← All research
UALNasdaq· Air Transportation, Scheduled· CIK 0000100517

United Airlines Holdings, Inc.

United Airlines Holdings, Inc. · UAL2026-07-19

United's Record Quarter Hid a $6 Billion Problem | UAL Q2 2026 Deep Dive

Listen to this report

The Hook

United Airlines $UAL just posted the biggest revenue quarter in its history - 17.7 billion dollars, up 16.0 percent year over year - and earned 17 percent less than it did a year ago. Net income fell to 805 million dollars from 973 million, and GAAP diluted EPS dropped from 2.97 dollars to 2.46 dollars. The culprit is a single line item: aircraft fuel expense nearly doubled, from 2.8 billion dollars to 5.1 billion dollars in one quarter, and management now expects fuel to cost nearly 6 billion dollars more this year than it assumed in January.

Here is the part that makes the quarter genuinely interesting: United raised its full-year outlook anyway. Adjusted EPS guidance moved up to 9 to 11 dollars, from 7 to 11 dollars - tightened to the high end of the old range while absorbing a multi-billion-dollar fuel shock. The stock faded on the print regardless, because the Q3 guide of 2.50 to 3.50 dollars sits below Street consensus. That tension - record demand and pricing power colliding with the industry's oldest enemy - is the whole story of United in 2026.

Company Snapshot

United Airlines Holdings, Inc. (UAL, NASDAQ) is the holding company of United Airlines, one of the two largest U.S. global network carriers, operating from seven hubs including Chicago O'Hare, Newark, Denver, Houston, San Francisco, Washington Dulles and Los Angeles, with roughly 117,500 employees, 83 percent of them union-represented, per the latest 10-Q. This is initiating coverage, built on the Q2 2026 10-Q filed July 16, 2026 (three and six months ended June 30, 2026), sitting on a fiscal-2025 base of 59.1 billion dollars in revenue and 3.4 billion dollars in net income.

The Financial Story

Start with what went right, because a lot did. The 16 percent revenue growth decomposes almost entirely into price, not flying more planes: unit revenue (TRASM) rose 12.1 percent while capacity (ASMs) grew just 3.5 percent. That is the healthiest kind of airline revenue growth - and it was broad. Premium cabin revenue rose 16.4 percent with premium unit revenue up 11.6 percent, loyalty revenue grew 11.3 percent, cargo jumped 22.6 percent, and contracted corporate revenue flown surged 27 percent with bookings up 30 percent. Even the main cabin, the industry's perennial soft spot, posted its second straight quarter of positive unit revenue, up 11.5 percent. Internationally, Pacific unit revenue led at plus 14 percent, with the Atlantic up 12.1 percent and Latin America up 10.7 percent. Load factor held at 83.4 percent, which means customers absorbed double-digit fare increases without flinching - management said it observed "minimal to no negative impact on demand from higher price points."

Then fuel took nearly all of it back. Aircraft fuel expense of 5.1 billion dollars was up 2.3 billion dollars year over year - against a revenue gain of 2.4 billion dollars. Total operating expense rose 19.2 percent, far ahead of the 16 percent revenue growth, so operating income fell to 1.1 billion dollars from 1.3 billion and pre-tax margin landed at 5.8 percent (4.8 percent adjusted). Ex-fuel unit cost (CASM-ex) rose a more disciplined 6.1 percent, reflecting new labor economics - including the five-year flight-attendant agreement ratified in May, which carries a ratification-payment liability of 742 million dollars per the 10-Q - plus the unit-cost drag of trimming capacity when oil spiked.

One accounting wrinkle worth being explicit about, because the two EPS numbers point in opposite directions: GAAP diluted EPS of 2.46 dollars is higher than adjusted EPS of 1.99 dollars. The quarter included a net special credit of 145 million dollars (an offsetting credit more than absorbed the 184 million dollar flight-attendant ratification charge) plus unrealized investment gains, all of which the adjusted number strips out. The market trades on the adjusted figure - 1.99 dollars, near the top of United's own 1-to-2-dollar guidance and roughly a dime ahead of the 1.87-to-1.89-dollar consensus.

