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United Airlines Holdings Inc (UAL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · Passenger Airlines · DATA UPDATED 2026-07-15

United Airlines Holdings Inc (UAL) operates in the Passenger Airlines industry and is headquartered in Chicago, United States with about 117,500 employees. Its market capitalization is roughly $38 billion. In the fiscal year ended 2025-12-31, UAL reported $59.1B in revenue and $3.4B in net income.

United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in the United States, Canada, Atlantic, the Pacific, and Latin America. It transports people and cargo through its mainline and regional fleets.

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UAL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$60.5B	$59.1B	$57.1B	$53.7B	$45.0B	$24.6B	$15.4B	$43.3B	$41.3B	$37.8B	$36.6B	$37.9B	$38.9B	$38.3B	$37.2B	$37.1B	$23.2B	$16.3B	$20.2B	$20.1B	$19.3B
Gross Profit	$38.8B	$37.9B	$19.4B	$15.2B	$10.6B	$721M	($5.0B)	$12.5B	$11.1B	$10.8B	$11.7B	$11.9B	$9.3B	$8.4B	$7.4B	$8.5B	$5.7B	$11.0B	$7.8B	$13.6B	$18.7B
Gross Margin %	64.2%	64.1%	34.0%	28.3%	23.7%	2.9%	-32.8%	28.8%	26.8%	28.5%	32.0%	31.5%	24.0%	21.8%	19.9%	22.8%	24.6%	67.3%	38.4%	67.5%	96.5%
Operating Income (EBIT)	$5.1B	$4.7B	$5.1B	$4.2B	$2.3B	($1.0B)	($6.4B)	$4.3B	$3.2B	$3.6B	$4.3B	$5.2B	$2.4B	$1.2B	$39M	$1.8B	$976M	($161M)	($4.4B)	$1.0B	$447M
Operating Margin %	8.4%	8.0%	8.9%	7.8%	5.2%	-4.2%	-41.4%	9.9%	7.8%	9.6%	11.9%	13.6%	6.1%	3.3%	0.1%	4.9%	4.2%	-1.0%	-22.0%	5.1%	2.3%
Net Income	$3.7B	$3.4B	$3.1B	$2.6B	$737M	($2.0B)	($7.1B)	$3.0B	$2.1B	$2.1B	$2.3B	$7.3B	$1.1B	$571M	($723M)	$840M	$253M	($651M)	($5.3B)	$403M	$22.9B
Net Margin %	6.1%	5.7%	5.5%	4.9%	1.6%	-8.0%	-46.0%	7.0%	5.1%	5.7%	6.2%	19.4%	2.9%	1.5%	-1.9%	2.3%	1.1%	-4.0%	-26.5%	2.0%	118.3%
EBITDA	$8.9B	$7.5B	$8.5B	$7.8B	$5.1B	$1.5B	($5.3B)	$6.8B	$5.4B	$5.8B	$6.3B	$6.7B	$3.5B	$2.9B	$1.6B	$3.3B	$2.1B	$749M	($4.0B)	$2.2B	($205M)
Earnings Per Share (EPS)	$11.21	$10.25	$9.45	$7.89	$2.23	$-6.10	$-25.30	$11.58	$7.67	$7.06	$6.85	$19.47	$2.90	$1.46	$-2.18	$2.19	$1.00	$-4.32	$-42.18	$2.62	$196.84
Shares Outstanding (M)	327M	327M	333M	332M	330M	322M	279M	260M	277M	304M	330M	377M	390M	390M	331M	383M	253M	151M	127M	154M	116M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UAL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$14.6B	$15.4B	$15.2B	$15.2B	$13.2B	$14.7B	$14.8B	$15.0B
Gross Profit	$9.2B	$9.9B	$9.8B	$9.9B	$8.3B	$4.5B	$4.4B	$4.8B
Gross Margin %	63.3%	64.1%	64.6%	64.9%	62.6%	30.7%	29.9%	32.0%
Operating Income (EBIT)	$997M	$1.4B	$1.4B	$1.3B	$607M	$1.5B	$1.6B	$1.9B
Operating Margin %	6.8%	9.0%	9.2%	8.7%	4.6%	10.2%	10.5%	12.9%
Net Income	$699M	$1.0B	$949M	$973M	$387M	$984M	$965M	$1.3B
Net Margin %	4.8%	6.8%	6.2%	6.4%	2.9%	6.7%	6.5%	8.8%
EBITDA	$2.0B	$2.4B	$2.3B	$2.3B	$849M	$2.4B	$2.4B	$2.8B
Earnings Per Share (EPS)	$2.14	$3.19	$2.90	$2.97	$1.16	$2.94	$2.90	$3.96
Shares Outstanding (M)	327M	327M	327M	327M	333M	334M	333M	334M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UAL Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$9.5B	$8.4B	$9.4B	$6.9B	$6.1B	$2.1B	($4.1B)	$6.9B	$6.2B	$3.5B	$5.5B	$6.0B	$2.6B	$1.4B	$935M	$2.4B	$1.9B	$966M	($1.2B)	$2.1B	$1.6B
Capital Expenditures (CapEx)	$6.3B	$5.9B	$5.6B	$7.2B	$4.8B	$2.1B	$1.7B	$4.5B	$4.1B	$3.9B	$3.2B	$2.7B	$2.0B	$2.2B	$2.0B	$700M	$371M	$317M	$415M	$658M	$362M
Free Cash Flow (FCF)	$3.2B	$2.6B	$3.8B	($260M)	$1.2B	($40M)	($5.9B)	$2.4B	$2.1B	($396M)	$2.3B	$3.2B	$629M	($720M)	($1.1B)	$1.7B	$1.5B	$649M	($1.7B)	$1.5B	$1.2B
FCF Margin %	5.3%	4.3%	6.7%	-0.5%	2.8%	-0.2%	-38.2%	5.5%	5.1%	-1.1%	6.3%	8.6%	1.6%	-1.9%	-2.9%	4.6%	6.6%	4.0%	-8.2%	7.3%	6.2%
Dividends Paid	—	—	—	—	—	—	$16.0B	—	$1.2B	$1.8B	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$932M	$253M	$694M	$3.0B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UAL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$4.8B	$1.3B	$1.2B	$2.2B	$3.7B	$2.2B	$1.5B	$2.9B
Capital Expenditures (CapEx)	$1.7B	$1.9B	$1.5B	$1.3B	$1.2B	$1.7B	$1.4B	$1.2B
Free Cash Flow (FCF)	$3.1B	($604M)	($246M)	$930M	$2.5B	$549M	$88M	$1.7B
FCF Margin %	21.4%	-3.9%	-1.6%	6.1%	18.8%	3.7%	0.6%	11.4%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

