United Airlines (UAL) Financials

$76.33 -2.29 (-2.91%)

As of 04:00 PM Eastern

Annual Income Statements for United Airlines

This table shows United Airlines' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,149	2,618	737	-1,964	-7,069	3,009	2,122	2,143	2,234	14,641
Consolidated Net Income / (Loss)	3,149	2,618	737	-1,964	-7,069	3,009	2,122	2,143	2,234	14,641
Net Income / (Loss) Continuing Operations	3,149	2,618	737	-1,964	-7,069	3,009	2,122	2,143	2,234	14,641
Total Pre-Tax Income	4,168	3,387	990	-2,557	-8,822	3,914	2,648	3,023	3,773	8,440
Total Operating Income	5,096	4,211	2,337	-1,022	-6,359	4,301	3,229	3,618	4,344	10,334
Total Gross Profit	22,857	20,946	15,672	5,622	-415	17,304	15,689	12,875	15,943	31,868
Total Revenue	57,063	53,717	44,955	24,634	15,355	43,259	41,303	37,784	36,558	75,728
Operating Revenue	57,063	53,717	44,955	24,634	15,355	43,259	41,303	37,784	36,558	67,444
Total Cost of Revenue	34,206	32,771	29,283	19,012	15,770	25,955	25,614	24,909	20,615	43,860
Operating Cost of Revenue	34,206	32,771	29,283	19,012	15,770	25,955	25,614	24,909	20,615	43,860
Total Operating Expenses	17,761	16,735	13,335	6,644	5,944	13,003	12,460	9,257	11,599	21,534
Selling, General & Admin Expense	11,284	10,039	8,163	5,110	3,945	7,926	7,359	6,985	6,712	12,838
Depreciation Expense	2,928	2,671	2,456	2,485	2,488	2,288	2,165	2,096	1,977	3,638
Other Operating Expenses / (Income)	3,437	3,076	2,576	2,416	2,127	2,543	2,449	-	2,165	4,406
Restructuring Charge	112	949	140	-3,367	-2,616	246	487	176	745	652
Total Other Income / (Expense), net	-928	-824	-1,347	-1,535	-2,463	-387	-581	-595	-571	-1,894
Interest Expense	1,402	1,774	1,673	1,577	992	646	605	552	602	1,241
Interest & Investment Income	726	827	298	36	50	133	101	57	42	50
Other Income / (Expense), net	-252	123	28	6.00	-1,521	126	-77	-100	-11	-703
Income Tax Expense	1,019	769	253	-593	-1,753	905	526	880	1,539	-6,201
Basic Earnings per Share	$9.58	$7.98	$2.26	($6.10)	($25.30)	$11.63	$7.70	$7.08	$6.77	$19.52
Weighted Average Basic Shares Outstanding	327.34M	328.03M	327.09M	324.63M	318.48M	247.95M	266.73M	302.70M	329.90M	376.10M
Diluted Earnings per Share	$9.45	$7.89	$2.23	($6.10)	($25.30)	$11.58	$7.67	$7.06	$6.76	$19.47
Weighted Average Diluted Shares Outstanding	327.34M	328.03M	327.09M	324.63M	318.48M	247.95M	266.73M	302.70M	329.90M	376.10M
Weighted Average Basic & Diluted Shares Outstanding	327.34M	328.03M	327.09M	324.63M	318.48M	247.95M	266.73M	302.70M	329.90M	376.10M

This table shows United Airlines' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	387	985	965	1,323	-124	600	1,137	1,075	-194	843	942
Consolidated Net Income / (Loss)	387	985	965	1,323	-124	600	1,137	1,075	-194	843	942
Net Income / (Loss) Continuing Operations	387	985	965	1,323	-124	600	1,137	1,075	-194	843	942
Total Pre-Tax Income	478	1,307	1,286	1,739	-164	771	1,485	1,387	-256	1,130	1,153
Total Operating Income	607	1,503	1,565	1,929	99	998	1,739	1,517	-43	1,377	1,458
Total Gross Profit	4,925	6,172	6,046	6,387	4,252	5,166	5,906	6,314	3,560	4,853	4,999
Total Revenue	13,213	14,695	14,843	14,986	12,539	13,626	14,484	14,178	11,429	12,400	12,877
Operating Revenue	13,213	14,695	14,843	14,986	12,539	13,626	14,484	14,178	11,429	12,400	12,877
Total Cost of Revenue	8,288	8,523	8,797	8,599	8,287	8,460	8,578	7,864	7,869	7,547	7,878
Operating Cost of Revenue	8,288	8,523	8,797	8,599	8,287	8,460	8,578	7,864	7,869	7,547	7,878
Total Operating Expenses	4,314	4,669	4,481	4,458	4,153	4,168	4,167	4,797	3,603	3,476	3,541
Selling, General & Admin Expense	2,822	2,941	2,878	2,837	2,628	2,644	2,674	2,504	2,217	2,179	2,272
Depreciation Expense	727	759	742	719	708	684	663	669	655	624	610
Other Operating Expenses / (Income)	873	901	866	866	804	793	801	765	717	657	639
Restructuring Charge	-108	68	-5.00	36	13	47	29	859	14	16	20
Total Other Income / (Expense), net	-129	-196	-279	-190	-263	-227	-254	-130	-213	-247	-305
Interest Expense	308	316	326	367	393	430	445	451	448	447	428
Interest & Investment Income	164	172	187	190	177	207	234	216	170	156	104
Other Income / (Expense), net	15	-52	-140	-13	-47	-4.00	-43	105	65	44	19
Income Tax Expense	91	322	321	416	-40	171	348	312	-62	287	211
Basic Earnings per Share	$1.18	$3.01	$2.93	$4.02	($0.38)	$1.82	$3.47	$3.28	($0.59)	$2.61	$2.88
Weighted Average Basic Shares Outstanding	326.60M	327.34M	328.88M	328.83M	328.80M	328.03M	328.02M	327.98M	327.97M	327.09M	326.93M
Diluted Earnings per Share	$1.16	$2.97	$2.90	$3.96	($0.38)	$1.82	$3.42	$3.24	($0.59)	$2.61	$2.86
Weighted Average Diluted Shares Outstanding	326.60M	327.34M	328.88M	328.83M	328.80M	328.03M	328.02M	327.98M	327.97M	327.09M	326.93M
Weighted Average Basic & Diluted Shares Outstanding	326.60M	327.34M	328.88M	328.83M	328.80M	328.03M	328.02M	327.98M	327.97M	327.09M	326.93M