The guidance is where management planted its flag. United now expects full-year adjusted EPS of 9 to 11 dollars, up from 7 to 11 dollars, while absorbing what it quantifies as nearly 6 billion dollars of incremental 2026 fuel expense versus its start-of-year outlook. The math only works because fares are recovering the fuel: United says it recaptured about 50 percent of the fuel-cost increase in Q2, expects 80 to 90 percent recovery in Q3, and full recovery by Q4. The near-term cost is a soft third quarter - the July fuel spike alone is worth about 1.12 dollars of Q3 EPS, which is why the 2.50-to-3.50-dollar Q3 guide midpoint sits below the Street's roughly 3.18-to-3.60-dollar consensus, and why the stock slipped on an otherwise strong print. CEO Scott Kirby's framing: if fuel simply returns to early-July levels, United expects to be above the high end of the range. Demand supports the bet - management expects Q3 and Q4 unit revenue to grow faster than Q2's 12 percent, and consolidated Q4 yields are currently tracking up about 19 percent year over year in the booking curve.

The balance sheet work during the quarter was quietly aggressive. When hostilities with Iran and the closure of the Strait of Hormuz spiked oil in the second quarter, United raised 3.7 billion dollars of aircraft-secured debt in private bank transactions at Term SOFR plus an average margin of about 1.4 percent - roughly a low-5-percent fixed equivalent - purely as insurance, per the 10-Q and the earnings call. It simultaneously kept deleveraging: 4.2 billion dollars of first-half debt payments, including a 600 million dollar prepayment of its U.S. Treasury Payroll Support Program note in June and half a billion of aircraft-debt prepayments. The quarter ended with 19.6 billion dollars of available liquidity (including a 3.0 billion dollar undrawn revolver), total debt of 26.5 billion dollars, and trailing net leverage of 2.2 times, with management targeting below two turns and an investment-grade rating. Free cash flow was thin in the quarter - 322 million dollars on 1.6 billion of operating cash flow - but that reflects peak capex; fiscal 2025 generated 8.4 billion dollars of operating cash flow against 5.9 billion of capex, and management is committed to 50 percent free-cash-flow conversion rising toward 75 percent exiting the decade.

Valuation - What It's Worth as a Normal Business

Where it trades: 115.41 dollars at Friday's close (July 17, 2026), a 37.5 billion dollar market cap, roughly 10.8 times trailing GAAP earnings and about 11.5 times the 10-dollar midpoint of the raised 2026 adjusted-EPS guide. That is a discount to Delta - the other carrier of what Kirby calls the industry's two "brand-loyal airlines" - which closed the same day at about 14 times trailing earnings. Analyst consensus sits at Moderate Buy with an average price target near 152 dollars per stockanalysis.com (25 analysts), and the week of the print saw a wave of target raises even as the stock fell: Morgan Stanley to 185 dollars, TD Cowen to 176, Susquehanna to 172, Citigroup to 171, Wells Fargo to 165. The 52-week range is 82.42 to 138.77 dollars, so the stock sits mid-range despite record revenue.

A scenario DCF, with assumptions stated plainly. Common inputs: 324.6 million shares, net debt of about 9.9 billion dollars (26.5 billion of debt less 16.6 billion of cash and short-term investments), five-year explicit horizon. Base case: free cash flow builds from about 1.6 billion dollars in 2026 (management's roughly 50 percent conversion on the guidance midpoint) to about 4.7 billion by 2030 as capex crests and margins reach the targeted double digits; 9.5 percent discount rate, 2 percent terminal growth. That yields an equity value near 43 billion dollars, or roughly 130 dollars per share. Bull case (fuel normalizes, mid-teens pre-tax margins late-decade, 9 percent discount rate): roughly 190 dollars. Bear case (fuel stays elevated, a demand downturn caps free cash flow near 2.5 billion terminally, 10 percent discount rate): the DCF compresses toward 55 dollars, and a simpler cross-check - 8 times a recession-marked 8 dollars of EPS - lands around 65. Call the implied-value range roughly 55 to 190 dollars, with the base clustering at 130 to 150.

The peer re-rating check points the same direction: apply Delta's roughly 14 times multiple to United's 10-dollar guidance midpoint and you get about 140 dollars; on trailing EPS of 10.69 dollars, about 149. At 115 dollars, the market is effectively pricing the fuel shock as semi-permanent and giving no credit to the 2027 double-digit-margin path management reiterated. To be clear: these are implied values under stated assumptions - not a price target, and not investment advice.

