United Airlines Holdings

Industrials Passenger Airlines Chicago, Illinois Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$59.1B
                    3y CAGR +9.5%
                    
                    P76
                    
                    +3.5%
                    
                    Net income
                    FY2025
                
$3.4B
                    Net margin +5.7%
                    
                    P16
                    
                    +6.5%
                    
                    Total assets
                    FY2025
                
$76.4B
                    ROA +4.4%
                    
                    P16
                    
                    +3.2%
                    
                    Operating cash flow
                    FY2025
                
$8.4B
                    
                    -10.7%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $76.4B

Total liabilities $26.1B

Shareholders equity $15.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	7.8%	11.8%	8.5%	10.6%	26.8%
Short Term Investments	8.2%	7.7%	11.7%	13.7%	0.2%
Accounts Receivable	3.1%	2.9%	2.7%	2.7%	2.4%
Inventory	2.0%	2.1%	2.2%	1.6%	1.4%
Prepaid Expenses	0.9%	0.9%	0.9%	1.0%	1.1%
Total Current Assets	22.1%	25.5%	26.0%	29.8%	32.0%
Property,Plant and Equipment	60.3%	57.9%	56.0%	51.1%	47.0%
Operating Lease Assets	6.5%	5.1%	5.5%	5.8%	6.8%
Goodwill	5.9%	6.1%	6.4%	6.7%	6.6%
Intangible Assets	3.5%	3.6%	3.8%	4.1%	4.1%
Other Noncurrent Assets	0.0%	0.2%	12.5%	13.3%	14.1%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	6.0%	5.7%	5.4%	5.0%	3.8%
Accrued Liabilities	5.1%	4.4%	4.1%	2.9%	3.1%
Operating Lease Liabilities	0.8%	0.6%	0.8%	0.8%	0.8%
Other Current Liabilities	1.0%	1.3%	1.1%	1.2%	0.8%
Total Current Liabilities	34.2%	31.5%	31.2%	29.7%	26.8%
Long Term Debt	26.9%	29.3%	35.2%	42.0%	44.5%
Operating Lease Liabilities Noncurrent	7.1%	6.1%	6.3%	6.6%	7.6%
Deferred Tax Liabilities	3.2%	2.1%	0.8%	11.0%	10.0%
Other Noncurrent Liabilities	1.9%	2.1%	2.0%	2.0%	1.9%
Total Liabilities	34.2%	31.5%	31.2%	29.7%	26.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	11.7%	12.1%	12.6%	13.3%	13.4%
Retained Earnings	13.2%	9.3%	5.4%	1.9%	0.9%
Treasury Stock	0.8%	0.2%	4.8%	0.0%	5.6%
Accumulated Other Comprehensive Income	0.1%	0.3%	-0.1%	0.3%	-1.4%
Total Stockholders Equity	20.0%	17.1%	13.1%	10.2%	7.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $59.1B

Operating income $4.7B

Net income $3.4B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	77.3%	77.0%	75.5%	66.7%	36.1%
Expenses Cost of Revenue	71.1%	70.1%	69.6%	63.3%	37.6%
Expenses Depreciation and Amortization	3.8%	4.0%	3.8%	3.6%	3.6%
Expenses Share Based Compensation	0.2%	0.2%	0.1%	0.1%	0.3%
Expenses Restructuring and Asset Impairment	0.0%	0.2%	0.1%	0.0%	0.0%
Expenses Operating Expenses	71.1%	70.1%	69.6%	63.3%	37.6%
Other Income Expense Operating Income	6.2%	6.9%	5.9%	3.5%	-1.5%
Other Income Expense Interest Income	0.8%	1.0%	1.2%	0.4%	0.1%
Other Income Expense Interest Expense	1.8%	2.2%	2.8%	2.6%	0.0%
Other Income Expense Other Income/expense	0.2%	-0.1%	0.1%	0.0%	0.1%
Other Income Expense Income Before Tax	5.6%	5.6%	4.8%	1.5%	-3.8%
Income Tax Income Tax Expense	1.2%	1.4%	1.1%	0.4%	-0.9%
net Income net Income	4.4%	4.3%	3.7%	1.1%	-2.9%
net Income Comprehensive Income	4.2%	4.6%	3.3%	2.8%	-2.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	0.4%	0.4%	0.5%	0.5%	0.5%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.4%	0.5%	0.5%	0.5%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $8.4B

Investing cash flow $-6.3B

Financing cash flow $-4.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	4.4%	4.3%	3.7%	1.1%	-2.9%
Operating Activities Depreciation and Amortization	3.8%	4.0%	3.8%	3.6%	3.6%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.1%	0.1%	0.3%
Operating Activities Deferred Income Taxes	1.2%	1.3%	1.1%	0.4%	-0.9%
Operating Activities Changes In Operating Assets and Liabilities	1.2%	0.5%	1.5%	1.3%	1.9%
Operating Activities Other Non Cash Items	-0.1%	0.0%	0.0%	0.3%	0.3%
Operating Activities net Cash From Operating Activities	11.0%	12.7%	9.7%	9.0%	3.0%
Investing Activities Other Investing Activities	0.1%	-0.0%	0.0%	0.1%	0.0%
Investing Activities net Cash From Investing Activities	-8.3%	-3.6%	-8.6%	-20.5%	-2.5%
Financing Activities Repayment of Debt	6.2%	13.7%	6.0%	6.0%	7.6%
Financing Activities Repurchase of Common Stock	0.8%	0.2%	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.2%	-0.0%	-0.0%	-0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-6.5%	-5.6%	-2.7%	-5.0%	9.4%
Cash Reconciliation Effect of Exchange Rate On Cash	8.0%	12.1%	8.9%	11.0%	27.2%
Cash Reconciliation net Change In Cash	-3.7%	3.5%	-1.5%	-16.5%	10.0%
Cash Reconciliation Cash At Beginning of Period	8.0%	12.1%	8.9%	11.0%	27.2%
Cash Reconciliation Cash At End of Period	8.0%	12.1%	8.9%	11.0%	27.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+8.0%	+8.9%	+7.8%	+5.2%	-4.1%
Operating margin	+8.0%	+8.9%	+7.8%	+5.2%	-4.1%
Net margin	+5.7%	+5.5%	+4.9%	+1.6%	-8.0%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+9.5%	+32.3%	+51.8%	+1.3%	-15.8%
Returns
ROE	+21.9%	+24.8%	+28.1%	+10.7%	-39.1%
ROA	+4.4%	+4.3%	+3.7%	+1.1%	-2.9%
ROIC	+12.3%	+13.5%	+10.1%	+5.6%	-5.1%
Liquidity
Current ratio	0.65x	0.81x	0.83x	1.00x	1.19x
Quick ratio	0.32x	0.47x	0.36x	0.45x	1.09x
Leverage
D/E	1.71x	1.84x	2.38x	2.90x	3.64x
Interest coverage	3.43x	3.13x	2.15x	1.31x	-63.88x
Efficiency
Asset turnover	0.77x	0.77x	0.76x	0.67x	0.36x
Cash conversion cycle	-5d	-5d	-4d	-5d	+2d

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United Airlines Holdings

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