United Airlines
UAL · NasdaqAir Transportation, Scheduled · Fiscal year ends Dec 31
United Airlines reported revenue of $59.1B in the fiscal year ended Dec 2025, up 3.5% from the year before. Operating income was $4.7B, an operating margin of 8.0%, and net income was $3.4B. Operating cash flow of $8.4B less capital expenditure of $5.9B left free cash flow of $2.6B. Net debt was $15.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $24.6B | $45B | $53.7B | $57.1B | $59.1B |
| Operating income | −$1B | $2.3B | $4.2B | $5.1B | $4.7B |
| Interest expense | – | $1.8B | $2B | $1.6B | $1.4B |
| Pre-tax income | −$2.6B | $990M | $3.4B | $4.2B | $4.3B |
| Income tax | −$593M | $253M | $769M | $1B | $953M |
| Net income | −$2B | $737M | $2.6B | $3.1B | $3.4B |
| Diluted EPS | −6.10 | 2.23 | 7.89 | 9.45 | 10.20 |
| Diluted shares | 322M | 330M | 332M | 333M | 329M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $18.3B | $7.2B | $6.1B | $8.8B | $5.9B |
| Receivables | $1.7B | $1.8B | $1.9B | $2.2B | $2.4B |
| Current assets | $21.8B | $20.1B | $18.5B | $18.9B | $16.9B |
| Net PP&E | – | – | $39.8B | $42.9B | $46.1B |
| Goodwill | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B |
| Total assets | $68.2B | $67.4B | $71.1B | $74.1B | $76.4B |
| Payables | $2.6B | $3.4B | $3.8B | $4.2B | $4.6B |
| Current liabilities | $18.3B | $20B | $22.2B | $23.3B | $26.1B |
| Short-term debt | $3B | $2.9B | $4B | $3B | $4.1B |
| Long-term debt | $30.4B | $28.3B | $25.1B | $21.7B | $17.2B |
| Shareholders' equity | $5B | $6.9B | $9.3B | $12.7B | $15.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $6.1B | $6.9B | $9.4B | $8.4B |
| Capital expenditure | $2.1B | $4.8B | $7.2B | $5.6B | $5.9B |
| Free cash flow | −$40M | $1.2B | −$260M | $3.8B | $2.6B |
| Depreciation & amortisation | $2.5B | $2.5B | $2.7B | $2.9B | $2.9B |
| Stock-based compensation | $238M | $89M | $80M | $142M | $148M |
| Share buybacks | $0 | $0 | $0 | $162M | $637M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 82.5% | 19.5% | 6.2% | 3.5% |
| Operating income growth (YoY) | – | – | 80.2% | 21.0% | −7.5% |
| EPS growth (YoY) | – | – | 253.8% | 19.8% | 7.9% |
| Operating margin | −4.1% | 5.2% | 7.8% | 8.9% | 8.0% |
| Net margin | −8.0% | 1.6% | 4.9% | 5.5% | 5.7% |
| Return on equityBlank when equity is negative | −39.1% | 10.7% | 28.1% | 24.8% | 21.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.0% | 4.9% | 8.6% | 10.0% | 9.4% |
| Free cash flow margin | −0.2% | 2.8% | −0.5% | 6.7% | 4.3% |
| Cash conversion (CFO ÷ net income) | −1.05x | 8.23x | 2.64x | 3.00x | 2.51x |
| Receivable days | 25 | 15 | 13 | 14 | 15 |
| Interest cover | – | 1.31x | 2.15x | 3.13x | 3.43x |
| Debt ÷ equity | 6.63x | 4.52x | 3.12x | 1.95x | 1.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $15.1B | $24B | $23B | $15.9B | $15.3B |
| Current ratio | 1.19x | 1.00x | 0.83x | 0.81x | 0.65x |
Recent filings
More in Air Transportation, Scheduled
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.