United Airlines Holdings, Inc.
UAL· Nasdaq· Air Transportation, Scheduled
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 4.3%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +30.9%
We record prices for the companies we cover; UAL is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 328.5M
- Revenue
- $59.1B
- Free cash flow
- $2.6B
- Owner earnings
- $2.4B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 8.0%
- Net
- 5.7%
- Free cash flow
- 4.3%
- Owner earnings
- 4.1%
- Stock pay
- 0.3%
Returns
- ROIC, FY2025
- 15.1%
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 21.9%
- ROE, 5 yr avg
- 9.3%
Growth (CAGR)
- Revenue, 3 yr
- 9.5%
- Revenue, 5 yr
- 30.9%
- Revenue, 9 yr
- 5.5%
- Diluted EPS, 3 yr
- 66.0%
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- 4.7%
- Free cash flow, 3 yr
- 27.0%
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- 1.1%
Financial health · FY2025
- Cash and investments
- $12.2B
- Total debt
- $21.3B
- Net debt
- $9.0B
- Debt/Equity
- 1.4x
- Debt/FCF
- 8.3x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 3.3%
Financials: ten years from the 10-Ks
Revenue
$59.1B
+5.5% a year over 9 years
FY2016FY2025
Margins
Operating8.0%Net5.7%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$2.6BOwner earnings$2.4B
Free cash flow +1.1% a year
FY2016FY2025
Diluted shares
328.5M
-0.5% over 9 years, net buybacks
FY2016FY2025
Return on invested capital
15.1%
FY2025
FY2016FY2025
Net debt (below zero)
-$9.0B
$9.0B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $36.6B | $37.8B | $41.3B | $43.3B | $15.4B | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Revenue growth | -3.4% | 3.4% | 9.3% | 4.7% | -64.5% | 60.4% | 82.5% | 19.5% | 6.2% | 3.5% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 11.9% | 9.6% | 7.8% | 9.9% | -41.4% | -4.1% | 5.2% | 7.8% | 8.9% | 8.0% |
| Net income | $2.2B | $2.1B | $2.1B | $3.0B | -$7.1B | -$2.0B | $737.0M | $2.6B | $3.1B | $3.4B |
| Net margin | 6.1% | 5.7% | 5.1% | 7.0% | -46.0% | -8.0% | 1.6% | 4.9% | 5.5% | 5.7% |
| Diluted EPS | $6.76 | $7.06 | $7.67 | $11.58 | $-25.30 | $-6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
| Return on invested capital? | 17.2% | 14.0% | 13.2% | 15.6% | – | – | 8.0% | 13.6% | 16.8% | 15.1% |
| Cash | ||||||||||
| Operating cash flow | $5.5B | $3.5B | $6.2B | $6.9B | -$4.1B | $2.1B | $6.1B | $6.9B | $9.4B | $8.4B |
| Capital expenditure | $3.2B | $3.9B | $4.1B | $4.5B | $1.7B | $2.1B | $4.8B | $7.2B | $5.6B | $5.9B |
| Free cash flow | $2.3B | -$396.0M | $2.1B | $2.4B | -$5.9B | -$40.0M | $1.2B | -$260.0M | $3.8B | $2.6B |
| Stock-based compensation | $70.0M | $73.0M | $101.0M | $100.0M | $108.0M | $238.0M | $89.0M | $80.0M | $142.0M | $148.0M |
| Owner earnings? | $2.2B | -$469.0M | $2.0B | $2.3B | -$6.0B | -$278.0M | $1.2B | -$340.0M | $3.7B | $2.4B |
| Free cash flow per share | $7.02 | $-1.30 | $7.57 | $9.16 | $-20.97 | $-0.12 | $3.78 | $-0.78 | $11.49 | $7.78 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | $2.6B | $1.8B | $1.2B | $1.6B | $353.0M | $0 | $0 | $0 | $162.0M | $637.0M |
| Diluted shares | 330.3M | 303.6M | 276.7M | 259.9M | 279.4M | 321.9M | 330.1M | 331.9M | 333.2M | 328.5M |
| Share count change? | -12.4% | -8.1% | -8.9% | -6.1% | 7.5% | 15.2% | 2.5% | 0.5% | 0.4% | -1.4% |
| Balance sheet | ||||||||||
| Cash and equivalents | $2.2B | $1.5B | $1.7B | $2.8B | $11.3B | $18.3B | $7.2B | $6.1B | $8.8B | $5.9B |
| Short-term investments | $2.2B | $2.3B | $2.3B | $2.2B | $414.0M | $123.0M | $9.2B | $8.3B | $5.7B | $6.3B |
| Total debt | $10.8B | $13.3B | $13.4B | $14.6B | $26.7B | $33.4B | $31.2B | $29.1B | $24.7B | $21.3B |
| Net debt | $6.3B | $9.5B | $9.5B | $9.6B | $15.1B | $15.0B | $14.8B | $14.7B | $10.2B | $9.0B |
| Shareholders' equity | $8.6B | $8.8B | $10.0B | $11.5B | $6.0B | $5.0B | $6.9B | $9.3B | $12.7B | $15.3B |
Latest filings
| 2026-10-21 | 10-Q | Quarterly report |
| 2026-10-20 | 8-K | Earnings release |
| 2026-07-16 | 10-Q | Quarterly report |
| 2026-07-15 | 8-K | Earnings release |
| 2026-04-22 | 10-Q | Quarterly report |
| 2026-04-21 | 8-K | Earnings release |
| 2026-04-07 | DEF 14A | Proxy statement |
| 2026-02-12 | 10-K | Annual report |
| 2026-01-20 | 8-K | Earnings release |
| 2025-10-16 | 10-Q | Quarterly report |
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