U

United Airlines Holdings, Inc.

UAL · CIK 0000100517

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$59.07B3.5%
FY2025
Net income (FY)
$3.35B6.5%
FY2025
Free cash flow (FY)
$2.56B33.2%
FY2025
Diluted EPS (FY)
$10.207.9%
FY2025
The story, charted

The shape of the business

FY2008–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$20B$40B$60BFY2008 · Revenue $20.19B · Net income −$5.40B · 0001193125-11-042335 · filed 2011-02-22FY08Revenue $20.19BNet income −$5.40B0001193125-11-042335 · filed 2011-02-22FY2009 · Revenue $16.34B · Net income −$651.0M · 0001193125-12-073010 · filed 2012-02-22FY09Revenue $16.34BNet income −$651.0M0001193125-12-073010 · filed 2012-02-22FY2010 · Revenue $23.32B · Net income $253.0M · 0001193125-13-074391 · filed 2013-02-25FY10Revenue $23.32BNet income $253.0M0001193125-13-074391 · filed 2013-02-25FY2011 · Revenue $37.11B · Net income $840.0M · 0001193125-14-060695 · filed 2014-02-20FY11Revenue $37.11BNet income $840.0M0001193125-14-060695 · filed 2014-02-20FY2012 · Revenue $37.15B · Net income −$723.0M · 0001193125-15-056493 · filed 2015-02-20FY12Revenue $37.15BNet income −$723.0M0001193125-15-056493 · filed 2015-02-20FY2013 · Revenue $38.28B · Net income $571.0M · 0001193125-16-468479 · filed 2016-02-18FY13Revenue $38.28BNet income $571.0M0001193125-16-468479 · filed 2016-02-18FY2014 · Revenue $38.90B · Net income $1.13B · 0001193125-17-054129 · filed 2017-02-23FY14Revenue $38.90BNet income $1.13B0001193125-17-054129 · filed 2017-02-23FY2015 · Revenue $37.86B · Net income $7.34B · 0001193125-18-054235 · filed 2018-02-22FY15Revenue $37.86BNet income $7.34B0001193125-18-054235 · filed 2018-02-22FY2016 · Revenue $36.56B · Net income $2.23B · 0000100517-19-000009 · filed 2019-02-28FY16Revenue $36.56BNet income $2.23B0000100517-19-000009 · filed 2019-02-28FY2017 · Revenue $37.78B · Net income $2.14B · 0000100517-20-000010 · filed 2020-02-25FY17Revenue $37.78BNet income $2.14B0000100517-20-000010 · filed 2020-02-25FY2018 · Revenue $41.30B · Net income $2.12B · 0000100517-21-000016 · filed 2021-03-01FY18Revenue $41.30BNet income $2.12B0000100517-21-000016 · filed 2021-03-01FY2019 · Revenue $43.26B · Net income $3.01B · 0000100517-22-000009 · filed 2022-02-18FY19Revenue $43.26BNet income $3.01B0000100517-22-000009 · filed 2022-02-18FY2020 · Revenue $15.36B · Net income −$7.07B · 0000100517-23-000048 · filed 2023-02-16FY20Revenue $15.36BNet income −$7.07B0000100517-23-000048 · filed 2023-02-16FY2021 · Revenue $24.63B · Net income −$1.96B · 0000100517-24-000027 · filed 2024-02-29FY21Revenue $24.63BNet income −$1.96B0000100517-24-000027 · filed 2024-02-29FY2022 · Revenue $44.95B · Net income $737.0M · 0000100517-25-000046 · filed 2025-02-27FY22Revenue $44.95BNet income $737.0M0000100517-25-000046 · filed 2025-02-27FY2023 · Revenue $53.72B · Net income $2.62B · 0000100517-26-000023 · filed 2026-02-12FY23Revenue $53.72BNet income $2.62B0000100517-26-000023 · filed 2026-02-12FY2024 · Revenue $57.06B · Net income $3.15B · 0000100517-26-000023 · filed 2026-02-12FY24Revenue $57.06BNet income $3.15B0000100517-26-000023 · filed 2026-02-12FY2025 · Revenue $59.07B · Net income $3.35B · 0000100517-26-000023 · filed 2026-02-12FY25Revenue $59.07BNet income $3.35B0000100517-26-000023 · filed 2026-02-12FY25Revenue $59.07BNet income $3.35B0000100517-26-000023 · filed 2026-02-12FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 2.9× since FY2008 · net margin -26.7% → 5.7%

