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Industrials · NASDAQ: UAL

United: how the business works

United Airlines sells airline seats to travelers and MileagePlus miles to partners such as Chase, with FY2025 revenue of $59.1 billion.

By · Checked against filings: . Editorial policy. Corrections

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United Airlines Holdings, Inc. · Chicago, Illinois

Updated for Q3 FY2026 · checked

Revenue, FY2025
$59.1B
Net income, FY2025
$3.4B
Passengers in 2025
181.1M
Aircraft, Dec 31, 2025
1,490
Employees, Dec 31, 2025
113,200

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

United in 5 points

  1. 1 · What it sells

    United sells airline seats, plus MileagePlus miles to partners such as Chase and space for cargo, with FY2025 revenue of $59.1 billion.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, passenger tickets were 90.5% of United's revenue, other revenue, mostly MileagePlus partners, 6.5% and cargo 3.0%, and the split by customer is not disclosed.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, United kept $5.6 as net income, which includes $611 million of interest income, while operating income was $8.0 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    United reports one airline segment and no profit by route, hub or loyalty program, so its FY2025 operating income of $4,713 million has no breakdown.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    United's fuel cost was $4,843 million in Q3 FY2026, up from $2,997 million a year earlier, while its revenue rose to $17.9 billion from $15.2 billion.

    More: the one thing to watch

Sources: From United's FY2025 10-K and its Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of United's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

United · FY2025

Receipt for every $100

Where $100 of United's money went in FY2025
Salaries and related$29.5
Aircraft fuel$19.1
Other operating costs (ground handling, food, navigation fees, IT)$16.6
Landing fees and other rent$6.4
Aircraft maintenance$5.5
Depreciation and amortization$4.9
Regional partners (United Express)$4.5
Distribution (card fees, commissions, booking fees)$3.5
Interest, after capitalized interest$2.0
Aircraft rent$0.4
Special charges$0.4
Income tax$1.6
Kept as net income$5.6
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $59,829 million × 100 (revenue $59,070 million + interest income and other gains $759 million). Lines are rounded so they total $100.0; fuel is $19.05 before rounding. Per $100 of revenue alone, net income was $5.7 and operating income $8.0.

Sources (1)
Next: The business in one line

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02The business in one line

What does United do?

Travelers pay United for seats and partners such as Chase pay it for miles; most of the money goes on staff, fuel and running airports and aircraft, and $5.6 of every $100 that came in during FY2025 was left as net income.

  • Passenger tickets were 90.5% of FY2025 revenue, other revenue, mostly from MileagePlus partners, 6.5% and cargo 3.0% (Cityfort calculation from the FY2025 10-K).
  • United does not hedge fuel. It paid $3.90 a gallon in Q3 FY2026, up from $2.43 a year earlier.
Next: Who pays it

03Who pays it

Who pays United?

  • Travelers

    91%

    of revenue

    90.5% of FY2025 revenue, or $53,438 million, including $4.8 billion of extra fees. 181.1 million passengers flew in 2025.

  • MileagePlus partners and other services

    7%

    of revenue

    6.5% of FY2025 revenue, or $3,853 million. It includes $3.2 billion paid under partner agreements, such as the Chase card deal.

  • Cargo shippers

    3%

    of revenue

    3.0% of FY2025 revenue, or $1,779 million.

  • Travelers91%
  • MileagePlus partners and other services7%
  • Cargo shippers3%

How spread out the customers are

These shares are by type of revenue (Cityfort calculation from the FY2025 10-K), because United gives no split by customer. Its FY2025 10-K calls Chase its most significant contract to sell MileagePlus miles, without a dollar figure.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does United make money?

United's profit is the small gap between what each seat mile earns and what it costs.

A seat mile is one seat flown one mile. In Q3 FY2026, United earned 20.19 cents per seat mile and spent 18.56 cents. Fuel is not hedged, so its price passes straight into costs.

Operating income per $100 of revenue

$5.2$8.0

FY2022 to FY2025

  1. Fly seats through eight hubs to domestic and international cities
  2. Sell tickets, from basic economy to premium cabins
  3. Sell MileagePlus miles to Chase and other partners
  4. Pay staff, fuel, airports and aircraft costs
  5. Spend on new aircraft under the United Next plan
  6. Pay down debt and buy back shares with what remains

↺ Step 6 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has United done?

