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United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in the United States, Canada, Atlantic, the Pacific, and Latin America. It transports people and cargo through its mainline and regional fleets. The company also offers ground handling, flight academy, frequent flyer award non-travel redemptions, and maintenance services for third parties. In addition, it provides freight and mail transportation services to commercial businesses, freight forwarders, logistics firms, and national postal services, as well as loyalty programs. The company distributes its products through direct channels, such as the Company's website and the Company's mobile app; and traditional travel agencies, online travel agencies, and other intermediaries. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is based in Chicago, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $59.1B | $8.4B | $3.4B | $2.6B | 21.9% | 3.5% | 6.5% |
| 2024 | $57.1B | $8.5B | $3.1B | $3.8B | 24.8% | 6.2% | 20.3% |
| 2023 | $53.7B | $7.8B | $2.6B | $-260M | 28.1% | 19.5% | 255.2% |
| 2022 | $45.0B | $5.1B | $737M | $1.2B | 10.7% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 44,955 | 53,717 | 57,063 | 59,070 |
| Operating Revenue | - | 42,203 | 50,541 | 53,572 | 55,217 |
| Cost Of Revenue | - | 34,315 | 38,518 | 40,571 | 42,070 |
| Gross Profit | - | 10,640 | 15,199 | 16,492 | 17,000 |
| Operating Expense | - | 8,163 | 10,039 | 11,284 | 12,028 |
| Selling General And Administration | - | 1,535 | 1,977 | 2,231 | 2,109 |
| Total Expenses | - | 42,478 | 48,557 | 51,855 | 54,098 |
| Operating Income | - | 2,477 | 5,160 | 5,208 | 4,972 |
| Total Operating Income As Reported | - | 2,337 | 4,211 | 5,096 | 4,713 |
| EBITDA | - | 5,119 | 7,832 | 8,498 | 8,412 |
| Normalized EBITDA | - | 5,239 | 8,754 | 8,809 | 8,666 |
| EBIT | - | 2,663 | 5,161 | 5,570 | 5,473 |
| Interest Income | - | 298 | 827 | 726 | 611 |
| Interest Expense | - | 1,673 | 1,774 | 1,402 | 1,167 |
| Net Interest Income | - | -1,375 | -947 | -676 | -556 |
| Other Non Operating Income Expenses | - | 8 | 96 | -53 | 144 |
| Other Income Expense | - | -112 | -826 | -364 | -110 |
| Interest Income Non Operating | - | 298 | 827 | 726 | 611 |
| Interest Expense Non Operating | - | 1,673 | 1,774 | 1,402 | 1,167 |
| Net Non Operating Interest Income Expense | - | -1,375 | -947 | -676 | -556 |
| Pretax Income | - | 990 | 3,387 | 4,168 | 4,306 |
| Tax Provision | - | 253 | 769 | 1,019 | 953 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -30.67 | -209.34 | -76.03 | -56.22 |
| Net Income Continuous Operations | - | 737 | 2,618 | 3,149 | 3,353 |
| Net Income From Continuing And Discontinued Operation | - | 737 | 2,618 | 3,149 | 3,353 |
| Net Income From Continuing Operation Net Minority Interest | - | 737 | 2,618 | 3,149 | 3,353 |
| Net Income | - | 737 | 2,618 | 3,149 | 3,353 |
| Net Income Common Stockholders | - | 737 | 2,618 | 3,149 | 3,353 |
| Net Income Including Noncontrolling Interests | - | 737 | 2,618 | 3,149 | 3,353 |
| Normalized Income | - | 826.33 | 3,330.66 | 3,383.97 | 3,550.78 |
| Diluted NI Availto Com Stockholders | - | 737 | 2,618 | 3,149 | 3,353 |
| Basic Average Shares | - | 326.93 | 328.02 | 327.90 | 323.47 |
| Diluted Average Shares | - | 330.10 | 331.90 | 333.20 | 328.50 |
| Reconciled Depreciation | - | 2,456 | 2,671 | 2,928 | 2,939 |
| Reconciled Cost Of Revenue | - | 34,315 | 38,518 | 40,571 | 42,070 |
| Total Unusual Items | - | -120 | -922 | -311 | -254 |
| Total Unusual Items Excluding Goodwill | - | -120 | -922 | -311 | -254 |
| Special Income Charges | - | -140 | -949 | -112 | -258 |
| Other Special Charges | -4,021 | - | - | - | - |
| Impairment Of Capital Assets | 97 | 0 | 0 | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 814 | 0 | 561 |
| Gain On Sale Of Security | - | 20 | 27 | -199 | 4 |
| Gain On Sale Of Ppe | - | -140 | -135 | -112 | 303 |
| Rent Expense Supplemental | - | 2,828 | 3,273 | 3,630 | 4,101 |
| Other Operating Expenses | - | 6,628 | 8,062 | 9,053 | 9,919 |
| Selling And Marketing Expense | - | 1,535 | 1,977 | 2,231 | 2,109 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| United Airlines Holdings, Inc.this co. | UAL | $34.1B | 10.16↓ discount | 2.23 | 21.9% | 7.03 |
| Axon Enterprise, Inc. | AXON | $41.4B | 331.83 | 12.76 | 3.8% | 214.25 |
| EMCOR Group, Inc. | EME | $37.6B | 29.58 | 10.25 | 34.6% | 19.27 |
| Thomson Reuters Corporation | TRI | $37.4B | 24.99 | 3.14 | 12.6% | 12.91 |
| Dover Corporation | DOV |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $28.7B |
| 26.28 |
| 3.88 |
| 14.8% |
| 16.44 |
| Copart, Inc. | CPRT | $28.5B | 18.35 | 3.10 | 16.9% | 13.48 |
| Ingersoll Rand Inc. | IR | $28.2B | 48.47 | 2.79 | 5.8% | 18.75 |
| Otis Worldwide Corporation | OTIS | $26.8B | 19.37 | -4.97 | -25.7% | 14.29 |
| J.B. Hunt Transport Services, Inc. | JBHT | $26.7B | 44.65 | 7.49 | 16.8% | 17.78 |
| Peer Median | - | 27.93 | 3.51 | 13.7% | 17.11 | |