United Airlines (UAL) Financials

$68.82 -0.11 (-0.16%)

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	14,641	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Consolidated Net Income / (Loss)	14,641	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Net Income / (Loss) Continuing Operations	14,641	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Total Pre-Tax Income	8,440	3,773	3,023	2,648	3,914	-8,822	-2,557	990	3,387	4,168
Total Operating Income	10,334	4,344	3,618	3,229	4,301	-6,359	-1,022	2,337	4,211	5,096
Total Gross Profit	31,868	15,943	12,875	15,689	17,304	-415	5,622	15,672	20,946	22,857
Total Revenue	75,728	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063
Operating Revenue	67,444	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063
Total Cost of Revenue	43,860	20,615	24,909	25,614	25,955	15,770	19,012	29,283	32,771	34,206
Operating Cost of Revenue	43,860	20,615	24,909	25,614	25,955	15,770	19,012	29,283	32,771	34,206
Total Operating Expenses	21,534	11,599	9,257	12,460	13,003	5,944	6,644	13,335	16,735	17,761
Selling, General & Admin Expense	12,838	6,712	6,985	7,359	7,926	3,945	5,110	8,163	10,039	11,284
Depreciation Expense	3,638	1,977	2,096	2,165	2,288	2,488	2,485	2,456	2,671	2,928
Other Operating Expenses / (Income)	4,406	2,165	-	2,449	2,543	2,127	2,416	2,576	3,076	3,437
Restructuring Charge	652	745	176	487	246	-2,616	-3,367	140	949	112
Total Other Income / (Expense), net	-1,894	-571	-595	-581	-387	-2,463	-1,535	-1,347	-824	-928
Interest Expense	1,241	602	552	605	646	992	1,577	1,673	1,774	1,402
Interest & Investment Income	50	42	57	101	133	50	36	298	827	726
Other Income / (Expense), net	-703	-11	-100	-77	126	-1,521	6.00	28	123	-252
Income Tax Expense	-6,201	1,539	880	526	905	-1,753	-593	253	769	1,019
Basic Earnings per Share	$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	376.10M	329.90M	302.70M	266.73M	247.95M	318.48M	324.63M	327.09M	328.03M	327.34M
Diluted Earnings per Share	$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	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	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	942	843	-194	1,075	1,137	600	-124	1,323	965	985	387
Consolidated Net Income / (Loss)	942	843	-194	1,075	1,137	600	-124	1,323	965	985	387
Net Income / (Loss) Continuing Operations	942	843	-194	1,075	1,137	600	-124	1,323	965	985	387
Total Pre-Tax Income	1,153	1,130	-256	1,387	1,485	771	-164	1,739	1,286	1,307	478
Total Operating Income	1,458	1,377	-43	1,517	1,739	998	99	1,929	1,565	1,503	607
Total Gross Profit	4,999	4,853	3,560	6,314	5,906	5,166	4,252	6,387	6,046	6,172	4,925
Total Revenue	12,877	12,400	11,429	14,178	14,484	13,626	12,539	14,986	14,843	14,695	13,213
Operating Revenue	12,877	12,400	11,429	14,178	14,484	13,626	12,539	14,986	14,843	14,695	13,213
Total Cost of Revenue	7,878	7,547	7,869	7,864	8,578	8,460	8,287	8,599	8,797	8,523	8,288
Operating Cost of Revenue	7,878	7,547	7,869	7,864	8,578	8,460	8,287	8,599	8,797	8,523	8,288
Total Operating Expenses	3,541	3,476	3,603	4,797	4,167	4,168	4,153	4,458	4,481	4,669	4,314
Selling, General & Admin Expense	2,272	2,179	2,217	2,504	2,674	2,644	2,628	2,837	2,878	2,941	2,822
Depreciation Expense	610	624	655	669	663	684	708	719	742	759	727
Other Operating Expenses / (Income)	639	657	717	765	801	793	804	866	866	901	873
Restructuring Charge	20	16	14	859	29	47	13	36	-5.00	68	-108
Total Other Income / (Expense), net	-305	-247	-213	-130	-254	-227	-263	-190	-279	-196	-129
Interest Expense	428	447	448	451	445	430	393	367	326	316	308
Interest & Investment Income	104	156	170	216	234	207	177	190	187	172	164
Other Income / (Expense), net	19	44	65	105	-43	-4.00	-47	-13	-140	-52	15
Income Tax Expense	211	287	-62	312	348	171	-40	416	321	322	91
Basic Earnings per Share	$2.88	$2.61	($0.59)	$3.28	$3.47	$1.82	($0.38)	$4.02	$2.93	$3.01	$1.18
Weighted Average Basic Shares Outstanding	326.93M	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M
Diluted Earnings per Share	$2.86	$2.61	($0.59)	$3.24	$3.42	$1.82	($0.38)	$3.96	$2.90	$2.97	$1.16
Weighted Average Diluted Shares Outstanding	326.93M	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M
Weighted Average Basic & Diluted Shares Outstanding	326.93M	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	810	-909	2,762	208	1,069	8,874	6,791	-11,112	-1,087	2,612
