United Airlines Holdings, Inc. (UAL)
NASDAQ: UAL · Real-Time Price · USD
116.43
+3.56 (3.15%)
At close: Feb 26, 2026, 4:00 PM EST
115.60
-0.83 (-0.71%)
After-hours: Feb 26, 2026, 5:48 PM EST
United Airlines Holdings Income Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 |
Operating Revenue | 14,415 | 14,246 | 14,266 | 12,289 | 13,796 | 13,978 | 14,094 | 11,704 | 12,823 | 13,682 | 13,364 | 10,672 | 11,674 | 12,151 | 11,403 | 6,975 | 7,605 | 7,156 | 4,972 | 2,813 |
Other Revenue | 981 | 979 | 970 | 924 | 899 | 865 | 892 | 835 | 803 | 802 | 814 | 757 | 726 | 726 | 709 | 591 | 587 | 594 | 499 | 408 |
| 15,396 | 15,225 | 15,236 | 13,213 | 14,695 | 14,843 | 14,986 | 12,539 | 13,626 | 14,484 | 14,178 | 11,429 | 12,400 | 12,877 | 12,112 | 7,566 | 8,192 | 7,750 | 5,471 | 3,221 | |
Revenue Growth (YoY) | 4.77% | 2.57% | 1.67% | 5.38% | 7.85% | 2.48% | 5.70% | 9.71% | 9.89% | 12.48% | 17.06% | 51.06% | 51.37% | 66.16% | 121.39% | 134.90% | 140.09% | 211.37% | 270.92% | -59.63% |
Cost of Revenue | 10,110 | 10,042 | 9,726 | 9,130 | 9,398 | 9,635 | 9,437 | 9,064 | 9,220 | 9,347 | 8,596 | 8,553 | 8,182 | 8,496 | 8,453 | 6,638 | 6,670 | 5,762 | 4,959 | 4,623 |
Gross Profit | 5,286 | 5,183 | 5,510 | 4,083 | 5,297 | 5,208 | 5,549 | 3,475 | 4,406 | 5,137 | 5,582 | 2,876 | 4,218 | 4,381 | 3,659 | 928 | 1,522 | 1,988 | 512 | -1,402 |
Selling, General & Admin | 821 | 555 | 487 | 496 | 786 | 574 | 626 | 480 | 792 | 516 | 487 | 403 | 599 | 482 | 393 | 226 | 334 | 218 | 139 | 85 |
Other Operating Expenses | 2,310 | 2,546 | 2,487 | 2,326 | 2,155 | 2,304 | 2,211 | 2,148 | 1,852 | 2,158 | 2,017 | 1,814 | 1,580 | 1,790 | 1,642 | 1,451 | 1,306 | 1,197 | 957 | 874 |
Operating Expenses | 3,879 | 3,831 | 3,707 | 3,549 | 3,700 | 3,620 | 3,556 | 3,336 | 3,328 | 3,337 | 3,173 | 2,872 | 2,803 | 2,882 | 2,646 | 2,288 | 2,259 | 2,038 | 1,716 | 1,582 |
Operating Income | 1,407 | 1,352 | 1,803 | 534 | 1,597 | 1,588 | 1,993 | 139 | 1,078 | 1,800 | 2,409 | 4 | 1,415 | 1,499 | 1,013 | -1,360 | -737 | -50 | -1,204 | -2,984 |
Interest Expense | -271 | -278 | -310 | -308 | -316 | -326 | -367 | -393 | -430 | -445 | -451 | -448 | -447 | -428 | -398 | -400 | -406 | -431 | -404 | -336 |
Interest & Investment Income | 138 | 142 | 167 | 164 | 172 | 187 | 190 | 177 | 207 | 234 | 216 | 170 | 156 | 104 | 33 | 5 | 6 | 11 | 12 | 7 |
Other Non Operating Income (Expenses) | 32 | -1 | 9 | 1 | -21 | -3 | -8 | -2 | -10 | -21 | -12 | 8 | -3 | -30 | -37 | 2 | 53 | -3 | -63 | 13 |
