United Airlines Holdings (UAL) Research

Forward Estimates

EPS Estimates

Current Qtr

$1.76

$1.15$3.19

vs $3.87-54.6%

21 analysts

Next Qtr

$2.66

$0.72$4.05

vs $2.78-4.3%

20 analysts

Current Yr

$9.27

$6.75$11.00

vs $10.62-12.7%

24 analysts

Next Yr

$14.22

$9.73$16.48

vs $9.27+53.3%

24 analysts

Revenue Estimates

Current Qtr

$17.50B

$16.74B$17.71B

vs $15.24B+14.8%

16 analysts

Next Qtr

$17.38B

$16.73B$17.86B

vs $15.22B+14.1%

16 analysts

Current Yr

$66.76B

$64.91B$67.65B

vs $59.07B+13.0%

21 analysts

Next Yr

$69.66B

$63.34B$72.76B

vs $66.76B+4.3%

21 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for UAL on EDGAR.

UAL filing events and research context
Filed	Item	Context
Apr 22, 2026	mda_quarterly	United Airlines Holdings reported strong first-quarter 2026 results, with total operating revenue increasing 10.6% year-over-year to $14.6 billion. This growth was primarily driven by an 11.0% increase in passenger revenue, supported by a 4.1% rise in passenger volume and a 2.4 percentage point improvement in passenger load factor to 81.6%. While revenue passenger miles grew 6.5%, cargo revenue declined 1.6%. Operating income rose 64.2% to $997 million, resulting in an 80.4% increase in net income to $699 million. Operating expenses grew 8.0%, pressured by a 12.6% increase in aircraft fuel costs due to higher prices and consumption, and a 16.8% rise in maintenance and repair expenses. Geopolitical tensions in the Middle East represent a significant risk, contributing to fuel price volatility and potential operational disruptions. The company maintains a robust liquidity position with $14.2 billion in unrestricted cash and short-term investments. Capital allocation remains focused on fleet modernization, supported by substantial firm aircraft commitments from Boeing and Airbus. Additionally, the company reached a tentative agreement with the Association of Flight Attendants regarding pay and scheduling, while managing approximately $31.0 billion in total debt and lease obligations.
Feb 12, 2026	business	UAL manages its fleet through extensive purchase agreements with Airbus, specifically for A350-900 and A320 family aircraft, alongside numerous long-term agreements and supplemental contracts with The Boeing Company. The company's capital structure is supported by a Term Loan Credit and Guaranty Agreement and a Revolving Credit and Guaranty Agreement with JPMorgan Chase Bank, N.A., acting as administrative agent. Historical liquidity was further augmented by the U.S. Department of the Treasury's Payroll Support Program. Corporate governance is maintained through a formal Code of Ethics and Business Conduct, a strict insider trading policy, and a compensation clawback policy. Financial oversight is provided by Ernst & Young LLP, which billed $5.488 million in total fees for 2025, primarily for consolidated financial statement audits and internal control reviews. The organizational structure consists of United Airlines, Inc. operating as a wholly-owned subsidiary of United Airlines Holdings, Inc.
Feb 12, 2026	mda	United is executing its "United Next" strategic plan, which involves taking delivery of over 630 new narrow- and widebody aircraft by 2034 to expand its global network and diversify product offerings from Basic Economy to Polaris. The company leverages a hub-and-spoke system and maintains critical regional capacity through capacity purchase agreements with carriers such as SkyWest and Republic. Revenue is further supported by the MileagePlus loyalty program and joint business arrangements within the Star Alliance. Fuel remains a primary volatile expense, totaling $11.4 billion in 2025; UAL currently does not hedge market price exposure. To reach its 2050 net-zero goal, the company is investing in sustainable aviation fuel (SAF) via its UAV venture capital arm. Key financial and operational risks include significant leverage from aircraft leases and debt, potential delivery delays from Boeing and Airbus, and labor instability, highlighted by the recent failure of flight attendants represented by the AFA to ratify a tentative agreement. Additionally, geopolitical conflicts affecting airspace and stringent FAA and DOT regulatory oversight continue to impact operational flexibility and costs.

Filed

Item

Context

Apr 22, 2026

mda_quarterly

United Airlines Holdings reported strong first-quarter 2026 results, with total operating revenue increasing 10.6% year-over-year to $14.6 billion. This growth was primarily driven by an 11.0% increase in passenger revenue, supported by a 4.1% rise in passenger volume and a 2.4 percentage point improvement in passenger load factor to 81.6%. While revenue passenger miles grew 6.5%, cargo revenue declined 1.6%. Operating income rose 64.2% to $997 million, resulting in an 80.4% increase in net income to $699 million. Operating expenses grew 8.0%, pressured by a 12.6% increase in aircraft fuel costs due to higher prices and consumption, and a 16.8% rise in maintenance and repair expenses. Geopolitical tensions in the Middle East represent a significant risk, contributing to fuel price volatility and potential operational disruptions. The company maintains a robust liquidity position with $14.2 billion in unrestricted cash and short-term investments. Capital allocation remains focused on fleet modernization, supported by substantial firm aircraft commitments from Boeing and Airbus. Additionally, the company reached a tentative agreement with the Association of Flight Attendants regarding pay and scheduling, while managing approximately $31.0 billion in total debt and lease obligations.

Feb 12, 2026

business

UAL manages its fleet through extensive purchase agreements with Airbus, specifically for A350-900 and A320 family aircraft, alongside numerous long-term agreements and supplemental contracts with The Boeing Company. The company's capital structure is supported by a Term Loan Credit and Guaranty Agreement and a Revolving Credit and Guaranty Agreement with JPMorgan Chase Bank, N.A., acting as administrative agent. Historical liquidity was further augmented by the U.S. Department of the Treasury's Payroll Support Program. Corporate governance is maintained through a formal Code of Ethics and Business Conduct, a strict insider trading policy, and a compensation clawback policy. Financial oversight is provided by Ernst & Young LLP, which billed $5.488 million in total fees for 2025, primarily for consolidated financial statement audits and internal control reviews. The organizational structure consists of United Airlines, Inc. operating as a wholly-owned subsidiary of United Airlines Holdings, Inc.

Feb 12, 2026

mda

United is executing its "United Next" strategic plan, which involves taking delivery of over 630 new narrow- and widebody aircraft by 2034 to expand its global network and diversify product offerings from Basic Economy to Polaris. The company leverages a hub-and-spoke system and maintains critical regional capacity through capacity purchase agreements with carriers such as SkyWest and Republic. Revenue is further supported by the MileagePlus loyalty program and joint business arrangements within the Star Alliance. Fuel remains a primary volatile expense, totaling $11.4 billion in 2025; UAL currently does not hedge market price exposure. To reach its 2050 net-zero goal, the company is investing in sustainable aviation fuel (SAF) via its UAV venture capital arm. Key financial and operational risks include significant leverage from aircraft leases and debt, potential delivery delays from Boeing and Airbus, and labor instability, highlighted by the recent failure of flight attendants represented by the AFA to ratify a tentative agreement. Additionally, geopolitical conflicts affecting airspace and stringent FAA and DOT regulatory oversight continue to impact operational flexibility and costs.

Forward Estimates

UAL filing events and research context

Keep researching UAL

Related tickers

Related explainers

Forward Estimates