Net Cash From Operating Activities	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	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	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Consolidated Net Income / (Loss)	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149
Depreciation Expense	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	247	391	-4,381	882	22	1,642	66	-4.00	57	357
Changes in Operating Assets and Liabilities, net	-3,494	1,229	142	1,015	1,590	-1,288	1,309	2,721	1,426	2,845
Net Cash From Investing Activities	-2,607	-3,238	-3,803	-4,455	-4,560	50	-1,672	-13,829	-6,106	-2,651
Net Cash From Continuing Investing Activities	-2,607	-3,238	-3,803	-4,455	-4,560	50	-1,672	-13,829	-6,106	-2,651
Purchase of Property, Plant & Equipment	-2,747	-3,223	-3,870	-4,070	-4,528	-1,727	-2,107	-4,819	-7,171	-5,615
Purchase of Investments	-2,517	-2,782	-3,243	-2,691	-2,933	-552	-68	-11,232	-9,470	-5,809
Sale of Property, Plant & Equipment	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	-136	55	133	-466	-144	4.00	-1.00	-69	-23	3.00
Net Cash From Financing Activities	-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	-2,495	-3,213	-383	-1,501	-1,280	12,957	6,396	-3,349	-1,892	-4,182
Repayment of Debt	-2,351	-1,407	-981	-1,764	-1,421	-4,469	-5,232	-4,085	-4,280	-10,159
Repurchase of Common Equity	-1,233	-2,614	-1,844	-1,235	-1,645	-353	-	0.00	0.00	-162
Issuance of Debt	1,073	808	2,537	1,594	1,786	15,676	11,096	736	2,388	6,139
Cash Interest Paid	660	584	571	651	648	874	1,424	1,573	1,848	1,494
Cash Income Taxes Paid	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-5,605	-4,106	611	1,849	-1,771	-1,776	2,350	2,430	-2,086	-82	791
Net Cash From Operating Activities	741	1,158	3,142	3,799	880	-910	2,847	2,876	1,498	2,224	3,710
Net Cash From Continuing Operating Activities	741	1,158	3,142	3,799	880	-910	2,847	2,876	1,498	2,224	3,710
Net Income / (Loss) Continuing Operations	-	737	0.00	-	-	2,618	0.00	-	-	3,149	0.00
Non-Cash Adjustments To Reconcile Net Income	741	-4,912	3,142	3,799	880	-7,764	2,847	2,876	1,498	-6,864	3,710
Net Cash From Investing Activities	-5,528	-4,387	-1,968	-1,459	-1,936	-743	1,441	134	-2,511	-1,715	-1,462
Net Cash From Continuing Investing Activities	-5,528	-4,387	-1,968	-1,459	-1,936	-743	1,441	134	-2,511	-1,715	-1,462
Purchase of Property, Plant & Equipment	-1,328	-2,539	-1,843	-1,420	-1,842	-2,066	-1,366	-1,164	-1,410	-1,675	-1,233
Purchase of Investments	-5,082	-2,848	-4,193	-2,683	-1,999	-595	-866	-888	-2,303	-1,752	-2,246
Sale of Property, Plant & Equipment	46	23	1.00	8.00	11	19	20	22	24	43	29
Sale and/or Maturity of Investments	846	1,023	4,061	2,641	1,912	1,905	3,657	2,163	1,386	1,455	2,023
Other Investing Activities, net	-10	-46	6.00	-5.00	-18	-6.00	-4.00	1.00	-208	214	-35
Net Cash From Financing Activities	-818	-877	-563	-491	-715	-123	-1,938	-580	-1,073	-591	-1,457
Net Cash From Continuing Financing Activities	-818	-877	-563	-491	-715	-123	-1,938	-580	-1,073	-591	-1,454
Repayment of Debt	-816	-1,403	-851	-1,794	-809	-826	-5,049	-1,187	-2,575	-1,348	-1,105
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-80	-349

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	40,861	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083
Total Current Assets	7,828	7,309	7,133	7,094	8,194	14,800	21,834	20,058	18,487	18,883
Cash & Equivalents	3,006	2,179	1,482	1,694	2,762	11,269	18,283	7,166	6,058	8,769
Short-Term Investments	2,190	2,249	2,316	2,256	2,182	414	123	9,248	8,330	5,706
Accounts Receivable	1,128	1,176	1,340	1,426	1,364	1,295	1,663	1,801	1,898	2,163
Inventories, net	738	873	924	985	1,072	932	983	1,109	1,561	1,572
Prepaid Expenses	740	832	1,071	733	814	635	745	689	640	673
Plant, Property, & Equipment, net	72,930	79,534	26,208	28,576	30,170	31,466	32,074	34,448	39,815	42,908
Total Noncurrent Assets	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	4,523	4,523	4,523	4,523	4,523	4,527	4,527	4,527	4,527	4,527
Intangible Assets	4,136	3,632	3,539	3,159	3,009	2,838	2,803	2,762	2,725	2,683
Other Noncurrent Operating Assets	553	-	-	4,085	4,864	4,755	4,858	4,099	3,914	3,815
Total Liabilities & Shareholders' Equity	40,861	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083