Risks

The risks are concrete and mostly on the cost side. Fuel first: United's own 10-K sensitivity says a one-dollar change in the price of a barrel of aircraft fuel moves projected 2026 fuel expense by approximately 116 million dollars - which is exactly how a spike becomes a 6 billion dollar problem, and United does not hedge the way some peers do. Labor: 83 percent of the workforce is unionized, the new flight-attendant deal adds a 742 million dollar ratification payment due by September 15, 2026, and further contract escalation is embedded in the cost base. Geopolitics sit directly on both: the Iran conflict and Strait of Hormuz closure drove the oil spike in the second quarter and the precautionary debt raise. Beyond costs, premium and corporate demand - the engine of the whole thesis - is cyclically exposed if the economy turns; FAA flight caps at Newark and Chicago O'Hare (extended into 2027) and reduced San Francisco landing rates constrain growth at three of the seven hubs; and 26.5 billion dollars of total debt, however well-termed, leaves less room for error if the fuel-recovery cadence slips. The soft Q3 guide is the near-term proof point the market will grade.

The Bottom Line

United just demonstrated the two things bulls needed to see: pricing power strong enough to recover a historic fuel shock within roughly two quarters, and the balance-sheet discipline to keep the investment-grade march intact while absorbing it. The stock at about 11 times forward earnings is not pricing the 2027 double-digit-margin story; it is pricing the fuel bill. Watch three things from here: whether Q3 actually recovers the promised 80 to 90 percent of the fuel increase, whether Q4's booked yields (tracking up about 19 percent) hold as capacity finalizes, and the 2027 setup - at least 80 aircraft retirements, the Max 10 finally arriving, and 100 premium-configured A321s by decade's end. This is a framework for watching the name, not a recommendation.

All filing figures verified against United Airlines Holdings' SEC filings (Q2 2026 10-Q, filed July 16, 2026; FY2025 10-K) via the RoboSystems shared SEC data repository; market data as of the July 17, 2026 close.


Want to run this kind of analysis yourself? RoboSystems gives you direct, queryable access to structured SEC filing data for every public company at robosystems.ai. New customers get 50% off your first month with code ROBO50.

Audio & music produced with ElevenLabs.

Backed by the ElevenLabs Grants program

Using ElevenLabs yourself? Our referral link costs you nothing extra and supports this research.

Financial statements

Financial statements from the 10-Q for Q2 2026 (unaudited), filed 2026-07-16. Every figure is traceable to the filing's XBRL facts.

Revenue
$17.7B
Quarter ending 2026-06-30
Net income
$805M
Quarter ending 2026-06-30
Total assets
$84.6B
as of 2026-06-30
Cash
$10.2B
as of 2026-06-30

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED) (UAH)

In millions, except per-share amounts
Reporting EntityUnited Airlines Holdings, Inc.
Three months endedSix months ended
Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026
Income Statement
Operating revenue:
Passenger$13,836$16,100$25,696$29,267
Cargo and Freight$430$527$859$949
Product and Service, Other$970$1,045$1,893$2,064
Total operating revenue$15,236$17,672$28,448$32,280
Operating expense:
Salaries and related costs$4,413$4,686$8,568$9,248
Aircraft fuel$2,775$5,110$5,476$8,150
Landing fees and other rent$961$1,056$1,834$2,004
Aircraft maintenance materials and outside repairs$865$906$1,596$1,760
Depreciation and amortization$733$762$1,461$1,518
Regional capacity purchase$676$743$1,326$1,435
Distribution expenses$487$644$983$1,167
Aircraft rent$67$112$118$195
Special charges (credits)$447$(145)$340$(534)
Other operating expenses$2,487$2,702$4,814$5,245
Total operating expense$13,911$16,576$26,516$30,187
Operating income$1,325$1,096$1,932$2,093
Nonoperating income (expense):
Interest expense$(361)$(343)$(717)$(670)
Interest income$167$148$331$284
Interest capitalized$51$59$98$113
Unrealized gains on investments, net$26$40$5$26
Miscellaneous, net$41$26$77$50
Total nonoperating expense, net$(77)$(69)$(206)$(196)
Income before income taxes$1,248$1,026$1,727$1,897
Income tax expense$275$221$366$393
Net income$973$805$1,361$1,504
Earnings per share, basic (in dollars per share)$3.00$2.48$4.17$4.64
Earnings per share, diluted (in dollars per share)$2.97$2.46$4.12$4.60

