $84.6B $7.4B
93rd		 $3.5B
Shareholders' equity $16.7B $1.8B
93rd		 $1.4B
Employees 117,500 16,080
93rd		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Brewer Rosalind G
Director
 Award / grant 157——480
2026-09-30Shapiro Edward
Director
 Award / grant 358——22,105
2026-09-30Friend Matthew
Director
 Award / grant 347——11,716
2026-09-30Ward Laysha
Director
 Award / grant 347——11,062
2026-09-30Isaacson Walter
Director
 Award / grant 358——22,927
2026-08-25Nocella Andrew P
EVP & Chief Commercial Officer
 Open-market sale 5,000$117.00$585,000214,955
2026-08-19Shapiro Edward
Director
 Gift 50,000——150,000
2026-08-04Nocella Andrew P
EVP & Chief Commercial Officer
 Open-market sale 3,000$132.30$396,900219,955
2026-08-03Leskinen Michael D.
EVP & Chief Financial Officer
 Open-market sale 10,000$128.19$1.3M47,436
2026-07-28Nocella Andrew P
EVP & Chief Commercial Officer
 Open-market sale 4,200$120.48$506,016222,955
2026-07-28Hart Brett J
President
 Open-market sale 30,108$120.72$3.6M371,583
2026-07-28Hart Brett J
President
 Gift 7,461——364,122

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired27226,313—
GiftDisposed466,086—
GiftAcquired28,625—
Open-market saleDisposed12328,010$38.4M
Option exerciseAcquired3183,252$11.0M
Option exerciseDisposed3183,252$11.0M
Return to issuerDisposed11,205$120,813
Tax withholdingDisposed7101,085$12.0M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 14 notices · 424,038 shares · $48.1M
FiledFilerShares proposedEst. proceeds
2026-08-25Nocella Andrew P5,000$585,000
2026-08-04Nocella Andrew P3,000$396,900
2026-08-03Leskinen Michael D.10,000$1.3M
2026-07-28Hart Brett J30,108$3.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 6 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-02-10Gilbert CisnerosHouseSale$1,001 - $15,0002026-03-10
2026-02-10Gilbert Ray CisnerosHouseSale$1,001 - $15,0002026-03-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.22,436,107$3.1B6.91%
VANGUARD CAPITAL MANAGEMENT LLC21,008,797$2.9B6.47%
FMR LLC19,473,813$2.6B6.00%
PRIMECAP MANAGEMENT CO/CA/16,461,630$2.2B5.07%
Sanders Capital, LLC15,027,948$2.0B4.63%
VANGUARD PORTFOLIO MANAGEMENT LLC14,162,813$1.9B4.36%
STATE STREET CORP11,788,111$1.6B3.63%
Capital World Investors11,353,742$1.5B3.50%
GEODE CAPITAL MANAGEMENT, LLC9,536,361$1.3B2.94%
Capital International Investors6,247,343$849.6M1.92%
DIMENSIONAL FUND ADVISORS LP5,385,982$732.4M1.66%
CITADEL ADVISORS LLC4,331,239$589.0M1.33%
Invesco Ltd.3,481,627$473.5M1.07%
GOLDMAN SACHS GROUP INC3,445,226$468.5M1.06%
Slate Path Capital LP3,325,452$452.2M1.02%

Institutional ownership by quarter

2023-092026-0689.6%
% of shares held by 13F filers
2023-092026-061,073
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,07389.6%206364349102
2026-03-3198087.0%139418273160
2025-12-311,02288.8%21037829780
2025-09-3091788.7%15434029094
2025-06-3086986.3%143338267109
2025-03-3185088.1%174319240163
2024-12-3185788.1%27724623059
2024-09-3065282.5%8420024296
2024-06-3067179.1%11419720977
2024-03-3164175.5%10821119689
2023-12-3162969.8%9918722485
2023-09-3062271.0%7618921294

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-14SCHEDULE 13G/ACapital International Investors2.0%6,438,575
2026-04-30SCHEDULE 13GVanguard Capital Management7.3%23,635,255
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-13SCHEDULE 13G/ACapital International Investors5.6%18,214,883
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VPMAX1.26%$1.2B
VPMCX1.26%$1.2B
VITSX0.05%$1.1B
VSMPX0.05%$1.1B
VTSAX0.05%$1.1B
VTI0.05%$1.1B