Total Liabilities	31,536	31,204	33,612	38,982	41,080	53,588	63,146	60,462	61,780	61,408
Total Current Liabilities	12,414	12,286	12,763	13,839	14,938	12,725	18,304	19,992	22,203	23,314
Short-Term Debt	5,112	4,695	5,633	6,453	6,226	7,356	9,356	10,466	11,527	11,481
Accounts Payable	2,711	3,149	2,772	2,363	2,703	1,595	2,562	3,395	3,835	4,193
Current Employee Benefit Liabilities	2,350	2,307	2,166	2,184	2,271	1,960	2,121	1,971	2,940	3,289
Other Current Liabilities	2,241	2,135	2,192	2,839	3,738	1,814	4,265	4,160	3,901	4,351
Total Noncurrent Liabilities	19,122	18,918	20,849	25,143	26,142	40,863	44,842	40,470	39,577	38,094
Long-Term Debt	9,673	9,918	11,703	12,215	13,145	24,836	30,361	28,283	27,413	25,203
Capital Lease Obligations	727	822	996	5,500	220	224	5,371	4,574	4,503	4,510
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	204	828	1,736	-	-	0.00	594	1,580
Noncurrent Employee Benefit Liabilities	3,370	3,473	3,523	2,871	2,235	3,454	2,920	1,418	1,605	1,233
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	8,966	8,584	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675
Total Preferred & Common Equity	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
Total Common Equity	8,949	8,584	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675
Common Stock	7,950	6,572	6,101	6,123	6,132	8,370	9,160	8,990	8,996	8,984
Retained Earnings	3,457	3,427	4,549	6,715	9,716	2,626	625	1,265	3,831	6,880
Accumulated Other Comprehensive Income / (Loss)	-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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Total Assets	68,968	67,358	70,417	73,341	73,153	71,104	71,902	73,254	72,640	74,083	76,111
Total Current Assets	22,689	20,058	21,586	23,306	21,912	18,487	18,696	20,003	18,571	18,883	20,148
Cash & Equivalents	11,258	7,166	7,634	9,605	7,478	6,058	8,401	10,864	8,812	8,769	9,370
Short-Term Investments	7,437	9,248	9,522	9,533	9,608	8,330	5,591	4,384	5,352	5,706	5,960
Accounts Receivable	2,034	1,801	2,274	2,004	2,193	1,898	2,259	2,376	2,042	2,163	2,288
Inventories, net	1,116	1,109	1,196	1,290	1,513	1,561	1,675	1,680	1,639	1,572	1,601
Prepaid Expenses	783	689	787	836	728	640	730	669	690	673	928
Plant, Property, & Equipment, net	32,506	34,448	35,837	37,128	38,360	39,815	40,470	40,665	41,680	42,908	43,430
Total Noncurrent Assets	13,773	12,852	12,994	12,907	12,881	12,802	12,736	12,586	11,180	12,292	12,534
Long-Term Investments	1,285	-	-	-	-	1,636	-	-	-	1,267	1,239
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	2,772	2,762	2,753	2,744	2,735	2,725	2,717	2,699	2,691	2,683	2,676
Other Noncurrent Operating Assets	4,488	4,099	4,244	4,233	4,215	3,914	4,139	4,023	3,962	3,815	4,092
Total Liabilities & Shareholders' Equity	68,968	67,358	70,417	73,341	73,153	71,104	71,902	73,254	72,640	74,083	76,111
Total Liabilities	64,070	60,462	63,749	65,636	64,300	61,780	62,714	62,728	61,203	61,408	63,495
Total Current Liabilities	21,989	19,992	23,635	25,575	24,756	22,203	24,764	25,855	23,365	23,314	25,798
Short-Term Debt	11,702	10,466	13,364	13,682	12,041	11,527	13,559	14,122	11,756	11,481	14,248
Accounts Payable	3,534	3,395	3,858	4,172	4,206	3,835	4,344	4,478	4,008	4,193	4,694
Current Employee Benefit Liabilities	1,841	1,971	1,970	3,223	3,815	2,940	2,128	2,383	2,802	3,289	2,394
Other Current Liabilities	4,912	4,160	4,443	4,498	4,694	3,901	4,733	4,872	4,799	4,351	4,463
Total Noncurrent Liabilities	42,081	40,470	40,114	40,061	39,544	39,577	37,950	36,873	37,838	38,094	37,697
Long-Term Debt	28,490	28,283	27,460	26,713	25,932	27,413	23,059	21,687	22,207	25,203	24,398
Capital Lease Obligations	112	4,574	105	145	71	4,503	4,595	65	4,521	4,510	4,756
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	-	133	472	594	545	951	1,224	1,580	1,624
Noncurrent Employee Benefit Liabilities	2,894	1,418	1,436	1,445	1,421	1,605	1,610	1,610	1,624	1,233	1,252
Other Noncurrent Operating Liabilities	10,585	6,195	11,113	11,625	11,648	5,462	8,141	12,560	8,262	5,568	5,667
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	4,898	6,896	6,668	7,705	8,853	9,324	9,188	10,526	11,437	12,675	12,616
Total Preferred & Common Equity	4,898	6,896	6,668	7,705	8,853	9,324	9,188	10,526	11,437	12,675	12,616
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	4,898	6,896	6,668	7,705	8,853	9,324	9,188	10,526	11,437	12,675	12,616