Revenue

$59.1BFY2025

Revenue rose from $24.6 billion in FY2021, a pandemic year, to $59.1 billion in FY2025, and Q3 FY2026 revenue of $17,875 million was up 17.4% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$24.6B
FY2022$45.0B
FY2023$53.7B
FY2024$57.1B
FY2025$59.1B
Q4 FY2024$14.7B
Q1 FY2025$13.2B
Q2 FY2025$15.2B
Q3 FY2025$15.2B
Q4 FY2025$15.4B
Q1 FY2026$14.6B
Q2 FY2026$17.7B
Q3 FY2026$17.9B

Net profit

$3.4BFY2025

Net income went from a $1,964 million loss in FY2021, which included a $4,021 million federal payroll-support grant, to $3,353 million in FY2025.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$2.0B−$6.10
FY2022$737M$2.23
FY2023$2.6B$7.89
FY2024$3.1B$9.45
FY2025$3.4B$10.20
Q4 FY2024$985M$2.95
Q1 FY2025$387M$1.16
Q2 FY2025$973M$2.97
Q3 FY2025$949M$2.90
Q4 FY2025$1.0B$3.19
Q1 FY2026$699M$2.14
Q2 FY2026$805M$2.46
Q3 FY2026$1.0B$3.14

Profit kept per $100 of revenue

$5.7FY2025

Net income per $100 of revenue was $5.7 in FY2025 and $5.5 in FY2024, while operating income per $100 was $8.0 and $8.9.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−8.0%5.9%
FY20221.6%10.7%
FY20234.9%12.8%
FY20245.5%14.1%
FY20255.7%13.0%

Free cash flow

$2.6BFY2025

Free cash flow was $2,557 million in FY2025, from $8,431 million of operating cash flow minus $5,874 million of capital spending (Cityfort calculation from the FY2025 10-K).

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$2.1B$2.1B−$40M
FY2022$6.1B$4.8B$1.2B
FY2023$6.9B$7.2B−$260M
FY2024$9.4B$5.6B$3.8B
FY2025$8.4B$5.9B$2.6B
See all yearly numbers
United annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$24.6B$1.5B−$2.0B−$6.10$2.1B$2.1B−$40M
FY2022$45.0B$4.8B$737M$2.23$6.1B$4.8B$1.2B
FY2023$53.7B$6.9B$2.6B$7.89$6.9B$7.2B−$260M
FY2024$57.1B$8.0B$3.1B$9.45$9.4B$5.6B$3.8B
FY2025$59.1B$7.7B$3.4B$10.20$8.4B$5.9B$2.6B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners.

Download United's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained

Sources (10)
Next: What they said, and what happened

06Who runs it

Who runs United, and did they deliver?

  • J. Scott Kirby

    Chief Executive Officer · since 2020

    CEO since May 2020, after serving as President from August 2016 to May 2020. Earlier, he was President of American Airlines Group. His 2025 total pay was $32,282,253, about 334 times the median employee's $96,670, as the proxy states.

  • Brett J. Hart

    President · since 2020

    President since May 2020. He was Chief Administrative Officer from 2017.

  • Michael Leskinen

    Chief Financial Officer · since 2023

    Executive Vice President and CFO since September 2023. He previously ran corporate development and investor relations.

  • Andrew Nocella

    Chief Commercial Officer · since 2017

    Executive Vice President and Chief Commercial Officer since September 2017.

  • Toby Enqvist

    Chief Operations Officer · since 2022

    Executive Vice President and Chief Operations Officer since July 2022. He joined Continental Airlines in 1996.

  • Edward (Ted) Philip

    Independent Chairman of the Board · since 2021

    Chairman since May 2021. United separates the Chairman and CEO roles.

What they said, and what happened

2 too early to tell · 3 delivered · 3 withdrawn

  1. Said on Oct 20, 2026

    United's Oct 20, 2026 investor update guided Q4 FY2026 adjusted EPS to $0.50 to $1.50, assuming fuel of about $4.80 a gallon.

    What happened

    Not yet reported. Q4 FY2025 adjusted EPS was $3.10 and GAAP diluted EPS $3.19.

    Too early to tell

  2. Said on Jul 15, 2026

    United's Jul 15, 2026 investor update guided Q3 FY2026 adjusted EPS to $2.50 to $3.50, assuming fuel of about $3.69 a gallon.

    What happened

    Adjusted EPS was $2.54, at the low end, with fuel at $3.90 a gallon. GAAP diluted EPS was $3.14.

    Delivered

  3. Said on Jul 15, 2026

    United's Jul 15, 2026 investor update guided FY2026 adjusted EPS to $9.00 to $11.00.

    What happened

    The Oct 20, 2026 update gave no full-year EPS range, only the Q4 range.

    Withdrawn

  4. Said on Apr 21, 2026

    United's Apr 21, 2026 investor update guided Q2 FY2026 adjusted EPS to $1.00 to $2.00, assuming fuel of about $4.30 a gallon.

    What happened

    Adjusted EPS was $1.99, with fuel at $4.19 a gallon. GAAP diluted EPS was $2.46.

    Delivered

  5. Said on Apr 21, 2026

    United's Apr 21, 2026 investor update guided FY2026 adjusted EPS to $7.00 to $11.00, with capacity flat to up 2% in Q3 and Q4.

    What happened

    Replaced on Jul 15, 2026 with $9.00 to $11.00. Q3 FY2026 capacity rose 1.3%.

    Withdrawn

  6. Said on Jan 20, 2026

    United's Jan 20, 2026 investor update guided Q1 FY2026 adjusted EPS to $1.00 to $1.50.

    What happened

    Adjusted EPS was $1.19. GAAP diluted EPS was $2.14.

