United Airlines Holdings, Inc.
Financial Performance
United Airlines Revenue & Financials
Revenue
$59.1B (FY2025)
Market Cap
$36.1B
Net Income
$3.4B
Employees
113,200
What is United Airlines's revenue?
United Airlines had $59.1B in revenue for fiscal year 2025, up 3.5% from 2024. Net income was $3.4B.
- Latest revenue
- $59.1B (FY2025)
- Year-over-year
- +3.5%
- Growth rate (CAGR)
- 5.5% over 9 years
- Peak revenue
- $59.1B (FY2025)
- Years of data
- 10
- Employees
- 113,200
- What is United Airlines's operating income?
- United Airlines reported operating income of $4.7B for fiscal year 2025. sec.gov
- How much profit does United Airlines make?
- United Airlines reported net income of $3.4B for fiscal year 2025. sec.gov
- How many employees does United Airlines have?
- United Airlines has about 113,200 employees.
Financial Analysis
United's revenue grew from $43.3 billion in 2019 to a record $59.1 billion in 2025, and net income reached $3.4 billion in 2025 against $3.1 billion in 2024. Operating cash flow was $8.4 billion in 2025. In 2026 the story is fuel: after oil prices spiked in March, United cut full-year adjusted EPS guidance to $7-$11, then raised it to $9-$11 in July after Q2 revenue rose 16% to $17.7 billion and yields climbed 12%. Q2 fuel expense was up $2.3 billion (84%), and the company said it expected to recover all of the increase through fares by Q4. Management is targeting an investment-grade credit rating in 2026.
Revenue Trend Analysis
YoY Change
+3.5%
9-Year CAGR
+5.5%
Peak Year
2025
Trend
Consistent Growth
United Airlines Holdings, Inc. has 10 full fiscal year figures on this page, compounding at +5.5% annually over 9 years. The most recent year saw a 3.5% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $59.1B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
United Airlines Holdings, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Shareholders' equity | Source |
|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $8.4B | $76.4B | $15.3B | Form 10-K |
| FY2024ended Dec 31, 2024 | $9.4B | $74.1B | $12.7B | Form 10-K |
| FY2023ended Dec 31, 2023 | $6.9B | $71.1B | $9.3B | Form 10-K |
| FY2022ended Dec 31, 2022 | $6.1B | $67.4B | $6.9B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.1B | $68.2B | $5B | Form 10-K |
| FY2020ended Dec 31, 2020 | -$4.1B | $59.5B | $6B | Form 10-K |
| FY2019ended Dec 31, 2019 | $6.9B | $52.6B | $11.5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.2B | $49B | $10B | Form 10-K |
| FY2017ended Dec 31, 2017 | $3.5B | $42.3B | $8.8B | Form 10-K |
| FY2016ended Dec 31, 2016 | — | $40.1B | $8.6B | Form 10-K |
Keep researching United Airlines
United Airlines Revenue and Financial FAQ
What were United Airlines' total operating revenue and net income for 2025?
In 2025, United reported total operating revenue of $59.1 billion (up over 9% year-over-year) and delivered adjusted pre-tax income exceeding $4.0 billion, fueled by record international summer travel and robust domestic corporate recovery.
What was United Airlines' operating margin in 2025?
United delivered an operating margin of approximately 8.5% to 9.2%, ranking near the top of the US airline industry alongside Delta Air Lines, driven by premium cabin revenue strength and fleet efficiency gains.
How much does United spend on annual capital expenditures (CapEx)?
United invests between $7.0 billion and $9.0 billion annually in gross aircraft CapEx, taking delivery of dozens of new Boeing 737 MAX, Boeing 787s, and Airbus A321neo aircraft to execute its United Next strategy.
How much debt has United Airlines paid down since the pandemic?
United has aggressively reduced total debt by billions of dollars, prioritizing the paydown of high-interest pandemic relief loans and reducing net debt-to-EBITDAR leverage toward pre-pandemic investment-grade targets below 2.5x.
What is United Airlines' current liquidity reserve balance?
United maintains an exceptional liquidity fortress of approximately $17 billion to $18 billion, consisting of cash, cash equivalents, short-term investments, and undrawn revolving credit facilities.
How does jet fuel price volatility affect United's financial results?
Jet fuel is United's second-largest operational expense after labor, consuming approximately 25–28% of operating costs; a 10-cent-per-gallon increase in jet fuel increases annual operating costs by roughly $400 million.
What was the financial impact of the 2023 pilot labor contract with ALPA?
United signed a landmark four-year collective bargaining agreement with the Air Line Pilots Association (ALPA) providing cumulative pay raises exceeding 40%, increasing annual labor expenses by approximately $2 billion over the contract lifecycle.
When did United resume share repurchases?
In late 2024, following consecutive quarters of strong free cash flow and leverage reduction, United's board authorized its first post-pandemic share buyback program of $1.5 billion.
What are passenger yield and passenger load factors for United?
United achieves an average system-wide passenger load factor between 82% and 85%, with passenger yields (revenue per passenger mile) hovering near 20 to 22 cents across international and domestic networks.
What are United Airlines' credit ratings from major rating agencies?
United holds credit ratings of "Ba2" from Moody's and "BB" from S&P Global, with positive outlooks driven by disciplined cash generation, fleet collateral value, and steady debt amortization.
How did United collateralize MileagePlus during the pandemic?
In 2020, United established MileagePlus Holdings LLC to raise $6.8 billion in term loans and secured notes backed by loyalty IP, which it subsequently refinanced on investment-grade terms as operational cash flow recovered.
What is United's financial guidance under Scott Kirby through 2026–2030?
Management targets adjusted diluted earnings per share (EPS) of $12 to $14+, sustained operating cash flows above $9 billion, and positive adjusted free cash flow after funding all aircraft deliveries.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "United Airlines Revenue & Financials." CorpDigest, https://corpdigest.com/company/united-airlines/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>United Airlines reported $59.1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/united-airlines/financials" target="_blank" rel="noopener">CorpDigest — United Airlines financials</a></div>Related Financial Audits
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