United Airlines Holdings, Inc. (UAL) Financial Statements
United Airlines financial statements at a glance
United Airlines reported revenue of $59.07 billion for fiscal year 2025 (ended December 31, 2025), up 3.5% from fiscal year 2024. Net income was $3.35 billion, a net margin of 5.7%, and diluted earnings per share were $10.20.
At the end of fiscal year 2025 it had total assets of $76.45 billion, total liabilities of $61.17 billion and shareholders' equity of $15.28 billion, with cash and short-term investments of $12.24 billion and total debt of $31.04 billion.
Its operations brought in $8.43 billion of cash; capital spending was $5.87 billion, leaving free cash flow of $2.56 billion.
The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.
Figures from company filings, in USD; latest fiscal year ended December 31, 2025.
United Airlines Holdings, Inc.
Income Statement
Annual • USD
United Airlines key figures by fiscal year
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $59.1B | $57.1B | $53.7B | $45.0B | $24.6B |
| Gross profit | $17.0B | $36.1B | $32.7B | $24.6B | $721.0M |
| Operating income | $5.0B | $5.1B | $4.2B | $2.3B | -$4.4B |
| Net income | $3.4B | $3.1B | $2.6B | $737.0M | -$2.0B |
| Diluted EPS | $10.20 | – | – | – | -$6.10 |
| Total assets | $76.4B | $74.1B | $71.1B | $67.4B | $68.2B |
| Total liabilities | $61.2B | $61.4B | $61.8B | $60.5B | $63.1B |
| Shareholders' equity | $15.3B | $12.7B | $9.3B | $6.9B | $5.0B |
| Cash and short-term investments | $12.2B | – | – | – | $18.4B |
| Total debt | $31.0B | $24.9B | $29.3B | $31.4B | $39.4B |
| Operating cash flow | $8.4B | $9.4B | $6.9B | $6.1B | $2.1B |
| Capital spending | $5.9B | – | – | – | $2.1B |
| Free cash flow | $2.6B | – | – | – | -$40.0M |
In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2020.
Questions and answers
What was United Airlines's revenue in fiscal year 2025?
$59.07 billion, up 3.5% from $57.06 billion in fiscal year 2024.
How much profit does United Airlines make?
United Airlines reported net income of $3.35 billion for fiscal year 2025 (5.7% of revenue); operating income was $4.97 billion.
How much cash and debt does United Airlines have?
At the end of fiscal year 2025: cash and short-term investments of $12.24 billion and total debt of $31.04 billion.
What is United Airlines's free cash flow?
$2.56 billion in fiscal year 2025 (operating cash flow of $8.43 billion minus capital spending of $5.87 billion).
