United Airlines Holdings Inc.
UALFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
12%
FY2025 · ROIC (methodology not specified) · WACC ~10% · Moat spread +2pp
Financial Snapshot
ticker: UAL step: 04 generated: 2026-05-13 source: quick-research
United Airlines Holdings Inc. (UAL) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$44.9B | $53.7B | $57.1B | +6.2% |
| Gross Margin | ~20% | ~22% | ~22% | |
| Operating Margin | ~7% | ~9% | ~8.1% | |
| Net Income | ~$737M | $2.62B | $3.15B | +20.3% |
| EPS (diluted) | ~$2.22 | $7.89 | $9.45 | +19.8% |
FY2025 revenue: record $59.1B (+3.5% YoY). FY2025 adjusted diluted EPS reached $11.62+ (estimated). Adjusted EPS excludes mark-to-market fuel hedges and special items: FY2023 adj. $10.05, FY2024 adj. $10.61.
Cash Flow & Balance Sheet (FY2024/2025)
| Metric | Value |
|---|---|
| Operating Cash Flow (FY2025) | $8.4B |
| Free Cash Flow (FY2025) | $2.7B |
| Total Debt (FY2025) | ~$25B |
| Debt Reduced Since COVID Peak | ~$11B |
| MileagePlus Asset Value | $40B+ (now unencumbered) |
Key Ratios (approximate)
- P/E: ~8x (adj.) | EV/EBITDA: ~5x | FCF Yield: ~10%+
- Revenue Growth (FY2024): +6.2% | Adjusted Pre-Tax Margin: ~8.1%
- Debt/Equity: ~152% — elevated but actively deleveraging
Growth Profile
United has executed a remarkable post-COVID recovery — GAAP net income grew from $737M in FY2022 to $3.15B in FY2024, with adjusted EPS growing consistently. The United Next strategy is driving above-peer revenue per available seat mile (RASM) growth via premiumization: Polaris Studio 787-9 deployments, MileagePlus card growth, and transatlantic market share gains. FCF of $2.7B in 2025 funds both debt reduction and fleet investment simultaneously.
Forward Estimates
- FY2026 Guidance: FCF expected ~$2.7B (similar to 2025); debt reduction continues
- FY2026 EPS: Consensus ~$11-13 adjusted, implying P/E of ~7-8x at current prices
- MileagePlus: Growing 9-12% annually; targeting double profits by 2030
- Fleet deliveries: 100+ narrow-body + 20 wide-body in 2026 (most widebody deliveries of any U.S. airline since 1988)
- Analyst consensus: Strong Buy (24 Buy, 2 Hold, 0 Sell); avg. target $130.59
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $UAL.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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