At a glance
United Airlines Holdings Inc is worth $35.49B, about 11 times its fiscal 2025 earnings. Revenue grew 3.5% to $59.07B in fiscal 2025, with 5.7% kept as profit; over 5 years it has grown 30.9% a year. It pays no dividend; it spent $799.0M buying back its shares over FY2021–FY2025. The stock returned +16.2% over the past year with dividends reinvested and +17.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 73.4% in the 2020 crash (S&P 500: 33.7%) and 38.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 55 months and 4 months after the lows.
The business in plain English
United Airlines Holdings is the parent company of United Airlines, which carries passengers and cargo across North America and to Asia, Europe, Africa, the Pacific, the Middle East and Latin America. It runs a hub-and-spoke network: flights feed into large hub airports, where travelers connect onward. This lets United serve many cities with frequent flights. Its hubs are Chicago O'Hare, Denver, Houston, Los Angeles, Newark, San Francisco, Washington Dulles and Guam.
Ticket fares drive the business. In the year ended December 31, 2025, passenger revenue was $53.4 billion, or 90.5% of the $59.1 billion total. Other operating revenue made up 6.5%, and cargo (freight and mail) made up 3%. The MileagePlus loyalty program is meant to keep customers coming back. Members earn miles on flights and through partners such as JPMorgan Chase, which issues the MileagePlus credit card.
United belongs to Star Alliance, the world's largest airline alliance. On certain routes it coordinates schedules and fares with partners including Lufthansa, Air Canada, ANA and Air New Zealand. Regional carriers such as SkyWest and Republic fly United Express routes to smaller cities for contracted fees. They supplied about 6.1% of United's total flying capacity in 2025. Under its United Next plan, the company expects to take delivery of over 630 new aircraft by the end of 2034.
Price history
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UAL +16.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Passenger revenue | $53.44B | 90.5% |
| Other operating revenue | $3.85B | 6.5% |
| Cargo revenue | $1.78B | 3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $17.88B, up 17.4% from a year earlier, and net income was $1.03B (+8.4%).
- For fiscal 2025, revenue was $59.07B (+3.5% year over year; +30.9% a year from FY2020 to FY2025) with a 5.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +30.9% good |
|---|---|
| Operating margin | 8% watch |
| Free cash flow margin | 4.3% watch |
| Return on equity (FY2025) | 21.9% good |
| Return on assets (FY2025) | 4.4% watch |
| Net cash (cash minus debt) | $-11.74B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $15.36B | $-7.07B | $-5.86B |
| FY2021 | $24.63B | $-1.96B | $-40.0M |
| FY2022 | $44.95B | $737.0M | $1.25B |
| FY2023 | $53.72B | $2.62B | $-260.0M |
| FY2024 | $57.06B | $3.15B | $3.83B |
| FY2025 | $59.07B | $3.35B | $2.56B |
Valuation snapshot
| Market value | $35.49B |
|---|---|
| P/E ratio | 10.7 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
United Airlines Holdings’s market value went from $23.12B at the end of 2016 to $35.49B on Nov 2, 2026, up 53%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $35.49B | -2.0% |
| 2025 | $36.20B | +13.4% |
| 2024 | $31.93B | +136.0% |
| 2023 | $13.53B | +9.8% |
| 2022 | $12.33B | -13.1% |
| 2021 | $14.18B | +12.6% |
| 2020 | $12.59B | -43.5% |
| 2019 | $22.29B | -2.3% |
| 2018 | $22.81B | +14.3% |
| 2017 | $19.97B | -13.6% |
| 2016 | $23.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UAL price data to Nov 2, 2026 | -2.3% | +16.2% | +45.0% | +17.9% | +6.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.3% |
| 2025 | +15.2% |
| 2024 | +135.3% |
| 2023 | +9.4% |
| 2022 | -13.9% |
| 2021 | +1.2% |
| 2020 | -50.9% |
| 2019 | +5.2% |
| 2018 | +24.2% |
| 2017 | -7.5% |
| 2016 | +27.2% |
| 2015 | -14.3% |
| 2014 | +76.8% |
| 2013 | +61.8% |
| 2012 | +23.9% |
| 2011 | -20.8% |
| 2010 | +84.5% |
| 2009 | +17.1% |
| 2008 | -66.8% |
| 2007 | -18.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 91.6% over that stretch · deepest drop along the way 93.5%, back to its old high 66.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.9% over that stretch · deepest drop along the way 73.4%, back to its old high 55.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.8% over that stretch · deepest drop along the way 38.5%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 11 sales ($37.8M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 21, 2026 | J Scott Kirby Chief Executive Officer, Director | sell | $18.8M |
| Jun 15, 2026 | J Scott Kirby Chief Executive Officer, Director | sell (plan) | $5.9M |
| May 26, 2026 | Kate Gebo EVP HR and Labor Relations | sell | $3.7M |
| Jul 28, 2026 | Brett J Hart President | sell | $3.6M |
| Jul 24, 2026 | Torbjorn J Enqvist EVP & Chief Operations Officer | sell | $2.4M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.3% | Mar 31, 2026 |
| FMR LLC | 5% | Dec 31, 2025 |
| PRIMECAP MANAGEMENT CO/CA/ | 4.88% | Dec 31, 2025 |
| Capital International Investors | 2% | Mar 31, 2026 |
ETFs with the most weight in UAL
| JETS U.S. Global Jets ETF | 9.92% |
| FTXR First Trust Nasdaq Transportation ETF | 6.03% |
| IYT iShares US Transportation ETF | 3.83% |
| PEJ Invesco Leisure and Entertainment ETF | 3.7% |
| AIRL Themes Airlines ETF | 3.04% |
| BUL Pacer US Cash Cows Growth ETF | 2.72% |
| XTN SPDR S&P Transportation ETF | 2.66% |
| CNAV Mohr Company Nav ETF | 2.36% |
What could go wrong
- A huge bet on new aircraft. The United Next plan includes firm orders for over 630 aircraft. If demand, fuel costs or delivery timelines differ from its assumptions, changing or canceling orders could bring large costs.