This table details how cash moves in and out of United Airlines' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	2,612	-1,087	-11,112	6,791	8,874	1,069	208	2,762	-909	810
Net Cash From Operating Activities	9,445	6,911	6,066	2,067	-4,133	6,909	6,164	6,948	5,831	5,912
Net Cash From Continuing Operating Activities	9,445	6,911	6,066	2,067	-4,133	6,909	6,144	6,948	5,831	5,912
Net Income / (Loss) Continuing Operations	3,149	2,618	737	-1,964	-7,069	3,009	2,122	2,143	2,234	7,340
Consolidated Net Income / (Loss)	3,149	2,618	737	-1,964	-7,069	3,009	2,122	2,143	2,234	7,340
Depreciation Expense	2,928	2,671	2,456	2,485	2,488	2,288	2,165	2,096	1,977	1,819
Amortization Expense	166	139	156	171	94	-	-	-	-	-
Non-Cash Adjustments To Reconcile Net Income	357	57	-4.00	66	1,642	22	882	-4,381	391	247
Changes in Operating Assets and Liabilities, net	2,845	1,426	2,721	1,309	-1,288	1,590	1,015	142	1,229	-3,494
Net Cash From Investing Activities	-2,651	-6,106	-13,829	-1,672	50	-4,560	-4,455	-3,803	-3,238	-2,607
Net Cash From Continuing Investing Activities	-2,651	-6,106	-13,829	-1,672	50	-4,560	-4,455	-3,803	-3,238	-2,607
Purchase of Property, Plant & Equipment	-5,615	-7,171	-4,819	-2,107	-1,727	-4,528	-4,070	-3,870	-3,223	-2,747
Purchase of Investments	-5,809	-9,470	-11,232	-68	-552	-2,933	-2,691	-3,243	-2,782	-2,517
Sale of Property, Plant & Equipment	109	39	207	107	6.00	49	-	-	-	86
Sale and/or Maturity of Investments	8,661	10,519	2,084	397	2,319	2,996	2,772	3,177	2,712	2,707
Other Investing Activities, net	3.00	-23	-69	-1.00	4.00	-144	-466	133	55	-136
Net Cash From Financing Activities	-4,182	-1,892	-3,349	6,396	12,957	-1,280	-1,501	-383	-3,213	-2,495
Net Cash From Continuing Financing Activities	-4,182	-1,892	-3,349	6,396	12,957	-1,280	-1,501	-383	-3,213	-2,495
Repayment of Debt	-10,159	-4,280	-4,085	-5,232	-4,469	-1,421	-1,764	-981	-1,407	-2,351
Repurchase of Common Equity	-162	0.00	0.00	-	-353	-1,645	-1,235	-1,844	-2,614	-1,233
Issuance of Debt	6,139	2,388	736	11,096	15,676	1,786	1,594	2,537	808	1,073
Cash Interest Paid	1,494	1,848	1,573	1,424	874	648	651	571	584	660
Cash Income Taxes Paid	88	7.00	8.00	0.00	-29	29	19	20	14	15

This table details how cash moves in and out of United Airlines' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	791	-82	-2,086	2,430	2,350	-1,776	-1,771	1,849	611	-4,106	-5,605
Net Cash From Operating Activities	3,710	2,224	1,498	2,876	2,847	-910	880	3,799	3,142	1,158	741
Net Cash From Continuing Operating Activities	3,710	2,224	1,498	2,876	2,847	-910	880	3,799	3,142	1,158	741
Net Income / (Loss) Continuing Operations	0.00	3,149	-	-	0.00	2,618	-	-	0.00	737	-
Non-Cash Adjustments To Reconcile Net Income	3,710	-6,864	1,498	2,876	2,847	-7,764	880	3,799	3,142	-4,912	741
Net Cash From Investing Activities	-1,462	-1,715	-2,511	134	1,441	-743	-1,936	-1,459	-1,968	-4,387	-5,528
Net Cash From Continuing Investing Activities	-1,462	-1,715	-2,511	134	1,441	-743	-1,936	-1,459	-1,968	-4,387	-5,528
Purchase of Property, Plant & Equipment	-1,233	-1,675	-1,410	-1,164	-1,366	-2,066	-1,842	-1,420	-1,843	-2,539	-1,328
Purchase of Investments	-2,246	-1,752	-2,303	-888	-866	-595	-1,999	-2,683	-4,193	-2,848	-5,082
Sale of Property, Plant & Equipment	29	43	24	22	20	19	11	8.00	1.00	23	46
Sale and/or Maturity of Investments	2,023	1,455	1,386	2,163	3,657	1,905	1,912	2,641	4,061	1,023	846
Other Investing Activities, net	-35	214	-208	1.00	-4.00	-6.00	-18	-5.00	6.00	-46	-10
Net Cash From Financing Activities	-1,457	-591	-1,073	-580	-1,938	-123	-715	-491	-563	-877	-818
Net Cash From Continuing Financing Activities	-1,454	-591	-1,073	-580	-1,938	-123	-715	-491	-563	-877	-818
Repayment of Debt	-1,105	-1,348	-2,575	-1,187	-5,049	-826	-809	-1,794	-851	-1,403	-816
Repurchase of Common Equity	-349	-80	-	-	-	-	-	-	-	-	-

This table presents United Airlines' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	74,083	71,104	67,358	68,175	59,548	52,611	49,024	42,346	40,140	40,861
Total Current Assets	18,883	18,487	20,058	21,834	14,800	8,194	7,094	7,133	7,309	7,828
Cash & Equivalents	8,769	6,058	7,166	18,283	11,269	2,762	1,694	1,482	2,179	3,006
Short-Term Investments	5,706	8,330	9,248	123	414	2,182	2,256	2,316	2,249	2,190
Accounts Receivable	2,163	1,898	1,801	1,663	1,295	1,364	1,426	1,340	1,176	1,128
Inventories, net	1,572	1,561	1,109	983	932	1,072	985	924	873	738
Prepaid Expenses	673	640	689	745	635	814	733	1,071	832	740
Plant, Property, & Equipment, net	42,908	39,815	34,448	32,074	31,466	30,170	28,576	26,208	79,534	72,930
Total Noncurrent Assets	12,292	12,802	12,852	14,267	13,282	16,967	15,708	9,005	9,513	11,453
Long-Term Investments	1,267	1,636	-	-	1,000	1,180	966	806	579	-
Goodwill	4,527	4,527	4,527	4,527	4,527	4,523	4,523	4,523	4,523	4,523
Intangible Assets	2,683	2,725	2,762	2,803	2,838	3,009	3,159	3,539	3,632	4,136
Other Noncurrent Operating Assets	3,815	3,914	4,099	4,858	4,755	4,864	4,085	-	-	553
Total Liabilities & Shareholders' Equity	74,083	71,104	67,358	68,175	59,548	52,611	49,024	42,346	40,140	40,861
Total Liabilities	61,408	61,780	60,462	63,146	53,588	41,080	38,982	33,612	31,204	31,536
Total Current Liabilities	23,314	22,203	19,992	18,304	12,725	14,938	13,839	12,763	12,286	12,414
Short-Term Debt	11,481	11,527	10,466	9,356	7,356	6,226	6,453	5,633	4,695	5,112
Accounts Payable	4,193	3,835	3,395	2,562	1,595	2,703	2,363	2,772	3,149	2,711
Current Employee Benefit Liabilities	3,289	2,940	1,971	2,121	1,960	2,271	2,184	2,166	2,307	2,350
Other Current Liabilities	4,351	3,901	4,160	4,265	1,814	3,738	2,839	2,192	2,135	2,241
Total Noncurrent Liabilities	38,094	39,577	40,470	44,842	40,863	26,142	25,143	20,849	18,918	19,122
Long-Term Debt	25,203	27,413	28,283	30,361	24,836	13,145	12,215	11,703	9,918	9,673
Capital Lease Obligations	4,510	4,503	4,574	5,371	224	220	5,500	996	822	727
Noncurrent Deferred & Payable Income Tax Liabilities	1,580	594	0.00	-	-	1,736	828	204	0.00	-
Noncurrent Employee Benefit Liabilities	1,233	1,605	1,418	2,920	3,454	2,235	2,871	3,523	3,473	3,370
Other Noncurrent Operating Liabilities	5,568	5,462	6,195	6,190	12,349	8,806	3,729	4,423	4,275	4,342
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,675	9,324	6,896	5,029	5,960	11,531	10,042	8,734	8,584	8,966
Total Preferred & Common Equity	12,675	9,324	6,896	5,029	5,960	11,531	10,042	8,734	8,584	8,966
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12,675	9,324	6,896	5,029	5,960	11,531	10,042	8,734	8,584	8,949
Common Stock	8,984	8,996	8,990	9,160	8,370	6,132	6,123	6,101	6,572	7,950
Retained Earnings	6,880	3,831	1,265	625	2,626	9,716	6,715	4,549	3,427	3,457
Accumulated Other Comprehensive Income / (Loss)	188	-62	175	-942	-1,139	-718	-803	-1,147	-829	-831
Other Equity Adjustments	-3,377	-3,441	-	-	-	-	-	-	-75	-17