    Delivered

  7. Said on Jan 20, 2026

    United's Jan 20, 2026 investor update guided FY2026 adjusted EPS to $12.00 to $14.00, with adjusted capital spending below $8.0 billion.

    What happened

    Replaced on Apr 21, 2026 with $7.00 to $11.00, after fuel prices rose.

    Withdrawn

  8. Said on Apr 21, 2026

    United's Q1 FY2026 release said it is working toward its goal of investment grade credit ratings.

    What happened

    At Oct 21, 2026, ratings were BB+ at S&P, Ba1 at Moody's and BB+ at Fitch, with positive outlooks at S&P and Fitch.

    Too early to tell
Sources (11)
Next: What could go wrong

07What could go wrong

What could go wrong for United?

  • Raw-material prices

    Fuel price

    United does not hedge fuel. Fuel cost $4,843 million in Q3 FY2026, up from $2,997 million a year earlier, as the price per gallon rose from $2.43 to $3.90. Its filings tie higher prices to conflict in the Middle East.

    Watch Price per gallon in each release. United's Oct 20, 2026 Q4 guidance assumes about $4.80 a gallon.

  • Execution

    Labor costs and union contracts

    Salaries took $29.5 of every $100 in FY2025, and about 83% of staff are in unions. United paid flight attendants a $740 million one-time ratification payment on Sep 15, 2026.

    Watch Salary costs, $4,961 million in Q3 FY2026, and pilot talks before the contract becomes amendable in October 2027.

  • Debt

    Debt and ratings below investment grade

    Debt, finance leases and other financial liabilities were $26,398 million on Sep 30, 2026, or $34.3 billion with operating leases. United's FY2025 10-K names its non-investment grade ratings and loan covenants as risks.

    Watch The $2.8 billion due within 12 months, and rating actions by S&P and Fitch, whose outlooks are positive.

  • Execution

    Aircraft delivery delays

    United relies on few suppliers for aircraft, engines and parts, mainly Boeing and Airbus. 167 of its 552 firm orders on Sep 30, 2026 were 737 MAX 10s, which United's FY2025 10-K said still awaited certification.

    Watch Delivery numbers and MAX 10 certification news in each 10-Q.

  • Concentration

    Changes to MileagePlus or card rules

    Chase is United's most significant contract to sell miles. United's FY2025 10-K names changes to the program, its partners or laws on credit card benefits as risks.

    Watch Partner payments inside other revenue: $3.2 billion in FY2025.

  • Demand

    Conflict and travel demand

    United's Q1 FY2026 10-Q says Middle East tensions disrupted flying in the region. In Q3 FY2026, Middle East, India and Africa passenger revenue fell 17.3%, on 36.5% less capacity.

    Watch Atlantic passenger revenue: $3,611 million in Q3 FY2026, up 10.1%.

  • Other

    Gains inside reported profit

    Special credits in the first nine months of FY2026 included about $1.1 billion of gains on aircraft sale-leasebacks. Q3 FY2026 GAAP diluted EPS was $3.14; adjusted EPS, without them, was $2.54.

    Watch The special charges line and GAAP EPS beside adjusted EPS each quarter.

  • Legal

    Capacity antitrust lawsuits

    Class actions allege that United and other airlines colluded to restrict capacity, after a 2015 Justice Department civil investigative demand. United says it is vigorously defending them; no amounts are stated.

    Watch Any update in United's 10-Q legal note.

Sources (5)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose from $53,717 million in FY2023 to $59,070 million in FY2025, and Q3 FY2026 revenue was $17,875 million, up 17.4%.
  • Net debt fell from $16,949 million at Dec 31, 2021 to $11,745 million at Sep 30, 2026 (Cityfort calculation from the FY2022 10-K and the Q3 FY2026 earnings release).
  • S&P, Moody's and Fitch upgraded United in 2025, and S&P and Fitch now have positive outlooks.
  • MileagePlus partner payments in other revenue rose from $2.7 billion in FY2023 to $3.2 billion in FY2025.
  • Q1, Q2 and Q3 FY2026 adjusted EPS of $1.19, $1.99 and $2.54 were each inside United's guided range, against GAAP diluted EPS of $2.14, $2.46 and $3.14.

What critics point to

  • Fuel cost $3.90 a gallon in Q3 FY2026, up from $2.43 a year earlier, and United does not hedge fuel.
  • United's FY2026 adjusted EPS guidance fell from $12 to $14 in January to $7 to $11 in April, and the Oct 20 update gave no full-year range.
  • About $1.1 billion of sale-leaseback gains are inside nine-month FY2026 profit; Q3 GAAP EPS was $3.14 against adjusted $2.54.
  • Operating cash flow minus capital spending was negative $1,674 million in Q3 FY2026, after the $740 million flight attendant payment (Cityfort calculation from the Q3 FY2026 earnings release).
  • Debt and similar liabilities, including operating leases, were $34.3 billion on Sep 30, 2026, and ratings remain below investment grade.
Next: What to watch next

09What to watch next

What should you watch next at United?

