United Airlines Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data United Airlines Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063	59,070
Operating income	4,344	3,618	3,229	4,301	-6,359	-1,022	2,337	4,211	5,096	4,713
Interest expense	674	626	670				1,778	1,956	1,629	1,373
Interest income	42	57	101	133	50	36	298	827	726	611
Other non-operating income	-571	-595	-581	-387	-2,463	-1,535	-1,347	-824	-928	-408
Pre-tax income	3,773	3,023	2,648	3,914	-8,822	-2,557	990	3,387	4,168	4,306
Income tax	1,539	880	526	905	-1,753	-593	253	769	1,019	953
Net income	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
EBITDA	6,321	5,714	5,394	6,589	-3,871	1,463	4,793	6,882	8,024	7,652
EPS, basic	6.77	7.08	7.70	11.63	-25.30	-6.10	2.26	7.98	9.58	10.32
EPS, diluted	6.76	7.06	7.67	11.58	-25.30	-6.10	2.23	7.89	9.45	10.20
Shares, basic (weighted)	330	303	276	259	279	322	326	328	329	325
Shares, diluted (weighted)	330	304	277	260	279	322	330	332	333	329

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,179	1,482	1,694	2,762	11,269	18,283	7,166	6,058	8,769	5,942
Short-term investments	2,249	2,316	2,256	2,182	414	123	9,248	8,330	5,706	6,298
Receivables	1,176	1,340	1,426	1,364	1,295	1,663	1,801	1,898	2,163	2,391
Other current assets	832	1,071	733	814	635	745	689	640	673	671
Total current assets	7,309	7,133	7,094	8,194	14,800	21,834	20,058	18,487	18,883	16,857
Property, plant and equipment	23,318	26,208	27,399	30,170	31,466	32,074	34,448	39,815	42,908	46,121
Lease right-of-use assets			5,262	4,758	4,537	4,645	3,889	3,914	3,815	4,958
Goodwill	4,523	4,523	4,523	4,523	4,527	4,527	4,527	4,527	4,527	4,527
Intangible assets	3,632	3,539	3,159	3,009	2,838	2,803	2,762	2,725	2,683	2,655
Other non-current assets	9,513	9,005	9,269	9,489	8,745	9,622	8,963	8,888
Total assets	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083	76,448
Accounts payable	2,139	2,196	2,363	2,703	1,595	2,562	3,395	3,835	4,193	4,567
Accrued liabilities	2,307	2,166	2,184	2,271	1,960	2,121	1,971	2,940	3,289	3,900
Short-term debt	849	1,565	1,230	1,407	1,911	3,002	2,911	4,018	2,973	4,096
Total current liabilities	12,286	12,763	13,839	14,938	12,725	18,304	19,992	22,203	23,314	26,133
Long-term debt	9,918	11,703	12,215	13,145	24,836	30,361	28,283	25,057	21,680	17,170
Lease liabilities			5,276	4,946	4,986	5,152	4,459	4,503	4,510	5,417
Other non-current liabilities	8,455	8,150	1,010	1,024	1,156	1,284	1,369	1,414	1,530	1,478
Total liabilities	31,566	33,558	38,982	41,080	53,588	63,146	60,462	61,780	61,408	61,166
Total debt	10,767	13,268	13,445	14,552	26,747	33,363	31,194	29,075	24,653	21,266
Paid-in capital	6,569	6,098	6,120	6,129	8,366	9,156	8,986	8,992	8,980	8,911
Retained earnings	3,427	4,549	6,715	9,716	2,626	625	1,265	3,831	6,880	10,092
Treasury stock	-511	-769	-1,993	-3,599	-3,897	-3,814	-3,534	-3,441	-3,377	-3,773
Other comprehensive income	-829	-1,147	-803	-718	-1,139	-942	175	-62	188	48
Shareholders' equity	8,574	8,788	10,042	11,531	5,960	5,029	6,896	9,324	12,675	15,282
Total equity	8,574	8,788	10,042	11,531	5,960	5,029	6,896	9,324	12,675	15,282
Total liabilities and equity	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083	76,448
Shares outstanding	315	287	270	251	312	324	327	328	328	323