This table presents United Airlines' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	76,111	74,083	72,640	73,254	71,902	71,104	73,153	73,341	70,417	67,358	68,968
Total Current Assets	20,148	18,883	18,571	20,003	18,696	18,487	21,912	23,306	21,586	20,058	22,689
Cash & Equivalents	9,370	8,769	8,812	10,864	8,401	6,058	7,478	9,605	7,634	7,166	11,258
Short-Term Investments	5,960	5,706	5,352	4,384	5,591	8,330	9,608	9,533	9,522	9,248	7,437
Accounts Receivable	2,288	2,163	2,042	2,376	2,259	1,898	2,193	2,004	2,274	1,801	2,034
Inventories, net	1,601	1,572	1,639	1,680	1,675	1,561	1,513	1,290	1,196	1,109	1,116
Prepaid Expenses	928	673	690	669	730	640	728	836	787	689	783
Plant, Property, & Equipment, net	43,430	42,908	41,680	40,665	40,470	39,815	38,360	37,128	35,837	34,448	32,506
Total Noncurrent Assets	12,534	12,292	11,180	12,586	12,736	12,802	12,881	12,907	12,994	12,852	13,773
Long-Term Investments	1,239	1,267	-	-	-	1,636	-	-	-	-	1,285
Goodwill	4,527	4,527	4,527	4,527	4,527	4,527	4,527	4,527	4,527	4,527	4,527
Intangible Assets	2,676	2,683	2,691	2,699	2,717	2,725	2,735	2,744	2,753	2,762	2,772
Other Noncurrent Operating Assets	4,092	3,815	3,962	4,023	4,139	3,914	4,215	4,233	4,244	4,099	4,488
Total Liabilities & Shareholders' Equity	76,111	74,083	72,640	73,254	71,902	71,104	73,153	73,341	70,417	67,358	68,968
Total Liabilities	63,495	61,408	61,203	62,728	62,714	61,780	64,300	65,636	63,749	60,462	64,070
Total Current Liabilities	25,798	23,314	23,365	25,855	24,764	22,203	24,756	25,575	23,635	19,992	21,989
Short-Term Debt	14,248	11,481	11,756	14,122	13,559	11,527	12,041	13,682	13,364	10,466	11,702
Accounts Payable	4,694	4,193	4,008	4,478	4,344	3,835	4,206	4,172	3,858	3,395	3,534
Current Employee Benefit Liabilities	2,394	3,289	2,802	2,383	2,128	2,940	3,815	3,223	1,970	1,971	1,841
Other Current Liabilities	4,463	4,351	4,799	4,872	4,733	3,901	4,694	4,498	4,443	4,160	4,912
Total Noncurrent Liabilities	37,697	38,094	37,838	36,873	37,950	39,577	39,544	40,061	40,114	40,470	42,081
Long-Term Debt	24,398	25,203	22,207	21,687	23,059	27,413	25,932	26,713	27,460	28,283	28,490
Capital Lease Obligations	4,756	4,510	4,521	65	4,595	4,503	71	145	105	4,574	112
Noncurrent Deferred & Payable Income Tax Liabilities	1,624	1,580	1,224	951	545	594	472	133	-	0.00	-
Noncurrent Employee Benefit Liabilities	1,252	1,233	1,624	1,610	1,610	1,605	1,421	1,445	1,436	1,418	2,894
Other Noncurrent Operating Liabilities	5,667	5,568	8,262	12,560	8,141	5,462	11,648	11,625	11,113	6,195	10,585
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,616	12,675	11,437	10,526	9,188	9,324	8,853	7,705	6,668	6,896	4,898
Total Preferred & Common Equity	12,616	12,675	11,437	10,526	9,188	9,324	8,853	7,705	6,668	6,896	4,898
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12,616	12,675	11,437	10,526	9,188	9,324	8,853	7,705	6,668	6,896	4,898
Common Stock	8,817	8,984	8,949	9,005	8,977	8,996	8,972	8,949	8,930	8,990	8,974
Retained Earnings	7,137	6,880	5,896	4,986	3,664	3,831	3,232	2,095	1,020	1,265	421
Treasury Stock	-3,502	-	-3,299	-3,368	-3,372	-	-3,442	-3,442	-3,443	-3,534	-3,533
Accumulated Other Comprehensive Income / (Loss)	164	188	-109	-97	-81	-62	91	103	161	175	-964

