United Airlines (UAL) Financials

$89.29 +1.31 (+1.49%)

Closing price 08/8/2025 04:00 PM Eastern

Extended Trading

$89.43 +0.14 (+0.16%)

As of 08/8/2025 07:59 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,246	14,641	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Consolidated Net Income / (Loss)	2,246	14,641	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Net Income / (Loss) Continuing Operations	2,246	14,641	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Total Pre-Tax Income	2,238	8,440	3,773	3,023	2,648	3,914	-8,822	-2,557	990	3,387	4,168
Total Operating Income	4,750	10,334	4,344	3,618	3,229	4,301	-6,359	-1,022	2,337	4,211	5,096
Total Gross Profit	26,570	31,868	15,943	12,875	15,689	17,304	-415	5,622	15,672	20,946	22,857
Total Revenue	77,802	75,728	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063
Operating Revenue	69,400	67,444	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063
Total Cost of Revenue	51,232	43,860	20,615	24,909	25,614	25,955	15,770	19,012	29,283	32,771	34,206
Operating Cost of Revenue	51,232	43,860	20,615	24,909	25,614	25,955	15,770	19,012	29,283	32,771	34,206
Total Operating Expenses	21,820	21,534	11,599	9,257	12,460	13,003	5,944	6,644	13,335	16,735	17,761
Selling, General & Admin Expense	13,028	12,838	6,712	6,985	7,359	7,926	3,945	5,110	8,163	10,039	11,284
Depreciation Expense	3,358	3,638	1,977	2,096	2,165	2,288	2,488	2,485	2,456	2,671	2,928
Other Operating Expenses / (Income)	4,548	4,406	2,165	-	2,449	2,543	2,127	2,416	2,576	3,076	3,437
Restructuring Charge	886	652	745	176	487	246	-2,616	-3,367	140	949	112
Total Other Income / (Expense), net	-2,512	-1,894	-571	-595	-581	-387	-2,463	-1,535	-1,347	-824	-928
Interest Expense	1,373	1,241	602	552	605	646	992	1,577	1,673	1,774	1,402
Interest & Investment Income	44	50	42	57	101	133	50	36	298	827	726
Other Income / (Expense), net	-1,183	-703	-11	-100	-77	126	-1,521	6.00	28	123	-252
Income Tax Expense	-8.00	-6,201	1,539	880	526	905	-1,753	-593	253	769	1,019
Basic Earnings per Share	$3.05	$19.52	$6.77	$7.08	$7.70	$11.63	($25.30)	($6.10)	$2.26	$7.98	$9.58
Weighted Average Basic Shares Outstanding	371M	376.10M	329.90M	302.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M
Diluted Earnings per Share	$2.93	$19.47	$6.76	$7.06	$7.67	$11.58	($25.30)	($6.10)	$2.23	$7.89	$9.45
Weighted Average Diluted Shares Outstanding	371M	376.10M	329.90M	302.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M
Weighted Average Basic & Diluted Shares Outstanding	371M	376.10M	329.90M	302.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	843	-194	1,075	1,137	600	-124	1,323	965	985	387	973
Consolidated Net Income / (Loss)	843	-194	1,075	1,137	600	-124	1,323	965	985	387	973
Net Income / (Loss) Continuing Operations	843	-194	1,075	1,137	600	-124	1,323	965	985	387	973
Total Pre-Tax Income	1,130	-256	1,387	1,485	771	-164	1,739	1,286	1,307	478	1,248
Total Operating Income	1,377	-43	1,517	1,739	998	99	1,929	1,565	1,503	607	1,325
Total Gross Profit	4,853	3,560	6,314	5,906	5,166	4,252	6,387	6,046	6,172	4,925	6,440
Total Revenue	12,400	11,429	14,178	14,484	13,626	12,539	14,986	14,843	14,695	13,213	15,236
Operating Revenue	12,400	11,429	14,178	14,484	13,626	12,539	14,986	14,843	14,695	13,213	15,236
Total Cost of Revenue	7,547	7,869	7,864	8,578	8,460	8,287	8,599	8,797	8,523	8,288	8,796
Operating Cost of Revenue	7,547	7,869	7,864	8,578	8,460	8,287	8,599	8,797	8,523	8,288	8,796
Total Operating Expenses	3,476	3,603	4,797	4,167	4,168	4,153	4,458	4,481	4,669	4,314	5,115
Selling, General & Admin Expense	2,179	2,217	2,504	2,674	2,644	2,628	2,837	2,878	2,941	2,822	2,974
Depreciation Expense	624	655	669	663	684	708	719	742	759	727	733
Other Operating Expenses / (Income)	657	717	765	801	793	804	866	866	901	873	961
Restructuring Charge	16	14	859	29	47	13	36	-5.00	68	-108	447
Total Other Income / (Expense), net	-247	-213	-130	-254	-227	-263	-190	-279	-196	-129	-76
Interest Expense	447	448	451	445	430	393	367	326	316	308	310
Interest & Investment Income	156	170	216	234	207	177	190	187	172	164	167
Other Income / (Expense), net	44	65	105	-43	-4.00	-47	-13	-140	-52	15	67
Income Tax Expense	287	-62	312	348	171	-40	416	321	322	91	275
Basic Earnings per Share	$2.61	($0.59)	$3.28	$3.47	$1.82	($0.38)	$4.02	$2.93	$3.01	$1.18	$3.00
Weighted Average Basic Shares Outstanding	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M	323.73M
Diluted Earnings per Share	$2.61	($0.59)	$3.24	$3.42	$1.82	($0.38)	$3.96	$2.90	$2.97	$1.16	$2.97
Weighted Average Diluted Shares Outstanding	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M	323.73M
Weighted Average Basic & Diluted Shares Outstanding	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M	323.73M

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1,212	810	-909	2,762	208	1,069	8,874	6,791	-11,112	-1,087	2,612
Net Cash From Operating Activities	2,775	5,912	5,831	6,948	6,164	6,909	-4,133	2,067	6,066	6,911	9,445
Net Cash From Continuing Operating Activities	2,775	5,912	5,831	6,948	6,144	6,909	-4,133	2,067	6,066	6,911	9,445
Net Income / (Loss) Continuing Operations	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Consolidated Net Income / (Loss)	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Depreciation Expense	1,679	1,819	1,977	2,096	2,165	2,288	2,488	2,485	2,456	2,671	2,928
Amortization Expense	-	-	-	-	-	-	94	171	156	139	166
Non-Cash Adjustments To Reconcile Net Income	78	247	391	-4,381	882	22	1,642	66	-4.00	57	357
Changes in Operating Assets and Liabilities, net	-114	-3,494	1,229	142	1,015	1,590	-1,288	1,309	2,721	1,426	2,845
Net Cash From Investing Activities	-2,331	-2,607	-3,238	-3,803	-4,455	-4,560	50	-1,672	-13,829	-6,106	-2,651
Net Cash From Continuing Investing Activities	-2,331	-2,607	-3,238	-3,803	-4,455	-4,560	50	-1,672	-13,829	-6,106	-2,651
Purchase of Property, Plant & Equipment	-2,005	-2,747	-3,223	-3,870	-4,070	-4,528	-1,727	-2,107	-4,819	-7,171	-5,615
Purchase of Investments	-457	-2,517	-2,782	-3,243	-2,691	-2,933	-552	-68	-11,232	-9,470	-5,809
Sale of Property, Plant & Equipment	94	86	-	-	-	49	6.00	107	207	39	109
Sale and/or Maturity of Investments	-	2,707	2,712	3,177	2,772	2,996	2,319	397	2,084	10,519	8,661
Other Investing Activities, net	37	-136	55	133	-466	-144	4.00	-1.00	-69	-23	3.00
Net Cash From Financing Activities	-1,656	-2,495	-3,213	-383	-1,501	-1,280	12,957	6,396	-3,349	-1,892	-4,182
Net Cash From Continuing Financing Activities	-1,656	-2,495	-3,213	-383	-1,501	-1,280	12,957	6,396	-3,349	-1,892	-4,182
Repayment of Debt	-2,776	-2,351	-1,407	-981	-1,764	-1,421	-4,469	-5,232	-4,085	-4,280	-10,159
Repurchase of Common Equity	-312	-1,233	-2,614	-1,844	-1,235	-1,645	-353	-	0.00	0.00	-162
Issuance of Debt	1,432	1,073	808	2,537	1,594	1,786	15,676	11,096	736	2,388	6,139
Cash Interest Paid	748	660	584	571	651	648	874	1,424	1,573	1,848	1,494
Cash Income Taxes Paid	-16	15	14	20	19	29	-29	0.00	8.00	7.00	88