EBT Excluding Unusual Items | 1,306 | 1,215 | 1,669 | 391 | 1,432 | 1,446 | 1,808 | -79 | 845 | 1,568 | 2,162 | -266 | 1,121 | 1,145 | 611 | -1,753 | -1,084 | -473 | -1,659 | -3,300 |
Merger & Restructuring Charges | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10 | -5 | -11 | -463 |
Gain (Loss) on Sale of Investments | 12 | -13 | 26 | -21 | -39 | -90 | -33 | -37 | -27 | -54 | 84 | 24 | 32 | 28 | -40 | - | -125 | -34 | 147 | -22 |
Asset Writedown | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8 | -46 | -59 | - |
Legal Settlements | - | - | - | - | - | - | - | - | - | - | - | - | - | -94 | -94 | - | - | - | - | - |
Other Unusual Items | 7 | 53 | -447 | 108 | -86 | -70 | -36 | -48 | -47 | -29 | -859 | -14 | -23 | 74 | -18 | 1 | 346 | 1,161 | 1,018 | 2,034 |
Pretax Income | 1,325 | 1,255 | 1,248 | 478 | 1,307 | 1,286 | 1,739 | -164 | 771 | 1,485 | 1,387 | -256 | 1,130 | 1,153 | 459 | -1,752 | -845 | 603 | -564 | -1,751 |
Income Tax Expense | 281 | 306 | 275 | 91 | 322 | 321 | 416 | -40 | 171 | 348 | 312 | -62 | 287 | 211 | 130 | -375 | -199 | 130 | -130 | -394 |
Net Income | 1,044 | 949 | 973 | 387 | 985 | 965 | 1,323 | -124 | 600 | 1,137 | 1,075 | -194 | 843 | 942 | 329 | -1,377 | -646 | 473 | -434 | -1,357 |
Net Income to Common | 1,044 | 949 | 973 | 387 | 985 | 965 | 1,323 | -124 | 600 | 1,137 | 1,075 | -194 | 843 | 942 | 329 | -1,377 | -646 | 473 | -434 | -1,357 |
Net Income Growth | 5.99% | -1.66% | -26.46% | - | 64.17% | -15.13% | 23.07% | - | -28.83% | 20.70% | 226.75% | - | - | 99.15% | - | - | - | - | - | - |
Shares Outstanding (Basic) | 327 | 324 | 325 | 328 | 335 | 329 | 329 | 328 | 331 | 328 | 328 | 327 | 330 | 327 | 327 | 325 | 324 | 324 | 324 | 317 |
Shares Outstanding (Diluted) | 327 | 327 | 327 | 333 | 335 | 333 | 334 | 328 | 331 | 332 | 332 | 327 | 330 | 330 | 330 | 325 | 324 | 329 | 324 | 317 |
Shares Change (YoY) | -2.24% | -1.74% | -2.01% | 1.43% | 0.97% | 0.09% | 0.72% | 0.27% | 0.27% | 0.88% | 0.36% | 0.74% | 2.04% | 0.15% | 2.07% | 2.65% | 9.02% | 13.06% | 15.28% | 27.40% |
EPS (Basic) | 3.19 | 2.93 | 3.00 | 1.18 | 2.94 | 2.93 | 4.02 | -0.38 | 1.81 | 3.47 | 3.28 | -0.59 | 2.55 | 2.88 | 1.01 | -4.24 | -2.00 | 1.46 | -1.34 | -4.29 |
EPS (Diluted) | 3.18 | 2.90 | 2.97 | 1.16 | 2.94 | 2.90 | 3.96 | -0.38 | 1.81 | 3.42 | 3.24 | -0.59 | 2.55 | 2.86 | 1.00 | -4.24 | -2.00 | 1.44 | -1.34 | -4.29 |
EPS Growth | 8.12% | - | -25.00% | - | 62.60% | -15.20% | 22.22% | - | -29.02% | 19.58% | 224.00% | - | - | 98.61% | - | - | - | - | - | - |