Share structure

Shares outstanding324,583,772
Float322,178,606
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$24.6B$45.0B$53.7B$57.1B$59.1B
Cost of revenue$23.9B$34.3B$38.5B$37.6B$21.2B
Gross profit$721.0M$10.6B$15.2B$19.4B$37.9B
R&D$0$0$0$0$0
SG&A$677.0M$1.5B$2.0B$2.2B$2.1B
Operating income−$1.0B$2.3B$4.2B$5.1B$4.7B
EBITDA$1.5B$5.1B$7.8B$8.5B$7.5B
Pretax income−$2.6B$990.0M$3.4B$4.2B$4.3B
Income tax−$593.0M$253.0M$769.0M$1.0B$953.0M
Net income−$2.0B$737.0M$2.6B$3.1B$3.4B
EPS, diluted$-6.10$2.23$7.89$9.45$10.22
Diluted shares321.9M330.1M331.9M333.2M327.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$18.4B$16.4B$14.4B$14.5B$12.2B
Receivables$1.7B$1.8B$1.9B$2.2B$2.4B
Inventory$983.0M$1.1B$1.6B$1.6B$1.6B
Total current assets$21.8B$20.1B$18.5B$18.9B$16.9B
PP&E, net$36.7B$38.3B$43.7B$46.7B$51.7B
Goodwill & intangibles$7.3B$7.3B$7.3B$7.2B$7.2B
Total assets$68.2B$67.4B$71.1B$74.1B$76.4B
Accounts payable$2.6B$3.4B$3.8B$4.2B$4.6B
Total current liabilities$18.3B$20.0B$22.2B$23.3B$26.1B
Long-term debt$30.4B$28.3B$27.4B$25.2B$20.6B
Total liabilities$63.1B$60.5B$61.8B$61.4B$61.2B
Shareholders' equity$5.0B$6.9B$9.3B$12.7B$15.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$2.0B$737.0M$2.6B$3.1B$0
Depreciation & amortization$2.5B$2.5B$2.7B$2.9B$0
Stock-based compensation$0$0$0$0$0
Change in working capital$1.7B$2.3B$664.0M$1.9B$0
Operating cash flow$2.1B$6.1B$6.9B$9.4B$8.4B
Capital expenditure−$2.1B−$4.8B−$7.2B−$5.6B−$5.9B
Free cash flow−$40.0M$1.2B−$260.0M$3.8B$2.6B
Investing cash flow−$1.7B−$13.8B−$6.1B−$2.7B−$6.3B
Net debt issued / repaid$5.9B−$3.3B−$1.9B−$4.0B−$4.2B
Buybacks$0$0$0−$162.0M−$637.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin4.5%23.7%28.3%28.9%64.1%
Operating margin-4.1%5.2%7.8%8.9%8.0%
Net margin-8.0%1.6%4.9%5.5%5.7%
FCF margin-0.2%2.8%-0.5%6.7%4.3%
ROE-35.7%12.4%32.3%28.6%24.0%
ROIC-3.1%6.4%10.3%12.1%10.8%
ROA-3.1%1.1%3.8%4.3%4.5%
Debt / equity7.835.283.942.652.03
Interest coveragen/m1.6x2.9x4.0x4.0x
Current ratio1.191.000.830.810.65
Revenue growth+60.4%+82.5%+19.5%+6.2%+3.5%
EPS growth+73.2%+136.8%+254.1%+19.1%+9.0%
P/E at year endn/m16.9x5.2x10.3x10.9x
EV / EBITDA at year end23.3x7.2x4.6x6.7x7.1x
FCF yield at year end-0.28%10.01%-1.90%11.79%6.99%
Dividend payout—0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Passenger$20.2B$40.0B$49.0B$51.8B$53.4B
Cargo and Freight$2.3B$2.2B$1.5B$1.7B$1.8B

Revenue by region · FY2025

International$35.0B · 59%
Atlantic Destination$11.6B · 20%
Pacific Destination$6.9B · 12%
Latin America Destination$5.5B · 9%

Street estimates by fiscal year

Next report 2026-10-20 · consensus EPS $2.58 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$68.4B$66.9B – $69.3B$8.05$7.10 – $10.641311.9x
2027$72.8B$70.1B – $75.2B$12.90$10.13 – $20.66137.4x
2028$76.3B$67.3B – $80.0B$17.82$15.08 – $19.2465.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-15$1.88$1.99+5.9%$17.6B$17.7B+0.3%
2026-04-21$1.08$1.19+10.2%$14.4B$14.6B+1.5%
2026-01-20$2.93$3.10+5.8%$15.4B$15.4B+0.2%
2025-10-15$2.65$2.78+4.9%$15.3B$15.2B−0.7%
2025-07-16$3.81$3.87+1.6%$15.4B$15.2B−0.8%
2025-04-15$0.75$0.91+21.3%$13.2B$13.2B−0.1%
2025-01-21$2.89$3.26+12.8%$14.4B$14.7B+2.0%
2024-10-15$3.17$3.33+5.0%$14.8B$14.8B+0.5%
2024-07-17$3.93$4.14+5.3%$15.0B$15.0B−0.4%
2024-04-16$-0.54$-0.15+72.3%$12.4B$12.5B+0.7%
2024-01-22$1.69$2.00+18.3%$13.5B$13.6B+0.6%
2023-10-17$3.35$3.65+9.0%$13.5B$14.5B+6.9%
2023-07-19$3.99$5.03+26.1%$14.1B$14.2B+0.4%
2023-04-18$-0.73$-0.63+13.7%$11.4B$11.4B+0.0%
2023-01-17$2.10$2.46+17.1%$12.2B$12.4B+1.4%
2022-10-18$2.28$2.81+23.2%$12.7B$12.9B+1.1%
2022-07-20$1.86$1.43−23.1%$12.1B$12.1B−0.1%
2022-04-20$-4.19$-4.24−1.2%$7.7B$7.6B−1.3%
2022-01-19$-2.23$-1.60+28.3%$7.5B$8.2B+9.5%
2021-10-19$-1.65$-1.02+38.2%$8.6B$7.8B−9.4%
2021-07-20$-4.17$-3.91+6.2%$8.6B$5.5B−36.2%
2021-04-19$-6.97$-7.50−7.6%$3.3B$3.2B−2.1%
2021-01-20$-6.56$-7.00−6.7%$3.2B$3.4B+5.7%
2020-10-14$-7.63$-8.16−6.9%$54.4M$2.5B+4,471.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.006-220.606-290.807-060.907-130.707-200.607-270.508-030.408-100.508-170.408-240.508-31
Week ofNotionalSharesTrades
2026-08-31$547.2M5,071,34781,013
2026-08-24$420.6M3,671,35878,071
2026-08-17$475.8M4,082,69479,921
2026-08-10$399.4M3,175,07171,358
2026-08-03$481.4M3,678,63085,877
2026-07-27$603.5M4,960,24489,856