Common Stock	8,974	8,990	8,930	8,949	8,972	8,996	8,977	9,005	8,949	8,984	8,817
Retained Earnings	421	1,265	1,020	2,095	3,232	3,831	3,664	4,986	5,896	6,880	7,137
Treasury Stock	-3,533	-3,534	-3,443	-3,442	-3,442	-	-3,372	-3,368	-3,299	-	-3,502
Accumulated Other Comprehensive Income / (Loss)	-964	175	161	103	91	-62	-81	-97	-109	188	164

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.67%	-51.72%	3.35%	9.31%	4.74%	-64.50%	60.43%	82.49%	19.49%	6.23%
EBITDA Growth	118.26%	-44.89%	-11.03%	-5.29%	26.29%	-178.90%	130.96%	203.48%	43.54%	11.11%
EBIT Growth	170.00%	-55.01%	-18.81%	-10.40%	40.45%	-278.00%	87.11%	332.78%	83.26%	11.77%
NOPAT Growth	276.06%	-85.65%	-0.28%	0.89%	27.78%	-234.62%	83.93%	343.19%	87.09%	18.29%
Net Income Growth	551.87%	-84.74%	-4.07%	-0.98%	41.80%	-334.93%	72.22%	137.53%	255.22%	20.28%
EPS Growth	564.51%	-65.28%	4.44%	8.64%	50.98%	-318.48%	75.89%	136.56%	253.81%	19.77%
Operating Cash Flow Growth	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	-650.26%	95.23%	2,753.90%	-107.60%	277.23%	-165.24%	-42.12%	95.02%	178.54%	806.94%
Invested Capital Growth	693.40%	6.60%	-70.35%	30.48%	-14.36%	1.76%	24.51%	6.59%	8.84%	3.77%
Revenue Q/Q Growth	-12.57%	-49.98%	282.31%	2.58%	0.93%	-32.75%	24.08%	10.33%	2.34%	1.91%
EBITDA Q/Q Growth	-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	9.43%	-50.46%	602.20%	-0.91%	6.73%	-61.44%	61.15%	373.95%	-8.97%	10.42%
NOPAT Q/Q Growth	-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	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	11.32%	-13.99%	13.32%	-3.64%	7.92%	-53.33%	41.96%	197.38%	-9.10%	13.86%
Operating Cash Flow Q/Q Growth	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	-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	-24.08%	1.71%	-73.56%	25.62%	-0.34%	3.97%	5.64%	34.18%	24.90%	10.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.08%	43.61%	34.08%	37.99%	40.00%	-2.70%	22.82%	34.86%	38.99%	40.06%
EBITDA Margin	15.12%	17.26%	14.86%	12.87%	15.52%	-34.50%	6.66%	11.07%	13.30%	13.91%
Operating Margin	13.65%	11.88%	9.58%	7.82%	9.94%	-41.41%	-4.15%	5.20%	7.84%	8.93%
EBIT Margin	12.72%	11.85%	9.31%	7.63%	10.23%	-51.32%	-4.12%	5.26%	8.07%	8.49%
Profit (Net Income) Margin	19.33%	6.11%	5.67%	5.14%	6.96%	-46.04%	-7.97%	1.64%	4.87%	5.52%
Tax Burden Percent	173.47%	59.21%	70.89%	80.14%	76.88%	80.13%	76.81%	74.44%	77.30%	75.55%
Interest Burden Percent	87.63%	87.08%	85.93%	84.01%	88.41%	111.95%	251.67%	41.86%	78.15%	86.04%
Effective Tax Rate	-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)	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)	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)	164.22%	21.94%	19.51%	12.57%	15.69%	-63.18%	-33.24%	7.04%	23.05%	18.34%
Return on Equity (ROE)	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)	-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)	16.78%	10.70%	8.53%	6.90%	8.71%	-14.05%	-1.59%	3.49%	6.26%	6.67%
Return on Assets (ROA)	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)	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)	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)	17,927	2,572	2,565	2,588	3,307	-4,451	-715	1,740	3,255	3,850
NOPAT Margin	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)	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	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	16.95%	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%
Operating Expenses to Revenue	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)	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)	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)	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)	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)	0.28	0.63	0.53	0.55	0.52	0.82	0.58	0.27	0.25	0.56
Price to Earnings (P/E)	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%
Earnings Yield	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)	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)	0.42	0.92	0.89	1.02	0.83	2.09	1.66	0.87	0.76	1.01
Enterprise Value to EBITDA (EV/EBITDA)	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)	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)	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)	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)	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	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	1.16	1.25	1.45	1.76	1.16	4.20	7.11	4.76	3.42	2.34