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
Depreciation and amortization	1,977	2,096	2,165	2,288	2,488	2,485	2,456	2,671	2,928	2,939
Stock-based compensation	70	73	101	100	108	238	89	80	142	148
Deferred income tax	1,631	957	512	882	-1,741	-583	248	756	935	925
Change in receivables	-16	-73	17	44	135	-448	-158	-100	280	-297
Change in payables	239	66	130	324	-1,079	985	796	572	178	674
Cash from operations	5,542	3,474	6,164	6,909	-4,133	2,067	6,066	6,911	9,445	8,431
Capital expenditures	-3,223	-3,870	-4,070	-4,528	-1,727	-2,107	-4,819	-7,171	-5,615	-5,874
Purchases of investments	-2,768	-3,241	-2,552	-2,933	-552	-68	-11,232	-9,470	-5,809	-7,763
Sales and maturities of investments		3,177	2,616	2,996	2,319	397	2,084	10,519	8,661	7,284
Cash from investing	-3,238	-3,803	-4,455	-4,560	50	-1,672	-13,829	-6,106	-2,651	-6,350
Debt issued	808	2,537	1,594	1,786	15,676	11,096	736	2,388	6,139
Debt repaid	-1,215	-901	-1,727	-1,391	-4,449	-5,205	-4,011	-4,248	-10,138	-4,771
Stock issued	6	2			1,100
Share buybacks	-2,614	-1,844	-1,235	-1,645	-353	0	0	0	-162	-637
Cash from financing	-3,213	-383	-1,501	-1,280	12,957	6,396	-3,349	-1,892	-4,182	-4,945
Net change in cash	-909	-712	208	1,069	8,874	6,791	-11,112	-1,087	2,612	-2,865
Free cash flow	2,319	-396	2,094	2,381	-5,860	-40	1,247	-260	3,830	2,557
Interest paid	584	571	651	648	874	1,424	1,573	1,848	1,494	1,330
Income taxes paid	14	20	19	29	-29	0	8	7	88	62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $113.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.7%	Operating income / revenue.
EBITDA margin	12.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.1%	Pre-tax income / revenue.
Net margin	5.6%	Net income / revenue.
FCF margin	4.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.2%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.1%	Net income / average total assets.
Return on invested capital (ROIC)	11.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	10.1%	Capital expenditures / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	30.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	6.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	65.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	7.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	66.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-33.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	20.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.69x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.58x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.3%	Total debt / total assets.
Liabilities / assets	80.3%	Total liabilities / total assets.
Net debt	$9.83B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.68x	Operating income / interest expense.
Working capital	-$6.10B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.74x	Revenue / average total assets.
Fixed asset turnover	1.31x	Revenue / average property, plant and equipment.
Receivables turnover	25.4x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
FCF conversion	72.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	71.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$192.59	Revenue / diluted weighted shares.
FCF per share	$7.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$27.29	Cash from operations / diluted weighted shares.
Book value per share	$51.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.35	Tangible book value / shares outstanding.
Cash per share	$51.26	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$37.00B	Share price x shares outstanding.
Enterprise value	$46.83B	Market cap + total debt - cash - short-term investments.
P/E	10.6x	Market cap / net income. Only when net income is positive.
P/S	0.59x	Market cap / revenue.
P/B	2.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.88x	Market cap / tangible book value, when positive.
P/FCF	14.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.15x	Market cap / cash from operations, when positive.
EV/Sales	0.74x	Enterprise value / revenue.
EV/EBIT	9.61x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.95x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	9.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.16x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was United Airlines Holdings, Inc.'s revenue in fiscal 2025?

United Airlines Holdings, Inc. reported revenue of $59.07B for fiscal 2025, 3.5% higher than the year before.

Was United Airlines Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $3.35B, a net margin of 5.7%.

How much free cash flow did United Airlines Holdings, Inc. generate in fiscal 2025?

Cash from operations of $8.43B minus capital expenditures of $5.87B left free cash flow of $2.56B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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