This table displays calculated financial ratios and metrics derived from United Airlines' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.23%	19.49%	82.49%	60.43%	-64.50%	4.74%	9.31%	3.35%	-51.72%	-2.67%
EBITDA Growth	11.11%	43.54%	203.48%	130.96%	-178.90%	26.29%	-5.29%	-11.03%	-44.89%	118.26%
EBIT Growth	11.77%	83.26%	332.78%	87.11%	-278.00%	40.45%	-10.40%	-18.81%	-55.01%	170.00%
NOPAT Growth	18.29%	87.09%	343.19%	83.93%	-234.62%	27.78%	0.89%	-0.28%	-85.65%	276.06%
Net Income Growth	20.28%	255.22%	137.53%	72.22%	-334.93%	41.80%	-0.98%	-4.07%	-84.74%	551.87%
EPS Growth	19.77%	253.81%	136.56%	75.89%	-318.48%	50.98%	8.64%	4.44%	-65.28%	564.51%
Operating Cash Flow Growth	36.67%	13.93%	193.47%	150.01%	-159.82%	12.09%	-11.28%	19.16%	-1.37%	113.05%
Free Cash Flow Firm Growth	806.94%	178.54%	95.02%	-42.12%	-165.24%	277.23%	-107.60%	2,753.90%	95.23%	-650.26%
Invested Capital Growth	3.77%	8.84%	6.59%	24.51%	1.76%	-14.36%	30.48%	-70.35%	6.60%	693.40%
Revenue Q/Q Growth	1.91%	2.34%	10.33%	24.08%	-32.75%	0.93%	2.58%	282.31%	-49.98%	-12.57%
EBITDA Q/Q Growth	9.64%	-3.09%	68.71%	1,466.67%	-119.29%	5.12%	0.82%	391.59%	-50.10%	-10.31%
EBIT Q/Q Growth	10.42%	-8.97%	373.95%	61.15%	-61.44%	6.73%	-0.91%	602.20%	-50.46%	9.43%
NOPAT Q/Q Growth	10.20%	-7.15%	350.25%	62.82%	-89.09%	3.92%	-6.00%	2,087.60%	-58.39%	-6.70%
Net Income Q/Q Growth	13.93%	-8.49%	198.01%	38.91%	-56.01%	6.36%	-5.23%	3,146.97%	-58.47%	6.22%
EPS Q/Q Growth	13.86%	-9.10%	197.38%	41.96%	-53.33%	7.92%	-3.64%	13.32%	-13.99%	11.32%
Operating Cash Flow Q/Q Growth	49.66%	-23.03%	30.76%	1,200.00%	-433.29%	0.76%	-33.81%	-18.28%	-1.37%	113.05%
Free Cash Flow Firm Q/Q Growth	254.21%	136.14%	-106.65%	6.58%	-181.58%	462.06%	-106.60%	639.05%	-108.31%	-10.01%
Invested Capital Q/Q Growth	10.47%	24.90%	34.18%	5.64%	3.97%	-0.34%	25.62%	-73.56%	1.71%	-24.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.06%	38.99%	34.86%	22.82%	-2.70%	40.00%	37.99%	34.08%	43.61%	42.08%
EBITDA Margin	13.91%	13.30%	11.07%	6.66%	-34.50%	15.52%	12.87%	14.86%	17.26%	15.12%
Operating Margin	8.93%	7.84%	5.20%	-4.15%	-41.41%	9.94%	7.82%	9.58%	11.88%	13.65%
EBIT Margin	8.49%	8.07%	5.26%	-4.12%	-51.32%	10.23%	7.63%	9.31%	11.85%	12.72%
Profit (Net Income) Margin	5.52%	4.87%	1.64%	-7.97%	-46.04%	6.96%	5.14%	5.67%	6.11%	19.33%
Tax Burden Percent	75.55%	77.30%	74.44%	76.81%	80.13%	76.88%	80.14%	70.89%	59.21%	173.47%
Interest Burden Percent	86.04%	78.15%	41.86%	251.67%	111.95%	88.41%	84.01%	85.93%	87.08%	87.63%
Effective Tax Rate	24.45%	22.70%	25.56%	0.00%	0.00%	23.12%	19.86%	29.11%	40.79%	-73.47%
Return on Invested Capital (ROIC)	10.28%	9.23%	5.32%	-2.51%	-17.65%	12.20%	10.04%	5.24%	3.52%	44.98%
ROIC Less NNEP Spread (ROIC-NNEP)	7.63%	6.89%	1.57%	-7.92%	-33.54%	10.38%	7.20%	4.20%	2.99%	34.98%
Return on Net Nonoperating Assets (RNNOA)	18.34%	23.05%	7.04%	-33.24%	-63.18%	15.69%	12.57%	19.51%	21.94%	164.22%
Return on Equity (ROE)	28.63%	32.28%	12.36%	-35.74%	-80.83%	27.90%	22.60%	24.75%	25.46%	209.20%
Cash Return on Invested Capital (CROIC)	6.59%	0.77%	-1.06%	-24.34%	-19.40%	27.67%	-16.41%	113.77%	-2.87%	-110.25%
Operating Return on Assets (OROA)	6.67%	6.26%	3.49%	-1.59%	-14.05%	8.71%	6.90%	8.53%	10.70%	16.78%
Return on Assets (ROA)	4.34%	3.78%	1.09%	-3.08%	-12.61%	5.92%	4.64%	5.20%	5.52%	25.51%
Return on Common Equity (ROCE)	28.63%	32.28%	12.36%	-35.74%	-80.83%	27.90%	22.60%	24.75%	25.43%	209.02%
Return on Equity Simple (ROE_SIMPLE)	24.84%	28.08%	10.69%	-39.05%	-118.61%	26.09%	21.13%	24.54%	26.03%	163.29%
Net Operating Profit after Tax (NOPAT)	3,850	3,255	1,740	-715	-4,451	3,307	2,588	2,565	2,572	17,927
NOPAT Margin	6.75%	6.06%	3.87%	-2.90%	-28.99%	7.64%	6.26%	6.79%	7.04%	23.67%
Net Nonoperating Expense Percent (NNEP)	2.65%	2.35%	3.75%	5.41%	15.89%	1.82%	2.84%	1.05%	0.53%	10.00%
Return On Investment Capital (ROIC_SIMPLE)	7.15%	6.17%	3.46%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	59.94%	61.01%	65.14%	77.18%	102.70%	60.00%	62.01%	65.92%	56.39%	57.92%
SG&A Expenses to Revenue	19.77%	18.69%	18.16%	20.74%	25.69%	18.32%	17.82%	18.49%	18.36%	16.95%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.13%	31.15%	29.66%	26.97%	38.71%	30.06%	30.17%	24.50%	31.73%	28.44%
Earnings before Interest and Taxes (EBIT)	4,844	4,334	2,365	-1,016	-7,880	4,427	3,152	3,518	4,333	9,631
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,938	7,144	4,977	1,640	-5,298	6,715	5,317	5,614	6,310	11,450
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.52	1.45	1.79	2.82	2.11	1.93	2.27	2.29	2.69	2.39
Price to Tangible Book Value (P/TBV)	5.84	6.53	0.00	0.00	0.00	5.57	9.67	29.71	53.90	73.66
Price to Revenue (P/Rev)	0.56	0.25	0.27	0.58	0.82	0.52	0.55	0.53	0.63	0.28
Price to Earnings (P/E)	10.14	5.17	16.72	0.00	0.00	7.41	10.75	9.32	10.35	1.46
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.86%	19.34%	5.98%	0.00%	0.00%	13.50%	9.30%	10.73%	9.66%	68.54%
Enterprise Value to Invested Capital (EV/IC)	1.51	1.11	1.16	1.29	1.26	1.43	1.44	1.51	0.44	0.45
Enterprise Value to Revenue (EV/Rev)	1.01	0.76	0.87	1.66	2.09	0.83	1.02	0.89	0.92	0.42
Enterprise Value to EBITDA (EV/EBITDA)	7.23	5.73	7.87	24.89	0.00	5.33	7.91	6.00	5.32	2.77
Enterprise Value to EBIT (EV/EBIT)	11.85	9.45	16.57	0.00	0.00	8.08	13.35	9.58	7.74	3.29
Enterprise Value to NOPAT (EV/NOPAT)	14.91	12.58	22.53	0.00	0.00	10.81	16.26	13.14	13.04	1.77
Enterprise Value to Operating Cash Flow (EV/OCF)	6.08	5.93	6.46	19.75	0.00	5.18	6.82	4.85	5.75	5.36
Enterprise Value to Free Cash Flow (EV/FCFF)	23.27	150.61	0.00	0.00	0.00	4.77	0.00	0.61	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.25	4.66	6.28	8.97	5.44	1.70	2.41	2.10	1.80	1.73
Long-Term Debt to Equity	2.34	3.42	4.76	7.11	4.20	1.16	1.76	1.45	1.25	1.16
Financial Leverage	2.40	3.35	4.49	4.20	1.88	1.51	1.75	4.65	7.33	4.69
Leverage Ratio	6.60	8.54	11.37	11.62	6.41	4.71	4.87	4.76	4.62	8.20
Compound Leverage Factor	5.68	6.67	4.76	29.25	7.18	4.17	4.09	4.09	4.02	7.19