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-4,106	611	1,849	-1,771	-1,776	-497	2,430	-2,086	-82	791	-206
Net Cash From Operating Activities	1,158	3,142	3,799	880	-910	0.00	2,876	1,498	2,224	3,710	2,217
Net Cash From Continuing Operating Activities	1,158	3,142	3,799	880	-910	0.00	2,876	1,498	2,224	3,710	2,217
Non-Cash Adjustments To Reconcile Net Income	-4,912	3,142	3,799	880	-7,764	-	2,876	1,498	-6,864	3,710	2,217
Net Cash From Investing Activities	-4,387	-1,968	-1,459	-1,936	-743	1,441	134	-2,511	-1,715	-1,462	-1,580
Net Cash From Continuing Investing Activities	-4,387	-1,968	-1,459	-1,936	-743	1,441	134	-2,511	-1,715	-1,462	-1,580
Purchase of Property, Plant & Equipment	-2,539	-1,843	-1,420	-1,842	-2,066	-1,366	-1,164	-1,410	-1,675	-1,233	-1,287
Purchase of Investments	-2,848	-4,193	-2,683	-1,999	-595	-866	-888	-2,303	-1,752	-2,246	-2,476
Sale of Property, Plant & Equipment	23	1.00	8.00	11	19	20	22	24	43	29	19
Sale and/or Maturity of Investments	1,023	4,061	2,641	1,912	1,905	3,657	2,163	1,386	1,455	2,023	2,199
Other Investing Activities, net	-46	6.00	-5.00	-18	-6.00	-4.00	1.00	-208	214	-35	-35
Net Cash From Financing Activities	-877	-563	-491	-715	-123	-1,938	-580	-1,073	-591	-1,457	-843
Net Cash From Continuing Financing Activities	-877	-563	-491	-715	-123	-1,938	-580	-1,073	-591	-1,454	-845
Repayment of Debt	-1,403	-851	-1,794	-809	-826	-5,049	-1,187	-2,575	-1,348	-1,105	-605
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-80	-349	-240

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	73,945	40,861	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083
Total Current Assets	15,137	7,828	7,309	7,133	7,094	8,194	14,800	21,834	20,058	18,487	18,883
Cash & Equivalents	3,998	3,006	2,179	1,482	1,694	2,762	11,269	18,283	7,166	6,058	8,769
Short-Term Investments	4,764	2,190	2,249	2,316	2,256	2,182	414	123	9,248	8,330	5,706
Accounts Receivable	2,292	1,128	1,176	1,340	1,426	1,364	1,295	1,663	1,801	1,898	2,163
Inventories, net	1,332	738	873	924	985	1,072	932	983	1,109	1,561	1,572
Prepaid Expenses	1,597	740	832	1,071	733	814	635	745	689	640	673
Plant, Property, & Equipment, net	38,934	72,930	79,534	26,208	28,576	30,170	31,466	32,074	34,448	39,815	42,908
Total Noncurrent Assets	19,874	11,453	9,513	9,005	15,708	16,967	13,282	14,267	12,852	12,802	12,292
Long-Term Investments	-	-	579	806	966	1,180	1,000	-	-	1,636	1,267
Goodwill	9,046	4,523	4,523	4,523	4,523	4,523	4,527	4,527	4,527	4,527	4,527
Intangible Assets	8,568	4,136	3,632	3,539	3,159	3,009	2,838	2,803	2,762	2,725	2,683
Other Noncurrent Operating Assets	1,708	553	-	-	4,085	4,864	4,755	4,858	4,099	3,914	3,815
Total Liabilities & Shareholders' Equity	73,945	40,861	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083
Total Liabilities	79,603	31,536	31,204	33,612	38,982	41,080	53,588	63,146	60,462	61,780	61,408
Total Current Liabilities	25,021	12,414	12,286	12,763	13,839	14,938	12,725	18,304	19,992	22,203	23,314
Short-Term Debt	2,846	5,112	4,695	5,633	6,453	6,226	7,356	9,356	10,466	11,527	11,481
Accounts Payable	5,633	2,711	3,149	2,772	2,363	2,703	1,595	2,562	3,395	3,835	4,193
Current Employee Benefit Liabilities	3,636	2,350	2,307	2,166	2,184	2,271	1,960	2,121	1,971	2,940	3,289
Other Current Liabilities	4,116	2,241	2,135	2,192	2,839	3,738	1,814	4,265	4,160	3,901	4,351
Total Noncurrent Liabilities	63,372	19,122	18,918	20,849	25,143	26,142	40,863	44,842	40,470	39,577	38,094
Long-Term Debt	19,906	9,673	9,918	11,703	12,215	13,145	24,836	30,361	28,283	27,413	25,203
Capital Lease Obligations	1,142	727	822	996	5,500	220	224	5,371	4,574	4,503	4,510
Noncurrent Deferred & Payable Income Tax Liabilities	2,000	-	0.00	204	828	1,736	-	-	0.00	594	1,580
Noncurrent Employee Benefit Liabilities	8,318	3,370	3,473	3,523	2,871	2,235	3,454	2,920	1,418	1,605	1,233
Other Noncurrent Operating Liabilities	32,006	4,342	4,275	4,423	3,729	8,806	12,349	6,190	6,195	5,462	5,568
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	5,031	8,966	8,584	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675
Total Preferred & Common Equity	5,031	8,966	8,584	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675
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	5,036	8,949	8,584	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675
Common Stock	15,072	7,950	6,572	6,101	6,123	6,132	8,370	9,160	8,990	8,996	8,984
Retained Earnings	-7,511	3,457	3,427	4,549	6,715	9,716	2,626	625	1,265	3,831	6,880
Accumulated Other Comprehensive Income / (Loss)	-2,158	-831	-829	-1,147	-803	-718	-1,139	-942	175	-62	188
Other Equity Adjustments	-	-17	-75	-	-	-	-	-	-	-3,441	-3,377