UAL Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$80.9B	$76.4B	$74.1B	$71.1B	$67.4B	$68.2B	$59.5B	$52.6B	$49.0B	$42.3B	$40.1B	$40.9B	$36.6B	$36.8B	$37.6B	$38.0B	$39.6B	$18.7B	$19.5B	$24.2B	$25.4B
Cash & Cash Equivalents	$7.9B	$5.9B	$8.8B	$6.1B	$7.2B	$18.3B	$11.3B	$2.8B	$1.7B	$1.5B	$2.2B	$3.0B	$2.0B	$3.2B	$4.8B	$6.2B	$8.1B	$3.0B	$2.0B	$1.3B	$3.8B
Total Liabilities	$65.1B	$61.2B	$61.4B	$61.8B	$60.5B	$63.1B	$53.6B	$41.1B	$39.0B	$33.6B	$31.5B	$31.9B	$34.2B	$33.8B	$37.1B	$36.2B	$37.9B	$21.5B	$21.8B	$21.8B	$23.2B
Total Debt (Short + Long-Term)	$24.9B	$25.6B	$29.1B	$29.9B	$31.9B	$34.0B	$27.5B	$15.3B	$14.3B	$13.4B	$10.9B	$11.0B	$11.5B	$12.4B	$12.4B	$12.7B	$15.1B	$8.5B	$8.1B	$8.4B	$10.6B
Total Shareholders' Equity	$15.9B	$15.3B	$12.7B	$9.3B	$6.9B	$5.0B	$6.0B	$11.5B	$10.0B	$8.7B	$8.7B	$9.0B	$2.4B	$3.0B	$481M	$1.8B	$1.7B	($2.8B)	($2.5B)	$2.4B	$2.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive UAL viewer.

Other Companies in Passenger Airlines

DAL · Delta Air Lines — $56 billion
LUV · Southwest Airlines — $22 billion

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