Financial Leverage	4.69	7.33	4.65	1.75	1.51	1.88	4.20	4.49	3.35	2.40
Leverage Ratio	8.20	4.62	4.76	4.87	4.71	6.41	11.62	11.37	8.54	6.60
Compound Leverage Factor	7.19	4.02	4.09	4.09	4.17	7.18	29.25	4.76	6.67	5.68
Debt to Total Capital	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	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	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%
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	36.56%	35.74%	32.27%	29.35%	37.05%	15.53%	10.03%	13.73%	17.67%	23.53%
Debt to EBITDA	1.35	2.45	3.27	4.55	2.92	-6.12	27.49	8.70	6.08	5.19
Net Debt to EBITDA	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	0.91	1.70	2.26	3.33	1.99	-4.73	21.79	6.60	4.47	3.74
Debt to NOPAT	0.87	6.00	7.15	9.34	5.93	-7.28	-63.02	24.90	13.35	10.70
Net Debt to NOPAT	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	0.58	4.18	4.95	6.85	4.04	-5.63	-49.95	18.89	9.81	7.72
Altman Z-Score	3.02	1.68	1.51	1.43	1.53	0.07	0.52	0.93	1.10	1.36
Noncontrolling Interest Sharing Ratio	0.09%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.63	0.59	0.56	0.51	0.55	1.16	1.19	1.00	0.83	0.81
Quick Ratio	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)	-43,938	-2,097	55,650	-4,230	7,498	-4,891	-6,951	-346	272	2,466
Operating Cash Flow to CapEx	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	-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	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	2.62	4.33	5.58	3.46	3.76	-5.90	0.04	0.87	-0.12	2.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.32	0.90	0.92	0.90	0.85	0.27	0.39	0.66	0.78	0.79
Accounts Receivable Turnover	44.29	31.73	30.04	29.86	31.01	11.55	16.66	25.96	29.04	28.10
Inventory Turnover	42.38	25.59	27.72	26.84	25.24	15.74	19.86	28.00	24.55	21.84
Fixed Asset Turnover	1.35	0.48	0.71	1.51	1.47	0.50	0.78	1.35	1.45	1.38
Accounts Payable Turnover	10.51	7.04	8.41	9.98	10.25	7.34	9.15	9.83	9.07	8.52
Days Sales Outstanding (DSO)	8.24	11.50	12.15	12.22	11.77	31.60	21.91	14.06	12.57	12.99
Days Inventory Outstanding (DIO)	8.61	14.26	13.17	13.60	14.46	23.19	18.38	13.04	14.87	16.72
Days Payable Outstanding (DPO)	34.72	51.88	43.38	36.59	35.62	49.74	39.90	37.13	40.26	42.83
Cash Conversion Cycle (CCC)	-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	70,787	75,456	22,371	29,189	24,998	25,438	31,674	33,760	36,743	38,127
Invested Capital Turnover	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	61,865	4,669	-53,085	6,818	-4,191	440	6,236	2,086	2,983	1,384
Enterprise Value (EV)	31,678	33,552	33,695	42,066	35,758	32,063	40,821	39,189	40,953	57,386
Market Capitalization	21,362	23,124	19,967	22,814	22,291	12,585	14,176	12,325	13,534	31,934
Book Value per Share	$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	$0.78	$1.35	$2.27	$8.66	$15.80	($4.83)	($7.11)	($1.20)	$6.32	$16.62
Total Capital	24,478	24,019	27,066	34,210	31,122	38,376	50,117	50,219	52,767	53,869
Total Debt	15,512	15,435	18,332	24,168	19,591	32,416	45,088	43,323	43,443	41,194
Total Long-Term Debt	10,400	10,740	12,699	17,715	13,365	25,060	35,732	32,857	31,916	29,713
Net Debt	10,316	10,428	13,728	19,252	13,467	19,478	26,645	26,864	27,419	25,452
Capital Expenditures (CapEx)	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)	-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)	526	-282	3.00	-292	-518	9,431	12,886	10,532	7,811	7,050
Net Working Capital (NWC)	-4,586	-4,977	-5,630	-6,745	-6,744	2,075	3,530	66	-3,716	-4,431
Net Nonoperating Expense (NNE)	3,286	338	422	466	298	2,618	1,249	1,003	637	701
Net Nonoperating Obligations (NNO)	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)	1,819	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	-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	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	-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	$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	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	$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	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	$11.63	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	7,690	3,013	2,690	2,978	3,496	-6,283	-3,072	1,844	3,988	3,935