Next event

Q4 FY2026 results

Date not announced yet.

  • Fuel against fares

    Q3 FY2026 fuel was $3.90 a gallon and revenue per seat mile 20.19 cents. United's Oct 20, 2026 Q4 guidance assumes about $4.80 a gallon.

  • Q4 FY2026 results against guidance

    United guided Q4 adjusted EPS to $0.50 to $1.50 on Oct 20, 2026. GAAP EPS sits beside it, since 2026 GAAP profit includes sale-leaseback gains.

  • Q4 revenue

    United's Q3 FY2026 earnings release (Oct 20, 2026) says it expects Q4 revenue to grow over 20% from a year earlier. Q4 FY2025 revenue was $15,397 million.

  • Credit ratings

    S&P and Fitch rate United BB+ with positive outlooks, and Moody's Ba1 with a stable outlook, as of Oct 21, 2026.

  • Pilot contract

    The pilots' contract becomes amendable in October 2027. Under the Railway Labor Act, an amendable contract does not expire.

Next: Key facts

10Key facts

Key facts about United

What does United Airlines do?
United Airlines Holdings runs United Airlines, which flew 181.1 million passengers in FY2025 from eight hubs, including Chicago O'Hare, Denver and Newark. United also sells MileagePlus miles to partners and carries cargo. United's FY2025 revenue was $59,070 million.
How does United Airlines make money, and what is its business model?
United's business model is selling airline seats, then earning more from MileagePlus partners and cargo. In FY2025, United's passenger revenue was $53,438 million of its $59,070 million total. Other operating revenue, mostly from MileagePlus partners, was $3,853 million, and cargo was $1,779 million.
Is United Airlines profitable?
United's FY2025 net income was $3,353 million, up from $3,149 million in FY2024, while operating income fell to $4,713 million from $5,096 million. United's Q3 FY2026 net income was $1,029 million, up from $949 million a year earlier, and included gains on aircraft sale-leasebacks.
What is United Airlines' revenue by segment?
United Airlines reports one segment, its airline. By region in FY2025, United earned $35,017 million on domestic routes (U.S. and Canada), $11,647 million across the Atlantic, $6,878 million across the Pacific and $5,528 million in Latin America.
Who are United Airlines' customers?
United's customers are mainly travelers: passenger tickets were 90.5% of United's FY2025 revenue (Cityfort calculation from the FY2025 10-K). United's FY2025 10-K calls Chase its most significant contract to sell MileagePlus miles, and gives no customer's share of revenue.
Who owns United Airlines?
United's reported 5% holders include Vanguard Capital Management with 7.3% (Mar 31, 2026), and BlackRock with 6.6% and FMR with 5.1% in the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. United's directors and executive officers as a group held 0.86% on Mar 24, 2026 (Cityfort calculation from the 2026 proxy statement).
How does United's MileagePlus loyalty program make money?
United sells MileagePlus miles to partners such as Chase, which give them to cardholders. United's FY2025 other operating revenue included $3.2 billion from partner agreements, up from $2.7 billion in FY2023. At Dec 31, 2025, United held $7,777 million of frequent flyer deferred revenue, for miles not yet used.
How much does United Airlines earn from cargo?
United's cargo revenue was $1,779 million in FY2025, or 3.0% of revenue, down from $2,349 million in FY2021. United's Q3 FY2026 cargo revenue was $529 million, up from $431 million a year earlier.
How much does United Airlines spend on fuel?
United spent $11,396 million on aircraft fuel in FY2025, or $19.3 per $100 of revenue. In Q3 FY2026, United's fuel cost $4,843 million at $3.90 a gallon, up from $2,997 million at $2.43 a year earlier. United does not hedge fuel.
How big is United Airlines?
United Airlines had FY2025 revenue of $59,070 million and net income of $3,353 million. At Dec 31, 2025, United had 1,490 aircraft, including those flown by regional partners, and about 113,200 employees.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

11What it sells

11What it sells

What does United sell?

United flies people and cargo on its own jets and through regional partners branded United Express. It also sells MileagePlus miles to partners such as Chase, which hand them to their customers.

  • Passenger tickets

    Seats from basic economy to premium cabins. Passenger revenue was $53,438 million in FY2025, up from $51,829 million in FY2024.

  • Extra fees

    Fees on top of the ticket, which United calls ancillary fees. They sit inside passenger revenue: $4.8 billion in FY2025, up from $2.2 billion in FY2021.

  • MileagePlus miles

    Members earn miles by flying and from partners, then redeem them. Partner agreements, including Chase's card deal, brought $3.2 billion of other revenue in FY2025.

  • Cargo

    Freight carried for shippers. Cargo revenue was $1,779 million in FY2025, against $2,349 million in FY2021.

  • United Express flights

    Smaller routes flown by CommuteAir, GoJet, Mesa, Republic and SkyWest for United, about 6.1% of capacity. United paid them $2,693 million in FY2025.

