# United Airlines Holdings, Inc. (UAL)

Informational only - not investment advice.

CIK: 0000100517
SIC: 4512 Air Transportation, Scheduled
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [SIC Major Group 45](/major-group/45/) > [SIC 4512 Air Transportation, Scheduled](/industry/4512/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=100517
Filing source: https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0000100517-26-000023 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000100517.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 59,070,000,000 USD | 2025 | verified |
| Net income | 3,353,000,000 USD | 2025 | verified |
| Assets | 76,448,000,000 USD | 2025 | verified |
| Free cash flow | 2,557,000,000 USD | 2025 | computed |
| Net margin | 5.68% | 2025 | computed |
| Operating margin | 7.98% | 2025 | computed |
| Revenue YoY | +3.52% | 2025 | computed |
| ROE | 21.94% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [U.S. passenger airlines](/compare/airlines/) · SIC 4512 Air Transportation, Scheduled

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including UAL

- U.S. passenger airlines: [peer review](/compare/airlines/) · [market-risk page](/compare/airlines/risk/)

### Peer percentile fingerprint

| Ratio | UAL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.7% | 0.7% | 75 | 9 |
| Operating margin | 8.0% | 2.1% | 75 | 9 |
| Revenue growth | 3.5% | 2.8% | 62 | 9 |
| FCF margin | 4.3% | 2.9% | 62 | 9 |
| ROE | 21.9% | 4.0% | 86 | 8 |
| ROA | 4.4% | 0.5% | 75 | 9 |
| Liabilities / equity | 4.00 | 3.47 | 71 | 8 |
| Current ratio | 0.65 | 0.52 | 62 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4512 Air Transportation, Scheduled, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 59070000000 | USD | 2025 | 2026-02-12 |
| Net income | 3353000000 | USD | 2025 | 2026-02-12 |
| Assets | 76448000000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000100517.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 36,558,000,000 | 37,784,000,000 | 41,303,000,000 | 43,259,000,000 | 15,355,000,000 | 24,634,000,000 | 44,955,000,000 | 53,717,000,000 | 57,063,000,000 | 59,070,000,000 |
| Net income |  | 2,234,000,000 | 2,143,000,000 | 2,122,000,000 | 3,009,000,000 | -7,069,000,000 | -1,964,000,000 | 737,000,000 | 2,618,000,000 | 3,149,000,000 | 3,353,000,000 |
| Operating income |  | 4,344,000,000 | 3,618,000,000 | 3,229,000,000 | 4,301,000,000 | -6,359,000,000 | -1,022,000,000 | 2,337,000,000 | 4,211,000,000 | 5,096,000,000 | 4,713,000,000 |
| Diluted EPS |  | 6.76 | 7.06 | 7.67 | 11.58 | -25.30 | -6.10 | 2.23 | 7.89 | 9.45 | 10.20 |
| Operating cash flow | 1,444,000,000 |  | 3,474,000,000 | 6,164,000,000 | 6,909,000,000 | -4,133,000,000 | 2,067,000,000 | 6,066,000,000 | 6,911,000,000 | 9,445,000,000 | 8,431,000,000 |
| Capital expenditures |  | 3,223,000,000 | 3,870,000,000 | 4,070,000,000 | 4,528,000,000 | 1,727,000,000 | 2,107,000,000 | 4,819,000,000 | 7,171,000,000 | 5,615,000,000 | 5,874,000,000 |
| Share buybacks |  | 2,614,000,000 | 1,844,000,000 | 1,235,000,000 | 1,645,000,000 | 353,000,000 | 0.00 | 0.00 | 0.00 | 162,000,000 | 637,000,000 |
