United Airlines Holdings, Inc.

Listed Company

UALCIK 0000100517NasdaqLarge AcceleratedAir Transportation, ScheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

$59.07B

Net Income

$3.35B

Total Assets

$76.45B

Equity

$15.28B

Shares Out

324.57M

Op. Cash Flow

$8.43B

+ 13F Filer

Business

United Airlines Holdings, Inc. is a holding company that conducts air transportation operations primarily through its subsidiary United Airlines, offering scheduled passenger and cargo air services. The Company provides a range of products and services including domestic and international passenger service across multiple fare classes, freight and mail transportation, the MileagePlus loyalty program, ancillary offerings, in‑flight connectivity and media, maintenance services, ground handling and training. Its key business components include mainline and regional (United Express) operations, Air Cargo, MileagePlus, United Next fleet and product initiatives, alliance and joint business arrangements, and United Airlines Ventures. United operates across six continents from major U.S. hubs and distributes inventory through direct channels, traditional and online travel agencies and global distribution systems.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenue	59,070	57,063	53,717	44,955	24,634
Salaries and related costs	17,647	16,678	14,787	11,466	9,566
Aircraft fuel	11,396	11,756	12,651	13,113	5,755
Landing fees and other rent	3,849	3,437	3,076	2,576	2,416
Aircraft maintenance materials and outside repairs	3,294	3,063	2,736	2,153	1,316
Depreciation and amortization	2,939	2,928	2,671	2,456	2,485
Regional capacity purchase	2,693	2,516	2,400	2,299	2,147
Distribution expenses	2,109	2,231	1,977	1,535	677
Aircraft rent	252	193	197	252	228
Special charges	259	112	949	140	−3,367
Other operating expenses	9,919	9,053	8,062	6,628	4,433
Total operating expense	54,356	51,967	49,506	42,618	25,656
Operating income	4,713	5,096	4,211	2,337	−1,022
Interest expense	−1,373	−1,629	−1,956	−1,778	—
Interest income	611	726	827	298	36
Interest capitalized	206	227	182	105	80
Unrealized gains (losses) on investments, net	4	−199	27	20	−34
Miscellaneous, net	144	−53	96	8	40
Total nonoperating expense, net	−408	−928	−824	−1,347	−1,535
Income before income taxes	4,306	4,168	3,387	990	−2,557
Total Income Tax Expense	953	1,019	769	253	−593
Net income	3,353	3,149	2,618	737	−1,964
Earnings per share, basic (in dollars per share)	10.32	9.58	7.98	2.26	−6.1
Earnings per share, diluted (in dollars per share)	10.2	9.45	7.89	2.23	−6.1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5,942	8,769	6,058	7,166	18,283
Short-term investments	6,298	5,706	8,330	9,248	123
Receivables, net	2,391	2,163	1,898	1,801	1,663
Aircraft fuel, spare parts and supplies, net	1,556	1,572	1,561	1,109	983
Prepaid expenses and other	671	673	640	689	745
Total current assets	16,857	18,883	18,487	20,058	21,834
Operating property and equipment, net	46,121	42,908	39,815	—	—
Operating lease right-of-use assets	4,958	3,815	3,914	3,889	4,645
Goodwill	4,527	4,527	4,527	4,527	4,527
Intangible assets, net	2,655	2,683	2,725	2,762	2,803
Investments in affiliates and other, net	1,330	1,267	1,636	—	—
Total noncurrent assets	59,591	55,200	52,617	—	—
Total assets	76,448	74,083	71,104	67,358	68,175
Accounts payable	4,567	4,193	3,835	3,395	2,562
Accrued salaries and benefits	3,900	3,289	2,940	1,971	2,121
Advance ticket sales	8,131	7,561	6,704	7,555	6,354
Frequent flyer deferred revenue	3,721	3,403	3,095	2,693	2,239
Current maturities of long-term debt, finance leases, and other financial liabilities	4,426	3,453	4,247	—	—
Current maturities of operating leases	631	467	576	561	556
Other	757	948	806	779	560
Total current liabilities	26,133	23,314	22,203	19,992	18,304
Long-term debt, finance leases, and other financial liabilities	20,562	25,203	27,413	—	—
Long-term obligations under operating leases	5,417	4,510	4,503	4,459	5,152
Frequent flyer deferred revenue	4,056	4,038	4,048	3,982	4,043
Pension and postretirement benefit liability	1,058	1,233	1,605	—	—
Deferred income taxes	2,463	1,580	594	0	—
Other	1,478	1,530	1,414	1,369	1,284
Total noncurrent liabilities	35,033	38,094	39,577	—	—
Commitments and Contingencies	—	—	—	—	—
Preferred stock	0	0	0	0	0
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 323,470,682 and 327,899,771 shares at December 31, 2025 and 2024, respectively	4	4	4	4	4
Additional capital invested	8,911	8,980	8,992	8,986	9,156
Stock held in treasury, at cost	−3,773	−3,377	−3,441	−3,534	—
Retained earnings	10,092	6,880	3,831	1,265	625
Accumulated other comprehensive income	48	188	−62	175	−942
Total stockholders' equity	15,282	12,675	9,324	6,896	5,029
Total liabilities and stockholders' equity	76,448	74,083	71,104	67,358	68,175

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax	925	935	756	248	−583
Operating and non-operating special charges, non-cash portion	13	158	84	16	32
Amortization of debt discount and debt issuance costs	77	166	139	156	171
Other operating activities	−62	9	6	218	222
(Increase) decrease in receivables	−297	280	−100	−158	−448
Increase in prepaids and other assets	−264	−166	−463	−86	−292
Increase (decrease) in advance ticket sales	570	857	−851	1,200	1,521
Increase in frequent flyer deferred revenue	336	298	468	393	—
Increase in accounts payable	674	178	572	796	985
Increase in other liabilities	171	454	1,038	110	−403
Net cash provided by operating activities	8,431	9,445	6,911	6,066	2,067
Capital expenditures, net of flight equipment purchase deposit returns	−5,874	−5,615	−7,171	−4,819	−2,107
Purchases of short-term and other investments	−7,763	−5,809	−9,470	−11,232	−68
Proceeds from sale of short-term and other investments	7,284	8,661	10,519	2,084	397
Proceeds from sale of property and equipment	98	109	39	207	107
Other, net	−96	3	−23	−69	−1
Net cash used in investing activities	−6,350	−2,651	−6,106	−13,829	−1,672
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees	578	6,139	2,388	—	—
Payments of long-term debt, finance leases and other financial liabilities	−4,771	−10,138	−4,248	−4,011	−5,205
Repurchases of common stock	−637	−162	0	0	0
Other, net	−115	−21	−32	−74	−27
Net cash used in financing activities	−4,945	−4,182	−1,892	−3,349	6,396
Net increase (decrease) in cash, cash equivalents and restricted cash	−2,865	2,612	−1,087	−11,112	6,791
Right-of-use assets acquired or modified through operating leases	1,901	625	761	137	771
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities	−25	409	819	19	—
Operating leases converted to finance leases	417	239	295	—	—
Investment interests received in exchange for loans, goods and services	45	24	33	103	295
Interest	1,330	1,494	1,848	1,573	1,424
Income taxes	62	88	7	8	0

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 3 positions

Reported AUM

$176.69M

Holdings

Top sector

$176.69M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$176.69M	100.0%

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