What it does

  • Does: Flies domestic, Atlantic, Pacific and Latin American routes from eight hubs, including Chicago O'Hare, Denver, Houston and Newark.
  • Does: Pays five regional airlines to fly United Express routes under capacity purchase agreements.
  • Does: Sells miles to partners, with Chase its most significant contract for miles.
  • Does: Belongs to Star Alliance and runs joint businesses with Air Canada, Lufthansa Group and ANA.

What it does not do

  • Does not: Hedge fuel prices, by its FY2025 10-K.
  • Does not: Pay a dividend: none in FY2021 to FY2025.
  • Does not: Report MileagePlus member numbers or a loyalty profit figure.
  • Does not: Report revenue by cabin or by type of customer in dollars.
Sources (2)
12How the money flows

12How the money flows · FY2025

How does money flow through United?

Money in

  • Passenger revenue$53.4B
  • Other operating revenue, mostly MileagePlus partners$3.9B
  • Cargo$1.8B
  • Interest income and other gains$759M

The company

United

$59.8B came in

Money out

  • Salaries and related costs$17.6B
  • Aircraft fuel$11.4B
  • Airports, regional partners, booking costs and other operating costs$18.6B
  • Depreciation, maintenance and aircraft rent$6.5B
  • Interest $1,167M (after capitalized interest) and special charges $259M$1.4B
  • Income tax$953M
  • Net income$3.4B
  1. Travelers, MileagePlus partners and cargo shippers paid United $59,070 million in FY2025.
  2. Staff cost $17,647 million and fuel $11,396 million.
  3. Airports, regional partners, aircraft and other costs took the rest, leaving operating income of $4,713 million.
  4. Interest income of $611 million and other gains of $148 million came in. Interest expense, after capitalized interest, of $1,167 million and tax of $953 million went out.
  5. That left $3,353 million of net income.
Sources (1)
13What it needs to run

13What it needs to run

What does United need to run?

  • Aircraft

    1,575 aircraft on Sep 30, 2026, including regional partners' jets. At Dec 31, 2025, 1,066 were mainline and 424 regional.

  • Jet fuel

    United used 4,663 million gallons in FY2025, costing $11,396 million. It does not hedge fuel prices.

  • People

    About 117,900 employees on Sep 30, 2026. About 83% were in unions at Dec 31, 2025, including 17,126 pilots and 28,220 flight attendants.

  • Hubs

    Chicago O'Hare, Denver, Houston Intercontinental, Los Angeles, Newark, San Francisco, Washington Dulles and Guam.

  • Airline partners

    Star Alliance membership, and joint businesses with Air Canada and Lufthansa Group across the Atlantic and with ANA across the Pacific.

  • Aircraft makers

    Boeing and Airbus. United had 552 aircraft on firm order on Sep 30, 2026, with deliveries scheduled through 2034 (Cityfort calculation from the Q3 FY2026 10-Q).

Sources (3)
14Where it sells

14Where it sells · FY2025

Where does United sell?

  • Domestic (U.S. and Canada)59%
  • Atlantic20%
  • Pacific12%
  • Latin America9%
Sources (1)
15Competitors and what protects it

15Competitors and what protects it

Who does United compete with?

United's FY2025 10-K names no single U.S. rival. It lists network carriers, national point-to-point carriers, low-cost and ultra-low-cost carriers, and foreign airlines on international routes.

  • Delta Air Lines

    NYSE: DAL

    Delta's own FY2025 10-K names United, with American Airlines, as a network carrier competing with its domestic flights. Delta also lists United's Star Alliance as an international rival group.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Hub network4 of 5

    Eight hubs, including Chicago, Denver, Newark and San Francisco, fed 330,284 million seat miles in FY2025. United's 10-K calls it the world's largest airline by available seat miles.

  • Loyalty and card partners4 of 5

    Partner payments in other revenue rose from $2.7 billion in FY2023 to $3.2 billion in FY2025. Chase is the most significant contract for miles.

  • Airline alliances3 of 5

    Star Alliance membership and joint businesses with Air Canada, Lufthansa Group and ANA connect United's network to theirs.

Weak spot

Fuel price

United does not hedge fuel, by its FY2025 10-K. Fuel took 28.9% of revenue in Q2 FY2026, up from 18.2% a year earlier (Cityfort calculation from the Q2 FY2026 earnings release).

Sources (3)
16Where growth could come from

16Where growth could come from

Where could United's growth come from?

United said in its Oct 20, 2026 investor update that it expects Q4 FY2026 adjusted EPS of $0.50 to $1.50, assuming fuel of about $4.80 a gallon. Its Q3 release said it expects Q4 revenue to grow over 20% from a year earlier. The update gave no full-year EPS range; in January it had been $12 to $14.
Management statement, Oct 20, 2026. Reported as a statement, not our forecast.

  • Passing fuel costs into fares

    Mixed

    20.19 cents revenue per seat mile, Q3 FY2026

    Up from 17.42 cents a year earlier, while fuel rose from $2.43 to $3.90 a gallon. Operating income, including sale-leaseback gains, rose to $1,446 million from $1,395 million.