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (UAH)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Three months endedSix months ended
Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026
Statement of Comprehensive Income
Net income$973$805$1,361$1,504
Other comprehensive income (loss), net of tax:
Employee benefit plans$(23)$(15)$(49)$(29)
Investments and other—$(5)$3$(16)
Total other comprehensive loss, net of tax$(22)$(20)$(46)$(45)
Total comprehensive income, net$951$785$1,314$1,459

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (UAH)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Dec 31, 2025Jun 30, 2026
Statement of Financial Position
ASSETS
Cash and cash equivalents$5,942$10,166
Short-term investments$6,298$6,471
Receivables, net$2,391$2,473
Aircraft fuel, spare parts and supplies, net$1,556$1,795
Prepaid expenses and other$671$759
Total current assets$16,857$21,664
Operating property and equipment, net$46,121$47,958
Operating lease right-of-use assets$4,958$6,161
Goodwill$4,527$4,527
Intangible assets, net$2,655$2,645
Investments in affiliates and other, net$1,330$1,614
Total noncurrent assets$59,591$62,905
Total assets$76,448$84,569
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$4,567$5,772
Accrued salaries and benefits$3,900$3,458
Advance ticket sales$8,131$10,752
Frequent flyer deferred revenue$3,721$3,939
Current maturities of long-term debt, finance leases, and other financial liabilities$4,426$2,170
Current maturities of operating leases$631$818
Other$757$854
Total current liabilities$26,133$27,764
Long-term debt, finance leases, and other financial liabilities$20,562$24,294
Long-term obligations under operating leases$5,417$6,386
Frequent flyer deferred revenue$4,056$4,032
Pension and postretirement benefit liability$1,058$1,074
Deferred income taxes$2,463$2,822
Other$1,478$1,500
Total noncurrent liabilities$35,033$40,108
Commitments and contingencies——
Stockholders' equity:
Preferred stock——
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 324,583,772 and 323,470,682 shares at June 30, 2026 and December 31, 2025, respectively$4$4
Additional capital invested$8,911$8,879
Stock held in treasury, at cost$(3,773)$(3,724)
Retained earnings$10,092$11,535
Accumulated other comprehensive income$48$3
Total stockholders' equity$15,282$16,697
Total liabilities and stockholders' equity$76,448$84,569

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (UAH)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Six months ended
Jun 30, 2025Jun 30, 2026
Statement of Cash Flows
Operating Activities:
Net cash provided by operating activities$5,927$6,409
Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns$(2,520)$(3,015)
Purchases of short-term and other investments$(4,722)$(4,439)
Proceeds from sale of short-term and other investments$4,222$4,179
Proceeds from sale of property and equipment$48$33
Other, net$(70)$(111)
Net cash used in investing activities$(3,042)$(3,354)
Financing Activities:
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees—$5,829
Payments of long-term debt, finance leases and other financial liabilities$(1,611)$(4,537)
Repurchases of common stock$(589)$(27)
Other, net$(99)$(93)
Net cash provided by (used in) financing activities$(2,300)$1,172
Net increase in cash, cash equivalents and restricted cash$585$4,227
Cash, cash equivalents and restricted cash at beginning of the period$8,946$6,081
Cash, cash equivalents and restricted cash at end of the period$9,531$10,308
Investing and Financing Activities Not Affecting Cash:
Right-of-use assets acquired or modified through operating leases$973$1,485
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities$(52)$86
Operating leases converted to finance leases—$66
Investment interests received in exchange for loans, goods and services$14$60

STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED) (UAH)

