United Airlines sells passenger air travel—primarily long-haul and international routes—through a hub-and-spoke network centered on seven US hubs. Customers are leisure and business travelers, with a meaningful mix of premium and corporate traffic, especially on trans-Pacific routes. Revenue comes from ticket sales, ancillary fees (baggage, seat upgrades), cargo, and loyalty program partnerships with co-branded credit cards.
Employees115,600IPOAug 1, 1969SIC4512HQ233 South Wacker Drive, Chicago, IL, USA, 60606
to
Financials
Profitability
Metric
Current
Margins
Gross Margin
26.9%
Operating Margin
6.8%
EBITDA Margin
8.9%
Net Margin
5.6%
OCF Margin
14.2%
FCF Margin
4.0%
Returns on Capital
ROE
23.2%
ROA
4.4%
ROIC
4.2%
ROCE
10.8%
ROC (Greenblatt)
10.9%
3Y ROIIC
13.2%
Consistency
Years Profitable / 10Y
8
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
8.99
Forward P/E
9.30
P/E ex-NRI
10.60
Shiller P/E (CAPE)
26.18
Cash Flow Multiples
P/FCF
12.35
P/OCF
3.49
P/Owner Earnings
—
FCF Yield
8.15%
Enterprise Value Multiples
EV / EBIT
8.62
EV / Forward EBIT
9.70
EV / EBITDA
8.62
EV / Forward EBITDA
5.99
EV / Revenue
0.77
EV / Forward Revenue
0.72
Asset / Sales
P/S
0.51
P/B
1.87
P/Tangible Book
3.27
Growth-Adjusted
PEG
—
Capital Returns
Metric
Current
Dividends
Dividend Yield (TTM)
0.00%
Forward Dividend Yield
0.00%
3Y Dividend Growth
0.0%
Payout Ratio
0.00
5Y Yield on Cost
0.00%
Buybacks & Dilution
3Y Buyback Ratio
0.40%
5Y Share Change
17.9%
Combined
Shareholder Yield
2.57%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
2.02
Gross Debt / EBITDA
6.03
Cash / Debt
0.49
Equity / Assets
0.20
Coverage
Interest Coverage
3.85
Short-Term Liquidity
Current Ratio
0.78
Quick Ratio
0.72
Cash Ratio
0.60
Composite Scores
Piotroski F-Score
7
Altman Z-Score
1.43
Split History
Date
Split
1996-05-21
4:1
1994-07-13
1:2
Ex-date
Amount
Pay date
2008-01-07
$2.15
2008-01-23
2001-07-12
$0.05
2001-08-01
2001-04-11
$0.3125
2001-05-01
2001-01-11
$0.3125
2001-02-01
2000-10-12
$0.3125
2000-11-01
2000-07-12
$0.3125
-
2000-05-25
$0.3125
-
1987-08-10
$0.0625
-
1987-05-11
$0.0625
-
1987-02-09
$0.0625
-
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View allDate
Transcript
Type
2026-05-27
United Airlines Holdings Inc at Bernstein Strategic Decisions Conference Transcript
Conference Presentations
2026-05-19
United Airlines Holdings Inc Annual Shareholders Meeting Transcript
Shareholders and Annual Meetings
2026-04-22
Q1 2026 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2026-03-17
United Airlines Holdings Inc at JPMorgan Industrials Conference Transcript
Conference Presentations
2026-02-18
United Airlines Holdings Inc at Barclays Industrial Select Conference Transcript
Conference Presentations
2026-01-21
Q4 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-10-16
Q3 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-07-17
Q2 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-04-16
Q1 2025 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