| Assets |  | 40,140,000,000 | 42,346,000,000 | 49,024,000,000 | 52,611,000,000 | 59,548,000,000 | 68,175,000,000 | 67,358,000,000 | 71,104,000,000 | 74,083,000,000 | 76,448,000,000 |
| Stockholders' equity |  | 8,574,000,000 | 8,788,000,000 | 10,042,000,000 | 11,531,000,000 | 5,960,000,000 | 5,029,000,000 | 6,896,000,000 | 9,324,000,000 | 12,675,000,000 | 15,282,000,000 |
| Cash and cash equivalents |  | 2,179,000,000 | 1,482,000,000 | 1,694,000,000 | 2,762,000,000 | 11,269,000,000 | 18,283,000,000 | 7,166,000,000 | 6,058,000,000 | 8,769,000,000 | 5,942,000,000 |
| Free cash flow |  |  | -396,000,000 | 2,094,000,000 | 2,381,000,000 | -5,860,000,000 | -40,000,000 | 1,247,000,000 | -260,000,000 | 3,830,000,000 | 2,557,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 6.11% | 5.67% | 5.14% | 6.96% | -46.04% | -7.97% | 1.64% | 4.87% | 5.52% | 5.68% |
| Operating margin |  | 11.88% | 9.58% | 7.82% | 9.94% | -41.41% | -4.15% | 5.20% | 7.84% | 8.93% | 7.98% |
| Return on equity |  | 26.06% | 24.39% | 21.13% | 26.09% | -118.61% | -39.05% | 10.69% | 28.08% | 24.84% | 21.94% |
| Return on assets |  | 5.57% | 5.06% | 4.33% | 5.72% | -11.87% | -2.88% | 1.09% | 3.68% | 4.25% | 4.39% |
| Liabilities / equity |  | 3.68 | 3.82 | 3.88 | 3.56 | 8.99 | 12.56 | 8.77 | 6.63 | 4.84 | 4.00 |
| Current ratio |  | 0.59 | 0.56 | 0.51 | 0.55 | 1.16 | 1.19 | 1.00 | 0.83 | 0.81 | 0.65 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/UAL/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000100517.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.86 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.59 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 3.24 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 14,484,000,000 | 1,137,000,000 | 3.42 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 13,626,000,000 | 600,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 12,539,000,000 | -124,000,000 | -0.38 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 14,986,000,000 | 1,323,000,000 | 3.96 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 14,843,000,000 | 965,000,000 | 2.90 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 14,695,000,000 | 985,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 13,213,000,000 | 387,000,000 | 1.16 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 15,236,000,000 | 973,000,000 | 2.97 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 15,225,000,000 | 949,000,000 | 2.90 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 15,397,000,000 | 1,044,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 14,608,000,000 | 699,000,000 | 2.14 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 17,672,000,000 | 805,000,000 | 2.46 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from UAL's latest 10-K: [/company/UAL/business/](/company/UAL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from UAL's latest 10-K: [/company/UAL/risk-factors/](/company/UAL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/100517/000010051726000139/ual-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-16
Report date: 2026-06-30