Free Cash Flow | -604 | -246 | 930 | 2,477 | 549 | 88 | 1,711 | 1,482 | -2,976 | -962 | 2,379 | 1,299 | -1,381 | -587 | 2,141 | 1,074 | -805 | -1,052 | 1,814 | 3 |
Free Cash Flow Per Share | -1.85 | -0.75 | 2.84 | 7.44 | 1.64 | 0.27 | 5.12 | 4.51 | -8.98 | -2.89 | 7.18 | 3.97 | -4.18 | -1.78 | 6.48 | 3.31 | -2.49 | -3.20 | 5.61 | 0.01 |
Gross Margin | 34.33% | 34.04% | 36.16% | 30.90% | 36.05% | 35.09% | 37.03% | 27.71% | 32.34% | 35.47% | 39.37% | 25.16% | 34.02% | 34.02% | 30.21% | 12.26% | 18.58% | 25.65% | 9.36% | -43.53% |
Operating Margin | 9.14% | 8.88% | 11.83% | 4.04% | 10.87% | 10.70% | 13.30% | 1.11% | 7.91% | 12.43% | 16.99% | 0.03% | 11.41% | 11.64% | 8.36% | -17.97% | -9.00% | -0.65% | -22.01% | -92.64% |
Profit Margin | 6.78% | 6.23% | 6.39% | 2.93% | 6.70% | 6.50% | 8.83% | -0.99% | 4.40% | 7.85% | 7.58% | -1.70% | 6.80% | 7.32% | 2.72% | -18.20% | -7.89% | 6.10% | -7.93% | -42.13% |
Free Cash Flow Margin | -3.92% | -1.62% | 6.10% | 18.75% | 3.74% | 0.59% | 11.42% | 11.82% | -21.84% | -6.64% | 16.78% | 11.37% | -11.14% | -4.56% | 17.68% | 14.19% | -9.83% | -13.57% | 33.16% | 0.09% |
EBITDA | 1,876 | 2,082 | 2,537 | 1,261 | 2,026 | 2,330 | 2,712 | 847 | 1,594 | 2,463 | 3,078 | 659 | 1,873 | 2,109 | 1,624 | -749 | -300 | 573 | -584 | -2,361 |
EBITDA Margin | 12.19% | 13.68% | 16.65% | 9.54% | 13.79% | 15.70% | 18.10% | 6.75% | 11.70% | 17.00% | 21.71% | 5.77% | 15.10% | 16.38% | 13.41% | -9.90% | -3.66% | 7.39% | -10.67% | -73.30% |
D&A For EBITDA | 469 | 730 | 734 | 727 | 429 | 742 | 719 | 708 | 516 | 663 | 669 | 655 | 458 | 610 | 611 | 611 | 437 | 623 | 620 | 623 |
EBIT | 1,407 | 1,352 | 1,803 | 534 | 1,597 | 1,588 | 1,993 | 139 | 1,078 | 1,800 | 2,409 | 4 | 1,415 | 1,499 | 1,013 | -1,360 | -737 | -50 | -1,204 | -2,984 |
EBIT Margin | 9.14% | 8.88% | 11.83% | 4.04% | 10.87% | 10.70% | 13.30% | 1.11% | 7.91% | 12.43% | 16.99% | 0.03% | 11.41% | 11.64% | 8.36% | -17.97% | -9.00% | -0.65% | -22.01% | -92.64% |
Effective Tax Rate | 21.21% | 24.38% | 22.04% | 19.04% | 24.64% | 24.96% | 23.92% | - | 22.18% | 23.43% | 22.49% | - | 25.40% | 18.30% | 28.32% | - | - | 21.56% | - | - |
Revenue as Reported | 15,397 | 15,225 | 15,236 | 13,213 | 14,695 | 14,843 | 14,986 | 12,539 | 13,626 | 14,484 | 14,178 | 11,429 | 12,400 | 12,877 | 12,112 | 7,566 | 8,192 | 7,750 | 5,471 | 3,221 |
Updated Jan 20, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.