Debt to Total Capital	76.47%	82.33%	86.27%	89.97%	84.47%	62.95%	70.65%	67.73%	64.26%	63.37%
Short-Term Debt to Total Capital	21.31%	21.85%	20.84%	18.67%	19.17%	20.01%	18.86%	20.81%	19.55%	20.88%
Long-Term Debt to Total Capital	55.16%	60.48%	65.43%	71.30%	65.30%	42.94%	51.78%	46.92%	44.71%	42.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	23.53%	17.67%	13.73%	10.03%	15.53%	37.05%	29.35%	32.27%	35.74%	36.56%
Debt to EBITDA	5.19	6.08	8.70	27.49	-6.12	2.92	4.55	3.27	2.45	1.35
Net Debt to EBITDA	3.21	3.84	5.40	16.25	-3.68	2.01	3.62	2.45	1.65	0.90
Long-Term Debt to EBITDA	3.74	4.47	6.60	21.79	-4.73	1.99	3.33	2.26	1.70	0.91
Debt to NOPAT	10.70	13.35	24.90	-63.02	-7.28	5.93	9.34	7.15	6.00	0.87
Net Debt to NOPAT	6.61	8.42	15.44	-37.24	-4.38	4.07	7.44	5.35	4.05	0.58
Long-Term Debt to NOPAT	7.72	9.81	18.89	-49.95	-5.63	4.04	6.85	4.95	4.18	0.58
Altman Z-Score	1.36	1.10	0.93	0.52	0.07	1.53	1.43	1.51	1.68	3.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.83	1.00	1.19	1.16	0.55	0.51	0.56	0.59	0.63
Quick Ratio	0.71	0.73	0.91	1.10	1.02	0.42	0.39	0.40	0.46	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,466	272	-346	-6,951	-4,891	7,498	-4,230	55,650	-2,097	-43,938
Operating Cash Flow to CapEx	171.54%	96.90%	131.53%	103.35%	-240.15%	154.25%	151.45%	179.53%	180.92%	222.17%
Free Cash Flow to Firm to Interest Expense	1.76	0.15	-0.21	-4.41	-4.93	11.61	-6.99	100.81	-3.48	-35.41
Operating Cash Flow to Interest Expense	6.74	3.90	3.63	1.31	-4.17	10.70	10.19	12.59	9.69	4.76
Operating Cash Flow Less CapEx to Interest Expense	2.81	-0.12	0.87	0.04	-5.90	3.76	3.46	5.58	4.33	2.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.78	0.66	0.39	0.27	0.85	0.90	0.92	0.90	1.32
Accounts Receivable Turnover	28.10	29.04	25.96	16.66	11.55	31.01	29.86	30.04	31.73	44.29
Inventory Turnover	21.84	24.55	28.00	19.86	15.74	25.24	26.84	27.72	25.59	42.38
Fixed Asset Turnover	1.38	1.45	1.35	0.78	0.50	1.47	1.51	0.71	0.48	1.35
Accounts Payable Turnover	8.52	9.07	9.83	9.15	7.34	10.25	9.98	8.41	7.04	10.51
Days Sales Outstanding (DSO)	12.99	12.57	14.06	21.91	31.60	11.77	12.22	12.15	11.50	8.24
Days Inventory Outstanding (DIO)	16.72	14.87	13.04	18.38	23.19	14.46	13.60	13.17	14.26	8.61
Days Payable Outstanding (DPO)	42.83	40.26	37.13	39.90	49.74	35.62	36.59	43.38	51.88	34.72
Cash Conversion Cycle (CCC)	-13.13	-12.83	-10.03	0.39	5.06	-9.39	-10.76	-18.06	-26.11	-17.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	38,127	36,743	33,760	31,674	25,438	24,998	29,189	22,371	75,456	70,787
Invested Capital Turnover	1.52	1.52	1.37	0.86	0.61	1.60	1.60	0.77	0.50	1.90
Increase / (Decrease) in Invested Capital	1,384	2,983	2,086	6,236	440	-4,191	6,818	-53,085	4,669	61,865
Enterprise Value (EV)	57,386	40,953	39,189	40,821	32,063	35,758	42,066	33,695	33,552	31,678
Market Capitalization	31,934	13,534	12,325	14,176	12,585	22,291	22,814	19,967	23,124	21,362
Book Value per Share	$38.54	$28.43	$21.09	$15.53	$20.48	$45.57	$36.86	$29.48	$27.05	$24.00
Tangible Book Value per Share	$16.62	$6.32	($1.20)	($7.11)	($4.83)	$15.80	$8.66	$2.27	$1.35	$0.78
Total Capital	53,869	52,767	50,219	50,117	38,376	31,122	34,210	27,066	24,019	24,478
Total Debt	41,194	43,443	43,323	45,088	32,416	19,591	24,168	18,332	15,435	15,512
Total Long-Term Debt	29,713	31,916	32,857	35,732	25,060	13,365	17,715	12,699	10,740	10,400
Net Debt	25,452	27,419	26,864	26,645	19,478	13,467	19,252	13,728	10,428	10,316
Capital Expenditures (CapEx)	5,506	7,132	4,612	2,000	1,721	4,479	4,070	3,870	3,223	2,661
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-7,425	-6,577	-5,927	-5,557	-2,507	-5,462	-4,242	-3,795	-4,710	-4,670
Debt-free Net Working Capital (DFNWC)	7,050	7,811	10,532	12,886	9,431	-518	-292	3.00	-282	526
Net Working Capital (NWC)	-4,431	-3,716	66	3,530	2,075	-6,744	-6,745	-5,630	-4,977	-4,586
Net Nonoperating Expense (NNE)	701	637	1,003	1,249	2,618	298	466	422	338	3,286
Net Nonoperating Obligations (NNO)	25,452	27,419	26,864	26,645	19,478	13,467	19,147	13,637	66,872	61,821
Total Depreciation and Amortization (D&A)	3,094	2,810	2,612	2,656	2,582	2,288	2,165	2,096	1,977	1,819
Debt-free, Cash-free Net Working Capital to Revenue	-13.01%	-12.24%	-13.18%	-22.56%	-16.33%	-12.63%	-10.27%	-10.04%	-12.88%	-6.17%
Debt-free Net Working Capital to Revenue	12.35%	14.54%	23.43%	52.31%	61.42%	-1.20%	-0.71%	0.01%	-0.77%	0.69%
Net Working Capital to Revenue	-7.77%	-6.92%	0.15%	14.33%	13.51%	-15.59%	-16.33%	-14.90%	-13.61%	-6.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$9.58	$7.98	$2.26	($6.10)	($25.30)	$11.63	$7.73	$7.04	$6.86	$19.52
Adjusted Weighted Average Basic Shares Outstanding	327.34M	328.03M	327.09M	324.63M	318.48M	247.95M	266.73M	284.70M	314.62M	359.49M
Adjusted Diluted Earnings per Share	$9.45	$7.89	$2.23	($6.10)	($25.30)	$11.58	$7.70	$7.02	$6.85	$19.47
Adjusted Weighted Average Diluted Shares Outstanding	327.34M	328.03M	327.09M	324.63M	318.48M	247.95M	266.73M	284.70M	314.62M	359.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$11.63	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	327.34M	328.03M	327.09M	324.63M	318.48M	247.95M	266.73M	284.70M	314.62M	359.49M
Normalized Net Operating Profit after Tax (NOPAT)	3,935	3,988	1,844	-3,072	-6,283	3,496	2,978	2,690	3,013	7,690
Normalized NOPAT Margin	6.90%	7.42%	4.10%	-12.47%	-40.92%	8.08%	7.21%	7.12%	8.24%	10.16%
Pre Tax Income Margin	7.30%	6.31%	2.20%	-10.38%	-57.45%	9.05%	6.41%	8.00%	10.32%	11.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.46	2.44	1.41	-0.64	-7.94	6.85	5.21	6.37	7.20	7.76
NOPAT to Interest Expense	2.75	1.83	1.04	-0.45	-4.49	5.12	4.28	4.65	4.27	14.45
EBIT Less CapEx to Interest Expense	-0.47	-1.58	-1.34	-1.91	-9.68	-0.08	-1.52	-0.64	1.84	5.62
NOPAT Less CapEx to Interest Expense	-1.18	-2.19	-1.72	-1.72	-6.22	-1.82	-2.45	-2.36	-1.08	12.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	5.14%	0.00%	0.00%	0.00%	-4.99%	54.67%	58.20%	86.05%	117.01%	8.42%