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K") to enhance the understanding of our results of operations, financial condition and cash flows.

United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company incorporated in Delaware and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). As UAL consolidates United for financial statement purposes, and United comprises substantially all of UAL's operating revenues, operating expenses, assets, liabilities and operating cash flows, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.

Key Trends Impacting Our Business

Our industry is dynamic, highly competitive and subject to a number of industry-specific factors and global macroeconomic conditions that may cause our actual results of operations to differ from our historical results of operations or current expectations. The economic, market and legal factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following:

•Geopolitical Conflicts in the Middle East: During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices. In response, we took immediate and decisive actions to mitigate the impact of the operational disruptions and rising fuel costs, including reducing capacity and adjusting fares and fees. While our long-term outlook is positive due to our expectation that customer demand will remain strong, we may continue to be impacted by future volatility in the fuel market, especially if the geopolitical conflicts in the Middle East escalate or expand.

•Regulatory or Court Decisions Restricting Our Capacity Targets: We remain vulnerable to regulatory actions (including by the Federal Aviation Administration) or court decisions that would force us to adjust our planned capacity at our hub locations.

•Governmental Funding Constraints: We are working with our U.S. federal government partners to reduce passenger travel disruptions due to potential budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely, including as a result of a federal government shutdown.

We will monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, future results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of those factors discussed in Part I, Item 1A. Risk Factors, of our 2025 Form 10-K.

RESULTS OF OPERATIONS

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and six months ended June 30, 2026, as compared to the corresponding period in 2025.

Second Quarter 2026 Compared to Second Quarter 2025

Significant components of the Company's operating results for the three months ended June 30 are as follows (in millions, except percentage changes):

[[GREPCENT_TABLE]]
[["","","2026","","2025","","Increase (Decrease)","","% Change"],["Operating revenue","","$","17,672","","","$","15,236","","","$","2,436","","","16.0"],["Operating expense","","16,576","","","13,911","","","2,665","","","19.2"],["Operating income","","1,096","","","1,325","","","(229)","","","(17.3)"],["Nonoperating expense, net","","(69)","","","(77)","","","(7)","","","(9.5)"],["Income before income taxes","","1,026","","","1,248","","","(222)","","","(17.8)"],["Income tax expense","","221","","","275","","","(53)","","","(19.4)"],["Net income","","$","805","","","$","973","","","$","(168)","","","(17.3)"]]
[[/GREPCENT_TABLE]]

21

Table of Contents

Certain consolidated statistical information for the Company's operations for the three months ended June 30 is as follows:

[[GREPCENT_TABLE]]
[["","2026","","2025","","Increase (Decrease)","","% Change"],["Passengers (thousands) (a)","48,692","","","46,186","","","2,506","","","5.4"],["Revenue passenger miles (\"RPMs\" or \"traffic\") (millions) (b)","72,765","","","70,088","","","2,677","","","3.8"],["Available seat miles (\"ASMs\" or \"capacity\") (millions) (c)","87,279","","","84,347","","","2,932","","","3.5"],["Passenger load factor (d)","83.4","%","","83.1","%","","0.3","","pts.","N/A"],["Passenger revenue per available seat mile (\"PRASM\") (cents)","18.45","","","16.40","","","2.04","","","12.5"],["Total revenue per ASM (\"TRASM\") (cents)","20.25","","","18.06","","","2.18","","","12.1"],["Average yield per revenue passenger mile (\"Yield\") (cents) (e)","22.13","","","19.74","","","2.39","","","12.1"],["Cargo revenue ton miles (\"CTM\") (millions) (f)","932","","","885","","","47","","","5.3"],["Cost per ASM (\"CASM\") (cents)","18.99","","","16.49","","","2.50","","","15.2"],["Average price per gallon of fuel, including fuel taxes","$","4.19","","","$","2.34","","","$","1.85","","","79.4"],["Fuel gallons consumed (millions)","1,219","","","1,188","","","32","","","2.7"],["Employee headcount, as of June 30","117,500","","","111,300","","","6,200","","","5.6"],["(a) The number of revenue passengers measured by each flight segment flown."],["(b) The number of scheduled miles flown by revenue passengers."],["(c) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown."],["(d) Revenue passenger miles divided by available seat miles."],["(e) The average passenger revenue received for each revenue passenger mile flown."],["(f) The number of cargo revenue tons transported multiplied by the number of miles flown."]]
[[/GREPCENT_TABLE]]

Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the three months ended June 30 (in millions, except for percentage changes):

[[GREPCENT_TABLE]]
[["","2026","","2025","","Increase (Decrease)","","% Change"],["Passenger revenue","$","16,100","","","$","13,836","","","$","2,265","","","16.4"],["Cargo revenue","527","","","430","","","97","","","22.6"],["Other operating revenue","1,045","","","970","","","75","","","7.7"],["Total operating revenue","$","17,672","","","$","15,236","","","$","2,436","","","16.0"]]
[[/GREPCENT_TABLE]]

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the three months ended June 30:

[[GREPCENT_TABLE]]
[["","Increase (Decrease) from 2025:"],["","Domestic","","Atlantic","","Pacific","","Latin","","Total"],["Passenger revenue (in millions)","$","1,601","","","$","251","","","$","281","","","$","131","","","$","2,265"],["Passenger revenue","20.3","%","","7.9","%","","18.7","%","","10.5","%","","16.4","%"],["Average fare per passenger","12.8","%","","9.4","%","","8.4","%","","11.5","%","","10.4","%"],["Yield","13.0","%","","10.6","%","","10.9","%","","10.7","%","","12.1","%"],["PRASM","12.2","%","","12.1","%","","14.0","%","","10.7","%","","12.5","%"],["Passengers","6.6","%","","(1.4)","%","","9.4","%","","(0.9)","%","","5.4","%"],["RPMs","6.4","%","","(2.4)","%","","7.0","%","","(0.2)","%","","3.8","%"],["ASMs","7.2","%","","(3.8)","%","","4.1","%","","(0.2)","%","","3.5","%"],["Passenger load factor (points)","(0.6)","","","1.1","","","2.3","","","\u2014","","","0.3"]]
[[/GREPCENT_TABLE]]

Passenger revenue increased $2.3 billion, or 16.4%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 12.1% increase in yield and a 5.4% increase in the number of passengers flown.

Cargo revenue increased $97 million, or 22.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.

22

Table of Contents

Other operating revenue increased $75 million, or 7.7%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.

Operating Expenses. The table below includes data related to the Company's operating expenses for the three months ended June 30 (in millions, except for percentage changes):

[[GREPCENT_TABLE]]
[["","2026","","2025","","Increase (Decrease)","","% Change"],["Salaries and related costs","$","4,686","","","$","4,413","","","$","274","","","6.2"],["Aircraft fuel","5,110","","","2,775","","","2,335","","","84.1"],["Landing fees and other rent","1,056","","","961","","","95","","","9.9"],["Aircraft maintenance materials and outside repairs","906","","","865","","","41","","","4.7"],["Depreciation and amortization","762","","","733","","","29","","","3.9"],["Regional capacity purchase","743","","","676","","","67","","","9.8"],["Distribution expenses","644","","","487","","","157","","","32.3"],["Aircraft rent","112","","","67","","","45","","","67.4"],["Special charges (credits)","(145)","","","447","","","(592)","","","NM"],["Other operating expenses","2,702","","","2,487","","","215","","","8.6"],["Total operating expense","$","16,576","","","$","13,911","","","$","2,665","","","19.2"],["NM - Greater than 100% change or otherwise not meaningful."]]
[[/GREPCENT_TABLE]]

Salaries and related costs increased $274 million, or 6.2%, in the second quarter of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the Association of Flight Attendants ("AFA") per the new collective bargaining agreement.

Aircraft fuel expense increased $2.3 billion, or 84.1%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.

Landing fees and other rent increased $95 million, or 9.9%, in the second quarter of 2026 as compared to the year-ago period, primarily due to rate increases at various airports as well as higher landed weight volume from increased flight activity.

Regional capacity purchase increased $67 million, or 9.8%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 6% increase in regional flying activity and annual rate increases under United's capacity purchase agreements ("CPAs").

Distribution expense increased $157 million, or 32.3%, in the second quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.

For details on the Company's Special charges (credits), see Note 10 to the financial statements included in Part I, Item 1 of this report.

Other operating expenses increased $215 million, or 8.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, cr

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm
Complete FY 2025 MD&A: /company/UAL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Management's discussion and analysis of financial condition and results of operations is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Form 10-K and the description of our business and reportable segments in Part I, Item 1. Business of this Form 10-K to enhance the understanding of our results of operations, financial condition and cash flows.

This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's 2024 Annual Report.

Executive Summary

Overview

United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United").

37

Table of Contents

As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.

Our current expectations described below are forward-looking statements and our actual results and timing may vary materially based on various factors that include, but are not limited to, those discussed below under "Strategy," "Economic and Market Factors," "Governmental Actions," "Cautionary Statement Regarding Forward-Looking Statements" and in Part I, Item 1A. Risk Factors, of this Form 10-K. The results presented in this report are not necessarily indicative of future operating results.

Strategy

Our shared purpose is "Connecting People. Uniting the World." We have the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C.

