United Airlines Holdings (UAL): financials, SEC filings and peers
United Airlines Holdings (UAL) is a passenger airlines company in the Industrials sector of the S&P 500, headquartered in Chicago, Illinois.
It was founded in 1967 and joined the S&P 500 on September 3, 2015.
Its fiscal year ends in December, and its shares trade on the Nasdaq.
In its SEC filings it is classified as “Air Transportation, Scheduled”.
United Airlines Holdings at a glance
- Revenue (12 months)
- $62.9B
- Revenue growth
- +8.5%
- Operating margin
- 7.7%
- Net income (12 months)
- $3.5B
- Free cash flow (12 months)
- $2.5B
- Cash
- $10.2B
- Debt
- $26.5B
- Diluted EPS (12 months)
- $10.68
Twelve months to June 30, 2026, from the 10-Q filed July 16, 2026.
Latest twelve months
Over the twelve months to June 30, 2026, United Airlines Holdings reported revenue of $62.9 billion, up 8.5% from a year earlier.
Its operating margin was 7.7%: for every $100 of sales, about $8 was left as operating profit.
Net income was $3.5 billion (5.6% of revenue), 5.6% higher than a year earlier.
Operating cash flow was $8.9 billion and capital spending $6.4 billion, leaving free cash flow of $2.5 billion (4.0% of revenue).
At the end of the period it held $10.2 billion in cash and $26.5 billion in debt, a net debt position of $16.3 billion.
Five-year trend
- Revenue went from $15.4 billion in fiscal 2020 to $59.1 billion in fiscal 2025, about 30.9% a year.
- Revenue has grown for 5 fiscal years in a row.
- Operating margin widened from -41.4% to 8.0% over the same years.
- Free cash flow was negative in 3 of the last 6 fiscal years.
- United Airlines Holdings reported a net loss in 2 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Revenue growth | 60.4% | 82.5% | 19.5% | 6.2% | 3.5% |
| Operating margin | -4.1% | 5.2% | 7.8% | 8.9% | 8.0% |
| Net income | −$2.0B | $737M | $2.6B | $3.1B | $3.4B |
| Free cash flow | −$40M | $1.2B | −$260M | $3.8B | $2.6B |
| Diluted EPS | $-6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
Fiscal years as reported in United Airlines Holdings’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed July 16, 2026 — quarterly report
- 8-K filed July 15, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed May 22, 2026 — Shareholder vote results
- 8-K filed April 27, 2026 — Regulation FD disclosure
- 10-Q filed April 22, 2026 — quarterly report
- 8-K filed April 21, 2026 — Earnings results; Regulation FD disclosure
Companies like United Airlines Holdings
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Questions about United Airlines Holdings
Is United Airlines Holdings's revenue growing?
Yes. Revenue for the twelve months to June 30, 2026 was $62.9 billion, up 8.5% from a year earlier, according to its SEC filings.
Is United Airlines Holdings profitable?
Yes. It earned $3.5 billion in net income over the twelve months to June 30, 2026, a net margin of 5.6%.
Does United Airlines Holdings have more cash or more debt?
At June 30, 2026 it had $10.2 billion in cash and $26.5 billion in debt, so more debt than cash.
When did United Airlines Holdings last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on July 16, 2026.
Which companies are similar to United Airlines Holdings?
In the S&P 500, United Airlines Holdings is grouped in Passenger Airlines within the Industrials sector. Delta Air Lines (DAL), Southwest Airlines (LUV) are in the same group.
Understand the numbers
Source: United Airlines Holdings’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.