This table displays calculated financial ratios and metrics derived from United Airlines' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.38%	7.85%	2.48%	5.70%	9.71%	9.89%	12.48%	17.06%	51.06%	51.37%	66.15%
EBITDA Growth	77.50%	31.70%	-8.14%	15.02%	12.26%	-17.95%	13.03%	59.65%	190.75%	1,075.29%	26.79%
EBIT Growth	1,096.15%	45.98%	-15.98%	18.13%	136.36%	-30.05%	14.83%	96.84%	101.62%	419.33%	44.38%
NOPAT Growth	609.15%	45.85%	-11.80%	24.82%	330.23%	-24.40%	11.78%	86.83%	96.88%	459.69%	46.44%
Net Income Growth	412.10%	64.17%	-15.13%	23.07%	36.08%	-28.83%	20.70%	226.75%	85.91%	230.50%	99.15%
EPS Growth	405.26%	63.19%	-15.20%	22.22%	35.59%	-30.27%	19.58%	224.00%	86.08%	236.65%	98.61%
Operating Cash Flow Growth	0.00%	344.40%	70.23%	-24.30%	-9.39%	-178.58%	18.76%	41.17%	112.87%	530.48%	194.27%
Free Cash Flow Firm Growth	57.10%	88.61%	-33.90%	-129.63%	-34.51%	-108.39%	-148.66%	134.84%	-77.01%	83.77%	227.86%
Invested Capital Growth	8.47%	3.77%	17.31%	7.06%	20.16%	8.84%	16.92%	-2.68%	17.25%	6.59%	-16.09%
Revenue Q/Q Growth	-10.09%	-1.00%	-0.95%	19.52%	-7.98%	-5.92%	2.16%	24.05%	-7.83%	-3.70%	6.32%
EBITDA Q/Q Growth	-38.96%	1.98%	-17.76%	246.71%	-54.71%	-28.87%	2.97%	238.40%	-66.89%	-2.01%	45.44%
EBIT Q/Q Growth	-57.13%	1.82%	-25.63%	3,584.62%	-94.77%	-41.39%	4.56%	7,272.73%	-98.45%	-3.79%	79.25%
NOPAT Q/Q Growth	-56.61%	-3.55%	-19.98%	2,017.67%	-91.08%	-41.67%	13.24%	4,006.17%	-102.93%	-13.76%	89.28%
Net Income Q/Q Growth	-60.71%	2.07%	-27.06%	1,166.94%	-120.67%	-47.23%	5.77%	654.12%	-123.01%	-10.51%	186.32%
EPS Q/Q Growth	-60.94%	2.41%	-26.77%	1,142.11%	-120.88%	-46.78%	5.56%	649.15%	-122.61%	-8.74%	186.00%
Operating Cash Flow Q/Q Growth	66.82%	48.46%	-47.91%	1.02%	412.86%	-203.41%	-76.84%	20.91%	171.33%	56.28%	-72.46%
Free Cash Flow Firm Q/Q Growth	-929.72%	93.59%	-569.34%	90.29%	-713.61%	24.61%	-248.12%	144.06%	-323.53%	-117.60%	206.06%
Invested Capital Q/Q Growth	3.46%	10.47%	10.89%	-14.43%	3.09%	24.90%	1.20%	-3.96%	-10.34%	34.18%	-15.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.27%	42.00%	40.73%	42.62%	33.91%	37.91%	40.78%	44.53%	31.15%	39.14%	38.82%
EBITDA Margin	10.21%	15.04%	14.60%	17.58%	6.06%	12.31%	16.29%	16.16%	5.92%	16.49%	16.21%
Operating Margin	4.59%	10.23%	10.54%	12.87%	0.79%	7.32%	12.01%	10.70%	-0.38%	11.10%	11.32%
EBIT Margin	4.71%	9.87%	9.60%	12.79%	0.41%	7.29%	11.71%	11.44%	0.19%	11.46%	11.47%
Profit (Net Income) Margin	2.93%	6.70%	6.50%	8.83%	-0.99%	4.40%	7.85%	7.58%	-1.70%	6.80%	7.32%
Tax Burden Percent	80.96%	75.36%	75.04%	76.08%	75.61%	77.82%	76.57%	77.51%	75.78%	74.60%	81.70%
Interest Burden Percent	76.85%	90.08%	90.25%	90.76%	-315.38%	77.57%	87.56%	85.51%	-1,163.64%	79.52%	78.06%
Effective Tax Rate	19.04%	24.64%	24.96%	23.92%	0.00%	22.18%	23.43%	22.49%	0.00%	25.40%	18.30%
Return on Invested Capital (ROIC)	5.66%	11.75%	13.86%	18.10%	0.91%	8.69%	17.68%	14.32%	-0.46%	11.38%	13.67%
ROIC Less NNEP Spread (ROIC-NNEP)	5.28%	11.19%	12.90%	17.41%	0.15%	8.03%	16.73%	13.89%	-1.17%	10.69%	12.56%
Return on Net Nonoperating Assets (RNNOA)	13.08%	26.90%	27.75%	40.08%	0.47%	26.89%	49.67%	56.28%	-5.22%	47.99%	54.49%
Return on Equity (ROE)	18.74%	38.65%	41.60%	58.18%	1.38%	35.57%	67.35%	70.60%	-5.68%	59.37%	68.16%
Cash Return on Invested Capital (CROIC)	3.13%	6.59%	-5.00%	5.31%	-8.22%	0.77%	-2.76%	14.13%	-5.78%	-1.06%	18.89%
Operating Return on Assets (OROA)	3.67%	7.76%	7.37%	9.70%	0.32%	5.66%	8.65%	8.10%	0.13%	7.60%	6.76%
Return on Assets (ROA)	2.29%	5.27%	4.99%	6.70%	-0.76%	3.42%	5.80%	5.37%	-1.19%	4.51%	4.31%
Return on Common Equity (ROCE)	18.74%	38.65%	41.60%	58.18%	1.38%	35.57%	67.35%	70.60%	-5.68%	59.37%	68.16%
Return on Equity Simple (ROE_SIMPLE)	29.01%	0.00%	24.17%	27.89%	29.26%	0.00%	32.32%	34.60%	28.79%	0.00%	-15.35%
Net Operating Profit after Tax (NOPAT)	491	1,133	1,174	1,468	69	777	1,331	1,176	-30	1,027	1,191
NOPAT Margin	3.72%	7.71%	7.91%	9.79%	0.55%	5.70%	9.19%	8.29%	-0.26%	8.28%	9.25%
Net Nonoperating Expense Percent (NNEP)	0.39%	0.56%	0.96%	0.69%	0.76%	0.65%	0.95%	0.43%	0.72%	0.69%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	0.88%	2.10%	-	-	-	1.47%	-	-	-	2.05%	-
Cost of Revenue to Revenue	62.73%	58.00%	59.27%	57.38%	66.09%	62.09%	59.22%	55.47%	68.85%	60.86%	61.18%
SG&A Expenses to Revenue	21.36%	20.01%	19.39%	18.93%	20.96%	19.40%	18.46%	17.66%	19.40%	17.57%	17.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.65%	31.77%	30.19%	29.75%	33.12%	30.59%	28.77%	33.83%	31.53%	28.03%	27.50%
Earnings before Interest and Taxes (EBIT)	622	1,451	1,425	1,916	52	994	1,696	1,622	22	1,421	1,477
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,349	2,210	2,167	2,635	760	1,678	2,359	2,291	677	2,045	2,087
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.79	2.52	1.64	1.52	1.71	1.45	1.57	2.34	2.17	1.79	2.17
Price to Tangible Book Value (P/TBV)	4.18	5.84	4.45	4.85	8.08	6.53	8.72	41.46	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.39	0.56	0.34	0.29	0.29	0.25	0.26	0.35	0.30	0.27	0.26
Price to Earnings (P/E)	6.18	10.14	6.79	5.45	5.84	5.17	4.85	6.75	7.54	16.72	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	16.19%	9.86%	14.73%	18.35%	17.11%	19.34%	20.62%	14.81%	13.27%	5.98%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.51	1.25	1.18	1.18	1.11	1.17	1.35	1.26	1.16	1.23
Enterprise Value to Revenue (EV/Rev)	0.86	1.01	0.77	0.66	0.78	0.76	0.66	0.77	0.78	0.87	0.76
Enterprise Value to EBITDA (EV/EBITDA)	5.91	7.23	5.95	4.92	6.05	5.73	4.67	5.54	6.10	7.87	10.47
Enterprise Value to EBIT (EV/EBIT)	9.13	11.85	9.81	7.86	9.83	9.45	7.23	8.67	10.17	16.57	61.91
Enterprise Value to NOPAT (EV/NOPAT)	11.59	14.91	12.32	10.02	12.75	12.58	9.82	11.70	13.43	22.53	79.95
Enterprise Value to Operating Cash Flow (EV/OCF)	3.76	6.08	6.82	6.43	6.48	5.93	3.84	4.45	4.92	6.46	6.66
Enterprise Value to Free Cash Flow (EV/FCFF)	41.71	23.27	0.00	22.89	0.00	150.61	0.00	9.45	0.00	0.00	5.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.44	3.25	3.36	3.41	4.49	4.66	4.30	5.26	6.14	6.28	8.23
Long-Term Debt to Equity	2.31	2.34	2.34	2.07	3.01	3.42	2.94	3.49	4.13	4.76	5.84
Financial Leverage	2.48	2.40	2.15	2.30	3.20	3.35	2.97	4.05	4.45	4.49	4.34
Leverage Ratio	6.79	6.60	7.19	8.04	8.98	8.54	10.34	12.32	13.55	11.37	13.39
Compound Leverage Factor	5.22	5.94	6.48	7.30	-28.31	6.62	9.05	10.53	-157.67	9.04	10.45
