UALNasdaqAir Transportation, ScheduledFiscal year ends December 31
United Airlines Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Oct 21, 2026
$95.60−0.50 (-0.52%)
Close on Oct 19, 2026
- Market cap
- $31.22B
- P/E (TTM)
- 8.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
8.0%+49.4 pts over 5 years
Net margin
5.7%+51.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.5% | +9.5% | +30.9% | +4.5% | |
| Operating income | -7.5% | +26.3% | – | -0.9% | |
| Net income | +6.5% | +65.7% | – | -7.5% | |
| EPS, diluted | +7.9% | +66.0% | – | -6.3% | |
| Free cash flow | -33.2% | +27.0% | – | -2.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 25.5% | -80.8% | 24.0% | |
| Return on assets | 5.5% | -12.6% | 4.5% | |
| Current ratio | 0.59 | 1.16 | 0.65 | |
| Debt to equity | 1.26 | 4.49 | 1.64 | |
| Net debt to EBITDA | 1.34× | -3.88× | 2.49× | |
| Interest coverage | 6.4× | – | 3.4× | |
| Capex to revenue | 8.8% | 11.2% | 9.9% | |
| Diluted shares | 330M | 279M | 329M |
Where the cash went
Fiscal 2021 to 2025, five years combined
United Airlines generated $32.92B from operations and spent $26.39B on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
$32.92B
Used
$26.39B
Capital expenditure$25.59B97%Dividends$00%Share buybacks$799.00M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.7%
×Asset turnover0.78×
×Equity multiplier5.38×
=Return on equity, FY202524.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.7% | 0.78× | 5.38× | 24.0% |
| FY2024 | 5.5% | 0.79× | 6.60× | 28.6% |
| FY2023 | 4.9% | 0.78× | 8.54× | 32.3% |
| FY2022 | 1.6% | 0.66× | 11.37× | 12.4% |
| FY2021 | -8.0% | 0.39× | 11.62× | -35.7% |
| FY2020 | -46.0% | 0.27× | 6.41× | -80.8% |
| FY2019 | 7.0% | 0.85× | 4.71× | 27.9% |
| FY2018 | 5.1% | 0.90× | 4.85× | 22.5% |
| FY2017 | 5.7% | 0.92× | 4.75× | 24.7% |
| FY2016 | 6.1% | 0.90× | 4.62× | 25.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$3.35B
- Cash generatingOperating cash flow above zero$8.43B
- Return on assets improvedROA up on the prior year4.4% → 4.5%
- Earnings backed by cashOperating cash flow above net income$8.43B vs $3.35B
- Less leverageLong-term debt to assets fell29.3% → 26.9%
- Better liquidityCurrent ratio rose0.81 → 0.65
- No dilutionShare count did not rise333M → 329M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.80 → 0.80