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United Airlines Holdings, Inc.

AirlinesFounded 1926
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
5 historical events · Editorial analysis

United Airlines Company Profile: Revenue, Business Model & Strategy

Research depth: 5 milestones · 10 FAQs

United Airlines reported $59.1 billion of total operating revenue in 2025 ($53.4 billion passenger, $1.8 billion cargo, $3.9 billion other) and $3.4 billion of net income. In Q2 2026 revenue rose 16% to $17.7 billion despite fuel costs jumping 84%.

How United Airlines makes money: United makes money by filling a hub-and-spoke network. Domestic and regional flights feed passengers into seven U.S. hubs, where they connect to long-haul routes across the Atlantic, Pacific and Latin America.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)$59.1B
Employees113,200
CEOScott Kirby
Founded1926
IndustryTransportation
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Transportation

United Airlines Holdings, Inc. key figures

United Airlines Holdings, Inc. had revenue of $59.1B for fiscal year 2025, up 3.5% from FY2024. Net income was $3.4B, a net margin of 5.7%.

Source: United Airlines Holdings, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-12) · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
+5.5% a year
Compound annual rate, $36.6B to $59.1B
Peak revenue year
FY2025
The latest annual year is the highest in this series
Revenue per employee
$521,820
FY2025 revenue divided by 113,200 employees; headcount may use another date
Current chief executive
J. Scott Kirby
In the role since 2020 (6 years)
Documented transactions
3
Between 1961 and 2010
Founded
1926
100 years ago
Where was United Airlines founded?
United Airlines was founded in Boise, Idaho, United States in 1926. wikidata.org
When did United Airlines start?
United Airlines was founded in 1926.
Who founded United Airlines?
United Airlines was founded by Walter T. Varney and William Boeing.
How old is United Airlines?
United Airlines is 100 years old as of 2026.
In-Depth Analysis
262 words · 2 min read

United Airlines Holdings, Inc. (NASDAQ: UAL) is a Chicago-based network airline that reported record total operating revenue of $59.1 billion in 2025 and net income of $3.4 billion. It traces its roots to Varney Air Lines, which flew its first air mail route on April 6, 1926, and took its modern shape after the 2010 all-stock merger with Continental Airlines.

How United makes money

Passenger tickets produced $53.4 billion of 2025 revenue. United feeds travelers through seven U.S. hubs, Chicago O'Hare, Denver, Houston, Los Angeles, Newark, San Francisco and Washington Dulles, onto domestic and long-haul flights. MileagePlus, including miles sold to JPMorgan Chase for co-branded cards, plus club and ancillary fees made up most of $3.9 billion of other revenue, and cargo added $1.8 billion.

United Next and premium growth

Since 2021 CEO Scott Kirby has pursued United Next: larger mainline jets, new interiors and more premium seats. Premium revenue rose 16% in Q2 2026 and loyalty revenue 11%. United is also installing SpaceX Starlink Wi-Fi, with about 450 aircraft equipped by July 2026.

2026 results and fuel

Q1 2026 revenue was a record $14.6 billion and Q2 revenue rose 16% to $17.7 billion. An oil price spike in March 2026 lifted Q2 fuel expense 84%, and United expected nearly $6 billion of extra fuel cost for the year, yet it raised adjusted EPS guidance to $9-$11 in July.

Risks

United's main risks are fuel prices, labor costs for a workforce that is about 83% unionized, Boeing delivery delays, air traffic control constraints and a recession that cuts premium and corporate travel.

Table of Contents

United Airlines Holdings, Inc. Key Facts

CompanyUnited Airlines Holdings, Inc.
Annual revenue change+3.5% (FY2024–FY2025)
Financials$59.1B (FY2025, last reviewed October 2026)
Market Cap$36.1B
FY2025 net income$3.4B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1926
Founder(s)Walter T. Varney, William Boeing
CEOScott Kirby
HeadquartersChicago, Illinois
IndustryTransportation
Employees113,200+

United Airlines Company Profile: Revenue, Business Model & Strategy

"United reported record 2025 operating revenue of USD 59.1 billion, but the more revealing number is USD 3.9 billion of other operating revenue, where loyalty, co-brand, club, and ancillary economics show how airlines monetize more than seats."

United Airlines reported $59.1 billion of total operating revenue in 2025 ($53.4 billion passenger, $1.8 billion cargo, $3.9 billion other) and $3.4 billion of net income. In Q2 2026 revenue rose 16% to $17.7 billion despite fuel costs jumping 84%.

Revenue

$59.1B

Founded

1926

Author: CorpDigest Research DeskCompany Research

Recorded annual revenue change

United Airlines Holdings, Inc. had $57.1B of annual revenue in FY2024 and $59.1B in FY2025. Revenue rose 3.5% between those fiscal years.