Normalized NOPAT Margin	10.16%	8.24%	7.12%	7.21%	8.08%	-40.92%	-12.47%	4.10%	7.42%	6.90%
Pre Tax Income Margin	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	7.76	7.20	6.37	5.21	6.85	-7.94	-0.64	1.41	2.44	3.46
NOPAT to Interest Expense	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	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	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%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	66.15%	51.37%	51.06%	17.06%	12.48%	9.89%	9.71%	5.70%	2.48%	7.85%	5.38%
EBITDA Growth	26.79%	1,075.29%	190.75%	59.65%	13.03%	-17.95%	12.26%	15.02%	-8.14%	31.70%	77.50%
EBIT Growth	44.38%	419.33%	101.62%	96.84%	14.83%	-30.05%	136.36%	18.13%	-15.98%	45.98%	1,096.15%
NOPAT Growth	46.44%	459.69%	96.88%	86.83%	11.78%	-24.40%	330.23%	24.82%	-11.80%	45.85%	609.15%
Net Income Growth	99.15%	230.50%	85.91%	226.75%	20.70%	-28.83%	36.08%	23.07%	-15.13%	64.17%	412.10%
EPS Growth	98.61%	236.65%	86.08%	224.00%	19.58%	-30.27%	35.59%	22.22%	-15.20%	63.19%	405.26%
Operating Cash Flow Growth	194.27%	530.48%	112.87%	41.17%	18.76%	-178.58%	-9.39%	-24.30%	70.23%	344.40%	0.00%
Free Cash Flow Firm Growth	227.86%	83.77%	-77.01%	134.84%	-148.66%	-108.39%	-34.51%	-129.63%	-33.90%	88.61%	57.10%
Invested Capital Growth	-16.09%	6.59%	17.25%	-2.68%	16.92%	8.84%	20.16%	7.06%	17.31%	3.77%	8.47%
Revenue Q/Q Growth	6.32%	-3.70%	-7.83%	24.05%	2.16%	-5.92%	-7.98%	19.52%	-0.95%	-1.00%	-10.09%
EBITDA Q/Q Growth	45.44%	-2.01%	-66.89%	238.40%	2.97%	-28.87%	-54.71%	246.71%	-17.76%	1.98%	-38.96%
EBIT Q/Q Growth	79.25%	-3.79%	-98.45%	7,272.73%	4.56%	-41.39%	-94.77%	3,584.62%	-25.63%	1.82%	-57.13%
NOPAT Q/Q Growth	89.28%	-13.76%	-102.93%	4,006.17%	13.24%	-41.67%	-91.08%	2,017.67%	-19.98%	-3.55%	-56.61%
Net Income Q/Q Growth	186.32%	-10.51%	-123.01%	654.12%	5.77%	-47.23%	-120.67%	1,166.94%	-27.06%	2.07%	-60.71%
EPS Q/Q Growth	186.00%	-8.74%	-122.61%	649.15%	5.56%	-46.78%	-120.88%	1,142.11%	-26.77%	2.41%	-60.94%
Operating Cash Flow Q/Q Growth	-72.46%	56.28%	171.33%	20.91%	-76.84%	-203.41%	412.86%	1.02%	-47.91%	48.46%	66.82%
Free Cash Flow Firm Q/Q Growth	206.06%	-117.60%	-323.53%	144.06%	-248.12%	24.61%	-713.61%	90.29%	-569.34%	93.59%	-929.72%
Invested Capital Q/Q Growth	-15.76%	34.18%	-10.34%	-3.96%	1.20%	24.90%	3.09%	-14.43%	10.89%	10.47%	3.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.82%	39.14%	31.15%	44.53%	40.78%	37.91%	33.91%	42.62%	40.73%	42.00%	37.27%
EBITDA Margin	16.21%	16.49%	5.92%	16.16%	16.29%	12.31%	6.06%	17.58%	14.60%	15.04%	10.21%
Operating Margin	11.32%	11.10%	-0.38%	10.70%	12.01%	7.32%	0.79%	12.87%	10.54%	10.23%	4.59%
EBIT Margin	11.47%	11.46%	0.19%	11.44%	11.71%	7.29%	0.41%	12.79%	9.60%	9.87%	4.71%
Profit (Net Income) Margin	7.32%	6.80%	-1.70%	7.58%	7.85%	4.40%	-0.99%	8.83%	6.50%	6.70%	2.93%
Tax Burden Percent	81.70%	74.60%	75.78%	77.51%	76.57%	77.82%	75.61%	76.08%	75.04%	75.36%	80.96%
Interest Burden Percent	78.06%	79.52%	-1,163.64%	85.51%	87.56%	77.57%	-315.38%	90.76%	90.25%	90.08%	76.85%
Effective Tax Rate	18.30%	25.40%	0.00%	22.49%	23.43%	22.18%	0.00%	23.92%	24.96%	24.64%	19.04%
Return on Invested Capital (ROIC)	13.67%	11.38%	-0.46%	14.32%	17.68%	8.69%	0.91%	18.10%	13.86%	11.75%	5.66%
ROIC Less NNEP Spread (ROIC-NNEP)	12.56%	10.69%	-1.17%	13.89%	16.73%	8.03%	0.15%	17.41%	12.90%	11.19%	5.28%
Return on Net Nonoperating Assets (RNNOA)	54.49%	47.99%	-5.22%	56.28%	49.67%	26.89%	0.47%	40.08%	27.75%	26.90%	13.08%
Return on Equity (ROE)	68.16%	59.37%	-5.68%	70.60%	67.35%	35.57%	1.38%	58.18%	41.60%	38.65%	18.74%
Cash Return on Invested Capital (CROIC)	18.89%	-1.06%	-5.78%	14.13%	-2.76%	0.77%	-8.22%	5.31%	-5.00%	6.59%	3.13%
Operating Return on Assets (OROA)	6.76%	7.60%	0.13%	8.10%	8.65%	5.66%	0.32%	9.70%	7.37%	7.76%	3.67%
Return on Assets (ROA)	4.31%	4.51%	-1.19%	5.37%	5.80%	3.42%	-0.76%	6.70%	4.99%	5.27%	2.29%
Return on Common Equity (ROCE)	68.16%	59.37%	-5.68%	70.60%	67.35%	35.57%	1.38%	58.18%	41.60%	38.65%	18.74%
Return on Equity Simple (ROE_SIMPLE)	-15.35%	0.00%	28.79%	34.60%	32.32%	0.00%	29.26%	27.89%	24.17%	0.00%	29.01%
Net Operating Profit after Tax (NOPAT)	1,191	1,027	-30	1,176	1,331	777	69	1,468	1,174	1,133	491
NOPAT Margin	9.25%	8.28%	-0.26%	8.29%	9.19%	5.70%	0.55%	9.79%	7.91%	7.71%	3.72%