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1539.2%
DateShort shareShort volumeTotal volume
2026-10-1539.2%568,9791,453,160
2026-10-1432.3%778,4152,413,013
2026-10-1332.8%587,7941,792,002
2026-10-1243.0%582,9211,354,122
2026-10-0946.2%780,1851,688,396
2026-10-0839.9%1,113,4372,789,904
2026-10-0730.6%632,2482,063,119
2026-10-0644.3%933,7692,108,627
2026-10-0539.0%778,6751,996,553
2026-10-0254.4%874,3801,607,605
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.4Jan-0.9Feb-3.8Mar-1.9Apr-0.7May-4.6Jun+4.8Jul+4.6Aug+2.9Sep+9.1Oct+5.4Nov+4.6Dec
MonthAvg returnUp yearsYears
Jan+2.4%45%20
Feb−0.9%55%20
Mar−3.8%57%21
Apr−1.9%55%20
May−0.7%60%20
Jun−4.6%35%20
Jul+4.8%60%20
Aug+4.6%60%20
Sep+2.9%55%20
Oct+9.1%65%20
Nov+5.4%70%20
Dec+4.6%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1430.4
MFI25.9
ADX21.1
Stochastic %K / %D9.3 / 9.4
Williams %R-99.8
CCI-170
TSI / signal-21.9 / -12.1
Chaikin money flow-0.06
ATR$4.09
Bollinger width19.1%
Volume vs 20-day avg1.08x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$108.79 (−11.7%)
SMA 50$111.88 (−14.1%)
SMA 200$108.72 (−11.6%)
EMA 21$106.85 (−10.1%)
EMA 50$110.59 (−13.1%)
EMA 200$108.44 (−11.4%)
Bollinger upper$119.17 (−19.4%)
Bollinger lower$98.41 (−2.3%)
Parabolic SAR$109.81 (−12.5%)
Open the live chart, 110+ indicators

About United Airlines Holdings, Inc.

United Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. Its vast network extends across North America, Europe, Asia, Africa, the Pacific, the Middle East, and Latin America, facilitating the movement of both passengers and freight. The company operates these services using a combination of its primary and regional aircraft fleets. Beyond its core transportation offerings, United also provides specialized support to external clients, encompassing catering, ground handling, aviation training, and aircraft maintenance. Established in 1968, the enterprise has its principal offices in Chicago, Illinois. Notably, it adopted its current name, United Airlines Holdings, Inc., in June 2019, having previously operated as United Continental Holdings, Inc.

https://www.united.com

Key executives

NameTitlePayBorn
J. Scott KirbyChief Executive Officer & Director$9.7M1967
Brett J. HartPresident$6.4M1970
Torbjorn J. EnqvistExecutive Vice President & Chief Operating Officer$4.7M1972
Andrew NocellaExecutive Vice President & Chief Commercial Officer$3.9M1970
Michael LeskinenExecutive Vice President & Chief Financial Officer$2.3M1980
Doreen BurseSenior Vice President of Worldwide Sales——
Josh EarnestExecutive Vice President of Communications & Advertising——
Kristina MunozManaging Director of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Scott Kirby Chief Executive Officer2025$1.2M$22.6M$8.0M$32.3M
Brett Hart President2025$1.0M$13.9M$5.2M$20.3M
Torbjorn Enqvist Executive Vice President and Chief Operations Officer2025$880,000$6.4M$3.7M$11.1M
Andrew Nocella Executive Vice President and Chief Commercial Officer2025$808,500$5.4M$3.0M$9.4M
Michael Leskinen Executive Vice President and Chief Financial Officer2025$783,750$4.8M$1.3M$7.1M

Employees

92k201896k201974k202084k202193k2022103k2023107k2024113k2025

Dividends

Ex-dateAmountPaid
2008-01-07$2.152008-01-23

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage51
Intangibles73
Switching costs69
Network effect50
Efficient scale80
Our component scores (0-100) and overall 65.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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