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	67,358	70,417	73,341	73,153	71,104	71,902	73,254	72,640	74,083	76,111	77,163
Total Current Assets	20,058	21,586	23,306	21,912	18,487	18,696	20,003	18,571	18,883	20,148	20,258
Cash & Equivalents	7,166	7,634	9,605	7,478	6,058	8,401	10,864	8,812	8,769	9,370	9,354
Short-Term Investments	9,248	9,522	9,533	9,608	8,330	5,591	4,384	5,352	5,706	5,960	6,262
Accounts Receivable	1,801	2,274	2,004	2,193	1,898	2,259	2,376	2,042	2,163	2,288	2,286
Inventories, net	1,109	1,196	1,290	1,513	1,561	1,675	1,680	1,639	1,572	1,601	1,547
Prepaid Expenses	689	787	836	728	640	730	669	690	673	928	809
Plant, Property, & Equipment, net	34,448	35,837	37,128	38,360	39,815	40,470	40,665	41,680	42,908	43,430	43,896
Total Noncurrent Assets	12,852	12,994	12,907	12,881	12,802	12,736	12,586	11,180	12,292	12,534	13,008
Long-Term Investments	-	-	-	-	1,636	-	-	-	1,267	1,239	1,295
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	2,762	2,753	2,744	2,735	2,725	2,717	2,699	2,691	2,683	2,676	2,669
Other Noncurrent Operating Assets	4,099	4,244	4,233	4,215	3,914	4,139	4,023	3,962	3,815	4,092	4,517
Total Liabilities & Shareholders' Equity	67,358	70,417	73,341	73,153	71,104	71,902	73,254	72,640	74,083	76,111	77,163
Total Liabilities	60,462	63,749	65,636	64,300	61,780	62,714	62,728	61,203	61,408	63,495	63,790
Total Current Liabilities	19,992	23,635	25,575	24,756	22,203	24,764	25,855	23,365	23,314	25,798	28,992
Short-Term Debt	10,466	13,364	13,682	12,041	11,527	13,559	14,122	11,756	11,481	14,248	16,399
Accounts Payable	3,395	3,858	4,172	4,206	3,835	4,344	4,478	4,008	4,193	4,694	4,920
Current Employee Benefit Liabilities	1,971	1,970	3,223	3,815	2,940	2,128	2,383	2,802	3,289	2,394	3,211
Other Current Liabilities	4,160	4,443	4,498	4,694	3,901	4,733	4,872	4,799	4,351	4,463	4,462
Total Noncurrent Liabilities	40,470	40,114	40,061	39,544	39,577	37,950	36,873	37,838	38,094	37,697	34,798
Long-Term Debt	28,283	27,460	26,713	25,932	27,413	23,059	21,687	22,207	25,203	24,398	20,885
Capital Lease Obligations	4,574	105	145	71	4,503	4,595	65	4,521	4,510	4,756	5,166
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	-	133	472	594	545	951	1,224	1,580	1,624	1,919
Noncurrent Employee Benefit Liabilities	1,418	1,436	1,445	1,421	1,605	1,610	1,610	1,624	1,233	1,252	1,199
Other Noncurrent Operating Liabilities	6,195	11,113	11,625	11,648	5,462	8,141	12,560	8,262	5,568	5,667	5,629
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	6,896	6,668	7,705	8,853	9,324	9,188	10,526	11,437	12,675	12,616	13,373
Total Preferred & Common Equity	6,896	6,668	7,705	8,853	9,324	9,188	10,526	11,437	12,675	12,616	13,373
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	6,896	6,668	7,705	8,853	9,324	9,188	10,526	11,437	12,675	12,616	13,374
Common Stock	8,990	8,930	8,949	8,972	8,996	8,977	9,005	8,949	8,984	8,817	8,859
Retained Earnings	1,265	1,020	2,095	3,232	3,831	3,664	4,986	5,896	6,880	7,137	8,110
Treasury Stock	-3,534	-3,443	-3,442	-3,442	-	-3,372	-3,368	-3,299	-	-3,502	-3,737
Accumulated Other Comprehensive Income / (Loss)	175	161	103	91	-62	-81	-97	-109	188	164	142

