United Airlines (UAL) financial statements
United Airlines reported revenue of $59.1B in fiscal 2025, up 5.5% a year over 9 years.
Net income was $3.4B and the operating margin 8.0%, against 11.9% in 2016.
Free cash flow was $2.6B, and the company returned $637M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from United Airlines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.6B | $37.8B | $41.3B | $43.3B | $15.4B | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Operating income | $4.3B | $3.6B | $3.2B | $4.3B | -$6.4B | -$1.0B | $2.3B | $4.2B | $5.1B | $4.7B |
| Interest expense | $674M | $671M | $729M | — | — | — | $1.8B | $2.0B | $1.6B | $1.4B |
| Pre-tax income | $3.8B | $3.0B | $2.6B | $3.9B | -$8.8B | -$2.6B | $990M | $3.4B | $4.2B | $4.3B |
| Income tax | $1.5B | $880M | $526M | $905M | -$1.8B | -$593M | $253M | $769M | $1.0B | $953M |
| Net income | $2.2B | $2.1B | $2.1B | $3.0B | -$7.1B | -$2.0B | $737M | $2.6B | $3.1B | $3.4B |
| EPS (diluted) | $6.76 | $7.06 | $7.67 | $11.58 | -$25.30 | -$6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
| Diluted shares | 330M | 304M | 277M | 260M | 279M | 322M | 330M | 332M | 333M | 328M |
| Operating margin | 11.9% | 9.6% | 7.8% | 9.9% | -41.4% | -4.1% | 5.2% | 7.8% | 8.9% | 8.0% |
| Net margin | 6.1% | 5.7% | 5.1% | 7.0% | -46.0% | -8.0% | 1.6% | 4.9% | 5.5% | 5.7% |
Balance sheet
Fiscal years, from United Airlines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.4B | $3.8B | $4.0B | $4.9B | $11.7B | $18.4B | $16.4B | $14.4B | $14.5B | $12.2B |
| Receivables | $1.2B | $1.3B | $1.4B | $1.4B | $1.3B | $1.7B | $1.8B | $1.9B | $2.2B | $2.4B |
| Total current assets | $7.3B | $7.1B | $7.1B | $8.2B | $14.8B | $21.8B | $20.1B | $18.5B | $18.9B | $16.9B |
| Property, plant and equipment | $23.3B | $26.2B | $27.4B | $30.2B | $31.5B | $32.1B | $34.4B | $39.8B | $42.9B | $46.1B |
| Goodwill | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B | $4.5B |
| Total assets | $40.1B | $42.3B | $49.0B | $52.6B | $59.5B | $68.2B | $67.4B | $71.1B | $74.1B | $76.4B |
| Total current liabilities | $12.3B | $12.8B | $13.8B | $14.9B | $12.7B | $18.3B | $20.0B | $22.2B | $23.3B | $26.1B |
| Long-term debt | $9.9B | $11.7B | $12.2B | $13.1B | $24.8B | $30.4B | $28.3B | $25.1B | $25.2B | $20.6B |
| Total liabilities | $31.6B | $33.6B | $39.0B | $41.1B | $53.6B | $63.1B | $60.5B | $61.8B | $61.4B | $61.2B |
| Shareholders' equity | $8.6B | $8.8B | $10.0B | $11.5B | $6.0B | $5.0B | $6.9B | $9.3B | $12.7B | $15.3B |
| Net debt | $8.6B | $11.8B | $11.8B | $11.8B | $15.5B | $15.1B | $24.0B | $23.0B | $19.4B | $18.7B |
Cash flow
Fiscal years, from United Airlines's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.5B | $3.5B | $6.2B | $6.9B | -$4.1B | $2.1B | $6.1B | $6.9B | $9.4B | $8.4B |
| Capital spending | $3.2B | $3.9B | $4.1B | $4.5B | $1.7B | $2.1B | $4.8B | $7.2B | $5.6B | $5.9B |
| Free cash flow | $2.3B | -$396M | $2.1B | $2.4B | -$5.9B | -$40M | $1.2B | -$260M | $3.8B | $2.6B |
| Stock-based compensation | $70M | $73M | $101M | $100M | $108M | $238M | $89M | $80M | $142M | $148M |
| Share buybacks (net) | -$2.6B | -$1.8B | -$1.2B | -$1.6B | -$353M | $0 | $0 | $0 | -$162M | -$637M |
| Net borrowing | -$407M | $1.6B | -$133M | $395M | $11.2B | $5.9B | -$3.3B | -$1.9B | -$4.0B | -$4.8B |
| Free cash flow margin | 6.3% | -1.0% | 5.1% | 5.5% | -38.2% | -0.2% | 2.8% | -0.5% | 6.7% | 4.3% |
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Open UAL in InvestinglyQuestions
What was United Airlines's revenue in 2025?
$59.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does United Airlines generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From United Airlines's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.