United Airlines Holdings Inc. (UAL) financial statements: income statement, balance sheet and cash flow
United Airlines Holdings Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), United Airlines Holdings Inc. reported revenue of $59.1B (+3.5% year on year) and net income of $3.4B (+6.5% year on year).
Income statement
United Airlines Holdings Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total operating revenue
$59.1B
$57.1B
$53.7B
$45.0B
Salaries and related costs
$17.6B
$16.7B
$14.8B
$11.5B
Aircraft fuel
$11.4B
$11.8B
$12.7B
$13.1B
Landing fees and other rent
$3.8B
$3.4B
$3.1B
$2.6B
Aircraft maintenance materials and outside repairs
$3.3B
$3.1B
$2.7B
$2.2B
Depreciation and amortization
$2.9B
$2.9B
$2.7B
$2.5B
Regional capacity purchase
$2.7B
$2.5B
$2.4B
$2.3B
Distribution expenses
$2.1B
$2.2B
$2.0B
$1.5B
Aircraft rent
$252.0M
$193.0M
$197.0M
$252.0M
Special charges
$259.0M
$112.0M
$949.0M
$140.0M
Other operating expenses
$9.9B
$9.1B
$8.1B
$6.6B
Total operating expense
$54.4B
$52.0B
$49.5B
$42.6B
Operating income
$4.7B
$5.1B
$4.2B
$2.3B
Interest expense
($1.4B)
($1.6B)
($2.0B)
($1.8B)
Interest income
$611.0M
$726.0M
$827.0M
$298.0M
Interest capitalized
$206.0M
$227.0M
$182.0M
$105.0M
Unrealized gains (losses) on investments, net
$4.0M
($199.0M)
$27.0M
$20.0M
Miscellaneous, net
$144.0M
($53.0M)
$96.0M
$8.0M
Total nonoperating expense, net
($408.0M)
($928.0M)
($824.0M)
($1.3B)
Income before income taxes
$4.3B
$4.2B
$3.4B
$990.0M
Total Income Tax Expense
$953.0M
$1.0B
$769.0M
$253.0M
Net income
$3.4B
$3.1B
$2.6B
$737.0M
Earnings per share, basic (in dollars per share)
$10.32
$9.58
$7.98
$2.26
Earnings per share, diluted (in dollars per share)
$10.20
$9.45
$7.89
$2.23
United Airlines Holdings Inc. income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Total operating revenue
$17.9B
$17.7B
$14.6B
$15.2B
Salaries and related costs
$5.0B
$4.7B
$4.6B
$4.6B
Aircraft fuel
$4.8B
$5.1B
$3.0B
$3.0B
Landing fees and other rent
$1.0B
$1.1B
$948.0M
$1.0B
Aircraft maintenance materials and outside repairs
$806.0M
$906.0M
$854.0M
$779.0M
Depreciation and amortization
$777.0M
$762.0M
$756.0M
$730.0M
Regional capacity purchase
$725.0M
$743.0M
$692.0M
$686.0M
Distribution expenses
$632.0M
$644.0M
$522.0M
$555.0M
Aircraft rent
$116.0M
$112.0M
$83.0M
$54.0M
Special charges (credits)
($215.0M)
($145.0M)
($389.0M)
($73.0M)
Other operating expenses
$2.7B
$2.7B
$2.5B
$2.5B
Total operating expense
$16.4B
$16.6B
$13.6B
$13.8B
Operating income
$1.4B
$1.1B
$997.0M
$1.4B
Interest expense
($359.0M)
($343.0M)
($327.0M)
($331.0M)
Interest income
$157.0M
$148.0M
$135.0M
$142.0M
Interest capitalized
$56.0M
$59.0M
$54.0M
$53.0M
Unrealized gains (losses) on investments, net
($13.0M)
$40.0M
($13.0M)
($13.0M)
Miscellaneous, net
$24.0M
$26.0M
$24.0M
$9.0M
Total nonoperating expense, net
($135.0M)
($69.0M)
($127.0M)
($141.0M)
Income before income taxes
$1.3B