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.61%	-2.67%	-51.72%	3.35%	9.31%	4.74%	-64.50%	60.43%	82.49%	19.49%	6.23%
EBITDA Growth	22.31%	118.26%	-44.89%	-11.03%	-5.29%	26.29%	-178.90%	130.96%	203.48%	43.54%	11.11%
EBIT Growth	37.19%	170.00%	-55.01%	-18.81%	-10.40%	40.45%	-278.00%	87.11%	332.78%	83.26%	11.77%
NOPAT Growth	82.47%	276.06%	-85.65%	-0.28%	0.89%	27.78%	-234.62%	83.93%	343.19%	87.09%	18.29%
Net Income Growth	83.35%	551.87%	-84.74%	-4.07%	-0.98%	41.80%	-334.93%	72.22%	137.53%	255.22%	20.28%
EPS Growth	91.50%	564.51%	-65.28%	4.44%	8.64%	50.98%	-318.48%	75.89%	136.56%	253.81%	19.77%
Operating Cash Flow Growth	48.40%	113.05%	-1.37%	19.16%	-11.28%	12.09%	-159.82%	150.01%	193.47%	13.93%	36.67%
Free Cash Flow Firm Growth	-57.56%	-650.26%	95.23%	2,753.90%	-107.60%	277.23%	-165.24%	-42.12%	95.02%	178.54%	806.94%
Invested Capital Growth	-26.51%	693.40%	6.60%	-70.35%	30.48%	-14.36%	1.76%	24.51%	6.59%	8.84%	3.77%
Revenue Q/Q Growth	-19.35%	-12.57%	-49.98%	282.31%	2.58%	0.93%	-32.75%	24.08%	10.33%	2.34%	1.91%
EBITDA Q/Q Growth	-35.38%	-10.31%	-50.10%	391.59%	0.82%	5.12%	-119.29%	1,466.67%	68.71%	-3.09%	9.64%
EBIT Q/Q Growth	-9.21%	9.43%	-50.46%	602.20%	-0.91%	6.73%	-61.44%	61.15%	373.95%	-8.97%	10.42%
NOPAT Q/Q Growth	14.31%	-6.70%	-58.39%	2,087.60%	-6.00%	3.92%	-89.09%	62.82%	350.25%	-7.15%	10.20%
Net Income Q/Q Growth	-0.22%	6.22%	-58.47%	3,146.97%	-5.23%	6.36%	-56.01%	38.91%	198.01%	-8.49%	13.93%
EPS Q/Q Growth	-11.75%	11.32%	-13.99%	13.32%	-3.64%	7.92%	-53.33%	41.96%	197.38%	-9.10%	13.86%
Operating Cash Flow Q/Q Growth	48.40%	113.05%	-1.37%	-18.28%	-33.81%	0.76%	-433.29%	1,200.00%	30.76%	-23.03%	49.66%
Free Cash Flow Firm Q/Q Growth	145.69%	-10.01%	-108.31%	639.05%	-106.60%	462.06%	-181.58%	6.58%	-106.65%	136.14%	254.21%
Invested Capital Q/Q Growth	-73.82%	-24.08%	1.71%	-73.56%	25.62%	-0.34%	3.97%	5.64%	34.18%	24.90%	10.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.15%	42.08%	43.61%	34.08%	37.99%	40.00%	-2.70%	22.82%	34.86%	38.99%	40.06%
EBITDA Margin	6.74%	15.12%	17.26%	14.86%	12.87%	15.52%	-34.50%	6.66%	11.07%	13.30%	13.91%
Operating Margin	6.11%	13.65%	11.88%	9.58%	7.82%	9.94%	-41.41%	-4.15%	5.20%	7.84%	8.93%
EBIT Margin	4.58%	12.72%	11.85%	9.31%	7.63%	10.23%	-51.32%	-4.12%	5.26%	8.07%	8.49%
Profit (Net Income) Margin	2.89%	19.33%	6.11%	5.67%	5.14%	6.96%	-46.04%	-7.97%	1.64%	4.87%	5.52%
Tax Burden Percent	100.36%	173.47%	59.21%	70.89%	80.14%	76.88%	80.13%	76.81%	74.44%	77.30%	75.55%
Interest Burden Percent	62.74%	87.63%	87.08%	85.93%	84.01%	88.41%	111.95%	251.67%	41.86%	78.15%	86.04%
Effective Tax Rate	-0.36%	-73.47%	40.79%	29.11%	19.86%	23.12%	0.00%	0.00%	25.56%	22.70%	24.45%
Return on Invested Capital (ROIC)	45.27%	44.98%	3.52%	5.24%	10.04%	12.20%	-17.65%	-2.51%	5.32%	9.23%	10.28%
ROIC Less NNEP Spread (ROIC-NNEP)	7.30%	34.98%	2.99%	4.20%	7.20%	10.38%	-33.54%	-7.92%	1.57%	6.89%	7.63%
Return on Net Nonoperating Assets (RNNOA)	12.45%	164.22%	21.94%	19.51%	12.57%	15.69%	-63.18%	-33.24%	7.04%	23.05%	18.34%
Return on Equity (ROE)	57.72%	209.20%	25.46%	24.75%	22.60%	27.90%	-80.83%	-35.74%	12.36%	32.28%	28.63%
Cash Return on Invested Capital (CROIC)	75.82%	-110.25%	-2.87%	113.77%	-16.41%	27.67%	-19.40%	-24.34%	-1.06%	0.77%	6.59%
Operating Return on Assets (OROA)	6.44%	16.78%	10.70%	8.53%	6.90%	8.71%	-14.05%	-1.59%	3.49%	6.26%	6.67%
Return on Assets (ROA)	4.06%	25.51%	5.52%	5.20%	4.64%	5.92%	-12.61%	-3.08%	1.09%	3.78%	4.34%
Return on Common Equity (ROCE)	57.75%	209.02%	25.43%	24.75%	22.60%	27.90%	-80.83%	-35.74%	12.36%	32.28%	28.63%
Return on Equity Simple (ROE_SIMPLE)	44.64%	163.29%	26.03%	24.54%	21.13%	26.09%	-118.61%	-39.05%	10.69%	28.08%	24.84%
Net Operating Profit after Tax (NOPAT)	4,767	17,927	2,572	2,565	2,588	3,307	-4,451	-715	1,740	3,255	3,850
NOPAT Margin	6.13%	23.67%	7.04%	6.79%	6.26%	7.64%	-28.99%	-2.90%	3.87%	6.06%	6.75%
Net Nonoperating Expense Percent (NNEP)	37.97%	10.00%	0.53%	1.05%	2.84%	1.82%	15.89%	5.41%	3.75%	2.35%	2.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	3.46%	6.17%	7.15%
Cost of Revenue to Revenue	65.85%	57.92%	56.39%	65.92%	62.01%	60.00%	102.70%	77.18%	65.14%	61.01%	59.94%
SG&A Expenses to Revenue	16.75%	16.95%	18.36%	18.49%	17.82%	18.32%	25.69%	20.74%	18.16%	18.69%	19.77%
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	28.05%	28.44%	31.73%	24.50%	30.17%	30.06%	38.71%	26.97%	29.66%	31.15%	31.13%
Earnings before Interest and Taxes (EBIT)	3,567	9,631	4,333	3,518	3,152	4,427	-7,880	-1,016	2,365	4,334	4,844
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,246	11,450	6,310	5,614	5,317	6,715	-5,298	1,640	4,977	7,144	7,938
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.90	2.39	2.69	2.29	2.27	1.93	2.11	2.82	1.79	1.45	2.52
Price to Tangible Book Value (P/TBV)	0.00	73.66	53.90	29.71	9.67	5.57	0.00	0.00	0.00	6.53	5.84
Price to Revenue (P/Rev)	0.32	0.28	0.63	0.53	0.55	0.52	0.82	0.58	0.27	0.25	0.56
Price to Earnings (P/E)	10.99	1.46	10.35	9.32	10.75	7.41	0.00	0.00	16.72	5.17	10.14
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	9.10%	68.54%	9.66%	10.73%	9.30%	13.50%	0.00%	0.00%	5.98%	19.34%	9.86%
Enterprise Value to Invested Capital (EV/IC)	4.46	0.45	0.44	1.51	1.44	1.43	1.26	1.29	1.16	1.11	1.51
Enterprise Value to Revenue (EV/Rev)	0.51	0.42	0.92	0.89	1.02	0.83	2.09	1.66	0.87	0.76	1.01
Enterprise Value to EBITDA (EV/EBITDA)	7.59	2.77	5.32	6.00	7.91	5.33	0.00	24.89	7.87	5.73	7.23
Enterprise Value to EBIT (EV/EBIT)	11.16	3.29	7.74	9.58	13.35	8.08	0.00	0.00	16.57	9.45	11.85
Enterprise Value to NOPAT (EV/NOPAT)	8.35	1.77	13.04	13.14	16.26	10.81	0.00	0.00	22.53	12.58	14.91
Enterprise Value to Operating Cash Flow (EV/OCF)	14.35	5.36	5.75	4.85	6.82	5.18	0.00	19.75	6.46	5.93	6.08
Enterprise Value to Free Cash Flow (EV/FCFF)	4.99	0.00	0.00	0.61	0.00	4.77	0.00	0.00	0.00	150.61	23.27
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.75	1.73	1.80	2.10	2.41	1.70	5.44	8.97	6.28	4.66	3.25
Long-Term Debt to Equity	4.18	1.16	1.25	1.45	1.76	1.16	4.20	7.11	4.76	3.42	2.34
Financial Leverage	1.71	4.69	7.33	4.65	1.75	1.51	1.88	4.20	4.49	3.35	2.40
Leverage Ratio	14.23	8.20	4.62	4.76	4.87	4.71	6.41	11.62	11.37	8.54	6.60
Compound Leverage Factor	8.93	7.19	4.02	4.09	4.09	4.17	7.18	29.25	4.76	6.67	5.68
