United Airlines Holdings, Inc.
- Open
- 115.76
- Day high
- 118.59
- Day low
- 114.04
- Prev close
- 118.81
- Volume
- 5.9M
- Mkt cap
- $37.5B
- P/E (TTM)
- 10.8
- EPS (TTM)
- $10.72
- P/B
- 2.2
- P/S
- 0.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$10.8M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
United Airlines Holdings, Inc. (UAL) is a Industrials company listed on NASDAQ. The stock is up 25% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 11 published research articles covering UAL.
United Airlines Holdings, Inc. (UAL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 14 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UAL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 16, 2026 | $1.88 | $1.99 | +5.9% | $17.7B | +0.3% |
| Apr 22, 2026 | $1.08 | $1.19 | +10.2% | $14.6B | +1.5% |
| Jan 20, 2026 | $2.93 | $3.10 | +5.8% | $15.4B | +0.2% |
| Oct 15, 2025 | $2.65 | $2.78 | +4.9% | $15.2B | -0.7% |
| Jul 16, 2025 | $3.81 | $3.87 | +1.6% | $15.2B | -0.8% |
| Apr 15, 2025 | $0.75 | $0.91 | +21.3% | $13.2B | -0.1% |
| Jan 21, 2025 | $2.89 | $3.26 | +12.8% | $14.7B | +2.0% |
| Oct 15, 2024 | $3.17 | $3.33 | +5.0% | $14.8B | +0.5% |
| Jul 17, 2024 | $3.93 | $4.14 | +5.3% | $15.0B | -0.4% |
| Apr 16, 2024 | $-0.54 | $-0.15 | +72.3% | $12.5B | +0.7% |
| Jan 22, 2024 | $1.69 | $2.00 | +18.3% | $13.6B | +0.6% |
| Oct 17, 2023 | $3.35 | $3.65 | +9.0% | $14.5B | +6.9% |
UAL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | BREWER ROSALIND Gdirector | Grant | 128 | — |
| Jul 2, 2026 | ISAACSON WALTERdirector | Grant | 292 | — |
| Jul 2, 2026 | Ward Layshadirector | Grant | 283 | — |
| Jul 2, 2026 | SHAPIRO EDWARDdirector | Grant | 292 | — |
| Jul 2, 2026 | Friend Matthewdirector | Grant | 283 | — |
| Jun 17, 2026 | KIRBY J SCOTTdirector, officer: Chief Executive Officer | Sell | 1,078 | $120.74 |
| Jun 17, 2026 | KIRBY J SCOTTdirector, officer: Chief Executive Officer | Sell | 48,303 | $121.30 |
| May 28, 2026 | Gebo Kateofficer: EVP HR and Labor Relations | Sell | 34,669 | $105.41 |
| May 28, 2026 | Gebo Kateofficer: EVP HR and Labor Relations | Sell | 5,331 | $105.51 |
| May 22, 2026 | Freyre Michelledirector | Grant | 2,130 | — |
| May 22, 2026 | Harford Barneydirector | Grant | 2,130 | — |
| May 22, 2026 | Ward Layshadirector | Grant | 2,130 | — |
| May 22, 2026 | PHILIP EDWARD Mdirector | Grant | 2,130 | — |
| May 22, 2026 | Whitehurst James Mdirector | Option | 2,410 | — |
| May 22, 2026 | PHILIP EDWARD Mdirector | Grant | 2,396 | — |
Source: UAL SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full UAL insider & 13F page →UAL research & analysis
DAL, UAL, AAL: Iran Jet Fuel Shock Slams Airline Margins
IATA warns global airlines face $100B jet fuel shock from Iran energy spike, with profits potentially halved. What it means for DAL, UAL, AAL.
DALAALJETSAAL: Can Airlines Pass Iran-Driven Fuel Spike to Summer Tickets
Airlines are raising fares and cutting forecasts as Iran conflict-driven jet fuel costs spike heading into summer 2026. United's "uncharted territory" comment and Alaska Air's confirmation that fares won't drop signal 10-20% fare increases are underway — but demand response remains uncertain. Short AAL into Q2 earnings as its leveraged balance sheet and weak pricing power leave it most exposed if summer bookings decline >8% YoY.
AALDALLUVSouthwest's Fuel Warning Dwarfs Delta's $100 Per Long-Haul Flight
Southwest's fuel cost warning has been mispriced as sector-wide pain. The $100 per long-haul flight cost surge hits Delta, American and United 3-14x harder than domestic-focused Southwest and Alaska due to international route exposure. Short long-haul carriers against domestic operators targets 5-10% relative return over 90 days as Q2 earnings reveal the gap.