$1.0B
$870.0M
$1.3B
Income tax expense
$282.0M
$221.0M
$172.0M
$306.0M
Net income
$1.0B
$805.0M
$699.0M
$949.0M
Earnings per share, basic (in dollars per share)
$3.17
$2.48
$2.16
$2.93
Earnings per share, diluted (in dollars per share)
$3.14
$2.46
$2.14
$2.90
Balance sheet
United Airlines Holdings Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$5.9B
$8.8B
$6.1B
$7.2B
Short-term investments
$6.3B
$5.7B
$8.3B
$9.2B
Receivables, net
$2.4B
$2.2B
$1.9B
$1.8B
Aircraft fuel, spare parts and supplies, net
$1.6B
$1.6B
$1.6B
$1.1B
Prepaid expenses and other
$671.0M
$673.0M
$609.0M
$689.0M
Total current assets
$16.9B
$18.9B
$18.5B
$20.1B
Operating property and equipment, net
$46.1B
$42.9B
—
—
Operating lease right-of-use assets
$5.0B
$3.8B
$3.9B
$3.9B
Goodwill
$4.5B
$4.5B
$4.5B
$4.5B
Intangible assets, net
$2.7B
$2.7B
$2.7B
$2.8B
Investments in affiliates and other, net
$1.3B
$1.3B
—
—
Total noncurrent assets
$59.6B
$55.2B
—
—
Total assets
$76.4B
$74.1B
$71.1B
$67.4B
Accounts payable
$4.6B
$4.2B
$3.8B
$3.4B
Accrued salaries and benefits
$3.9B
$3.3B
$2.9B
$2.0B
Advance ticket sales
$8.1B
$7.6B
$6.7B
$7.6B
Frequent flyer deferred revenue
$3.7B
$3.4B
$3.1B
$2.7B
Current maturities of long-term debt, finance leases, and other financial liabilities
$4.4B
$3.5B
—
—
Current maturities of operating leases
$631.0M
$467.0M
$576.0M
$561.0M
Other
$757.0M
$948.0M
$806.0M
$779.0M
Total current liabilities
$26.1B
$23.3B
$22.2B
$20.0B
Long-term debt, finance leases, and other financial liabilities
$20.6B
$25.2B
—
—
Long-term obligations under operating leases
$5.4B
$4.5B
$4.5B
$4.5B
Frequent flyer deferred revenue
$4.1B
$4.0B
$4.0B
$4.0B
Pension and postretirement benefit liability
$1.1B
$1.2B
—
—
Deferred income taxes
$2.5B
$1.6B
$0
$91.0M
Other
$1.5B
$1.5B
$1.4B
$1.4B
Total noncurrent liabilities
$35.0B
$38.1B
—
—
Preferred stock
$0
$0
$0
$0
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 323,470,682 and 327,899,771 shares at December 31, 2025 and 2024, respectively
4.0M
4.0M
4.0M
4.0M
Additional capital invested
$8.9B
$9.0B
$9.0B
$9.0B
Stock held in treasury, at cost
($3.8B)
($3.4B)
($3.4B)
($3.5B)
Retained earnings
$10.1B
$6.9B
$3.8B
$1.3B
Accumulated other comprehensive income
$48.0M
$188.0M
($62.0M)
$175.0M
Total stockholders' equity
$15.3B
$12.7B
$9.3B
$6.9B
Total liabilities and stockholders' equity
$76.4B
$74.1B
$71.1B
$67.4B
United Airlines Holdings Inc. balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$6.6B
$10.2B
$7.9B
$6.7B
Short-term investments
$8.0B
$6.5B
$6.3B
$6.6B
Receivables, net
$2.6B
$2.5B
$2.7B
$2.4B
Aircraft fuel, spare parts and supplies, net
$2.0B
$1.8B
$1.7B
$1.6B
Prepaid expenses and other
$746.0M
$759.0M
$847.0M
$744.0M
Total current assets
$20.0B
$21.7B
$19.4B
$18.1B
Operating property and equipment, net
$49.4B
$48.0B
$47.1B
$45.0B
Operating lease right-of-use assets
$7.0B
$6.2B
$5.7B
$4.8B
Goodwill
$4.5B
$4.5B