MarginsNet marginFCF margin
-40%-20%0%20%FY2008 · Net margin -26.7% · FCF margin -8.5%FY08Net margin -26.7%FCF margin -8.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin -4.0% · FCF margin 4.0%FY09Net margin -4.0%FCF margin 4.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 1.1% · FCF margin 6.4%FY10Net margin 1.1%FCF margin 6.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 2.3% · FCF margin 4.2%FY11Net margin 2.3%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin -1.9% · FCF margin -2.9%FY12Net margin -1.9%FCF margin -2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 1.5% · FCF margin -1.9%FY13Net margin 1.5%FCF margin -1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 2.9% · FCF margin 1.6%FY14Net margin 2.9%FCF margin 1.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 19.4% · FCF margin 8.6%FY15Net margin 19.4%FCF margin 8.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 6.1% · FCF margin 6.3%FY16Net margin 6.1%FCF margin 6.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 5.7% · FCF margin -1.0%FY17Net margin 5.7%FCF margin -1.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 5.1% · FCF margin 5.1%FY18Net margin 5.1%FCF margin 5.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 7.0% · FCF margin 5.5%FY19Net margin 7.0%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -46.0% · FCF margin -38.2%FY20Net margin -46.0%FCF margin -38.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin -8.0% · FCF margin -0.2%FY21Net margin -8.0%FCF margin -0.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 1.6% · FCF margin 2.8%FY22Net margin 1.6%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 4.9% · FCF margin -0.5%FY23Net margin 4.9%FCF margin -0.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 5.5% · FCF margin 6.7%FY24Net margin 5.5%FCF margin 6.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 5.7% · FCF margin 4.3%FY25Net margin 5.7%FCF margin 4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 5.7%FCF margin 4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 5.7% · free cash flow 4.3% of revenue

