United Airlines Holdings

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

                    Revenue
                    FY2025
                
$59.1B
                    3y CAGR +9.5%
                    
                    P77
                    
                    n/a
                    
                    Net income
                    FY2025
                
$3.4B
                    Net margin +5.7%
                    
                    P13
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$76.4B
                    ROA +4.4%
                    
                    P16
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$8.4B
                    FCF margin +4.3%
                    
                    P7
                    
                    n/a

18 yrs · FY2008–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 1 year

Total assets $76.4B

Total liabilities ~$61.2B

Shareholders equity $15.3B

Account	2025	Trend
Assets
Cash and Cash Equivalents	10.1%
Short Term Investments	10.7%
Accounts Receivable	4.0%
Inventory	2.6%
Prepaid Expenses	1.1%
Total Current Assets	28.5%
Property,Plant and Equipment	78.1%
Operating Lease Assets	8.4%
Goodwill	7.7%
Intangible Assets	4.5%
Other Noncurrent Assets	2.3%
Total Assets	129.4%
Liabilities
Accounts Payable	7.7%
Accrued Liabilities	6.6%
Deferred Revenue	20.1%
Current Portion of Long Term Debt	7.5%
Operating Lease Liabilities	1.1%
Other Current Liabilities	1.3%
Total Current Liabilities	44.2%
Long Term Debt	34.8%
Operating Lease Liabilities Noncurrent	9.2%
Deferred Tax Liabilities	4.2%
Other Noncurrent Liabilities	11.2%
Equity
Preferred Stock	0.0%
Common Stock	0.0%
Additional Paid In Capital	15.1%
Retained Earnings	17.1%
Treasury Stock	6.4%
Accumulated Other Comprehensive Income	0.1%
Total Stockholders Equity	25.9%
Total Liabilitiesand Equity	129.4%

Income Statement

Revenue, expense, and profitability

15 accounts · 1 year

Revenue $59.1B

Operating income $4.7B

Net income $3.4B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Selling,General and Administrative	3.6%
Expenses Depreciation and Amortization	5.0%
Expenses Restructuring and Asset Impairment	0.4%
Expenses Other Operating Expenses	83.0%
Other Income Expense Operating Income	8.0%
Other Income Expense Interest Income	1.0%
Other Income Expense Interest Expense	2.3%
Other Income Expense Other Income/expense	0.6%
Other Income Expense Income Before Tax	7.3%
Income Tax Income Tax Expense	1.6%
net Income net Income	5.7%
net Income Comprehensive Income	5.4%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 1 year

Operating cash flow $8.4B

Investing cash flow $-6.3B

Financing cash flow $-4.9B

Account	2025	Trend
CashFlow
Operating Activities net Income	5.7%
Operating Activities Depreciation and Amortization	5.1%
Operating Activities Deferred Income Taxes	1.6%
Operating Activities Changes In Operating Assets and Liabilities	2.0%
Operating Activities Other Non Cash Items	-0.1%
Operating Activities net Cash From Operating Activities	14.3%
Investing Activities Capital Expenditures	-9.9%
Investing Activities Purchases of Investments	-13.1%
Investing Activities Proceeds From Sale of Investments	12.3%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-10.7%
Financing Activities Proceeds From Debt	1.0%
Financing Activities Repayment of Debt	-8.1%
Financing Activities Repurchase of Common Stock	-1.1%
Financing Activities Other Financing Activities	-0.2%
Financing Activities net Cash From Financing Activities	-8.4%
Cash Reconciliation net Change In Cash	-4.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	—
Operating margin	+8.0%
Net margin	+5.7%
FCF margin	+4.3%
Growth
Revenue CAGR (3y)	+9.5%
Returns
ROE	+21.9%
ROA	+4.4%
ROIC	+10.7%
Liquidity
Current ratio	0.65x
Quick ratio	0.32x
Leverage
D/E	4.00x
Interest coverage	3.43x
Efficiency
Asset turnover	0.77x
Cash conversion cycle	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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United Airlines Holdings

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