15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $59.1B | $3.4B | 0.0% | 8.0% | 21.9% | 4.4% | $2.6B | $21.3B | $5.9B |
| 2024 | $57.1B | $3.1B | 0.0% | 8.9% | 24.8% | 4.3% | $3.8B | $24.7B | $8.8B |
| 2023 | $53.7B | $2.6B | 0.0% | 7.8% | 28.1% | 3.7% | -$260M | $29.1B | $6.1B |
| 2022 | $45.0B | $737M | 0.0% | 5.2% | 10.7% | 1.1% | $1.2B | $31.2B | $7.2B |
| 2021 | $24.6B | -$2.0B | 0.0% | -4.1% | -39.1% | -2.9% | -$40M | $33.4B | $18.3B |
| 2020 | $15.4B | -$7.1B | 0.0% | -41.4% | -118.6% | -11.9% | -$5.9B | $26.7B | $11.3B |
| 2019 | $43.3B | $3.0B | 0.0% | 9.9% | 26.1% | 5.7% | $2.4B | $14.6B | $2.8B |
| 2018 | $41.3B | $2.1B | 0.0% | 7.8% | 21.1% | 4.3% | $2.1B | $13.4B | $1.7B |
| 2017 | $37.8B | $2.1B | 0.0% | 9.6% | 24.4% | 5.1% | -$396M | $13.3B | $1.5B |
| 2016 | $36.6B | $2.2B | 0.0% | 11.9% | 26.1% | 5.6% | — | $10.8B | $2.2B |
| 2015 | — | $7.3B | — | — | 81.9% | 18.0% | — | $10.9B | $3.0B |
| 2014 | — | $1.1B | — | — | 47.2% | 3.1% | — | $11.3B | $2.0B |
| 2013 | — | $571M | — | — | 19.1% | 1.6% | -$720M | $11.7B | $3.2B |
| 2012 | — | -$723M | — | — | -150.3% | -1.9% | -$1.1B | $12.4B | $4.8B |
| 2011 | — | $840M | — | — | 46.5% | 2.2% | $1.6B | $11.9B | $6.2B |
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $17.7B | $805M | 0.0% | 6.2% | 4.8% | 1.0% | $267M | — | $10.2B |
| Mar '26 | $14.6B | $699M | 0.0% | 6.8% | 4.4% | 0.9% | $3.1B | — | $7.9B |
| Dec '25 | $15.4B | $1.0B | 0.0% | 9.0% | 6.8% | 1.4% | -$604M | $21.3B | $5.9B |
| Sep '25 | $15.2B | $949M | 0.0% | 9.2% | 6.6% | 1.2% | -$246M | — | $6.7B |
| Jun '25 | $15.2B | $973M | 0.0% | 8.7% | 7.3% | 1.3% | $930M | — | $9.4B |
| Mar '25 | $13.2B | $387M | 0.0% | 4.6% | 3.1% | 0.5% | $2.5B | — | $9.4B |
| Dec '24 | $14.7B | $985M | 0.0% | 10.2% | 7.8% | 1.3% | $549M | $24.7B | $8.8B |
| Sep '24 | $14.8B | $965M | 0.0% | 10.5% | 8.4% | 1.3% | $88M | $25.5B | $8.8B |
| Jun '24 | $15.0B | $1.3B | 0.0% | 12.9% | 12.6% | 1.8% | $1.7B | $26.4B | $10.9B |
| Mar '24 | $12.5B | -$124M | 0.0% | 0.8% | -1.3% | -0.2% | $1.5B | $27.0B | $8.4B |
| Dec '23 | $13.6B | $600M | 0.0% | 7.3% | 6.4% | 0.8% | -$3.0B | $29.1B | $6.1B |
| Sep '23 | $14.5B | $1.1B | 0.0% | 12.0% | 12.8% | 1.6% | -$962M | $29.6B | $7.5B |
| Jun '23 | $14.2B | $1.1B | 0.0% | 10.7% | 14.0% | 1.5% | $2.4B | $30.3B | $9.6B |
| Mar '23 | $11.4B | -$194M | 0.0% | -0.4% | -2.9% | -0.3% | $1.3B | $30.7B | $7.6B |
| Dec '22 | $12.4B | $843M | 0.0% | 11.1% | 12.2% | 1.3% | -$1.4B | $31.2B | $7.2B |
| Sep '22 | $12.9B | $942M | 0.0% | 11.3% | 19.2% | 1.4% | -$587M | $31.4B | $11.3B |
| Jun '22 | $12.1B | $329M | 0.0% | 7.2% | 8.3% | 0.5% | $2.1B | $32.2B | $16.9B |
| Mar '22 | $7.6B | -$1.4B | 0.0% | -18.2% | -38.0% | -2.0% | $1.1B | $32.7B | $18.5B |
| Dec '21 | $8.2B | -$646M | 0.0% | -5.0% | -12.8% | -0.9% | -$805M | $33.4B | $18.3B |
| Sep '21 | $7.8B | $473M | 0.0% | 13.4% | 8.7% | 0.7% | -$1.1B | $33.8B | $19.3B |
How the market has priced UAL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, United Airlines Holdings's revenue has grown 30.9% per year. These are computed facts, not advice.
As of FY2025, United Airlines Holdings reported $21.3B of total debt against $5.9B of cash; operating income covered interest expense 3.4×.
In FY2025, gross margin was —, operating margin 8.0%, and net margin 5.7%.
As of Sep '26, United Airlines Holdings traded at a price-to-earnings ratio of about 10.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.