UAL

MKT CAP:$30B

United Airlines Holdings, Inc.

Market Cap

$30B

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NASDAQ

Industrials·Airlines,·🇺🇸·NASDAQ

Stock Price

$92.10-$20.91 (-18.50%)

Apr 24, 2026

Company Details

United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its main...

CEO

J. Scott Kirby

IPO Date

Feb 6, 2006

Website

www.united.com

Key Metrics TTM

Revenue

$55.8B

+6.2% YoY

Net Income

$2.5B

EPS (Diluted)

$7.53

Free Cash Flow

$3.3B

Revenue / Share

$170.62

Gross Margin

36.7%

Operating Margin

7.2%

Net Margin

4.5%

FCF Margin

6.0%

P/S

0.5x

P/E

12.0x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$14.6BEPS $2.14

FY 2024

Feb 27, 2025

$57.1B+6.2%EPS $9.45

Q2 2024

Jul 18, 2024

$15.0B+5.7%EPS $3.96

Q1 2024

Apr 17, 2024

$12.5B+9.7%EPS -$0.38

FY 2023

Feb 29, 2024

$53.7B+19.5%EPS $7.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$3.4B	-$1.4B	-$2.1B
Q1 21	$3.2B	-$1.4B	-$1.4B
Q2 21	$5.5B	-$122M	-$270M
Q3 21	$7.8B	$1.4B	$1.0B
Q4 21	$8.2B	$1.3B	-$408M
Q1 22	$7.6B	$293M	-$1.4B
Q2 22	$12.1B	$3.0B	$878M
Q3 22	$12.9B	$3.8B	$1.5B
Q4 22	$12.4B	$3.6B	$1.4B
Q1 23	$11.4B	$2.2B	-$43M
Q2 23	$14.2B	$4.9B	$1.5B
Q3 23	$14.5B	$4.4B	$1.7B
Q4 23	$13.6B	$3.7B	$997M
Q1 24	$12.5B	$2.7B	$99M
Q2 24	$15.0B	$4.8B	$1.9B
Q1 26	$14.6B	$9.2B	$997M

Valuation

Quarter	P/S	P/E
Q4 20	0.9x	—
Q1 21	1.7x	—
Q2 21	1.2x	—
Q3 21	0.8x	—
Q4 21	0.6x	—
Q1 22	0.5x	—
Q2 22	0.3x	—
Q3 22	0.3x	—
Q4 22	0.3x	19.3x
Q1 23	0.3x	7.5x
Q2 23	0.4x	6.8x
Q3 23	0.3x	4.8x
Q4 23	0.3x	5.4x
Q1 24	0.3x	5.8x
Q2 24	0.3x	5.4x
Q1 26	0.5x	11.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$2.2B	-$2.3B
Q1 21	$447M	$3M
Q2 21	$2.7B	$1.8B
Q3 21	-$786M	-$1.1B
Q4 21	-$269M	-$805M
Q1 22	$1.5B	$1.1B
Q2 22	$2.7B	$2.1B
Q3 22	$741M	-$587M
Q4 22	$1.2B	-$1.4B
Q1 23	$3.1B	$1.3B
Q2 23	$3.8B	$2.4B
Q3 23	$880M	-$962M
Q4 23	-$910M	-$3.0B
Q1 24	$2.8B	$1.5B
Q2 24	$2.9B	$1.7B
Q1 26	$4.8B	$3.1B

Capital Expenditures

Quarter	CapEx
Q4 20	$97M
Q1 21	$444M
Q2 21	$861M
Q3 21	$266M
Q4 21	$536M
Q1 22	$402M
Q2 22	$550M
Q3 22	$1.3B
Q4 22	$2.5B
Q1 23	$1.8B
Q2 23	$1.4B
Q3 23	$1.8B
Q4 23	$2.1B
Q1 24	$1.4B
Q2 24	$1.2B
Q1 26	$1.7B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-68.7%	-44.7%
Q1 21	-59.6%	-48.6%
Q2 21	+270.9%	+84.5%
Q3 21	+211.4%	+63.6%
Q4 21	+140.1%	+55.0%
Q1 22	+134.9%	+94.5%
Q2 22	+121.4%	+95.7%
Q3 22	+66.2%	+70.1%
Q4 22	+51.4%	+28.2%
Q1 23	+51.1%	+28.2%
Q2 23	+17.1%	+12.7%
Q3 23	+12.5%	+11.6%
Q4 23	+9.9%	+14.5%
Q1 24	+9.7%	+8.4%
Q2 24	+5.7%	+3.1%
Q1 26	+0.9%	+6.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$25M	0.7%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$238M	2.9%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 20	—	$80M
Q1 21	—	$85M
Q2 21	—	$139M
Q3 21	—	$218M
Q4 21	—	$235M
Q1 22	—	$226M
Q2 22	—	$393M
Q3 22	—	$482M
Q4 22	—	$434M
Q1 23	—	$403M
Q2 23	—	$487M
Q3 23	—	$516M
Q4 23	—	$571M
Q1 24	—	$480M
Q2 24	—	$626M
Q1 26	$7.9B	—