Debt to Total Capital	82.61%	63.37%	64.26%	67.73%	70.65%	62.95%	84.47%	89.97%	86.27%	82.33%	76.47%
Short-Term Debt to Total Capital	9.84%	20.88%	19.55%	20.81%	18.86%	20.01%	19.17%	18.67%	20.84%	21.85%	21.31%
Long-Term Debt to Total Capital	72.77%	42.49%	44.71%	46.92%	51.78%	42.94%	65.30%	71.30%	65.43%	60.48%	55.16%
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	17.41%	36.56%	35.74%	32.27%	29.35%	37.05%	15.53%	10.03%	13.73%	17.67%	23.53%
Debt to EBITDA	4.55	1.35	2.45	3.27	4.55	2.92	-6.12	27.49	8.70	6.08	5.19
Net Debt to EBITDA	2.88	0.90	1.65	2.45	3.62	2.01	-3.68	16.25	5.40	3.84	3.21
Long-Term Debt to EBITDA	4.01	0.91	1.70	2.26	3.33	1.99	-4.73	21.79	6.60	4.47	3.74
Debt to NOPAT	5.01	0.87	6.00	7.15	9.34	5.93	-7.28	-63.02	24.90	13.35	10.70
Net Debt to NOPAT	3.17	0.58	4.05	5.35	7.44	4.07	-4.38	-37.24	15.44	8.42	6.61
Long-Term Debt to NOPAT	4.42	0.58	4.18	4.95	6.85	4.04	-5.63	-49.95	18.89	9.81	7.72
Altman Z-Score	1.09	3.02	1.68	1.51	1.43	1.53	0.07	0.52	0.93	1.10	1.36
Noncontrolling Interest Sharing Ratio	-0.06%	0.09%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.61	0.63	0.59	0.56	0.51	0.55	1.16	1.19	1.00	0.83	0.81
Quick Ratio	0.44	0.51	0.46	0.40	0.39	0.42	1.02	1.10	0.91	0.73	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7,985	-43,938	-2,097	55,650	-4,230	7,498	-4,891	-6,951	-346	272	2,466
Operating Cash Flow to CapEx	145.21%	222.17%	180.92%	179.53%	151.45%	154.25%	-240.15%	103.35%	131.53%	96.90%	171.54%
Free Cash Flow to Firm to Interest Expense	5.82	-35.41	-3.48	100.81	-6.99	11.61	-4.93	-4.41	-0.21	0.15	1.76
Operating Cash Flow to Interest Expense	2.02	4.76	9.69	12.59	10.19	10.70	-4.17	1.31	3.63	3.90	6.74
Operating Cash Flow Less CapEx to Interest Expense	0.63	2.62	4.33	5.58	3.46	3.76	-5.90	0.04	0.87	-0.12	2.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.40	1.32	0.90	0.92	0.90	0.85	0.27	0.39	0.66	0.78	0.79
Accounts Receivable Turnover	41.00	44.29	31.73	30.04	29.86	31.01	11.55	16.66	25.96	29.04	28.10
Inventory Turnover	51.26	42.38	25.59	27.72	26.84	25.24	15.74	19.86	28.00	24.55	21.84
Fixed Asset Turnover	2.81	1.35	0.48	0.71	1.51	1.47	0.50	0.78	1.35	1.45	1.38
Accounts Payable Turnover	11.66	10.51	7.04	8.41	9.98	10.25	7.34	9.15	9.83	9.07	8.52
Days Sales Outstanding (DSO)	8.90	8.24	11.50	12.15	12.22	11.77	31.60	21.91	14.06	12.57	12.99
Days Inventory Outstanding (DIO)	7.12	8.61	14.26	13.17	13.60	14.46	23.19	18.38	13.04	14.87	16.72
Days Payable Outstanding (DPO)	31.29	34.72	51.88	43.38	36.59	35.62	49.74	39.90	37.13	40.26	42.83
Cash Conversion Cycle (CCC)	-15.27	-17.86	-26.11	-18.06	-10.76	-9.39	5.06	0.39	-10.03	-12.83	-13.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,922	70,787	75,456	22,371	29,189	24,998	25,438	31,674	33,760	36,743	38,127
Invested Capital Turnover	7.39	1.90	0.50	0.77	1.60	1.60	0.61	0.86	1.37	1.52	1.52
Increase / (Decrease) in Invested Capital	-3,218	61,865	4,669	-53,085	6,818	-4,191	440	6,236	2,086	2,983	1,384
Enterprise Value (EV)	39,819	31,678	33,552	33,695	42,066	35,758	32,063	40,821	39,189	40,953	57,386
Market Capitalization	24,687	21,362	23,124	19,967	22,814	22,291	12,585	14,176	12,325	13,534	31,934
Book Value per Share	$13.65	$24.00	$27.05	$29.48	$36.86	$45.57	$20.48	$15.53	$21.09	$28.43	$38.54
Tangible Book Value per Share	($34.08)	$0.78	$1.35	$2.27	$8.66	$15.80	($4.83)	($7.11)	($1.20)	$6.32	$16.62
Total Capital	28,925	24,478	24,019	27,066	34,210	31,122	38,376	50,117	50,219	52,767	53,869
Total Debt	23,894	15,512	15,435	18,332	24,168	19,591	32,416	45,088	43,323	43,443	41,194
Total Long-Term Debt	21,048	10,400	10,740	12,699	17,715	13,365	25,060	35,732	32,857	31,916	29,713
Net Debt	15,132	10,316	10,428	13,728	19,252	13,467	19,478	26,645	26,864	27,419	25,452
Capital Expenditures (CapEx)	1,911	2,661	3,223	3,870	4,070	4,479	1,721	2,000	4,612	7,132	5,506
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15,800	-4,670	-4,710	-3,795	-4,242	-5,462	-2,507	-5,557	-5,927	-6,577	-7,425
Debt-free Net Working Capital (DFNWC)	-7,038	526	-282	3.00	-292	-518	9,431	12,886	10,532	7,811	7,050
Net Working Capital (NWC)	-9,884	-4,586	-4,977	-5,630	-6,745	-6,744	2,075	3,530	66	-3,716	-4,431
Net Nonoperating Expense (NNE)	2,521	3,286	338	422	466	298	2,618	1,249	1,003	637	701
Net Nonoperating Obligations (NNO)	3,891	61,821	66,872	13,637	19,147	13,467	19,478	26,645	26,864	27,419	25,452
Total Depreciation and Amortization (D&A)	1,679	1,819	1,977	2,096	2,165	2,288	2,582	2,656	2,612	2,810	3,094
Debt-free, Cash-free Net Working Capital to Revenue	-20.31%	-6.17%	-12.88%	-10.04%	-10.27%	-12.63%	-16.33%	-22.56%	-13.18%	-12.24%	-13.01%
Debt-free Net Working Capital to Revenue	-9.05%	0.69%	-0.77%	0.01%	-0.71%	-1.20%	61.42%	52.31%	23.43%	14.54%	12.35%
Net Working Capital to Revenue	-12.70%	-6.06%	-13.61%	-14.90%	-16.33%	-15.59%	13.51%	14.33%	0.15%	-6.92%	-7.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.05	$19.52	$6.86	$7.04	$7.73	$11.63	($25.30)	($6.10)	$2.26	$7.98	$9.58
Adjusted Weighted Average Basic Shares Outstanding	384.23M	359.49M	314.62M	284.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M
Adjusted Diluted Earnings per Share	$2.93	$19.47	$6.85	$7.02	$7.70	$11.58	($25.30)	($6.10)	$2.23	$7.89	$9.45
Adjusted Weighted Average Diluted Shares Outstanding	384.23M	359.49M	314.62M	284.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	384.23M	359.49M	314.62M	284.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M
Normalized Net Operating Profit after Tax (NOPAT)	3,945	7,690	3,013	2,690	2,978	3,496	-6,283	-3,072	1,844	3,988	3,935
Normalized NOPAT Margin	5.07%	10.16%	8.24%	7.12%	7.21%	8.08%	-40.92%	-12.47%	4.10%	7.42%	6.90%
Pre Tax Income Margin	2.88%	11.15%	10.32%	8.00%	6.41%	9.05%	-57.45%	-10.38%	2.20%	6.31%	7.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.60	7.76	7.20	6.37	5.21	6.85	-7.94	-0.64	1.41	2.44	3.46
NOPAT to Interest Expense	3.47	14.45	4.27	4.65	4.28	5.12	-4.49	-0.45	1.04	1.83	2.75
EBIT Less CapEx to Interest Expense	1.21	5.62	1.84	-0.64	-1.52	-0.08	-9.68	-1.91	-1.34	-1.58	-0.47
NOPAT Less CapEx to Interest Expense	2.08	12.30	-1.08	-2.36	-2.45	-1.82	-6.22	-1.72	-1.72	-2.19	-1.18
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	13.89%	8.42%	117.01%	86.05%	58.20%	54.67%	-4.99%	0.00%	0.00%	0.00%	5.14%

