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Companies / Industrials / United Airlines Holdings
UAL

United Airlines Holdings

IndustrialsAir TransportationS&P 500
Ticker UALCHICAGO, ILFiscal year ends DecemberBook value per share $54.31Diluted shares 326.9M

United Airlines Holdings, Inc. (Nasdaq: UAL) is a holding company whose wholly owned subsidiary, United Airlines, operates a global airline business transporting passengers and cargo across six continents. Its network includes domestic and international routes served through hubs in major U.S. cities and Guam, with… From the company’s description.

In fiscal 2025, United Airlines Holdings reported revenue of $59.07B, up 3.5% from fiscal 2024, and net income of $3.35B. Its operating margin was 8.0%, and operations generated $8.43B in cash. Over the twelve months to Sep 30, 2026, revenue was $65.55B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$59.07BFY2025
+3.5% year over year
Last 12 mo $65.55B
7.98%FY2025
−1 percentage points
Last 12 mo 7.51%
$3.35BFY2025
+6.5% year over year
23.26%FY2025
−2.3 percentage points
Last 12 mo 20.15%
Cash & financing
$8.43BFY2025
−10.7% year over year
Last 12 mo $8.16B
$2.56BFY2025
−33.2% year over year
Last 12 mo $1.12B
1.64FY2025
Was 2.26× a year earlier
Last 12 mo 1.49
328.5MFY2025
−1.4% year over year
Last 12 mo 326.9M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What United Airlines Holdings does

In the company’s own words

United Airlines Holdings, Inc. (Nasdaq: UAL) is a holding company whose wholly owned subsidiary, United Airlines, operates a global airline business transporting passengers and cargo across six continents. Its network includes domestic and international routes served through hubs in major U.S. cities and Guam, with regional flights marketed as United Express. Customers include individual and business travelers, while its cargo services principally serve commercial businesses, freight forwarders, logistics firms and postal services. United sells tickets and ancillary products through its website, mobile app, travel agencies and other intermediaries, and operates the MileagePlus loyalty program, which also partners with credit card issuers and other businesses. The company reports a single airline operation, with passenger transport, cargo, regional service and third-party activities such as maintenance and ground handling. In fiscal 2025, United had approximately 113,200 employees and consumed 4.66 billion gallons of aircraft fuel. Major offerings include United Polaris, Basic Economy, United Express and MileagePlus; United is also a member of Star Alliance. Its website is www.united.com.

Company details
Sector
Industrials
Industry (SIC)
Air Transportation
Headquarters
CHICAGO, IL
Fiscal year end
December
CIK
100517
SIC
4512

Financial performance, year by year

Fiscal 2013–2025 · USD
$-14.33B$7.46B$29.24B$51.03B$72.82B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns United Airlines Holdings — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

757
funds hold it
2 of 35
superinvestors hold it
$16.87B
held by funds, at market
42.3%
of shares held by funds
19
bond issues held by funds

Superinvestors in United Airlines Holdings · what they did last quarter

Stanley DruckenmillerINCREASED +202.8%
Duquesne Family Office
2.5%of 13F portfolio
Polen CapitalNEW
Polen Capital Management
<0.1%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · United Airlines Holdings’s weight in each

0.40%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.06%of fund net assets
VANGUARD PRIMECAP FUND
VPMCX · VANGUARD CHESTER FUNDS
1.26%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.07%of fund net assets
VANGUARD MID-CAP INDEX FUND
VO · VANGUARD INDEX FUNDS
0.43%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

United Airlines Holdings’s bonds, as funds hold them

Funds report holding 19 issues of United Airlines Holdings’s debt, $1.60B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 4.97%, maturing 2027 to 2041.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do United Airlines Holdings and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of United Airlines Holdings's earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in United Airlines Holdings's last four quarterly filings that the numbers alone won't show?”
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