Source for FY2025

Compare United Airlines Holdings, Inc. With

United Airlines Holdings, Inc. vs American AirlinesStrategic Comparison
United Airlines Holdings, Inc. vs Southwest AirlinesStrategic Comparison

Explore United Airlines In Depth

Detailed research across every dimension of United Airlines — history, financials, leadership, and strategy.

Company History

A mail-plane network became a global airline through aviation consolidation, hubs, alliances, and the Continental merger.

Full United Airlines history →

Revenue & Financials

United Airlines had $59.1B in revenue for fiscal year 2025. Data covers 10 fiscal years. Market capitalization stands at approximately $36B.

United Airlines financials →

Founders

United Airlines was founded by Walter T. Varney, William Boeing in 1926 in Boise, Idaho, United States. Explore each founder's background, motivations, and their role in building the company.

United Airlines founders →

CEO & Leadership

United Airlines is currently led by Scott Kirby. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

United Airlines CEO history →

Business Model

United makes money by filling a hub-and-spoke network. Domestic and regional flights feed passengers into seven U.S. hubs, where they connect to long-haul routes across the Atlantic, Pacific and Latin America.

How United Airlines makes money →

Acquisitions

United Airlines has completed 3 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

United Airlines acquisitions →

Competitive Strategy

United is investing in premium seating, larger aircraft, international routes, operational reliability, MileagePlus, airport clubs, digital service, Starlink connectivity, and network depth at core hubs.

United Airlines strategy →

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CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Sources & References

All data point citations [1], [2], etc. in the tables above refer to these primary sources.

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Primary source: www.sec.gov/Archives/edgar/data/319687/000010051726000023/ua

Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Frequently Asked Questions About United Airlines

How does United Airlines make money?

Mostly from passenger tickets: $53.4 billion of United's $59.1 billion 2025 revenue came from passengers across Basic Economy, Economy, Premium Plus and Polaris business class. The rest came from other revenue ($3.9 billion), mainly MileagePlus miles sold to partners such as JPMorgan Chase plus club and ancillary fees, and cargo ($1.8 billion).

Who owns United Airlines?

United Airlines Holdings, Inc. is publicly traded on Nasdaq under the ticker UAL and is owned by its shareholders, mostly institutional investors such as index funds and asset managers. No single owner controls it. Its market value was about $36 billion in September 2026.

Who is the CEO of United Airlines?

Scott Kirby has been CEO since May 2020. He joined United as President in 2016 after serving as President of American Airlines and US Airways. Brett Hart is President and Mike Leskinen is Chief Financial Officer.

Who are United Airlines' main competitors?

United's main U.S. competitors are Delta Air Lines, American Airlines and Southwest Airlines, along with Alaska Airlines and JetBlue. On international routes it competes with foreign carriers and with Delta's and American's alliance partners.

What was United Airlines' revenue in 2025?

United reported record total operating revenue of $59.1 billion in 2025, up 3.5% from $57.1 billion in 2024, with operating income of $4.7 billion and net income of $3.4 billion.

How is United Airlines doing in 2026?

Q1 2026 revenue was a record $14.6 billion and Q2 revenue rose 16% to $17.7 billion. An oil price spike in March 2026 was expected to add nearly $6 billion to full-year fuel costs, but United raised its adjusted EPS guidance to $9-$11 in July.

What are United Airlines' hubs?

United's U.S. hubs are Chicago O'Hare, Denver, Houston Bush Intercontinental, Los Angeles, Newark Liberty, San Francisco and Washington Dulles, with a Pacific hub in Guam.

How many employees does United Airlines have?

United had about 113,200 employees at December 31, 2025, and about 83% were represented by labor unions.

Does Boeing own United Airlines?

Not anymore, but they actually used to. In the 1920s, Boeing created a massive conglomerate called 'United Aircraft and Transport Corporation', which included United Airlines, before the US government forced them to break it apart in 1934 for antitrust reasons.

Who originally founded United Airlines?

United Airlines traces its earliest roots directly back to Varney Air Lines, which was founded in 1926 by Walter Varney.

Strategic Face-Off

Head-to-Head Comparisons

How does United Airlines Holdings, Inc. stack up against its biggest rivals? Compare revenue, business models, SWOT, and competitive moats side by side.

RivalryVS

United Airlines Holdings, Inc. vs American Airlines Group

Revenue scale, margin comparison, and long-term moat analysis.

Compare Analysis
RivalryVS

United Airlines Holdings, Inc. vs Southwest Airlines

Revenue scale, margin comparison, and long-term moat analysis.

Compare Analysis

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Explore Related Pages for United Airlines Holdings, Inc.

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Explore United Airlines

Core profile pages, founders and related research hubs for this company.

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.