Debt to Total Capital	77.48%	76.47%	77.09%	77.31%	81.77%	82.33%	81.12%	84.03%	85.99%	86.27%	89.16%
Short-Term Debt to Total Capital	25.43%	21.31%	23.55%	30.44%	26.90%	21.85%	25.68%	28.36%	28.08%	20.84%	25.89%
Long-Term Debt to Total Capital	52.04%	55.16%	53.54%	46.88%	54.87%	60.48%	55.45%	55.67%	57.91%	65.43%	63.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	22.52%	23.53%	22.91%	22.69%	18.23%	17.67%	18.88%	15.97%	14.01%	13.73%	10.84%
Debt to EBITDA	5.19	5.19	5.32	4.83	5.81	6.08	5.16	5.71	6.55	8.70	13.66
Net Debt to EBITDA	3.21	3.21	3.35	2.77	3.83	3.84	2.79	3.01	3.78	5.40	6.87
Long-Term Debt to EBITDA	3.49	3.74	3.69	2.93	3.90	4.47	3.53	3.78	4.41	6.60	9.70
Debt to NOPAT	10.18	10.70	11.01	9.82	12.25	13.35	10.85	12.05	14.44	24.90	104.31
Net Debt to NOPAT	6.29	6.61	6.95	5.64	8.08	8.42	5.87	6.35	8.33	15.44	52.44
Long-Term Debt to NOPAT	6.84	7.72	7.65	5.96	8.22	9.81	7.42	7.98	9.73	18.89	74.02
Altman Z-Score	1.04	1.21	1.05	1.00	0.89	0.95	0.94	0.93	0.82	0.89	0.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.78	0.81	0.79	0.77	0.76	0.83	0.89	0.91	0.91	1.00	1.03
Quick Ratio	0.68	0.71	0.69	0.68	0.66	0.73	0.78	0.83	0.82	0.91	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,588	-251	-3,919	-585	-6,032	-2,206	-2,927	1,976	-4,484	-1,059	6,014
Operating Cash Flow to CapEx	308.14%	136.27%	108.08%	251.84%	211.52%	-44.46%	48.06%	269.05%	170.58%	46.03%	57.80%
Free Cash Flow to Firm to Interest Expense	-8.40	-0.80	-12.02	-1.60	-15.35	-5.13	-6.58	4.38	-10.01	-2.37	14.05
Operating Cash Flow to Interest Expense	12.05	7.04	4.60	7.84	7.24	-2.12	1.98	8.42	7.01	2.59	1.73
Operating Cash Flow Less CapEx to Interest Expense	8.14	1.87	0.34	4.72	3.82	-6.88	-2.14	5.29	2.90	-3.04	-1.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.79	0.77	0.76	0.77	0.78	0.74	0.71	0.70	0.66	0.59
Accounts Receivable Turnover	25.40	28.10	26.44	25.40	24.19	29.04	24.84	24.11	22.52	25.96	21.77
Inventory Turnover	20.88	21.84	21.66	22.84	23.12	24.55	24.24	25.51	27.48	28.00	26.40
Fixed Asset Turnover	1.38	1.38	1.40	1.43	1.44	1.45	1.48	1.48	1.44	1.35	1.26
Accounts Payable Turnover	7.57	8.52	8.31	7.84	8.09	9.07	8.23	7.86	9.12	9.83	9.54
Days Sales Outstanding (DSO)	14.37	12.99	13.80	14.37	15.09	12.57	14.70	15.14	16.21	14.06	16.76
Days Inventory Outstanding (DIO)	17.48	16.72	16.85	15.98	15.79	14.87	15.06	14.31	13.28	13.04	13.82
Days Payable Outstanding (DPO)	48.22	42.83	43.91	46.53	45.10	40.26	44.34	46.43	40.04	37.13	38.27
Cash Conversion Cycle (CCC)	-16.37	-13.13	-13.25	-16.19	-14.23	-12.83	-14.58	-16.98	-10.55	-10.03	-7.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	39,448	38,127	34,512	31,122	36,369	36,743	29,419	29,069	30,268	33,760	25,161
Invested Capital Turnover	1.52	1.52	1.75	1.85	1.65	1.52	1.92	1.73	1.74	1.37	1.48
Increase / (Decrease) in Invested Capital	3,079	1,384	5,093	2,053	6,101	2,983	4,258	-800	4,454	2,086	-4,823
Enterprise Value (EV)	49,436	57,386	43,047	36,596	42,887	40,953	34,440	39,360	38,074	39,189	30,892
Market Capitalization	22,603	31,934	18,763	16,000	15,706	13,534	13,874	17,996	14,474	12,325	10,629
Book Value per Share	$38.54	$38.54	$34.78	$32.01	$28.01	$28.43	$26.99	$23.49	$20.39	$21.09	$14.99
Tangible Book Value per Share	$16.54	$16.62	$12.83	$10.04	$5.93	$6.32	$4.85	$1.32	($1.87)	($1.20)	($7.35)
Total Capital	56,018	53,869	49,921	46,400	50,401	52,767	46,897	48,245	47,597	50,219	45,202
Total Debt	43,402	41,194	38,484	35,874	41,213	43,443	38,044	40,540	40,929	43,323	40,304
Total Long-Term Debt	29,154	29,713	26,728	21,752	27,654	31,916	26,003	26,858	27,565	32,857	28,602
Net Debt	26,833	25,452	24,284	20,596	27,181	27,419	20,566	21,364	23,600	26,864	20,263
Capital Expenditures (CapEx)	1,204	1,632	1,386	1,142	1,346	2,047	1,831	1,412	1,842	2,516	1,282
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6,732	-7,425	-7,238	-7,008	-6,541	-6,577	-8,281	-7,763	-6,014	-5,927	-6,354
Debt-free Net Working Capital (DFNWC)	8,598	7,050	6,962	8,270	7,491	7,811	9,197	11,413	11,315	10,532	12,402
Net Working Capital (NWC)	-5,650	-4,431	-4,794	-5,852	-6,068	-3,716	-2,844	-2,269	-2,049	66	700
Net Nonoperating Expense (NNE)	104	148	209	145	193	177	194	101	164	184	249
Net Nonoperating Obligations (NNO)	26,832	25,452	23,075	20,596	27,181	27,419	20,566	21,364	23,600	26,864	20,263
Total Depreciation and Amortization (D&A)	727	759	742	719	708	684	663	669	655	624	610
Debt-free, Cash-free Net Working Capital to Revenue	-11.66%	-13.01%	-12.93%	-12.60%	-11.93%	-12.24%	-15.78%	-15.26%	-12.32%	-13.18%	-15.59%
Debt-free Net Working Capital to Revenue	14.89%	12.35%	12.43%	14.86%	13.66%	14.54%	17.52%	22.43%	23.18%	23.43%	30.44%
Net Working Capital to Revenue	-9.79%	-7.77%	-8.56%	-10.52%	-11.07%	-6.92%	-5.42%	-4.46%	-4.20%	0.15%	1.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.18	$3.01	$2.93	$4.02	($0.38)	$1.82	$3.47	$3.28	($0.59)	$2.61	$2.88
Adjusted Weighted Average Basic Shares Outstanding	326.60M	327.34M	328.88M	328.83M	328.80M	328.03M	328.02M	327.98M	327.97M	327.09M	326.93M
Adjusted Diluted Earnings per Share	$1.16	$2.97	$2.90	$3.96	($0.38)	$1.82	$3.42	$3.24	($0.59)	$2.61	$2.86
Adjusted Weighted Average Diluted Shares Outstanding	326.60M	327.34M	328.88M	328.83M	328.80M	328.03M	328.02M	327.98M	327.97M	327.09M	326.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	326.60M	327.34M	328.88M	328.83M	328.80M	328.03M	328.02M	327.98M	327.97M	327.09M	326.93M
Normalized Net Operating Profit after Tax (NOPAT)	404	1,184	1,171	1,495	78	813	1,354	1,842	-20	1,039	1,208
Normalized NOPAT Margin	3.06%	8.06%	7.89%	9.98%	0.63%	5.97%	9.35%	12.99%	-0.18%	8.38%	9.38%
Pre Tax Income Margin	3.62%	8.89%	8.66%	11.60%	-1.31%	5.66%	10.25%	9.78%	-2.24%	9.11%	8.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.02	4.59	4.37	5.22	0.13	2.31	3.81	3.60	0.05	3.18	3.45
NOPAT to Interest Expense	1.60	3.58	3.60	4.00	0.18	1.81	2.99	2.61	-0.07	2.30	2.78
EBIT Less CapEx to Interest Expense	-1.89	-0.57	0.12	2.11	-3.29	-2.45	-0.30	0.47	-4.06	-2.45	0.46
NOPAT Less CapEx to Interest Expense	-2.31	-1.58	-0.65	0.89	-3.25	-2.95	-1.12	-0.52	-4.18	-3.33	-0.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	13.96%	5.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About United Airlines' Financials