Net Nonoperating Expense Percent (NNEP)	1.11%	0.69%	0.72%	0.43%	0.95%	0.65%	0.76%	0.69%	0.96%	0.56%	0.39%
Return On Investment Capital (ROIC_SIMPLE)	-	2.05%	-	-	-	1.47%	-	-	-	2.10%	0.88%
Cost of Revenue to Revenue	61.18%	60.86%	68.85%	55.47%	59.22%	62.09%	66.09%	57.38%	59.27%	58.00%	62.73%
SG&A Expenses to Revenue	17.64%	17.57%	19.40%	17.66%	18.46%	19.40%	20.96%	18.93%	19.39%	20.01%	21.36%
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	27.50%	28.03%	31.53%	33.83%	28.77%	30.59%	33.12%	29.75%	30.19%	31.77%	32.65%
Earnings before Interest and Taxes (EBIT)	1,477	1,421	22	1,622	1,696	994	52	1,916	1,425	1,451	622
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,087	2,045	677	2,291	2,359	1,678	760	2,635	2,167	2,210	1,349
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.17	1.79	2.17	2.34	1.57	1.45	1.71	1.52	1.64	2.52	1.79
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	41.46	8.72	6.53	8.08	4.85	4.45	5.84	4.18
Price to Revenue (P/Rev)	0.26	0.27	0.30	0.35	0.26	0.25	0.29	0.29	0.34	0.56	0.39
Price to Earnings (P/E)	0.00	16.72	7.54	6.75	4.85	5.17	5.84	5.45	6.79	10.14	6.18
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	0.00%	5.98%	13.27%	14.81%	20.62%	19.34%	17.11%	18.35%	14.73%	9.86%	16.19%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.16	1.26	1.35	1.17	1.11	1.18	1.18	1.25	1.51	1.25
Enterprise Value to Revenue (EV/Rev)	0.76	0.87	0.78	0.77	0.66	0.76	0.78	0.66	0.77	1.01	0.86
Enterprise Value to EBITDA (EV/EBITDA)	10.47	7.87	6.10	5.54	4.67	5.73	6.05	4.92	5.95	7.23	5.91
Enterprise Value to EBIT (EV/EBIT)	61.91	16.57	10.17	8.67	7.23	9.45	9.83	7.86	9.81	11.85	9.13
Enterprise Value to NOPAT (EV/NOPAT)	79.95	22.53	13.43	11.70	9.82	12.58	12.75	10.02	12.32	14.91	11.59
Enterprise Value to Operating Cash Flow (EV/OCF)	6.66	6.46	4.92	4.45	3.84	5.93	6.48	6.43	6.82	6.08	3.76
Enterprise Value to Free Cash Flow (EV/FCFF)	5.93	0.00	0.00	9.45	0.00	150.61	0.00	22.89	0.00	23.27	41.71
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	8.23	6.28	6.14	5.26	4.30	4.66	4.49	3.41	3.36	3.25	3.44
Long-Term Debt to Equity	5.84	4.76	4.13	3.49	2.94	3.42	3.01	2.07	2.34	2.34	2.31
Financial Leverage	4.34	4.49	4.45	4.05	2.97	3.35	3.20	2.30	2.15	2.40	2.48
Leverage Ratio	13.39	11.37	13.55	12.32	10.34	8.54	8.98	8.04	7.19	6.60	6.79
Compound Leverage Factor	10.45	9.04	-157.67	10.53	9.05	6.62	-28.31	7.30	6.48	5.94	5.22
Debt to Total Capital	89.16%	86.27%	85.99%	84.03%	81.12%	82.33%	81.77%	77.31%	77.09%	76.47%	77.48%
Short-Term Debt to Total Capital	25.89%	20.84%	28.08%	28.36%	25.68%	21.85%	26.90%	30.44%	23.55%	21.31%	25.43%
Long-Term Debt to Total Capital	63.28%	65.43%	57.91%	55.67%	55.45%	60.48%	54.87%	46.88%	53.54%	55.16%	52.04%
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	10.84%	13.73%	14.01%	15.97%	18.88%	17.67%	18.23%	22.69%	22.91%	23.53%	22.52%
Debt to EBITDA	13.66	8.70	6.55	5.71	5.16	6.08	5.81	4.83	5.32	5.19	5.19
Net Debt to EBITDA	6.87	5.40	3.78	3.01	2.79	3.84	3.83	2.77	3.35	3.21	3.21
Long-Term Debt to EBITDA	9.70	6.60	4.41	3.78	3.53	4.47	3.90	2.93	3.69	3.74	3.49
Debt to NOPAT	104.31	24.90	14.44	12.05	10.85	13.35	12.25	9.82	11.01	10.70	10.18
Net Debt to NOPAT	52.44	15.44	8.33	6.35	5.87	8.42	8.08	5.64	6.95	6.61	6.29
Long-Term Debt to NOPAT	74.02	18.89	9.73	7.98	7.42	9.81	8.22	5.96	7.65	7.72	6.84
Altman Z-Score	0.78	0.89	0.82	0.93	0.94	0.95	0.89	1.00	1.05	1.21	1.04
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	1.03	1.00	0.91	0.91	0.89	0.83	0.76	0.77	0.79	0.81	0.78
Quick Ratio	0.94	0.91	0.82	0.83	0.78	0.73	0.66	0.68	0.69	0.71	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6,014	-1,059	-4,484	1,976	-2,927	-2,206	-6,032	-585	-3,919	-251	-2,588
Operating Cash Flow to CapEx	57.80%	46.03%	170.58%	269.05%	48.06%	-44.46%	211.52%	251.84%	108.08%	136.27%	308.14%
Free Cash Flow to Firm to Interest Expense	14.05	-2.37	-10.01	4.38	-6.58	-5.13	-15.35	-1.60	-12.02	-0.80	-8.40
Operating Cash Flow to Interest Expense	1.73	2.59	7.01	8.42	1.98	-2.12	7.24	7.84	4.60	7.04	12.05
Operating Cash Flow Less CapEx to Interest Expense	-1.26	-3.04	2.90	5.29	-2.14	-6.88	3.82	4.72	0.34	1.87	8.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.66	0.70	0.71	0.74	0.78	0.77	0.76	0.77	0.79	0.78
Accounts Receivable Turnover	21.77	25.96	22.52	24.11	24.84	29.04	24.19	25.40	26.44	28.10	25.40
Inventory Turnover	26.40	28.00	27.48	25.51	24.24	24.55	23.12	22.84	21.66	21.84	20.88
