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

Year-over-year change per cell; first column has no prior.

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	-32.2%	+44.8%	-15.5%	-60.8%	—
Short Term Investments	+10.4%	-31.5%	-9.9%	+7418.7%	—
Accounts Receivable	+10.5%	+14.0%	+5.4%	+8.3%	—
Inventory	-1.0%	+0.7%	+40.8%	+12.8%	—
Prepaid Expenses	-0.3%	+10.5%	-11.6%	-7.5%	—
Total Current Assets	-10.7%	+2.1%	-7.8%	-8.1%	—
Property,Plant and Equipment	+7.5%	+7.8%	+15.6%	+7.4%	—
Operating Lease Assets	+30.0%	-2.5%	+0.6%	-16.3%	—
Goodwill	+0.0%	+0.0%	+0.0%	+0.0%	—
Intangible Assets	-1.0%	-1.5%	-1.3%	-1.5%	—
Other Noncurrent Assets	-100.0%	-98.1%	-0.8%	-6.8%	—
Total Assets	+3.2%	+4.2%	+5.6%	-1.2%	—
Liabilities
Accounts Payable	+8.9%	+9.3%	+13.0%	+32.5%	—
Accrued Liabilities	+18.6%	+11.9%	+49.2%	-7.1%	—
Operating Lease Liabilities	+35.1%	-18.9%	+2.7%	+0.9%	—
Other Current Liabilities	-20.1%	+17.6%	+3.5%	+39.1%	—
Total Current Liabilities	+12.1%	+5.0%	+11.1%	+9.2%	—
Long Term Debt	-5.2%	-13.5%	-11.4%	-6.8%	—
Operating Lease Liabilities Noncurrent	+20.1%	+0.2%	+1.0%	-13.5%	—
Deferred Tax Liabilities	+55.9%	+166.0%	-91.9%	+8.0%	—
Other Noncurrent Liabilities	-3.4%	+8.2%	+3.3%	+6.6%	—
Total Liabilities	+12.1%	+5.0%	+11.1%	+9.2%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	-0.8%	-0.1%	+0.1%	-1.9%	—
Retained Earnings	+46.7%	+79.6%	+202.8%	+102.4%	—
Treasury Stock	+295.7%	-95.3%	—	-100.0%	—
Accumulated Other Comprehensive Income	-74.5%	+403.2%	-135.4%	+118.6%	—
Total Stockholders Equity	+20.6%	+35.9%	+35.2%	+37.1%	—
Total Liabilitiesand Equity	+3.2%	+4.2%	+5.6%	-1.2%	—

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	+3.5%	+6.2%	+19.5%	+82.5%	—
Expenses Cost of Revenue	+4.6%	+5.0%	+16.2%	+66.1%	—
Expenses Depreciation and Amortization	+0.4%	+9.6%	+8.8%	-1.2%	—
Expenses Share Based Compensation	+4.2%	+77.5%	-10.1%	-62.6%	—
Expenses Restructuring and Asset Impairment	-91.8%	+88.1%	+425.0%	-50.0%	—
Expenses Operating Expenses	+4.6%	+5.0%	+16.2%	+66.1%	—
Other Income Expense Operating Income	-7.5%	+21.0%	+80.2%	+328.7%	—
Other Income Expense Interest Income	-15.8%	-12.2%	+177.5%	+727.8%	—
Other Income Expense Interest Expense	-15.7%	-16.7%	+10.0%	+11012.5%	—
Other Income Expense Other Income/expense	+371.7%	-155.2%	+1100.0%	-80.0%	—
Other Income Expense Income Before Tax	+3.3%	+23.1%	+242.1%	+138.7%	—
Income Tax Income Tax Expense	-6.5%	+32.5%	+204.0%	+142.7%	—
net Income net Income	+6.5%	+20.3%	+255.2%	+137.5%	—
net Income Comprehensive Income	-5.4%	+42.8%	+28.4%	+204.9%	—
Earnings Per Share Basic Eps	+7.7%	+20.1%	+253.1%	+137.0%	—
Earnings Per Share Diluted Eps	+7.9%	+19.8%	+253.8%	+136.6%	—
Earnings Per Share Weighted Average Shares Basic	-1.1%	+0.2%	+0.4%	+1.4%	—
Earnings Per Share Weighted Average Shares Diluted	-1.4%	+0.4%	+0.5%	+2.5%	—

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	+6.5%	+20.3%	+255.2%	+137.5%	—
Operating Activities Depreciation and Amortization	+0.4%	+9.6%	+8.8%	-1.2%	—
Operating Activities Stock Based Compensation	+4.2%	+77.5%	-10.1%	-62.6%	—
Operating Activities Deferred Income Taxes	-1.1%	+23.7%	+204.8%	+142.5%	—
Operating Activities Changes In Operating Assets and Liabilities	+172.7%	-66.8%	+17.3%	-30.9%	—
Operating Activities Other Non Cash Items	-788.9%	+50.0%	-97.2%	-1.8%	—
Operating Activities net Cash From Operating Activities	-10.7%	+36.7%	+13.9%	+193.5%	—
Investing Activities Other Investing Activities	+3300.0%	-113.0%	-66.7%	+6800.0%	—
Investing Activities net Cash From Investing Activities	-139.5%	+56.6%	+55.8%	-727.1%	—
Financing Activities Repayment of Debt	-52.9%	+138.7%	+5.9%	-22.9%	—
Financing Activities Repurchase of Common Stock	+293.2%	—	—	—	—
Financing Activities Other Financing Activities	-447.6%	+34.4%	+56.8%	-174.1%	—
Financing Activities net Cash From Financing Activities	-18.2%	-121.0%	+43.5%	-152.4%	—
Cash Reconciliation Effect of Exchange Rate On Cash	-32.0%	+41.2%	-14.6%	-60.0%	—
Cash Reconciliation net Change In Cash	-209.7%	+340.3%	+90.2%	-263.6%	—
Cash Reconciliation Cash At Beginning of Period	-32.0%	+41.2%	-14.6%	-60.0%	—
Cash Reconciliation Cash At End of Period	-32.0%	+41.2%	-14.6%	-60.0%	—

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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