United Airlines Holdings +

United Airlines Holdings

Company

Ticker

UAL

DAL

LUV

AAL

Headquarter

Chicago ,IL

Atlanta ,GA

Dallas ,TX

Fort Worth ,TX

CEO

J. Scott Kirby

Edward H. Bastian

Robert E. Jordan

Robert D. Isom Jr.

Industry

Airlines, Airports & Air Services

Stock Price

Market Cap

$37.04 B

$45.27 B

$22.34 B

$10.13 B

Employees

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Employees

92.80 K
103.30 K
107.30 K

95.00 K
103.00 K
103.00 K

66.66 K
74.81 K
72.45 K

129.70 K
132.10 K
133.30 K

Y/Y

10.34%

11.32%

3.87%

14.46%

8.42%

20.97%

12.23%

3.15%

5.11%

1.85%

0.91%

Income Statement

Revenue

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Revenue

$44.96 B
$53.72 B
$57.06 B

$58.05 B
$61.64 B
$63.36 B

$23.81 B
$26.09 B
$27.48 B

$48.97 B
$52.79 B
$54.21 B

Y/Y

82.49%

19.49%

6.23%

14.76%

6.19%

2.79%

50.82%

9.56%

5.34%

63.88%

7.79%

2.7%

Revenue by Products / Services

Years

2024

2024

2024

2024

Revenue by Geography

Years

2024

2024

2024

2024

Research and Development

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Research and Development

Y/Y

Operating Income

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Operating Income

$2.34 B
$4.21 B
$5.10 B

$5.52 B
$6.00 B
$5.82 B

$1.02 B
$224.00 M
$321.00 M

$1.81 B
$4.01 B
$3.26 B

Y/Y

328.67%

80.19%

21.02%

50.81%

8.59%

2.89%

40.91%

77.97%

43.3%

132.73%

122.33%

18.84%

Tax Rate (%)

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Tax Rate (%)

25.56%
22.70%
24.45%

17.81%
25.78%
-19.08%

25.96%
26.54%
22.24%

31.72%
26.67%
26.69%

Y/Y

10.19%

11.16%

7.68%

42.79%

44.74%

173.99%

1.15%

2.23%

16.2%

45.63%

15.91%

0.06%

Net Income

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Net Income

$737.00 M
$2.62 B
$3.15 B

$4.61 B
$3.46 B
$5.01 B

$539.00 M
$465.00 M
$465.00 M

$127.00 M
$822.00 M
$846.00 M

Y/Y

137.53%

255.22%

20.28%

249.7%

24.99%

44.78%

44.83%

13.73%

106.37%

547.24%

2.92%

Revenue Per Employee

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue Per Employee

$578.88 K
$552.40 K
-

$611.03 K
$598.48 K
$615.18 K

$391.43 K
$367.39 K
-

$407.00 K
$410.38 K
-

Y/Y

8.29%

4.57%

100%

0.26%

2.05%

2.79%

9.43%

6.14%

100%

2.56%

0.83%

100%

Net Income Per Employee

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Per Employee

$28.21 K
$30.48 K
-

$48.52 K
$33.56 K
$48.59 K

$6.98 K
$6.22 K
-

$6.34 K
$6.40 K
-

Y/Y

221.94%

8.05%

100%

205.52%

30.82%

44.78%

28.69%

10.89%

100%

515.81%

1.05%

100%

Assets & Liabilities | Cash Flow

Total Assets

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Total Assets

$67.36 B
$71.10 B
$74.08 B

$73.64 B
$75.37 B
$81.19 B

$35.37 B
$36.49 B
$33.75 B

$64.72 B
$63.06 B
$61.78 B

Y/Y

1.2%

5.56%

4.19%

1.89%

2.35%

7.71%

2.62%

3.16%

7.5%

2.63%

2.56%

2.02%

Total Liabilities

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Total Liabilities

$60.46 B
$61.78 B
$61.41 B

$62.54 B
$60.08 B
$60.43 B

$24.68 B
$25.97 B
$23.40 B

$70.52 B
$68.26 B
$65.76 B

Y/Y

4.25%

2.18%

0.6%

4.82%

3.93%

0.59%

4.72%

5.23%

9.9%

4.46%

3.2%

3.66%

Capital Expenditures (Capex)

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Capital Expenditures (Capex)

-$4.82 B
-$7.17 B
-$5.62 B

-$5.32 B
-$5.14 B
-

-$3.95 B
-$3.55 B
-$2.08 B

-$2.91 B
-$2.60 B
-$2.68 B

Y/Y

128.71%

48.81%

21.7%

16.38%

3.44%

100%

672.21%

9.96%

41.46%

605.34%

10.67%

3.35%

Profitability

Operating Income Margin (%)

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Operating Income Margin (%)