We are the largest airline measured by available seat miles in the world, helping to connect around 181 million passengers to more than 380 destinations across six continents. The Company remains focused on delivering on four strategic pillars, which it believes has helped, and will continue, to differentiate United from the rest of the industry:

•United Next: In 2025 we continued to make progress with our United Next plan to align our network and product with the potential of our hubs while remaining focused on protecting the safety of our employees and customers and providing a superior customer experience. United Next aims to increase customer choice and win brand-loyal customers by offering a diversity of products ranging from Basic Economy to Polaris and growing our leading global network, which the Company expects will lead to diverse revenue streams for the Company. As part of our United Next growth plan, we expect to take delivery of over 630 new narrow- and widebody aircraft by the end of 2034. The new aircraft that the Company has taken delivery of to date have increased our gauge, scale, and connectivity, as well as improved the Company's fuel efficiency. Other key highlights of our United Next plan include:

–increasing our employee headcount by more than 38,000 employees since 2020;

–surpassing 530 new and retrofit aircraft featuring our signature interior with bigger bins, seatback screens at every seat and Bluetooth connectivity;

–expanding our leading global network to destinations like Nuuk, Greenland; Ulaanbaatar, Mongolia; Faro, Portugal; Puerto Escondido, Mexico; Palermo, Italy; Bilbao, Spain; and Madeira Island, Portugal;

–launching Kinective MediaSM (the first media network that uses insights from travel behaviors to connect customers to personalized advertising, experiences and offers from leading brands);

–bringing Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our United Express regional aircraft and beginning installation on our mainline aircraft; and

–making significant technology changes that empower our employees and improve the customer experience.

•Operational excellence: The most important factor for customer satisfaction is on-time flights. We face some unique challenges in this respect because we operate hubs in the most congested and constrained airports in the country. That backdrop means that United needs to be a leader at using technology to overcome these challenges. We have been working strategically to overcome operational challenges and continue to innovate in order to make advancements in this area.

•Pre-tax margin: We believe that best-in-class margin performance will provide the cash flow needed to support our planned investments in growth.

•Customer service: We believe that excellent customer service is part of de-commoditizing air travel. Our people are our greatest asset and they are by far the most important part of our product. Ultimately our people provide customers with the service they expect.

38

Table of Contents

Economic and Market Factors

We remain vulnerable to a number of industry-specific and global macroeconomic factors that may cause our actual results of operations to differ from our historical results of operations or current expectations. The economic and market factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following: the execution and effect of our business strategies, including our United Next plan; supply chain constraints and related costs affecting us and our partners; volatile fuel prices; increasing maintenance expenses; and an economic downturn leading to a decrease in demand for air travel or fluctuations in foreign currency exchange rates that may impact international travel demand. We continue to monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, future results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of those factors discussed in Part I, Item 1A. Risk Factors.

Governmental Actions

We operate in complex, highly regulated environments in the U.S., the European Union, the United Kingdom and other regions around the world. Legal requirements that we currently believe are or will be most impactful to our results of operations and financial condition include the following: the closure of our flying airspace and termination of other operations due to regional conflicts; delays in aircraft certification (especially relating to the 737 MAX 10 aircraft); an extended federal government shutdown as well as any other budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely; any legal requirement that would result in a reshaping of the benefits that we provide to our consumers through our loyalty program or the co-branded credit cards issued by our partner; the effect of any potential changes in trade tariffs that we are unable to mitigate; and certain rules and regulations proposed by the DOT that would impose additional costs and operational restrictions on airlines. The impact of changing and new legal requirements generally cannot be reasonably predicted and those requirements may ultimately require extensive system and operational changes, be difficult to implement, increase our operating costs and require significant capital expenditures.