$4.5B
$4.5B
Intangible assets, net
$2.6B
$2.6B
$2.6B
$2.7B
Investments in affiliates and other, net
$1.6B
$1.6B
$1.6B
$1.2B
Total noncurrent assets
$65.1B
$62.9B
$61.5B
$58.2B
Total assets
$85.1B
$84.6B
$80.9B
$76.3B
Accounts payable
$5.4B
$5.8B
$5.4B
$4.6B
Accrued salaries and benefits
$3.0B
$3.5B
$3.1B
$3.6B
Advance ticket sales
$10.7B
$10.8B
$11.7B
$9.3B
Frequent flyer deferred revenue
$4.1B
$3.9B
$3.8B
$3.6B
Current maturities of long-term debt, finance leases, and other financial liabilities
$1.8B
$2.2B
$2.3B
$4.6B
Current maturities of operating leases
$934.0M
$818.0M
$748.0M
$563.0M
Other
$691.0M
$854.0M
$830.0M
$763.0M
Total current liabilities
$26.6B
$27.8B
$27.8B
$27.1B
Long-term debt, finance leases, and other financial liabilities
$24.6B
$24.3B
$21.9B
$20.8B
Long-term obligations under operating leases
$7.0B
$6.4B
$6.0B
$5.3B
Frequent flyer deferred revenue
$3.9B
$4.0B
$4.1B
$4.1B
Pension and postretirement benefit liability
$825.0M
$1.1B
$1.1B
$974.0M
Deferred income taxes
$3.1B
$2.8B
$2.6B
$2.2B
Other
$1.4B
$1.5B
$1.5B
$1.5B
Total noncurrent liabilities
$40.7B
$40.1B
$37.3B
$34.9B
Preferred stock
$0
$0
$0
$0
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 324,889,913 and 323,470,682 shares at September 30, 2026 and December 31, 2025, respectively
4.0M
4.0M
4.0M
4.0M
Additional capital invested
$8.9B
$8.9B
$8.8B
$8.9B
Stock held in treasury, at cost
($3.7B)
($3.7B)
($3.7B)
($3.7B)
Retained earnings
$12.6B
$11.5B
$10.7B
$9.0B
Accumulated other comprehensive income (loss)
($26.0M)
$3.0M
$23.0M
$123.0M
Total stockholders' equity
$17.8B
$16.7B
$15.9B
$14.3B
Total liabilities and stockholders' equity
$85.1B
$84.6B
$80.9B
$76.3B
Cash flow statement
United Airlines Holdings Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$3.4B
$3.1B
$2.6B
$737.0M
Deferred income tax
$925.0M
$935.0M
$756.0M
$248.0M
Depreciation and amortization
$2.9B
$2.9B
$2.7B
$2.5B
Operating and non-operating special charges, non-cash portion
$13.0M
$158.0M
$84.0M
$16.0M
Unrealized (gains) losses on investments
($4.0M)
$199.0M
($27.0M)
($20.0M)
Amortization of debt discount and debt issuance costs
$77.0M
$166.0M
$139.0M
$156.0M
Other operating activities
($62.0M)
$9.0M
$6.0M
$218.0M
(Increase) decrease in receivables
($297.0M)
$280.0M
($100.0M)
($158.0M)
Increase in prepaids and other assets
($264.0M)
($166.0M)
($463.0M)
—
Increase (decrease) in advance ticket sales
$570.0M
$857.0M
($851.0M)
$1.2B
Increase in frequent flyer deferred revenue
$336.0M
$298.0M
$468.0M
$393.0M
Increase in accounts payable
$674.0M
$178.0M
$572.0M
$796.0M
Increase in other liabilities
$171.0M
$454.0M
$1.0B
$110.0M
Net cash provided by operating activities
$8.4B
$9.4B
$6.9B
$6.1B
Capital expenditures, net of flight equipment purchase deposit returns
($5.9B)
($5.6B)
($7.2B)
($4.8B)
Purchases of short-term and other investments
($7.8B)
($5.8B)
($9.5B)
($11.2B)