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.37%	51.06%	17.06%	12.48%	9.89%	9.71%	5.70%	2.48%	7.85%	5.38%	1.67%
EBITDA Growth	1,075.29%	190.75%	59.65%	13.03%	-17.95%	12.26%	15.02%	-8.14%	31.70%	77.50%	-19.35%
EBIT Growth	419.33%	101.62%	96.84%	14.83%	-30.05%	136.36%	18.13%	-15.98%	45.98%	1,096.15%	-27.35%
NOPAT Growth	459.69%	96.88%	86.83%	11.78%	-24.40%	330.23%	24.82%	-11.80%	45.85%	609.15%	-29.61%
Net Income Growth	230.50%	85.91%	226.75%	20.70%	-28.83%	36.08%	23.07%	-15.13%	64.17%	412.10%	-26.46%
EPS Growth	236.65%	86.08%	224.00%	19.58%	-30.27%	35.59%	22.22%	-15.20%	63.19%	405.26%	-25.00%
Operating Cash Flow Growth	530.48%	112.87%	41.17%	18.76%	-178.58%	-9.39%	-24.30%	70.23%	344.40%	0.00%	-61.26%
Free Cash Flow Firm Growth	83.77%	-77.01%	134.84%	-148.66%	-108.39%	-34.51%	-129.63%	-33.90%	88.61%	57.10%	-1,053.98%
Invested Capital Growth	6.59%	17.25%	-2.68%	16.92%	8.84%	20.16%	7.06%	17.31%	3.77%	8.47%	25.03%
Revenue Q/Q Growth	-3.70%	-7.83%	24.05%	2.16%	-5.92%	-7.98%	19.52%	-0.95%	-1.00%	-10.09%	15.31%
EBITDA Q/Q Growth	-2.01%	-66.89%	238.40%	2.97%	-28.87%	-54.71%	246.71%	-17.76%	1.98%	-38.96%	57.52%
EBIT Q/Q Growth	-3.79%	-98.45%	7,272.73%	4.56%	-41.39%	-94.77%	3,584.62%	-25.63%	1.82%	-57.13%	123.79%
NOPAT Q/Q Growth	-13.76%	-102.93%	4,006.17%	13.24%	-41.67%	-91.08%	2,017.67%	-19.98%	-3.55%	-56.61%	110.20%
Net Income Q/Q Growth	-10.51%	-123.01%	654.12%	5.77%	-47.23%	-120.67%	1,166.94%	-27.06%	2.07%	-60.71%	151.42%
EPS Q/Q Growth	-8.74%	-122.61%	649.15%	5.56%	-46.78%	-120.88%	1,142.11%	-26.77%	2.41%	-60.94%	156.03%
Operating Cash Flow Q/Q Growth	56.28%	171.33%	20.91%	-76.84%	-203.41%	412.86%	1.02%	-47.91%	48.46%	66.82%	-40.24%
Free Cash Flow Firm Q/Q Growth	-117.60%	-323.53%	144.06%	-248.12%	24.61%	-713.61%	90.29%	-569.34%	93.59%	-929.72%	-161.09%
Invested Capital Q/Q Growth	34.18%	-10.34%	-3.96%	1.20%	24.90%	3.09%	-14.43%	10.89%	10.47%	3.46%	-1.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.14%	31.15%	44.53%	40.78%	37.91%	33.91%	42.62%	40.73%	42.00%	37.27%	42.27%
EBITDA Margin	16.49%	5.92%	16.16%	16.29%	12.31%	6.06%	17.58%	14.60%	15.04%	10.21%	13.95%
Operating Margin	11.10%	-0.38%	10.70%	12.01%	7.32%	0.79%	12.87%	10.54%	10.23%	4.59%	8.70%
EBIT Margin	11.46%	0.19%	11.44%	11.71%	7.29%	0.41%	12.79%	9.60%	9.87%	4.71%	9.14%
Profit (Net Income) Margin	6.80%	-1.70%	7.58%	7.85%	4.40%	-0.99%	8.83%	6.50%	6.70%	2.93%	6.39%
Tax Burden Percent	74.60%	75.78%	77.51%	76.57%	77.82%	75.61%	76.08%	75.04%	75.36%	80.96%	77.96%
Interest Burden Percent	79.52%	-1,163.64%	85.51%	87.56%	77.57%	-315.38%	90.76%	90.25%	90.08%	76.85%	89.66%
Effective Tax Rate	25.40%	0.00%	22.49%	23.43%	22.18%	0.00%	23.92%	24.96%	24.64%	19.04%	22.04%
Return on Invested Capital (ROIC)	11.38%	-0.46%	14.32%	17.68%	8.69%	0.91%	18.10%	13.86%	11.75%	5.66%	11.23%
ROIC Less NNEP Spread (ROIC-NNEP)	10.69%	-1.17%	13.89%	16.73%	8.03%	0.15%	17.41%	12.90%	11.19%	5.28%	10.97%
Return on Net Nonoperating Assets (RNNOA)	47.99%	-5.22%	56.28%	49.67%	26.89%	0.47%	40.08%	27.75%	26.90%	13.08%	21.17%
Return on Equity (ROE)	59.37%	-5.68%	70.60%	67.35%	35.57%	1.38%	58.18%	41.60%	38.65%	18.74%	32.40%
Cash Return on Invested Capital (CROIC)	-1.06%	-5.78%	14.13%	-2.76%	0.77%	-8.22%	5.31%	-5.00%	6.59%	3.13%	-11.30%
Operating Return on Assets (OROA)	7.60%	0.13%	8.10%	8.65%	5.66%	0.32%	9.70%	7.37%	7.76%	3.67%	7.04%
Return on Assets (ROA)	4.51%	-1.19%	5.37%	5.80%	3.42%	-0.76%	6.70%	4.99%	5.27%	2.29%	4.92%
Return on Common Equity (ROCE)	59.37%	-5.68%	70.60%	67.35%	35.57%	1.38%	58.18%	41.60%	38.65%	18.74%	32.40%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.79%	34.60%	32.32%	0.00%	29.26%	27.89%	24.17%	0.00%	29.01%	24.75%
Net Operating Profit after Tax (NOPAT)	1,027	-30	1,176	1,331	777	69	1,468	1,174	1,133	491	1,033
NOPAT Margin	8.28%	-0.26%	8.29%	9.19%	5.70%	0.55%	9.79%	7.91%	7.71%	3.72%	6.78%
Net Nonoperating Expense Percent (NNEP)	0.69%	0.72%	0.43%	0.95%	0.65%	0.76%	0.69%	0.96%	0.56%	0.39%	0.26%
Return On Investment Capital (ROIC_SIMPLE)	2.05%	-	-	-	1.47%	-	-	-	2.10%	0.88%	1.85%
Cost of Revenue to Revenue	60.86%	68.85%	55.47%	59.22%	62.09%	66.09%	57.38%	59.27%	58.00%	62.73%	57.73%
SG&A Expenses to Revenue	17.57%	19.40%	17.66%	18.46%	19.40%	20.96%	18.93%	19.39%	20.01%	21.36%	19.52%
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	28.03%	31.53%	33.83%	28.77%	30.59%	33.12%	29.75%	30.19%	31.77%	32.65%	33.57%
Earnings before Interest and Taxes (EBIT)	1,421	22	1,622	1,696	994	52	1,916	1,425	1,451	622	1,392
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,045	677	2,291	2,359	1,678	760	2,635	2,167	2,210	1,349	2,125
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.79	2.17	2.34	1.57	1.45	1.71	1.52	1.64	2.52	1.79	1.94
Price to Tangible Book Value (P/TBV)	0.00	0.00	41.46	8.72	6.53	8.08	4.85	4.45	5.84	4.18	4.21
Price to Revenue (P/Rev)	0.27	0.30	0.35	0.26	0.25	0.29	0.29	0.34	0.56	0.39	0.45
Price to Earnings (P/E)	16.72	7.54	6.75	4.85	5.17	5.84	5.45	6.79	10.14	6.18	7.86
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	5.98%	13.27%	14.81%	20.62%	19.34%	17.11%	18.35%	14.73%	9.86%	16.19%	12.73%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.26	1.35	1.17	1.11	1.18	1.18	1.25	1.51	1.25	1.32
Enterprise Value to Revenue (EV/Rev)	0.87	0.78	0.77	0.66	0.76	0.78	0.66	0.77	1.01	0.86	0.89
Enterprise Value to EBITDA (EV/EBITDA)	7.87	6.10	5.54	4.67	5.73	6.05	4.92	5.95	7.23	5.91	6.57
Enterprise Value to EBIT (EV/EBIT)	16.57	10.17	8.67	7.23	9.45	9.83	7.86	9.81	11.85	9.13	10.54
Enterprise Value to NOPAT (EV/NOPAT)	22.53	13.43	11.70	9.82	12.58	12.75	10.02	12.32	14.91	11.59	13.45
Enterprise Value to Operating Cash Flow (EV/OCF)	6.46	4.92	4.45	3.84	5.93	6.48	6.43	6.82	6.08	3.76	5.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	9.45	0.00	150.61	0.00	22.89	0.00	23.27	41.71	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.28	6.14	5.26	4.30	4.66	4.49	3.41	3.36	3.25	3.44	3.17
Long-Term Debt to Equity	4.76	4.13	3.49	2.94	3.42	3.01	2.07	2.34	2.34	2.31	1.95
Financial Leverage	4.49	4.45	4.05	2.97	3.35	3.20	2.30	2.15	2.40	2.48	1.93
Leverage Ratio	11.37	13.55	12.32	10.34	8.54	8.98	8.04	7.19	6.60	6.79	6.29