DALAALLUVUAL Q1: Jet Fuel Up 18% YoY — Margin Dip Under 2pp Keeps Thesis Alive?
UAL's Q1 jet fuel spiked 18% YoY to $3.50/gal, but adjusted op margin dipped only 0.5pp to 12.5% despite 6% revenue growth — clear of downside triggers. Management eyes 85-100% pass-through by Q4, topping consensus 70% offset. Thesis intact; watch Q2 for margin stability.
United Targets 85-100% Fuel Pass-Through by Q4 2026, Holds $7-11 EPS Outlook
United held its $7-11 2026 EPS guidance amid doubled fuel costs, targeting full pass-through by Q4 — a resilient stance that positions shares for 25%+ upside if executed. Q1 beat eases prior downgrade fears, but the tape lags the margin protection path. Watch Q2 for confirmation.
Transat Axes Hundreds of Flights as Iran War Spurs Jet Fuel Surge
Transat's flight cuts confirm Iran war risks post-ceasefire expiration, pointing to 8-12% TRZ downside and 7-11% gains for XOM/CVX as fuel surges. Airlines face deeper capacity pain; energy rerates higher. Breaks without military confirmations by April 29.
TRZXOMCVXUAL Q1: Jet Fuel Up 18% — Does It Break Margin Trajectory?
UAL's Q1 beat EPS but cut FY profit on 18% jet fuel surge to $3.20/gallon, with adj. op. margin down 1.2pp to 8.2% despite 7% passenger rev growth. Fuel impact tests 70% offset consensus; no thesis break yet. Watch Q2 margin >8% for thread confirmation.
Airlines and the Oil Spike: JBLU and AAL Most Exposed as Fuel Hedge Gap Widens
US airlines' lack of fuel hedges exposes them to the April 12 Hormuz blockade-driven oil spike; JBLU and AAL most vulnerable due to losses/debt, while Delta's refinery offers protection. Ranked analysis of six carriers with financials shows clear hierarchy of pain.
AALJBLUALKHormuz Blockade Could Spike Summer Airfares 25% — DAL Wins, AAL Most at Risk
Strait of Hormuz blockade spikes oil, threatening 2026 summer airfares and airline margins. Delta's refinery edge positions it best; high-debt AAL vulnerable. Expect 15-25% fare hikes but demand risks.
DALAALLUVOil Supply Shock: XOM, CVX Surge While UAL, DAL Face Fuel Cost Crisis
Seaborne oil cargo prices surged on April 3, 2026, amid supply disruption fears, favoring energy producers like XOM, CVX, COP, and VLO while pressuring airlines UAL and DAL. Integrated majors lead with robust FCF and growth, ranked by conviction. Watch fuel cracks and OPEC+ for thesis confirmation.
XOMCVXCOPAirline M&A: DAL and UAL Lead as DOT Greenlights More Consolidation — JBLU at Risk
DOT Secretary Duffy's endorsement of more airline M&A highlights consolidation opportunities as weaker carriers falter. Delta and United lead winners with strong balance sheets and premium strategies, while JetBlue and Allegiant face risks. Ranked picks favor low-leverage majors for market share gains.
DALAALLUV
United Airlines Holdings, Inc. company profile
Overview
United Airlines Holdings, Inc. (NASDAQ:UAL) is one of the world's largest airlines, founded in 1926 as Varney Air Lines before evolving through various mergers and acquisitions into its current form. The company was incorporated in 1968 and underwent a significant transformation following its 2010 merger with Continental Airlines, initially operating as United Continental Holdings before adopting its current name in 2019. Headquartered in Chicago, Illinois, United operates as a major legacy carrier serving nearly 174 million passengers annually across a global network spanning North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America.
Business
United Airlines operates in the commercial aviation industry, providing scheduled passenger air transportation services through its mainline and regional fleet operations. The airline industry is a capital-intensive sector that connects cities worldwide through hub-and-spoke networks, where airlines funnel passengers through major hub airports to reach their final destinations efficiently. United's core business revolves around passenger transportation services, operating both domestic routes within the United States and international routes to over 300 destinations worldwide. The company operates through a hub-and-spoke model with seven major hubs including Chicago O'Hare, Denver, Houston, Los Angeles, Newark, San Francisco, and Washington Dulles. This network strategy allows United to capture connecting traffic and optimize aircraft utilization. The company's service offerings include multiple cabin classes: Basic Economy (the most restrictive fare class), Economy, Premium Plus (premium economy), Business, and Polaris (international business class). United has been particularly focused on expanding its premium cabin offerings, which generate significantly higher revenue per passenger. Beyond passenger services, United operates several complementary business segments. The company provides cargo transportation services, which has become increasingly profitable, with cargo revenues up nearly 17% in 2024. United also offers ancillary services including catering, ground handling, training, and maintenance services for third parties. A critical component of United's business model is its MileagePlus loyalty program, which generated $1.5 billion in revenue in Q1 2025, representing 9% growth. This program includes co-branded credit card partnerships that drive significant revenue through customer spending and program engagement. The airline industry operates under significant regulatory oversight, with safety regulations managed by the Federal Aviation Administration (FAA) and international route authorities governed by bilateral aviation agreements between countries.
