United Airlines
UAL Nasdaq· Passenger Airlines
Last close · Oct 26, 2026
$100.69
KIRA · Stoqly’s AI analyst, in plain words
- United Airlines had $59.1B of revenue in fiscal 2025, up 3.5% on the year before. Over five years, revenue changed +30.9% a year on average.
- Its operating margin was 8.0%, down 0.9 pts: of every 100 in sales, about 8 is left after running the business.
- United Airlines made $3.4B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 4.7% a year.
- Free cash flow was $2.6B in fiscal 2025, 4.3% of revenue.
- United Airlines returned $637M to shareholders in fiscal 2025, 25% of free cash flow. The diluted share count fell 1.4%.
- United Airlines owes $9.5B more than it holds in cash, about 1.2 years of operating profit.
Market cap
$33.0B
P/E
9.2x
Revenue
$59.1B
Net income
$3.4B
Free cash flow
$2.6B
Operating margin
8.0%
United Airlines in 30 seconds · fiscal 2025
Are sales growing?
+3.5%
Only a little. Sales grew 3.5% last year.
Does it make a profit?
5.7%
A little. It keeps 5.7% of every sale as profit.
Does profit turn into cash?
4.3%
Partly. 4.3% of sales ends up as free cash.
Is debt under control?
1.2x
Keep an eye on it. Repaying its debt would take 1.2 years of operating profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
9.2x
One share costs 9.2 times its yearly profit per share. Typical for its sector: 26.0x.
What United Airlines does
United Airlines flies passengers and cargo across North America and to Asia, Europe, Africa, the Pacific, the Middle East and Latin America. Its hubs are Chicago O'Hare, Denver, Houston, Los Angeles, Newark, San Francisco, Washington Dulles and Guam. Smaller regional airlines, such as SkyWest and Republic, fly shorter routes under the United Express name on contract, which lets United serve smaller cities that feed its hubs. Nearly all of the parent company's revenue comes from the airline. Besides ticket sales, United earns money from carrying freight and mail and from its MileagePlus loyalty program, which sells miles to partners such as Chase, the issuer of its co-branded credit card. Members used about 10.9 million MileagePlus flight awards in 2025. United also sells maintenance, ground handling and flight training to other companies. It competes with other US airlines, which can push it to match discounted fares, and with foreign carriers on international routes.
Biggest risks, in its own words
- Price cutting and added seats by rival airlines, in an industry it calls highly competitive.
- Its reliance on a few suppliers for nearly all of its planes, engines and some parts, and on getting them delivered on time.
- Trouble affecting its MileagePlus program, including laws that limit the perks of its co-branded credit cards.
- Strikes, slowdowns or other labor disputes, and rising costs for employee and retiree benefits.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Legal name
- United Airlines Holdings, Inc.
- CIK
- 0000100517
United Airlines · UAL
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Revenue growth | 60.4% | 82.5% | 19.5% | 6.2% | 3.5% |
| Operating margin | −4.2% | 5.2% | 7.8% | 8.9% | 8.0% |
| Net income | −$2.0B | $737M | $2.6B | $3.1B | $3.4B |
| Net margin | −8.0% | 1.6% | 4.9% | 5.5% | 5.7% |
| Diluted EPS | −$6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
| Cash | |||||
| Cash from operations | $2.1B | $6.1B | $6.9B | $9.4B | $8.4B |
| Capital expenditure | $2.1B | $4.8B | $7.2B | $5.6B | $5.9B |
| Free cash flow | −$40.0M | $1.2B | −$260M | $3.8B | $2.6B |
| FCF margin | −0.2% | 2.8% | −0.5% | 6.7% | 4.3% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $162M | $637M |
| Share count change | 15.2% | 2.6% | 0.6% | 0.4% | −1.4% |
| Debt and strength | |||||
| Cash and short-term investments | $18.4B | $16.4B | $14.4B | $14.5B | $12.2B |
| Debt incl. finance leases | $33.7B | $31.4B | $29.3B | $24.9B | $21.7B |
| Shareholders' equity | $5.0B | $6.9B | $9.3B | $12.7B | $15.3B |
| Net debt / EBITDA | 10.4x | 3.1x | 2.2x | 1.3x | 1.2x |
| Current ratio | 1.2x | 1.0x | 0.8x | 0.8x | 0.7x |
| Interest coverage | −0.7x | 1.3x | 2.2x | 3.1x | 3.4x |
| Returns and quality | |||||
| Return on capital | −3.9% | 8.3% | 14.1% | 16.2% | 15.3% |
| Return on equity | −35.7% | 12.4% | 32.3% | 28.6% | 24.0% |
| Piotroski F-score | 5 | 6 | 6 | 6 | 6 |
| Altman Z'' | 0.4 | 0.4 | 0.4 | 0.6 | 0.3 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$53.4M
6 insiders
Of sales under plans
38%
$20.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
United Airlines · UAL
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| United Airlines UAL | $33.0B | 3.5% | 8.0% | 4.3% | 15.3% | 9.2x | 6 |
| Delta Air Lines DAL | $52.2B | 2.8% | 9.2% | 6.1% | 16.0% | 15.8x | 7 |
| Carnival CCL | $36.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.7x | 7 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $100.69 a share, the company is worth $33.0B: 9.2 times its earnings of the last four quarters.
United Airlines grew sales faster than 1 of its 2 similar companies. Its P/E is higher than 0 of 2.
Source: SEC EDGAR XBRL filings (CIK 0000100517). Data updated October 21, 2026. For information only — not investment advice. Check the original filings before relying on any figure.