2025-01-22
Q4 2024 United Airlines Holdings Inc Earnings Call Transcript
Earnings Call
10 of 57
5-Step DuPont Analysis
ROE %
23.26%
×
×
Net Margin %
5.56%
×
×
Operating Margin %
6.77%
Operating Income
$4.26B
÷
Revenue
$62.90B
×
Tax Burden
0.7813
Net Income
$3.50B
÷
Pretax Income
$4.48B
×
Interest Burden
1.0517
Pretax Income
$4.48B
÷
Operating Income
$4.26B
×
Asset Turnover
0.78
÷
Revenue
$62.90B
÷
Average Total Assets
$80.87B
Begin Total Assets
$77.16B
End Total Assets
$84.57B
×
Equity Multiplier
5.38
÷
Avg Total Assets
$80.87B
÷
Avg Stockholders Equity
$15.04B
Begin Equity
$13.37B
End Equity
$16.70B
Top institutional holders
Q2 2026| Holder | Shares | % Owned | Chg. shares | |
|---|---|---|---|---|
| BlackRock, Inc. | 22.4M | 6.94% | +1.5M | $3.05B |
| VANGUARD CAPITAL MANAGEMENT LLC | 21.0M | 6.50% | +22.9K | $2.86B |
| FMR LLC | 19.5M | 6.02% | +2.5M | $2.65B |
| PRIMECAP MANAGEMENT CO/CA/ | 16.5M | 5.09% | +711.0K | $2.24B |
| Sanders Capital, LLC | 15.0M | 4.65% | -176.6K | $2.04B |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 14.2M | 4.38% | +95.0K | $1.93B |
| STATE STREET CORP | 11.8M | 3.64% | +162.3K | $1.60B |
| Capital World Investors | 11.4M | 3.51% | +241.1K | $1.54B |
| GEODE CAPITAL MANAGEMENT, LLC | 9.5M | 2.95% | +232.2K | $1.31B |
| Capital International Investors | 6.2M | 1.93% | -191.2K | $849.57M |
10 of 1,082
View allTop insider holdings
as reported| Insider | Shares held | % Owned | |
|---|---|---|---|
| SHAPIRO EDWARDDirector | 16.4M | 5.0845% | $1.58B |
| KIRBY J SCOTTOfficer | 841.1K | 0.2601% | $80.83M |
| Hart Brett JOfficer | 364.1K | 0.1126% | $34.99M |
| Nocella Andrew POfficer | 215.0K | 0.0665% | $20.66M |
| Enqvist Torbjorn JOfficer | 129.9K | 0.0402% | $12.49M |
| Harford BarneyDirector | 91.0K | 0.0281% | $8.75M |
| Jojo Linda POfficer | 63.6K | 0.0197% | $6.11M |
| Leskinen Michael D.Officer | 47.4K | 0.0147% | $4.56M |
| Whitehurst James MDirector | 18.9K | 0.0058% | $1.82M |
| Gebo KateOfficer | — | — | — |
10 of 12· 1 withheld
View allRecent insider activity
through Aug 25, 2026| Insider | Action | Shares | Date | |
|---|---|---|---|---|
| Nocella Andrew POfficer | Open-Market or Private Sale | -5.0K | $585.0K | Aug 25, 2026 |
| SHAPIRO EDWARDDirector | Gift | -50.0K | $0 | Aug 19, 2026 |
| Nocella Andrew POfficer | Open-Market or Private Sale | -3.0K | $396.9K | Aug 4, 2026 |
| Leskinen Michael D.Officer | Open-Market or Private Sale | -10.0K | $1.28M | Aug 3, 2026 |
| Nocella Andrew POfficer | Open-Market or Private Sale | -4.2K | $506.0K | Jul 28, 2026 |
| Hart Brett JOfficer | Open-Market or Private Sale | -30.1K | $3.63M | Jul 28, 2026 |
| Hart Brett JOfficer | Gift | -7.5K | $0 | Jul 28, 2026 |
| Gebo KateOfficer | Gift | -5.0K | $0 | Jul 28, 2026 |
| Gebo KateOfficer | Gift | +5.0K | $0 | Jul 28, 2026 |
| Hart Brett JOfficer | Option Exercise (Rule 16b-3 Exempt) | +21.5K | $1.67M | Jul 27, 2026 |
10 of 2,095
View all