Proceeds from sale of short-term and other investments
$7.3B
$8.7B
$10.5B
$2.1B
Proceeds from sale of property and equipment
$98.0M
$109.0M
$39.0M
$207.0M
Other, net
($96.0M)
$3.0M
($23.0M)
($69.0M)
Net cash used in investing activities
($6.3B)
($2.7B)
($6.1B)
($13.8B)
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees
$578.0M
$6.1B
$2.4B
—
Payments of long-term debt, finance leases and other financial liabilities
($4.8B)
($10.1B)
($4.2B)
($4.0B)
Repurchases of common stock
($637.0M)
($162.0M)
—
$0
Other, net
($115.0M)
($21.0M)
($32.0M)
($74.0M)
Net cash used in financing activities
($4.9B)
($4.2B)
($1.9B)
($3.3B)
Net increase (decrease) in cash, cash equivalents and restricted cash
($2.9B)
$2.6B
($1.1B)
($11.1B)
Cash, cash equivalents and restricted cash at beginning of year
$8.9B
$6.3B
$7.4B
$18.5B
Cash, cash equivalents and restricted cash at end of year
$6.1B
$8.9B
$6.3B
$7.4B
Right-of-use assets acquired or modified through operating leases
$1.9B
$577.0M
$552.0M
$137.0M
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities
($25.0M)
$406.0M
—
—
Operating leases converted to finance leases
$417.0M
—
—
—
Investment interests received in exchange for loans, goods and services
$45.0M
$18.0M
$33.0M
$103.0M
Interest
$1.3B
$1.5B
$1.8B
$1.6B
Income taxes
$62.0M
$88.0M
$7.0M
$8.0M
United Airlines Holdings Inc. cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net cash provided by operating activities
$6.9B
$6.4B
$4.8B
$7.1B
Capital expenditures, net of flight equipment purchase deposit returns
($5.2B)
($3.0B)
($1.7B)
($4.0B)
Purchases of short-term and other investments
($7.6B)
($4.4B)
($2.4B)
($6.5B)
Proceeds from sale of short-term and other investments
$5.8B
$4.2B
$2.3B
$5.7B
Proceeds from sale of property and equipment
$54.0M
$33.0M
$9.0M
$63.0M
Other, net
($289.0M)
($111.0M)
($144.0M)
($64.0M)
Net cash used in investing activities
($7.2B)
($3.4B)
($1.9B)
($4.8B)
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees
$6.7B
$5.8B
$2.2B
$485.0M
Payments of long-term debt, finance leases and other financial liabilities
($5.5B)
($4.5B)
($3.1B)
($4.2B)
Repurchases of common stock
($27.0M)
($27.0M)
($27.0M)
($610.0M)
Other, net
($98.0M)
($93.0M)
($90.0M)
($114.0M)
Net cash provided by (used in) financing activities
$1.0B
$1.2B
($976.0M)
($4.4B)
Net increase (decrease) in cash, cash equivalents and restricted cash
$713.0M
$4.2B
$1.9B
($2.1B)
Cash, cash equivalents and restricted cash at beginning of the period
$6.1B
$6.1B
$6.1B
$8.9B
Cash, cash equivalents and restricted cash at end of the period
$6.8B
$10.3B
$8.0B
$6.9B
Right-of-use assets acquired or modified through operating leases
$2.5B
$1.5B
$902.0M
$1.4B
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities
$140.0M
$86.0M
$23.0M
($52.0M)
Operating leases converted to finance leases
$66.0M
$66.0M
$24.0M
$417.0M
Investment interests received in exchange for loans, goods and services