    Status: Mixed, partly on track.

  • Premium cabins and loyalty

    Working

    +17% premium revenue, Q3 FY2026

    United's Q3 FY2026 release says premium revenue and loyalty revenue each rose 17% from a year earlier. These are company figures; the release gives no dollar amounts.

    Status: Working, on track against what the company said.

  • MileagePlus partner payments

    Working

    $3.2B, FY2025

    Partner payments inside other revenue rose from $2.7 billion in FY2023 and $2.9 billion in FY2024. They include the Chase card agreement, among others.

    Status: Working, on track against what the company said.

  • United Next fleet plan

    Mixed

    552 aircraft on firm order, Sep 30, 2026

    United's FY2025 10-K (Feb 12, 2026) says it plans to take delivery of over 630 new aircraft by the end of 2034. Its FY2025 10-K names the Boeing 737 MAX 10's pending certification as a risk.

    Status: Mixed, partly on track.

  • Credit ratings

    Working

    BB+ / Ba1 / BB+, Oct 21, 2026

    S&P upgraded United in August 2025, Moody's in November 2025 and Fitch in December 2025. United's stated goal is investment grade ratings.

    Status: Working, on track against what the company said.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (6)
17The company's own measures (non-GAAP)

17The company's own measures · FY2025 and FY2026 periods, as each row says

What do United's own measures show?

Adjusted (non-GAAP) figures are United's own measures, shown next to the official (GAAP) number. United changed its free cash flow definition on Jan 1, 2025, so older company figures differ.

  • Official (GAAP): Diluted EPS, FY2025

    $10.20

    Company's own measure: Adjusted diluted EPS, FY2025

    $10.62

    Leaves out special charges (a net $259 million in FY2025) and the other items in United's reconciliation.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $3.14

    Company's own measure: Adjusted diluted EPS, Q3 FY2026

    $2.54

    Leaves out a $215 million special credit, which included $294 million of gains on aircraft sale-leasebacks. Adjusted EPS was below GAAP EPS in every 2026 quarter.

  • Official (GAAP): Income before taxes, Q3 FY2026

    $1.3B

    Company's own measure: Adjusted pre-tax income, Q3 FY2026

    $1.1B

    Same adjustments as adjusted EPS, before tax.

  • Official (GAAP): Pre-tax margin, Q3 FY2026

    7.3%

    Company's own measure: Adjusted pre-tax margin, Q3 FY2026

    6.2%

    Adjusted pre-tax income ÷ revenue, as United states it.

  • Official (GAAP): Net income, 12 months to Sep 30, 2026

    $3.6B

    Company's own measure: Adjusted EBITDA, 12 months to Sep 30, 2026

    $7.4B

    United's own measure of earnings before interest, tax, depreciation and amortization, adjusted for the items in its reconciliation. United states an 11.2% margin.

  • Official (GAAP): Operating cash flow, FY2025

    $8.4B

    Company's own measure: United's free cash flow, FY2025

    $2.7B

    Since Jan 1, 2025, United starts from operating plus investing cash flows, adjusted for short-term investments and restricted cash, so sale-leaseback proceeds count. It recast FY2024 to $4,270 million from $3,424 million. Operating cash flow minus capital spending, as this page calculates it, was $2,557 million.

  • Official (GAAP): Operating cash flow, Q3 FY2026

    $465M

    Company's own measure: United's free cash flow, Q3 FY2026

    −$1.8B

    Same 2025 definition. Operating cash flow included the $740 million flight attendant ratification payment made on Sep 15, 2026.

  • Official (GAAP): Debt, finance leases and other financial liabilities, Sep 30, 2026

    $26.4B

    Company's own measure: Adjusted net debt, Sep 30, 2026

    $20.5B

    Adds $7,897 million of operating leases and $825 million of noncurrent pension liabilities, for adjusted total debt of $35,120 million, then subtracts cash and short-term investments. United states net leverage of 2.4 times.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (5)
18Financial strength and debt

18Financial strength · Sep 30, 2026

How much debt does United have?

On Sep 30, 2026, United had $26.4 billion of debt, finance leases and other financial liabilities and $14.7 billion of cash and short-term investments, against $25.0 billion and $12.2 billion on Dec 31, 2025.
  • Total debt$26.4B
  • Cash and investments$14.7B
  • Net debt (debt minus cash)$11.7B
  • Net worth (shareholders' money)$17.8B
Debt to equity
1.49×
$ of debt for every $1 of shareholders' money
Interest cover
3.4×
how many times operating profit covers interest
  • Net debt of $11,745 million is debt, finance leases and other financial liabilities minus cash and short-term investments (Cityfort calculation from the Q3 FY2026 earnings release). It leaves out $7,897 million of operating leases.
  • Including operating leases, United's Q3 FY2026 10-Q puts these liabilities at $34.3 billion, with $2.8 billion due within 12 months.
  • Debt to equity of 1.49 uses stockholders' equity of $17,754 million (Cityfort calculation from the Q3 FY2026 earnings release). Interest cover of 3.4 is FY2025 operating income of $4,713 million ÷ interest expense of $1,373 million (Cityfort calculation from the FY2025 10-K).
  • United also held money for travel not yet delivered at Dec 31, 2025: $8,131 million of advance ticket sales and $7,777 million of frequent flyer deferred revenue.
  • Liquidity was $17.7 billion on Sep 30, 2026, including undrawn credit lines, by United's release. On Oct 16, 2026, United raised its undrawn revolving credit line from $3.0 billion to $5.0 billion.
  • S&P and Fitch rate United BB+ and Moody's Ba1, as of Oct 21, 2026; the FY2025 10-K calls these non-investment grade ratings.
Sources (3)
19Who owns it