Results of Operations

Select financial data and operating statistics are provided in the tables below:

[[GREPCENT_TABLE]]
[["(in millions)","2025","","2024","","2023"],["Operating revenue","$","59,070","","","$","57,063","","","$","53,717"],["Operating expense","54,356","","","51,967","","","49,506"],["Operating income","4,713","","","5,096","","","4,211"],["Nonoperating expense, net","(408)","","","(928)","","","(824)"],["Income before income taxes","4,306","","","4,168","","","3,387"],["Income tax expense","953","","","1,019","","","769"],["Net income","$","3,353","","","$","3,149","","","$","2,618"]]
[[/GREPCENT_TABLE]]

39

Table of Contents

[[GREPCENT_TABLE]]
[["","2025","","2024","","2023"],["Passengers (thousands) (a)","181,053","","173,603","","164,927"],["Revenue passenger miles (\"RPMs\") (millions) (b)","271,619","","258,503","","244,435"],["Available seat miles (\"ASMs\"or \"capacity\") (millions) (c)","330,284","","311,185","","291,333"],["Cargo revenue ton miles (millions) (d)","3,626","","3,604","","3,159"],["Passenger load factor (e)","82.2","%","","83.1","%","","83.9","%"],["Passenger revenue per available seat mile (\"PRASM\") (cents)","16.18","","16.66","","16.84"],["Total revenue per available seat mile (\"TRASM\") (cents)","17.88","","18.34","","18.44"],["Average yield per revenue passenger mile (\"Yield\") (cents) (f)","19.67","","20.05","","20.07"],["Cost per available seat mile (\"CASM\") (cents)","16.46","","16.70","","16.99"],["Average price per gallon of fuel, including fuel taxes","$","2.44","","$","2.65","","$","3.01"],["Fuel gallons consumed (millions)","4,663","","4,444","","4,205"],["Average stage length (miles) (g)","1,488","","1,490","","1,479"],["Employee headcount, as of December 31","113,200","","107,300","","103,300"],["(a)The number of revenue passengers measured by each flight segment flown.(b)The number of scheduled miles flown by revenue passengers.(c)The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.(d)The number of cargo revenue tons transported multiplied by the number of miles flown.(e)RPMs divided by ASMs.(f)The average passenger revenue received for each revenue passenger mile flown.(g)The average distance a flight travels weighted for size of aircraft."]]
[[/GREPCENT_TABLE]]

Operating Revenue. The table below illustrates the year-over-year percentage change in the Company's operating revenues for the years ended December 31 (in millions, except percentage changes):

[[GREPCENT_TABLE]]
[["","2025","","2024","","Increase (Decrease)","","% Change"],["Passenger revenue","$","53,438","","","$","51,829","","","$","1,609","","","3.1"],["Cargo","1,779","","","1,743","","","36","","","2.1"],["Other operating revenue","3,853","","","3,491","","","362","","","10.4"],["Total operating revenue","$","59,070","","","$","57,063","","","$","2,007","","","3.5"]]
[[/GREPCENT_TABLE]]

The table below presents passenger revenue and select operating data of the Company, broken out by geographic region, expressed as year-over-year changes:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/UAL/mda/fy2025/
All MD&A years: /company/UAL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/UAL/mda/fy2024/): filed 2025-02-27; accession 0000100517-25-000046 (https://www.sec.gov/Archives/edgar/data/100517/000010051725000046/ual-20241231.htm)
- [FY 2023 MD&A](/company/UAL/mda/fy2023/): filed 2024-02-29; accession 0000100517-24-000027 (https://www.sec.gov/Archives/edgar/data/100517/000010051724000027/ual-20231231.htm)
- [FY 2022 MD&A](/company/UAL/mda/fy2022/): filed 2023-02-16; accession 0000100517-23-000048 (https://www.sec.gov/Archives/edgar/data/100517/000010051723000048/ual-20221231.htm)
- [FY 2021 MD&A](/company/UAL/mda/fy2021/): filed 2022-02-18; accession 0000100517-22-000009 (https://www.sec.gov/Archives/edgar/data/100517/000010051722000009/ual-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4512 Air Transportation, Scheduled) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/UAL.md · JSON record: /company/UAL.json · verified financials: /company/UAL/financials.json / /company/UAL/financials.csv · machine TOC for the whole site: /llms.txt