Fixed Asset Turnover	1.26	1.35	1.44	1.48	1.48	1.45	1.44	1.43	1.40	1.38	1.38
Accounts Payable Turnover	9.54	9.83	9.12	7.86	8.23	9.07	8.09	7.84	8.31	8.52	7.57
Days Sales Outstanding (DSO)	16.76	14.06	16.21	15.14	14.70	12.57	15.09	14.37	13.80	12.99	14.37
Days Inventory Outstanding (DIO)	13.82	13.04	13.28	14.31	15.06	14.87	15.79	15.98	16.85	16.72	17.48
Days Payable Outstanding (DPO)	38.27	37.13	40.04	46.43	44.34	40.26	45.10	46.53	43.91	42.83	48.22
Cash Conversion Cycle (CCC)	-7.68	-10.03	-10.55	-16.98	-14.58	-12.83	-14.23	-16.19	-13.25	-13.13	-16.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25,161	33,760	30,268	29,069	29,419	36,743	36,369	31,122	34,512	38,127	39,448
Invested Capital Turnover	1.48	1.37	1.74	1.73	1.92	1.52	1.65	1.85	1.75	1.52	1.52
Increase / (Decrease) in Invested Capital	-4,823	2,086	4,454	-800	4,258	2,983	6,101	2,053	5,093	1,384	3,079
Enterprise Value (EV)	30,892	39,189	38,074	39,360	34,440	40,953	42,887	36,596	43,047	57,386	49,436
Market Capitalization	10,629	12,325	14,474	17,996	13,874	13,534	15,706	16,000	18,763	31,934	22,603
Book Value per Share	$14.99	$21.09	$20.39	$23.49	$26.99	$28.43	$28.01	$32.01	$34.78	$38.54	$38.54
Tangible Book Value per Share	($7.35)	($1.20)	($1.87)	$1.32	$4.85	$6.32	$5.93	$10.04	$12.83	$16.62	$16.54
Total Capital	45,202	50,219	47,597	48,245	46,897	52,767	50,401	46,400	49,921	53,869	56,018
Total Debt	40,304	43,323	40,929	40,540	38,044	43,443	41,213	35,874	38,484	41,194	43,402
Total Long-Term Debt	28,602	32,857	27,565	26,858	26,003	31,916	27,654	21,752	26,728	29,713	29,154
Net Debt	20,263	26,864	23,600	21,364	20,566	27,419	27,181	20,596	24,284	25,452	26,833
Capital Expenditures (CapEx)	1,282	2,516	1,842	1,412	1,831	2,047	1,346	1,142	1,386	1,632	1,204
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6,354	-5,927	-6,014	-7,763	-8,281	-6,577	-6,541	-7,008	-7,238	-7,425	-6,732
Debt-free Net Working Capital (DFNWC)	12,402	10,532	11,315	11,413	9,197	7,811	7,491	8,270	6,962	7,050	8,598
Net Working Capital (NWC)	700	66	-2,049	-2,269	-2,844	-3,716	-6,068	-5,852	-4,794	-4,431	-5,650
Net Nonoperating Expense (NNE)	249	184	164	101	194	177	193	145	209	148	104
Net Nonoperating Obligations (NNO)	20,263	26,864	23,600	21,364	20,566	27,419	27,181	20,596	23,075	25,452	26,832
Total Depreciation and Amortization (D&A)	610	624	655	669	663	684	708	719	742	759	727
Debt-free, Cash-free Net Working Capital to Revenue	-15.59%	-13.18%	-12.32%	-15.26%	-15.78%	-12.24%	-11.93%	-12.60%	-12.93%	-13.01%	-11.66%
Debt-free Net Working Capital to Revenue	30.44%	23.43%	23.18%	22.43%	17.52%	14.54%	13.66%	14.86%	12.43%	12.35%	14.89%
Net Working Capital to Revenue	1.72%	0.15%	-4.20%	-4.46%	-5.42%	-6.92%	-11.07%	-10.52%	-8.56%	-7.77%	-9.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.88	$2.61	($0.59)	$3.28	$3.47	$1.82	($0.38)	$4.02	$2.93	$3.01	$1.18
Adjusted Weighted Average Basic Shares Outstanding	326.93M	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M
Adjusted Diluted Earnings per Share	$2.86	$2.61	($0.59)	$3.24	$3.42	$1.82	($0.38)	$3.96	$2.90	$2.97	$1.16
Adjusted Weighted Average Diluted Shares Outstanding	326.93M	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M
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	326.93M	327.09M	327.97M	327.98M	328.02M	328.03M	328.80M	328.83M	328.88M	327.34M	326.60M
Normalized Net Operating Profit after Tax (NOPAT)	1,208	1,039	-20	1,842	1,354	813	78	1,495	1,171	1,184	404
Normalized NOPAT Margin	9.38%	8.38%	-0.18%	12.99%	9.35%	5.97%	0.63%	9.98%	7.89%	8.06%	3.06%
Pre Tax Income Margin	8.95%	9.11%	-2.24%	9.78%	10.25%	5.66%	-1.31%	11.60%	8.66%	8.89%	3.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.45	3.18	0.05	3.60	3.81	2.31	0.13	5.22	4.37	4.59	2.02
NOPAT to Interest Expense	2.78	2.30	-0.07	2.61	2.99	1.81	0.18	4.00	3.60	3.58	1.60
EBIT Less CapEx to Interest Expense	0.46	-2.45	-4.06	0.47	-0.30	-2.45	-3.29	2.11	0.12	-0.57	-1.89
NOPAT Less CapEx to Interest Expense	-0.21	-3.33	-4.18	-0.52	-1.12	-2.95	-3.25	0.89	-0.65	-1.58	-2.31
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%	0.00%	5.14%	13.96%

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.

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 4/30/2025 by MarketBeat.com Staff

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