19Who owns it · ownership as of Mar 24, 2026

Who owns United?

Common stock carries one vote per share. Two single shares of junior preferred stock, held by the pilots' union and the IAM, each elect one director. Directors and executive officers as a group (18 people) held 2,781,227 shares on Mar 24, 2026, or 0.86% of 324,649,382 (Cityfort calculation from the 2026 proxy statement). Capital International Investors, at 5.6% in the proxy, reported 2.0% at Mar 31, 2026.
Officers and directors (as a group), shares
0.9%
Share classes
United share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (324,894,375 shares on Oct 15, 2026 (10-Q cover). 4,218 holders of record on Feb 5, 2026.)324.91Public and institutions––Yes
Class Pilot MEC Junior Preferred Stock (One share. It elects one director and has one vote on other matters.)01The United pilots' council of the Air Line Pilots Association (ALPA)––No
Class IAM Junior Preferred Stock (One share. It elects one director and has one vote on other matters.)01The International Association of Machinists (IAM)––No
Holders of 5% or more
United holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Vanguard Capital Management7.3%–Apr 30, 2026S20, S2323,635,255 shares at Mar 31, 2026. The Vanguard Group now reports 0 after an internal realignment in January 2026; the two figures are never added.
BlackRock, Inc.6.6%–Apr 7, 2026S1921,530,333 shares, from BlackRock's filing of Jan 29, 2024, as listed in the 2026 proxy statement. No newer BlackRock filing appears on EDGAR's United list.
FMR LLC5.1%–Apr 7, 2026S19, S2216,417,563 shares, as listed in the 2026 proxy statement. FMR's own filing of Feb 5, 2026 puts this at 5.0% of shares at Dec 31, 2025.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (6)
20What it does with profit

20What it does with profit

What does United do with its profit?

United paid no dividends in FY2021 to FY2025. Its FY2025 10-K says it does not expect to pay cash dividends in the foreseeable future. It issued $532 million of new shares in FY2021.

Dividend per share

$0.00FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$0.00–
FY2022$0.00–
FY2023$0.00–
FY2024$0.00–
FY2025$0.00–

  • Buyback · Dec 31, 2024

    FY2024: paid $162 million for its own shares, under a $1.5 billion program announced on Oct 15, 2024.

    $162M

  • Buyback · Dec 31, 2025

    FY2025: about 8.1 million shares at an average of $78.75; the cash flow statement shows $637 million.

    $637M

  • Buyback · Sep 30, 2026

    First nine months of FY2026: about 0.3 million shares for $27 million, none in Q3. $755 million of the program was left at Oct 15, 2026.

    $27M

Sources (4)
21Governance signals

21Governance signals

What do United's governance filings show?

Auditor
Ernst & Young LLP, since 2009
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy says the Audit Committee reviews and approves or ratifies related party transactions. It lists one since Jan 1, 2025: a United treasury executive, the spouse of an executive officer, received about $2,019,000 of 2025 pay.
Credit rating
S&P, Moody's and Fitch BB+, Ba1 and BB+ (Positive at S&P (since January 2026), stable at Moody's, positive at Fitch (since July 2026)), Oct 21, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other · Feb 12, 2026

    Capacity antitrust lawsuits

    In 2015, the US Department of Justice sent United a civil investigative demand about airline capacity statements. Consolidated class actions in federal court in Washington, D.C. allege that airlines colluded to restrict capacity. United says it is vigorously defending them.

  • other

    Union-elected directors

    The pilots' union (ALPA) and the IAM each hold one junior preferred share, and each elects one director.

  • disclosure

    What the filings do not break out

    United's filings give no MileagePlus member count or loyalty profit, no dollar revenue by cabin or customer type, no route or hub profit, and no dollar figure for Chase's payments.

  • disclosure

    Free cash flow redefined in 2025

    United changed its own free cash flowCash from operations minus spending on buildings and equipment. Learn more definition on Jan 1, 2025 and recast FY2024 to $4,270 million from $3,424 million. Figures on the old and new definitions cannot be compared.

  • other

    Policy on hedging company stock

    United's 2026 proxy says officers, directors, management and administrative employees may not hedge company stock or use it as collateral.