In millions, except per-share amounts
Reporting EntityUnited Airlines Holdings, Inc.
Three months endedSix months ended
Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026
Statement of Stockholders' Equity
Increase (Decrease) in Stockholders' Equity
Common Stock327,500,000324,600,000327,900,000323,500,000
Balance beginning (in shares)323,470,682
Common Stock$4$4$4$4
Additional Paid-in Capital$8,813$8,843$8,980$8,911
Treasury Stock, Common$(3,502)$(3,724)$(3,377)$(3,773)
Retained Earnings$7,137$10,730$6,880$10,092
AOCI Attributable to Parent$164$23$188$48
Balance beginning$12,616$15,876$12,675$15,282
Retained Earnings$973$805$1,361$1,504
Net income$973$805$1,361$1,504
AOCI Attributable to Parent$(22)$(20)$(46)$(45)
Other comprehensive loss$(22)$(20)$(46)$(45)
Additional Paid-in Capital$43$38$71$74
Stock-settled share-based compensation$43$38$71$74
Common Stock(3,700,000)(7,600,000)(300,000)
Repurchase of common stock (in shares)(3,500,000)—(7,600,000)(300,000)
Treasury Stock, Common$(237)$(593)$(27)
Repurchases of common stock$(200)$(600)$(27)
Share issued for settlement of warrants (in shares)
Common Stock1,800,000
Additional Paid-in Capital$(99)
Treasury Stock, Common$133
Retained Earnings$(34)
Share issued for settlement of warrants—
Stock issued for share-based awards, net of shares withheld for tax (in shares)
Common Stock1,700,0001,400,000
Additional Paid-in Capital$(1)$(1)$(97)$(105)
Treasury Stock, Common$1$1$99$77
Retained Earnings$(1)$(96)$(60)
Stock issued for share-based awards, net of shares withheld for tax$(1)$(1)$(95)$(89)
Common Stock323,800,000324,600,000323,800,000324,600,000
Balance ending (in shares)324,583,772324,583,772
Common Stock$4$4$4$4
Additional Paid-in Capital$8,855$8,879$8,855$8,879
Treasury Stock, Common$(3,737)$(3,724)$(3,737)$(3,724)
Retained Earnings$8,110$11,535$8,110$11,535
AOCI Attributable to Parent$142$3$142$3
Balance ending$13,373$16,697$13,373$16,697

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED) (UA)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Legal Entity [Axis]United Air Lines Inc
Three months endedSix months ended
Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026
Income Statement
Operating revenue:
Passenger$13,836$16,100$25,696$29,267
Cargo and Freight$430$527$859$949
Product and Service, Other$970$1,045$1,893$2,064
Total operating revenue$15,236$17,672$28,448$32,280
Operating expense:
Salaries and related costs$4,413$4,686$8,568$9,248
Aircraft fuel$2,775$5,110$5,476$8,150
Landing fees and other rent$961$1,056$1,834$2,004
Aircraft maintenance materials and outside repairs$865$906$1,596$1,760
Depreciation and amortization$733$762$1,461$1,518
Regional capacity purchase$676$743$1,326$1,435
Distribution expenses$487$644$983$1,167
Aircraft rent$67$112$118$195
Special charges (credits)$447$(145)$340$(534)
Other operating expenses$2,487$2,702$4,813$5,244
Total operating expense$13,910$16,576$26,515$30,186
Operating income$1,325$1,096$1,933$2,094
Nonoperating income (expense):
Interest expense$(361)$(343)$(717)$(670)
Interest income$167$148$331$284
Interest capitalized$51$59$98$113
Unrealized gains on investments, net$26$40$5$26
Miscellaneous, net$41$26$77$50
Total nonoperating expense, net$(77)$(69)$(206)$(196)
Income before income taxes$1,249$1,027$1,727$1,898
Income tax expense$275$222$366$393
Net income$974$805$1,361$1,504

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (UA)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Legal Entity [Axis]United Air Lines Inc
Three months endedSix months ended
Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026
Statement of Comprehensive Income
Net income$974$805$1,361$1,504
Other comprehensive income (loss), net of tax:
Employee benefit plans$(23)$(15)$(49)$(29)
Investments and other—$(5)$3$(16)
Total other comprehensive loss, net of tax$(22)$(20)$(46)$(45)
Total comprehensive income, net$951$785$1,315$1,459