5.20%
7.84%
8.93%

7.24%
9.51%
9.73%

4.27%
0.86%
1.17%

3.69%
7.60%
6.01%

Y/Y

225.3%

50.8%

13.92%

14.74%

31.41%

2.25%

60.82%

79.9%

36.05%

119.97%

106.25%

20.97%

Net Income Margin (%)

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Net Income Margin (%)

1.64%
4.87%
5.52%

2.61%
7.94%
5.61%

2.26%
1.78%
1.69%

0.26%
1.56%
1.56%

Y/Y

120.56%

197.28%

13.23%

178.24%

204.72%

29.37%

63.42%

21.26%

5.06%

103.89%

500.44%

0.22%

EBITDA

2021	1505000000.00
2022	5119000000.00
2023	7832000000.00
2024	8498000000.00

2022	5050000000.00
2023	8783000000.00
2024	7918000000.00
2025	5589000000.00

2021	3028000000.00
2022	2380000000.00
2023	2391000000.00
2024	2469000000.00

2021	1587000000.00
2022	4125000000.00
2023	5202000000.00
2024	5014000000.00

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

EBITDA

$5.12 B
$7.83 B
$8.50 B

$8.78 B
$7.92 B
$5.59 B

$2.38 B
$2.39 B
$2.47 B

$4.13 B
$5.20 B
$5.01 B

Y/Y

240.13%

53%

8.5%

73.92%

9.85%

29.41%

21.4%

0.46%

3.26%

159.92%

26.11%

3.61%

Free Cash Flow (FCF)

2021	-40000000.00
2022	1247000000.00
2023	-260000000.00
2024	3830000000.00

2022	-2000000.00
2023	1141000000.00
2024	2885000000.00
2025	8342000000.00

2021	1811000000.00
2022	-156000000.00
2023	-389000000.00
2024	-1618000000.00

2021	292000000.00
2022	-733000000.00
2023	1207000000.00
2024	1300000000.00

Years

2022
2023
2024

2023
2024
2025

2022
2023
2024

2022
2023
2024

Free Cash Flow (FCF)

$1.25 B
-$260.00 M
$3.83 B

$1.14 B
$2.89 B
$8.34 B

-$156.00 M
-$389.00 M
-$1.62 B

-$733.00 M
$1.21 B
$1.30 B

Y/Y

3217.5%

120.85%

1573.08%

57150%

152.85%

189.15%

108.61%

149.36%

315.94%

351.03%

264.67%

7.71%

Ratios

Return on Equity (ROE)

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Return on Equity (ROE)

10.69%
28.08%
24.84%

20.02%
41.50%
22.61%

5.04%
4.42%
4.49%

-2.19%
-15.80%
-21.27%

Y/Y

127.37%

162.72%

11.52%

177.98%

107.27%

45.53%

46.24%

12.32%

1.59%

108.07%

621.52%

34.62%

Return on Assets (ROA)

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Return on Assets (ROA)

1.09%
3.68%
4.25%

1.82%
6.26%
4.59%

1.52%
1.27%
1.38%

0.20%
1.30%
1.37%

Y/Y

137.98%

236.51%

15.45%

371.99%

243.2%

26.71%

43.35%

16.37%

8.11%

106.54%

564.26%

5.04%

Debt to Equity

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Debt to Equity

528.32%
394.03%
265.35%

465.06%
245.66%
148.90%

88.64%
87.49%
77.86%

-753.35%
-781.68%
-944.03%

Y/Y

32.51%

25.42%

32.66%

47.87%

47.18%

39.39%

24.84%

1.29%

11.02%

19.75%

3.76%

20.77%

Valuation

Enterprise Value

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Enterprise value

$41.71 B
$44.37 B
$57.22 B

$48.31 B
$50.25 B
$58.91 B

$19.95 B
$17.10 B
$20.65 B

$51.52 B
$49.07 B
$48.19 B

Y/Y

18.58%

6.38%

28.95%

6.38%

4.01%

17.23%

20.73%

14.3%

20.81%

10.36%

4.76%

1.78%

Enterprise value to Revenue

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Enterprise value to Revenue

0.93
0.83
1.00

0.96
0.87
0.96

0.84
0.66
0.75

1.05
0.93
0.89

Y/Y

35.02%

10.97%

21.39%

44.66%

9.37%

10.4%

47.44%

21.78%

14.69%

45.3%

11.65%

4.36%

Enterprise value to EBITDA

Years

2022
2023
2024

2022
2023
2024

2022
2023
2024

2022
2023
2024

Enterprise value to EBITDA

8.15
5.67
6.73

9.57
5.72
7.44

8.38
7.15
8.37

12.49
9.43
9.61

Y/Y

65.14%

30.47%

18.85%

31.87%

40.2%

30.04%

0.86%

14.69%

17%

65.51%

24.48%

1.9%

United Airlines Holdings Competitors & Alternatives

Income Statement

Assets & Liabilities | Cash Flow

Profitability

Ratios

Valuation

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