Sources (5)
22What the market paid

22What the market paid · price as of Nov 5, 2026

What did the market pay for United on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: a $110.49 close, from Nasdaq's historical price table; United's shares are listed on Nasdaq. Market value = $110.49 × 324,894,375 shares (10-Q cover, Oct 15, 2026) = $35,898 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 10.1 on the last four quarters' diluted EPS of $10.93 (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q4 FY2025 to Q3 FY2026 earnings releases); 2026 EPS includes sale-leaseback gains. P/B is market value ÷ stockholders' equity of $17,754 million at Sep 30, 2026: 2.02 (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q and earnings release). United pays no dividend.

Share price
$110.49
Market value (market cap)
$35.9B
P/E
10.1×
P/B
2×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 324.89 million ($110.49 × 324.89 million shares ≈ $35.9B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Proxy statement (DEF 14A), 2026 annual meeting

Source: UAL historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (Nov 5, 2026 close $110.49); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Earnings release, third quarter 2026 (8-K Ex. 99.1) and 3 more

Sources (8)
23How it got here

23How it got here

How did United get here?

  1. 2021

    Crisis

    Pandemic and payroll grants

    United recorded a $4,021 million credit from federal payroll-support grants in FY2021. It still had an operating loss of $1,022 million.

  2. 2023

    Milestone

    New labor contracts

    United booked $814 million of ratification bonuses for labor contracts in FY2023, inside special charges.

  3. 2024

    Milestone

    Share buyback program

    United announced a $1.5 billion buyback program on Oct 15, 2024, and spent $162 million on its own shares that year.

  4. 2025

    Milestone

    MileagePlus notes repaid; ratings upgraded

    United redeemed $1.52 billion of MileagePlus secured notes in July 2025. S&P, Moody's and Fitch upgraded United between August and December 2025.

  5. 2026

    Milestone

    Unsecured notes

    United issued $2.0 billion of unsecured senior notes in February 2026, its first unsecured issues since 2019, by its Q1 FY2026 release.

  6. 2026

    Crisis

    Fuel spike and lower guidance

    Fuel rose to $4.19 a gallon in Q2 FY2026 from $2.34 a year earlier. On Apr 21, 2026, United cut FY2026 adjusted EPS guidance to $7 to $11, from $12 to $14.

  7. 2026

    Milestone

    Approach to American Airlines

    On Apr 27, 2026, CEO Scott Kirby said he had approached American Airlines about a combination, and American declined to engage.

  8. 2026

    Milestone

    Flight attendant contract

    Flight attendants ratified a five-year agreement effective May 31, 2026. United made a $740 million one-time ratification payment on Sep 15, 2026.

Sources (12)

24Sources and changes

Where every number on this page comes from

Sources (28 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  2. S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 29, 2024
  3. S3Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2023
  4. S4Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2026
  5. S5Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
  6. S7Earnings release, third quarter 2026 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
  7. S8Earnings release, second quarter 2026 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 15, 2026
  8. S9Earnings release, first quarter 2026 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  9. S10Earnings release, fourth quarter and full year 2025 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
  10. S11Earnings release, third quarter 2025 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2025
  11. S12Earnings release, second quarter 2025 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2025
  12. S13Earnings release, first quarter 2025 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2025
  13. S14Earnings release, fourth quarter and full year 2024 (8-K Ex. 99.1) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 21, 2025
  14. S15Form 8-K filed Oct 20, 2026, Ex. 99.2, Investor Update (fourth-quarter 2026 outlook) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
  15. S16Form 8-K filed Jul 15, 2026, Ex. 99.2, Investor Update (third-quarter and full-year 2026 outlook) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 15, 2026
  16. S17Form 8-K filed Apr 21, 2026, Ex. 99.2, Investor Update (second-quarter and full-year 2026 outlook) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  17. S18Form 8-K filed Jan 20, 2026, Ex. 99.2, Investor Update (first-quarter and full-year 2026 outlook) · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
  18. S19Proxy statement (DEF 14A), 2026 annual meeting · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
  19. S20Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  20. S21Schedule 13G/A, Capital International Investors (event Mar 31, 2026) · Capital International Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
  21. S22Schedule 13G, FMR LLC and Abigail P. Johnson (event Dec 31, 2025) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
  22. S23Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  23. S24Form 8-K filed Feb 2, 2026, Items 1.01 and 2.03, $1.0 billion 5.375% Senior Notes due 2031 · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2026
  24. S25Form 8-K filed Feb 6, 2026, Items 1.01 and 2.03, $1.0 billion 4.875% Senior Notes due 2029 · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2026
  25. S26Form 8-K filed Apr 27, 2026, Item 7.01, Ex. 99.1, statement from CEO Scott Kirby on a possible combination with American Airlines · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 27, 2026
  26. S27Form 8-K filed Jul 9, 2025, Items 1.02 and 2.02, redemption of $1.52 billion MileagePlus senior secured notes · United Airlines Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 9, 2025
  27. S28UAL historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (Nov 5, 2026 close $110.49) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
  28. S29Delta Air Lines Form 10-K, fiscal year 2025 (ended Dec 31, 2025), competition section · Delta Air Lines, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.