# United Airlines Holdings Inc. (UAL) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/UAL/thesis · /stocks/UAL/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/UAL/fundamental

## Navigation

- Overview: /stocks/UAL
- Financials (this page): /stocks/UAL/financials
- Thesis: /stocks/UAL/thesis
- Investment Memo: /stocks/UAL/memo
- Coverage universe: /stocks