United Airlines Holdings, Inc. Earnings Per Share Disclosure
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Earnings available to common stockholders | $ | 3,353 | $ | 3,149 | $ | 2,618 | ||||||||||||||
| Basic weighted-average shares outstanding | 324.9 | 328.6 | 327.8 | |||||||||||||||||
| Dilutive effect of stock Warrants (a) | 0.3 | 1.7 | 2.2 | |||||||||||||||||
| Dilutive effect of employee stock awards | 3.3 | 2.9 | 1.9 | |||||||||||||||||
| Diluted weighted-average shares outstanding | 328.5 | 333.2 | 331.9 | |||||||||||||||||
| Earnings per share, basic | $ | 10.32 | $ | 9.58 | $ | 7.98 | ||||||||||||||
| Earnings per share, diluted | $ | 10.20 | $ | 9.45 | $ | 7.89 | ||||||||||||||
| Potentially dilutive securities (b) | ||||||||||||||||||||
| Stock Warrants (a) | — | — | 1.5 | |||||||||||||||||
| Employee stock awards | 0.3 | 0.3 | 0.6 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 18, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.