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (UA)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Legal Entity [Axis]United Air Lines Inc
Dec 31, 2025Jun 30, 2026
Statement of Financial Position
ASSETS
Cash and cash equivalents$5,942$10,166
Short-term investments$6,298$6,471
Receivables, net$2,391$2,473
Aircraft fuel, spare parts and supplies, net$1,556$1,795
Prepaid expenses and other$671$759
Total current assets$16,857$21,663
Operating property and equipment, net$46,121$47,958
Operating lease right-of-use assets$4,958$6,161
Goodwill$4,527$4,527
Intangible assets, net$2,655$2,645
Investments in affiliates and other, net$1,330$1,614
Total noncurrent assets$59,591$62,905
Total assets$76,448$84,569
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$4,567$5,772
Accrued salaries and benefits$3,900$3,458
Advance ticket sales$8,131$10,752
Frequent flyer deferred revenue$3,721$3,939
Current maturities of long-term debt, finance leases, and other financial liabilities$4,426$2,170
Current maturities of operating leases$631$818
Other$754$855
Total current liabilities$26,130$27,765
Long-term debt, finance leases, and other financial liabilities$20,562$24,294
Long-term obligations under operating leases$5,417$6,386
Frequent flyer deferred revenue$4,056$4,032
Pension and postretirement benefit liability$1,058$1,074
Deferred income taxes$2,493$2,853
Other$1,478$1,500
Total noncurrent liabilities$35,064$40,138
Commitments and contingencies——
Stockholders' equity:
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both June 30, 2026 and December 31, 2025——
Additional capital invested$760$832
Retained earnings$12,842$14,346
Accumulated other comprehensive income$48$3
Payable to parent$1,604$1,484
Total stockholders' equity$15,254$16,666
Total liabilities and stockholders' equity$76,448$84,569

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) (UA)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Legal Entity [Axis]United Air Lines Inc
Six months ended
Jun 30, 2025Jun 30, 2026
Statement of Cash Flows
Operating Activities:
Net cash provided by operating activities$5,243$6,292
Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns$(2,520)$(3,015)
Purchases of short-term and other investments$(4,722)$(4,439)
Proceeds from sale of short-term and other investments$4,222$4,179
Proceeds from sale of property and equipment$48$33
Other, net$(70)$(111)
Net cash used in investing activities$(3,042)$(3,354)
Financing Activities:
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees—$5,829
Payments of long-term debt, finance leases and other financial liabilities$(1,611)$(4,537)
Other, net$(4)$(3)
Net cash provided by (used in) financing activities$(1,616)$1,289
Net increase in cash, cash equivalents and restricted cash$585$4,227
Cash, cash equivalents and restricted cash at beginning of the period$8,946$6,081
Cash, cash equivalents and restricted cash at end of the period$9,531$10,308
Investing and Financing Activities Not Affecting Cash:
Right-of-use assets acquired or modified through operating leases$973$1,485
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities$(52)$86
Operating leases converted to finance leases—$66
Investment interests received in exchange for loans, goods and services$14$60

STATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY (UNAUDITED) (UA)

In millions
Reporting EntityUnited Airlines Holdings, Inc.
Legal Entity [Axis]United Air Lines Inc
Three months endedSix months ended
Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026
Statement of Stockholders' Equity
Increase (Decrease) in Stockholders' Equity
Additional Paid-in Capital$645$794$617$760
Retained Earnings$9,875$13,541$9,487$12,842
AOCI Attributable to Parent$164$23$188$48
Receivables from Stockholder$1,909$1,489$2,352$1,604
Balance beginning$12,593$15,848$12,644$15,254
Retained Earnings$974$805$1,361$1,504
Net income$974$805$1,361$1,504
AOCI Attributable to Parent$(22)$(20)$(46)$(45)
Other comprehensive loss$(22)$(20)$(46)$(45)
Additional Paid-in Capital$43$38$71$74
Stock-settled share-based compensation$43$38$71$74
Receivables from Stockholder$(240)$(589)$(27)
Impact of UAL share repurchase$(240)$(589)$(27)
Additional Paid-in Capital$(1)
Receivables from Stockholder$(1)$(5)$(95)$(93)
Other$(1)$(5)$(95)$(95)
Additional Paid-in Capital$688$832$688$832
Retained Earnings$10,848$14,346$10,848$14,346
AOCI Attributable to Parent$142$3$142$3
Receivables from Stockholder$1,667$1,484$1,667$1,484
Balance ending$13,347$16,666$13,347$16,666

Primary statements only; the notes, dimensional breakdowns and fact inspection are in the viewer. Source: SEC EDGAR, accession 0000100517-26-000139.

Filings

Compare your company to United Airlines Holdings, Inc.

Connect your QuickBooks, add the SEC graph beside your books, and ask your AI how your margins and growth compare to UAL — every figure traced to a filing, the same as this report.