Compound Leverage Factor	9.04	-157.67	10.53	9.05	6.62	-28.31	7.30	6.48	5.94	5.22	5.64
Debt to Total Capital	86.27%	85.99%	84.03%	81.12%	82.33%	81.77%	77.31%	77.09%	76.47%	77.48%	76.04%
Short-Term Debt to Total Capital	20.84%	28.08%	28.36%	25.68%	21.85%	26.90%	30.44%	23.55%	21.31%	25.43%	29.38%
Long-Term Debt to Total Capital	65.43%	57.91%	55.67%	55.45%	60.48%	54.87%	46.88%	53.54%	55.16%	52.04%	46.67%
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	13.73%	14.01%	15.97%	18.88%	17.67%	18.23%	22.69%	22.91%	23.53%	22.52%	23.96%
Debt to EBITDA	8.70	6.55	5.71	5.16	6.08	5.81	4.83	5.32	5.19	5.19	5.41
Net Debt to EBITDA	5.40	3.78	3.01	2.79	3.84	3.83	2.77	3.35	3.21	3.21	3.25
Long-Term Debt to EBITDA	6.60	4.41	3.78	3.53	4.47	3.90	2.93	3.69	3.74	3.49	3.32
Debt to NOPAT	24.90	14.44	12.05	10.85	13.35	12.25	9.82	11.01	10.70	10.18	11.08
Net Debt to NOPAT	15.44	8.33	6.35	5.87	8.42	8.08	5.64	6.95	6.61	6.29	6.66
Long-Term Debt to NOPAT	18.89	9.73	7.98	7.42	9.81	8.22	5.96	7.65	7.72	6.84	6.80
Altman Z-Score	0.89	0.82	0.93	0.94	0.95	0.89	1.00	1.05	1.21	1.04	1.07
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	1.00	0.91	0.91	0.89	0.83	0.76	0.77	0.79	0.81	0.78	0.70
Quick Ratio	0.91	0.82	0.83	0.78	0.73	0.66	0.68	0.69	0.71	0.68	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,059	-4,484	1,976	-2,927	-2,206	-6,032	-585	-3,919	-251	-2,588	-6,756
Operating Cash Flow to CapEx	46.03%	170.58%	269.05%	48.06%	-44.46%	211.52%	251.84%	108.08%	136.27%	308.14%	174.84%
Free Cash Flow to Firm to Interest Expense	-2.37	-10.01	4.38	-6.58	-5.13	-15.35	-1.60	-12.02	-0.80	-8.40	-21.79
Operating Cash Flow to Interest Expense	2.59	7.01	8.42	1.98	-2.12	7.24	7.84	4.60	7.04	12.05	7.15
Operating Cash Flow Less CapEx to Interest Expense	-3.04	2.90	5.29	-2.14	-6.88	3.82	4.72	0.34	1.87	8.14	3.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.70	0.71	0.74	0.78	0.77	0.76	0.77	0.79	0.78	0.77
Accounts Receivable Turnover	25.96	22.52	24.11	24.84	29.04	24.19	25.40	26.44	28.10	25.40	24.88
Inventory Turnover	28.00	27.48	25.51	24.24	24.55	23.12	22.84	21.66	21.84	20.88	21.32
Fixed Asset Turnover	1.35	1.44	1.48	1.48	1.45	1.44	1.43	1.40	1.38	1.38	1.37
Accounts Payable Turnover	9.83	9.12	7.86	8.23	9.07	8.09	7.84	8.31	8.52	7.57	7.32
Days Sales Outstanding (DSO)	14.06	16.21	15.14	14.70	12.57	15.09	14.37	13.80	12.99	14.37	14.67
Days Inventory Outstanding (DIO)	13.04	13.28	14.31	15.06	14.87	15.79	15.98	16.85	16.72	17.48	17.12
Days Payable Outstanding (DPO)	37.13	40.04	46.43	44.34	40.26	45.10	46.53	43.91	42.83	48.22	49.85
Cash Conversion Cycle (CCC)	-10.03	-10.55	-16.98	-14.58	-12.83	-14.23	-16.19	-13.25	-13.13	-16.37	-18.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,760	30,268	29,069	29,419	36,743	36,369	31,122	34,512	38,127	39,448	38,911
Invested Capital Turnover	1.37	1.74	1.73	1.92	1.52	1.65	1.85	1.75	1.52	1.52	1.66
Increase / (Decrease) in Invested Capital	2,086	4,454	-800	4,258	2,983	6,101	2,053	5,093	1,384	3,079	7,789
Enterprise Value (EV)	39,189	38,074	39,360	34,440	40,953	42,887	36,596	43,047	57,386	49,436	51,546
Market Capitalization	12,325	14,474	17,996	13,874	13,534	15,706	16,000	18,763	31,934	22,603	26,007
Book Value per Share	$21.09	$20.39	$23.49	$26.99	$28.43	$28.01	$32.01	$34.78	$38.54	$38.54	$40.95
Tangible Book Value per Share	($1.20)	($1.87)	$1.32	$4.85	$6.32	$5.93	$10.04	$12.83	$16.62	$16.54	$18.92
Total Capital	50,219	47,597	48,245	46,897	52,767	50,401	46,400	49,921	53,869	56,018	55,823
Total Debt	43,323	40,929	40,540	38,044	43,443	41,213	35,874	38,484	41,194	43,402	42,450
Total Long-Term Debt	32,857	27,565	26,858	26,003	31,916	27,654	21,752	26,728	29,713	29,154	26,051
Net Debt	26,864	23,600	21,364	20,566	27,419	27,181	20,596	24,284	25,452	26,833	25,539
Capital Expenditures (CapEx)	2,516	1,842	1,412	1,831	2,047	1,346	1,142	1,386	1,632	1,204	1,268
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,927	-6,014	-7,763	-8,281	-6,577	-6,541	-7,008	-7,238	-7,425	-6,732	-7,951
Debt-free Net Working Capital (DFNWC)	10,532	11,315	11,413	9,197	7,811	7,491	8,270	6,962	7,050	8,598	7,665
Net Working Capital (NWC)	66	-2,049	-2,269	-2,844	-3,716	-6,068	-5,852	-4,794	-4,431	-5,650	-8,734
Net Nonoperating Expense (NNE)	184	164	101	194	177	193	145	209	148	104	60
Net Nonoperating Obligations (NNO)	26,864	23,600	21,364	20,566	27,419	27,181	20,596	23,075	25,452	26,832	25,538
Total Depreciation and Amortization (D&A)	624	655	669	663	684	708	719	742	759	727	733
Debt-free, Cash-free Net Working Capital to Revenue	-13.18%	-12.32%	-15.26%	-15.78%	-12.24%	-11.93%	-12.60%	-12.93%	-13.01%	-11.66%	-13.71%
Debt-free Net Working Capital to Revenue	23.43%	23.18%	22.43%	17.52%	14.54%	13.66%	14.86%	12.43%	12.35%	14.89%	13.22%
Net Working Capital to Revenue	0.15%	-4.20%	-4.46%	-5.42%	-6.92%	-11.07%	-10.52%	-8.56%	-7.77%	-9.79%	-15.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.61	($0.59)	$3.28	$3.47	$1.82	($0.38)	$4.02	$2.93	$3.01	$1.18	$3.00
Adjusted Weighted Average Basic Shares Outstanding	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M	323.73M
Adjusted Diluted Earnings per Share	$2.61	($0.59)	$3.24	$3.42	$1.82	($0.38)	$3.96	$2.90	$2.97	$1.16	$2.97
Adjusted Weighted Average Diluted Shares Outstanding	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M	323.73M
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	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M	323.73M
Normalized Net Operating Profit after Tax (NOPAT)	1,039	-20	1,842	1,354	813	78	1,495	1,171	1,184	404	1,382
Normalized NOPAT Margin	8.38%	-0.18%	12.99%	9.35%	5.97%	0.63%	9.98%	7.89%	8.06%	3.06%	9.07%
Pre Tax Income Margin	9.11%	-2.24%	9.78%	10.25%	5.66%	-1.31%	11.60%	8.66%	8.89%	3.62%	8.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.18	0.05	3.60	3.81	2.31	0.13	5.22	4.37	4.59	2.02	4.49
NOPAT to Interest Expense	2.30	-0.07	2.61	2.99	1.81	0.18	4.00	3.60	3.58	1.60	3.33
EBIT Less CapEx to Interest Expense	-2.45	-4.06	0.47	-0.30	-2.45	-3.29	2.11	0.12	-0.57	-1.89	0.40
NOPAT Less CapEx to Interest Expense	-3.33	-4.18	-0.52	-1.12	-2.95	-3.25	0.89	-0.65	-1.58	-2.31	-0.76
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.14%	13.96%	22.69%

