United Airlines Holdings, Inc. (UAL) Financial Statements
Industry: Air Transportation, Scheduled
In fiscal 2025, United Airlines reported revenue of $59.07B, up 3.5% from $57.06B the year before. Net income was $3.35B (a 5.7% net margin), or $10.20 per diluted share. Gross margin was 8.0% and operating margin was 8.0%. Operating activities generated $8.43B of cash, leaving $2.56B of free cash flow. At fiscal year end, United Airlines held $76.45B in total assets against $61.17B in total liabilities, including $5.94B of cash and equivalents.
Open the full interactive United Airlines financials → Quarterly statements, key ratios, valuation history and price charts.
United Airlines Key Stats
| Share Price | $103.23 |
|---|---|
| Market Cap | $33.71B |
| P/E Ratio | 10.1 |
| Revenue YoY Growth | +3.5% |
| 52-Week Range | $85.21 – $136.11 |
| Shares Outstanding | 324.6 million (basic, 2026 Q2) |
United Airlines Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $15.36B | $24.63B | $44.95B | $53.72B | $57.06B | $59.07B |
| Cost of Goods Sold | $21.71B | $25.66B | $42.62B | $49.51B | $51.97B | $54.36B |
| Gross Profit | -$6.36B | -$1.02B | $2.34B | $4.21B | $5.10B | $4.71B |
| Operating Income | -$6.36B | -$1.02B | $2.34B | $4.21B | $5.10B | $4.71B |
| Pre-Tax Income | -$8.82B | -$2.56B | $990.0M | $3.39B | $4.17B | $4.31B |
| Income Tax | -$1.75B | -$593.0M | $253.0M | $769.0M | $1.02B | $953.0M |
| Net Income | -$7.07B | -$1.96B | $737.0M | $2.62B | $3.15B | $3.35B |
| Diluted EPS | -$25.30 | -$6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
United Airlines Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $15.22B | $15.40B | $14.61B | $17.67B |
| Net Income | $949.0M | $1.04B | $699.0M | $805.0M |
| Diluted EPS | $2.90 | $3.18 | $2.14 | $2.46 |
United Airlines Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.27B | $18.28B | $7.17B | $6.06B | $8.77B | $5.94B |
| Current Assets | $14.80B | $21.83B | $20.06B | $18.49B | $18.88B | $16.86B |
| Total Assets | $59.55B | $68.17B | $67.36B | $71.10B | $74.08B | $76.45B |
| Current Liabilities | $12.72B | $18.30B | $19.99B | $22.20B | $23.31B | $26.13B |
| Total Long-Term Debt | $26.75B | $33.36B | $31.19B | $29.07B | $25.13B | $21.60B |
| Total Liabilities | $53.59B | $63.15B | $60.46B | $61.78B | $61.41B | $61.17B |
| Shareholders' Equity | $5.96B | $5.03B | $6.90B | $9.32B | $12.68B | $15.28B |
United Airlines Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$4.13B | $2.07B | $6.07B | $6.91B | $9.45B | $8.43B |
| Cash From Investing | $50.0M | -$1.67B | -$13.83B | -$6.11B | -$2.65B | -$6.35B |
| Cash From Financing | $12.96B | $6.40B | -$3.35B | -$1.89B | -$4.18B | -$4.95B |
| Free Cash Flow | -$5.86B | -$40.0M | $1.25B | -$260.0M | $3.83B | $2.56B |
Figures from United Airlines' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full United Airlines financials page for every line item.
United Airlines Company Profile
| Ticker | UAL |
|---|---|
| Exchange | Nasdaq |
| Industry | Air Transportation, Scheduled |
| Headquarters | Chicago, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000100517 |
Frequently Asked Questions
What was United Airlines' revenue in fiscal 2025?
United Airlines (UAL) reported revenue of $59.07B for fiscal 2025.
What is United Airlines' annual revenue history?
United Airlines' annual revenue by fiscal year: 2020: $15.36B; 2021: $24.63B; 2022: $44.95B; 2023: $53.72B; 2024: $57.06B; 2025: $59.07B.
What was United Airlines' net income in fiscal 2025?
United Airlines reported net income of $3.35B for fiscal 2025.
What was United Airlines' earnings per share (EPS) in fiscal 2025?
United Airlines' diluted EPS was $10.20 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did United Airlines generate in fiscal 2025?
United Airlines generated $2.56B of free cash flow in fiscal 2025.
What was United Airlines' revenue last quarter?
In its most recent reported quarter (2026 Q2), United Airlines reported revenue of $17.67B.
How much debt does United Airlines have?
United Airlines reported $21.60B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of United Airlines are outstanding?
United Airlines reported a weighted average of 324.6 million basic shares outstanding in 2026 Q2.
What is United Airlines' market cap?
Based on its latest closing price, United Airlines (UAL) has a market capitalization of about $33.71B.
When does United Airlines' fiscal year end?
United Airlines' fiscal year end, as registered with the SEC, is December 31.
Where is United Airlines headquartered?
United Airlines lists its business address in Chicago, Illinois in its SEC filings.