Cash engineOperating cash flowFree cash flow
−$5B$0$5B$10BFY2008 · OCF −$1.24B · FCF −$1.71B · 0001193125-11-042335 · filed 2011-02-22FY08OCF −$1.24BFCF −$1.71B0001193125-11-042335 · filed 2011-02-22FY2009 · OCF $966.0M · FCF $649.0M · 0001193125-12-073010 · filed 2012-02-22FY09OCF $966.0MFCF $649.0M0001193125-12-073010 · filed 2012-02-22FY2010 · OCF $1.91B · FCF $1.49B · 0001193125-13-074391 · filed 2013-02-25FY10OCF $1.91BFCF $1.49B0001193125-13-074391 · filed 2013-02-25FY2011 · OCF $2.41B · FCF $1.57B · 0001193125-14-060695 · filed 2014-02-20FY11OCF $2.41BFCF $1.57B0001193125-14-060695 · filed 2014-02-20FY2012 · OCF $935.0M · FCF −$1.08B · 0001193125-14-060695 · filed 2014-02-20FY12OCF $935.0MFCF −$1.08B0001193125-14-060695 · filed 2014-02-20FY2013 · OCF $1.44B · FCF −$720.0M · 0001193125-14-060695 · filed 2014-02-20FY13OCF $1.44BFCF −$720.0M0001193125-14-060695 · filed 2014-02-20FY2014 · OCF $2.63B · FCF $629.0M · 0001193125-17-054129 · filed 2017-02-23FY14OCF $2.63BFCF $629.0M0001193125-17-054129 · filed 2017-02-23FY2015 · OCF $5.99B · FCF $3.25B · 0001193125-18-054235 · filed 2018-02-22FY15OCF $5.99BFCF $3.25B0001193125-18-054235 · filed 2018-02-22FY2016 · OCF $5.54B · FCF $2.32B · 0000100517-19-000009 · filed 2019-02-28FY16OCF $5.54BFCF $2.32B0000100517-19-000009 · filed 2019-02-28FY2017 · OCF $3.47B · FCF −$396.0M · 0000100517-20-000010 · filed 2020-02-25FY17OCF $3.47BFCF −$396.0M0000100517-20-000010 · filed 2020-02-25FY2018 · OCF $6.16B · FCF $2.09B · 0000100517-21-000016 · filed 2021-03-01FY18OCF $6.16BFCF $2.09B0000100517-21-000016 · filed 2021-03-01FY2019 · OCF $6.91B · FCF $2.38B · 0000100517-22-000009 · filed 2022-02-18FY19OCF $6.91BFCF $2.38B0000100517-22-000009 · filed 2022-02-18FY2020 · OCF −$4.13B · FCF −$5.86B · 0000100517-23-000048 · filed 2023-02-16FY20OCF −$4.13BFCF −$5.86B0000100517-23-000048 · filed 2023-02-16FY2021 · OCF $2.07B · FCF −$40.0M · 0000100517-24-000027 · filed 2024-02-29FY21OCF $2.07BFCF −$40.0M0000100517-24-000027 · filed 2024-02-29FY2022 · OCF $6.07B · FCF $1.25B · 0000100517-25-000046 · filed 2025-02-27FY22OCF $6.07BFCF $1.25B0000100517-25-000046 · filed 2025-02-27FY2023 · OCF $6.91B · FCF −$260.0M · 0000100517-26-000023 · filed 2026-02-12FY23OCF $6.91BFCF −$260.0M0000100517-26-000023 · filed 2026-02-12FY2024 · OCF $9.45B · FCF $3.83B · 0000100517-26-000023 · filed 2026-02-12FY24OCF $9.45BFCF $3.83B0000100517-26-000023 · filed 2026-02-12FY2025 · OCF $8.43B · FCF $2.56B · 0000100517-26-000023 · filed 2026-02-12FY25OCF $8.43BFCF $2.56B0000100517-26-000023 · filed 2026-02-12FY25OCF $8.43BFCF $2.56B0000100517-26-000023 · filed 2026-02-12’09’13’17’21’25

FY2025: $8.43B operating cash − $5.87B capex = $2.56B free cash flow

Returns on capitalReturn on equityReturn on assets
-100%0%100%FY2009 · ROE 23.2% · ROA -3.5%FY09ROE 23.2%ROA -3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 14.6% · ROA 0.6%FY10ROE 14.6%ROA 0.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 46.5% · ROA 2.2%FY11ROE 46.5%ROA 2.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE -150.3% · ROA -1.9%FY12ROE -150.3%ROA -1.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 19.1% · ROA 1.6%FY13ROE 19.1%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 47.2% · ROA 3.1%FY14ROE 47.2%ROA 3.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 81.9% · ROA 18.0%FY15ROE 81.9%ROA 18.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 25.8% · ROA 5.6%FY16ROE 25.8%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 24.5% · ROA 5.1%FY17ROE 24.5%ROA 5.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 21.1% · ROA 4.3%FY18ROE 21.1%ROA 4.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 26.1% · ROA 5.7%FY19ROE 26.1%ROA 5.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -118.6% · ROA -11.9%FY20ROE -118.6%ROA -11.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE -39.1% · ROA -2.9%FY21ROE -39.1%ROA -2.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 10.7% · ROA 1.1%FY22ROE 10.7%ROA 1.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 28.1% · ROA 3.7%FY23ROE 28.1%ROA 3.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 24.8% · ROA 4.3%FY24ROE 24.8%ROA 4.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 21.9% · ROA 4.4%FY25ROE 21.9%ROA 4.4%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 21.9%ROA 4.4%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 23% (FY2009) → 22% (FY2025) · on assets 4.4%

The receipts