Key Financial Trends

United Airlines (NASDAQ: UAL) has demonstrated several notable financial trends over the last four years across its income statement, balance sheet, and cash flow statements up to Q2 2025.

Revenue & Profitability

Operating revenue shows a clear upward trend from approximately $11.4 billion in Q1 2023 to $15.2 billion in Q2 2025, indicating strong demand recovery and growth in airline operations.
Net income attributable to common shareholders increased significantly from a loss of $124 million in Q1 2024 to a profit of $973 million in Q2 2025, reflecting improved operational efficiency and market conditions.
Basic earnings per share (EPS) grew from negative $0.38 in Q1 2024 to $3.00 in Q2 2025, demonstrating enhanced profitability on a per-share basis.
Gross profit has improved from $3.56 billion in Q1 2023 to $6.44 billion in Q2 2025, showing better cost management and revenue scaling.
Operating expenses, including selling, general & admin and restructuring charges, remain substantial, with some quarterly volatility that may pressure margins intermittently.

Cash Flow & Capital Allocation

Net cash from operating activities rose from $3.14 billion in Q1 2023 to $2.22 billion in Q2 2025, indicative of a relatively healthy cash generation ability despite fluctuations.
Significant capital expenditures continue with net purchases of property, plant & equipment around $1.3 billion quarterly, showing ongoing investment that might strain short-term liquidity.
United Airlines repaid considerable debt ($605 million in Q2 2025) and repurchased common equity ($240 million), reducing cash reserves and leverage but indicating capital return to shareholders.
The company maintains large cash and equivalents balances, increasing from about $7.6 billion at Q1 2023 to approximately $9.4 billion at Q2 2025, offering strong liquidity cushions.
Investments in short-term and long-term investments fluctuate; net investing activities remain negative due to purchases exceeding sales in some periods, reflecting strategic asset management.

Balance Sheet & Financial Health

Total assets have increased steadily from about $70 billion in Q1 2023 to $77 billion by Q2 2025, showing asset growth aligned with operational scaling.
Total liabilities have also grown, reaching about $63.8 billion by Q2 2025, with significant debt levels (short-term and long-term debt combined over $37 billion), which might pose interest and refinancing risks.
Shareholders’ equity expanded from $6.66 billion in Q1 2023 to $13.37 billion in Q2 2025, reflecting retained earnings accumulation and equity strengthening over time.
Capital lease obligations remain consistently sizable at around $5 billion, representing long-term lease commitments common in the airline industry but important for debt analysis.

Summary

United Airlines has experienced strong revenue growth and improved profitability over the past four years, recovering well from earlier losses. The company demonstrates solid cash flow generation and maintains a large liquidity base, which supports ongoing capital investments and debt repayments. However, it continues to carry substantial debt and operating expenses that investors should monitor closely. Overall, United Airlines' financial trends suggest strengthening fundamentals bolstered by expanding operations and disciplined capital management.

08/10/25 02:27 AMAI Generated. May Contain Errors.

Frequently Asked Questions About United Airlines' Financials

When does United Airlines' financial year end?

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

How has United Airlines' net income changed over the last 10 years?

United Airlines' net income appears to be on a downward trend, with a most recent value of $3.15 billion in 2024, rising from $2.25 billion in 2014. The previous period was $2.62 billion in 2023. View United Airlines' forecast to see where analysts expect United Airlines to go next.

What is United Airlines' operating income?

United Airlines' 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 10 years?

Over the last 10 years, United Airlines' total revenue changed from $77.80 billion in 2014 to $57.06 billion in 2024, a change of -26.7%.

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 22.9% decrease since 2014.

How much cash does United Airlines have?

In the past 10 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 10 years?

Over the last 10 years, United Airlines' book value per share changed from 13.65 in 2014 to 38.54 in 2024, a change of 182.4%.

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This page (NASDAQ:UAL) was last updated on 8/10/2025 by MarketBeat.com Staff

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United Airlines (UAL) Financials

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