- Few suppliers for planes and engines. Substantially all of United's aircraft, engines and some parts come from a limited number of suppliers. Late deliveries could force it to fly older, costlier jets longer or cut its schedule.
- MileagePlus is central to results. MileagePlus plays a significant role in the business, and it includes a co-brand credit card deal with JPMorgan Chase. Unfavorable developments affecting the program could hurt revenue and profits.
- Heavy debt and fixed obligations. As of September 30, 2026, total debt was $26.4 billion versus $14.7 billion of cash and investments. Breaking debt covenants (lender conditions) could trigger a default. Fixed payments stay due when demand falls.
- Jet fuel prices and supply. High or volatile fuel prices, or supply disruptions, could hurt profits, cash and growth plans. United also pays the fuel costs for flights its regional partners operate as United Express.
- Fare wars and economic downturns. The airline industry is highly competitive and prone to fare discounting when rivals add seats. Weak economic or political conditions in the US or abroad can also reduce travel demand.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
United Airlines pays no dividend. It paid none from 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. For an income investor, that means no regular cash payments. Any return comes from the share price, and raising cash means trimming the position at whatever price the market offers. United spent $799 million on share repurchases (buybacks) over 2021–2025, including $637 million in 2025. Yet the share count barely changed: about 324.9 million shares were outstanding as of October 15, 2026, versus 324.6 million in February 2022.
The stock has fallen hard in downturns. In the 2008 financial crisis it dropped 93.5% from its October 2007 peak and did not recover until January 2014. In the 2020 COVID crash it fell 73.4% and did not regain its peak until October 2024. Its 38.5% drop in 2022 was recovered by February 2023. A single stock like United carries more risk than a diversified fund.
Questions investors ask
How does United Airlines make money?
Mostly by flying passengers. In the year ended December 31, 2025, passenger revenue was $53.4 billion, or 90.5% of United's $59.1 billion total. Other operating revenue added 6.5%, and cargo (freight and mail) added 3%. The MileagePlus program is meant to keep travelers loyal. Members earn miles on flights and through partners such as JPMorgan Chase, which issues the MileagePlus credit card. United flies from hubs including Chicago, Denver, Houston, Newark and San Francisco.
Does United Airlines pay a dividend?
No. United paid no dividends from 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. Instead, it spent $799 million on share repurchases over 2021–2025, most of it ($637 million) in 2025. Even so, the share count stayed roughly flat: about 324.9 million shares as of October 15, 2026, versus 324.6 million in February 2022. Income investors would depend on share price gains rather than regular payouts.
Is United Airlines profitable?
Yes. It has reported a profit in each full year since 2022, though airline profits swing widely. In 2025, United earned $3.35 billion on $59.1 billion of revenue, after losses of $7.07 billion in 2020 and $1.96 billion in 2021. In the quarter ended September 30, 2026, net income rose 8.4% from a year earlier to $1.03 billion. As of October 28, 2026, its price-to-earnings (P/E) ratio was about 10.1, based on 2025 earnings. The P/E is the share price divided by yearly profit per share.
How much debt does United Airlines have?
United had $26.4 billion of total debt as of September 30, 2026. It also held $14.7 billion of cash and investments, which left net debt of about $11.7 billion. Shareholders' equity was $17.8 billion. Its annual report lists this financial leverage as a risk. Fixed obligations must be paid even when travel demand drops. Debt agreements also include covenants, which are conditions the borrower must meet, and breaking them could trigger a default.
Is United Airlines stock volatile?
Yes. As of October 28, 2026, its one-year beta was 2.1, meaning the stock tended to move about twice as much as the broader market. Its annualized volatility was 47%. The stock fell 93.5% in the 2008 financial crisis and 73.4% in the 2020 COVID crash. Over the 10 years to October 28, 2026, its price return averaged about 6.5% a year, compared with 17.6% a year over five years.