When does United Airlines's fiscal year end?

According to the most recent income statement we have on file, United Airlines' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has United Airlines' net income changed over the last 9 years?

United Airlines' net income appears to be on a downward trend, with a most recent value of $3.15 billion in 2024, falling from $14.64 billion in 2015. The previous period was $2.62 billion in 2023. Find out what analysts predict for United Airlines in the coming months.

What is United Airlines's operating income?

United Airlines's total operating income in 2024 was $5.10 billion, based on the following breakdown:

Total Gross Profit: $22.86 billion
Total Operating Expenses: $17.76 billion

How has United Airlines revenue changed over the last 9 years?

Over the last 9 years, United Airlines' total revenue changed from $75.73 billion in 2015 to $57.06 billion in 2024, a change of -24.6%.

How much debt does United Airlines have?

United Airlines' total liabilities were at $61.41 billion at the end of 2024, a 0.6% decrease from 2023, and a 94.7% increase since 2015.

How much cash does United Airlines have?

In the past 9 years, United Airlines' cash and equivalents has ranged from $1.48 billion in 2017 to $18.28 billion in 2021, and is currently $8.77 billion as of their latest financial filing in 2024.

How has United Airlines' book value per share changed over the last 9 years?

Over the last 9 years, United Airlines' book value per share changed from 24.00 in 2015 to 38.54 in 2024, a change of 60.6%.

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This page (NASDAQ:UAL) was last updated on 5/20/2025 by MarketBeat.com Staff

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United Airlines (UAL) Financials

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United Airlines (UAL) Financials

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