United AirlinesUALRevenue: is the business selling more than it used to?
$59.1B+4% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $59.1B in 2025, compounding +10% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $62.9B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALNet income: how much of that revenue becomes profit?
$3.4B+6% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $3.4B in 2025, compounding +66% a year over three years. Trailing twelve-month profit stands at $3.5B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALHow fast is it growing, year by year?
+3.5%revenue growth, FY 2025
Off the axis: 2015 earnings +548.4% · 2020 earnings -334.9% · 2023 earnings +255.2% - rebounds off a collapsed prior year.
→Revenue grew +4% in 2025 against a five-year average of +34%. Earnings grew faster (+6%), so each new dollar of sales is arriving more profitably. 2015's +548% earnings rebound off a collapsed base and 2020's swing into loss (-335%) and 2023's +255% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALRevenue per share: is your slice growing as fast as the company?
$179.82revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $179.82 in 2025, compounding +10% a year - in line with UAL's own +10%, so the share count is not distorting your slice. Free cash flow per share stands at $7.78.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALFree cash flow: what is left in real cash after everything?
$2.6B−33% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $2.6B in 2025, compounding +27% a year since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→4 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 10% of revenue (stock compensation 0%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 3 of the last 5 years, most recently -8% against +4%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 3 points to 8% since 2022. After everything, 6 cents of each sales dollar reaches net profit. UAL doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 21% sits well above ROCE of 9%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALWhat has the market paid for UAL over time?
10.5xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 10.5x earnings, the market is paying +33% more than UAL's own 9-year median of 7.8x. Expectations are elevated, so more has to go right to justify the price.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALWhat cash return does the business throw off per dollar of market value?
7.0%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 7.0% of annual free cash flow, less than its 11-year median of 9.2% - you are paying up for the same cash.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALCould it handle its debt if things went wrong?
→Debt of $24.3B sits against $10.2B of cash, or 1.5x shareholders' equity. Earnings cover interest 3.7 times - adequate, with less room than it looks in a downturn.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALIs the company's own capital growing?
→The company's own capital grew from $9.3B in 2023 to $16.7B (+79%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALHow much goes back, and how much leaks out as stock comp?
→Shareholders received $637M in buybacks in 2025. Stock compensation issued $148M of new shares in the same year, offsetting 23% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALHow fast is your ownership being diluted - or concentrated?
→The share count shrank 1.4% in 2025, averaging 0.2% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALDoes UAL earn more on its capital than that capital costs?
→UAL earns 9.4% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 4.9% in 2022, so the trend is up, and the pace is picking up.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALUAL has issued or retired shares - did shareholders end up better off?
→UAL has shrunk its share count -14% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +86% over the same years.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
United AirlinesUALAre the people running it buying or selling?
→Insiders sold $38M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 27 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30