Revenue by Geography

Quarter	Atlantic Destination	International	Latin America Destination	Pacific Destination
Q4 20	$427M	$2.2B	$389M	$360M
Q1 21	$410M	$2.1B	$392M	$308M
Q2 21	$585M	$3.8B	$727M	$392M
Q3 21	$1.1B	$5.4B	$849M	$373M
Q4 21	$1.3B	$5.6B	$900M	$434M
Q1 22	$1.1B	$5.1B	$909M	$482M
Q2 22	$2.5B	$7.8B	$1.2B	$617M
Q3 22	$3.2B	$7.7B	$1.2B	$811M
Q4 22	$2.3B	$7.9B	$1.2B	$1.0B
Q1 23	$1.8B	$7.2B	$1.3B	$1.1B
Q2 23	$3.2B	$8.4B	$1.3B	$1.3B
Q3 23	$3.5B	$8.4B	$1.2B	$1.4B
Q4 23	$2.4B	$8.4B	$1.3B	$1.5B
Q1 24	$1.8B	$7.7B	$1.4B	$1.6B
Q2 24	$3.3B	$8.8B	$1.3B	$1.6B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$16.9B	$3.2B	$20.1B
Q3 22	$11.3B	$7.4B	$18.7B
Q4 22	$7.2B	$9.2B	$16.4B
Q1 23	$7.6B	$9.5B	$17.2B
Q2 23	$9.6B	$9.5B	$19.1B
Q3 23	$7.5B	$9.6B	$17.1B
Q4 23	$6.1B	$8.3B	$14.4B
Q1 24	$8.4B	$5.6B	$14.0B
Q2 24	$10.9B	$4.4B	$15.2B
Q3 24	$8.8B	$5.4B	$14.2B
Q4 24	$8.8B	$5.7B	$14.5B
Q1 25	$9.4B	$6.0B	$15.3B
Q2 25	$9.4B	$6.3B	$15.6B
Q3 25	$6.7B	$6.6B	$13.3B
Q4 25	$5.9B	$6.3B	$12.2B
Q1 26	$7.9B	$6.3B	$14.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	312M	+7.2%	+23.1%
Q1 21	317M	+1.5%	+27.4%
Q2 21	324M	+2.2%	+15.3%
Q3 21	329M	+1.7%	+13.1%
Q4 21	324M	-1.6%	+3.8%
Q1 22	325M	+0.4%	+2.7%
Q2 22	330M	+1.6%	+2.1%
Q3 22	330M	-0.2%	+0.2%
Q4 22	330M	+0.3%	+2.0%
Q1 23	327M	-0.9%	+0.7%
Q2 23	332M	+1.3%	+0.4%
Q3 23	332M	+0.3%	+0.9%
Q4 23	331M	-0.3%	+0.3%
Q1 24	328M	-0.9%	+0.3%
Q2 24	334M	+1.7%	+0.7%
Q1 26	327M	-2.1%	-1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$45.9K	74K
Q1 21	$43.3K	74K
Q2 21	$73.5K	74K
Q3 21	$104.2K	74K
Q4 21	$97.4K	84K
Q1 22	$90.0K	84K
Q2 22	$144.0K	84K
Q3 22	$153.1K	84K
Q4 22	$133.6K	93K
Q1 23	$123.2K	93K
Q2 23	$152.8K	93K
Q3 23	$156.1K	93K
Q4 23	$131.9K	103K
Q1 24	$121.4K	103K
Q2 24	$145.1K	103K
Q1 26	$129.0K	113K

Revenue / Employee