Revenue model
United Airlines generates revenue through multiple streams, with passenger ticket sales representing the primary source of income. The company's business model is built on seat-mile economics, where revenue is measured by Revenue per Available Seat Mile (RASM) and costs by Cost per Available Seat Mile (CASM). Passenger Revenue constitutes the largest portion of United's income, derived from ticket sales across different fare classes and cabin types. Premium cabin revenues have been particularly strong, increasing 8.5% to $7.4 billion in recent periods, as United focuses on higher-yield customers. The company employs sophisticated revenue management systems that dynamically price tickets based on demand, seasonality, and competitive factors. Loyalty Program Revenue through MileagePlus has become increasingly important, generating $1.5 billion quarterly. This includes revenue from co-branded credit card partnerships where United receives payments based on customer spending, as well as miles sold to partners. The loyalty program creates recurring revenue streams and customer stickiness. Cargo Operations provide additional revenue, with cargo yields stabilizing at higher post-pandemic levels. Cargo revenue increased nearly 17% in 2024, benefiting from strong international trade flows and limited cargo capacity in the market. Ancillary Services include baggage fees, seat upgrades, food and beverage sales, and third-party services like catering and maintenance for other airlines. Several factors significantly impact United's profitability margins. Fuel costs represent the largest variable expense, typically accounting for 20-25% of total costs, making the airline highly sensitive to oil price fluctuations. Labor costs are substantial, with United hiring 16,000 aviation professionals in 2023 alone, and pilot shortages creating wage inflation pressures across the industry. Aircraft utilization rates critically affect margins, as fixed costs like aircraft lease payments and crew wages must be spread across flight hours. Load factors (percentage of seats filled) directly impact unit revenues, while seasonal demand patterns create quarterly earnings volatility, with summer typically being the strongest period. Competition from low-cost carriers pressures domestic pricing, though United's management believes industry capacity constraints and unprofitable operations at discount airlines will lead to capacity rationalization. Economic cycles significantly impact both leisure and business travel demand, with corporate travel being particularly sensitive to economic conditions.
Competitive moat
United Airlines operates in a structurally challenging industry with limited sustainable competitive advantages, though the company has developed several defensive characteristics that provide some protection against competition. United's primary moat stems from its hub-and-spoke network effects and slot-constrained airport positions. The company's seven major hubs create significant barriers to entry, as competitors would need massive capital investments and regulatory approvals to replicate similar connectivity. Slots at key airports like Newark, San Francisco, and Chicago O'Hare are extremely limited and valuable, providing United with quasi-monopolistic positions on many route pairs. The MileagePlus loyalty program creates meaningful customer switching costs, particularly for frequent business travelers who value elite status benefits and award redemption options. The program's co-branded credit card partnerships generate high-margin recurring revenue that is relatively stable compared to volatile ticket sales. United's scale advantages in aircraft procurement, maintenance operations, and technology investments provide cost efficiencies that smaller competitors cannot match. The company's size allows it to negotiate better terms with suppliers and spread fixed costs across a larger operation. However, United's moat is relatively weak compared to other industries. The airline sector is characterized by commodity-like competition where price often trumps service quality for many travelers. Regulatory barriers that historically protected legacy carriers have largely been eliminated through deregulation, allowing low-cost carriers to enter most markets. Cyclical demand sensitivity and high operating leverage make airlines vulnerable during economic downturns, regardless of competitive positioning. The industry's capital intensity and unionized workforce limit operational flexibility during challenging periods. Potential disruption could come from new low-cost entrants with lower cost structures, alternative transportation modes like high-speed rail for shorter routes, or changing business travel patterns following increased adoption of virtual meeting technologies post-pandemic. Additionally, environmental regulations and carbon pricing could disproportionately impact airlines' cost structures in the future.
Risks & safety
United Airlines presents a moderate margin of safety profile with mixed financial health indicators, though recent operational improvements and industry dynamics provide some optimism. • Liquidity Position: Strong with $9.4 billion in cash and short-term investments as of Q1 2025, providing substantial cushion for operations and unexpected downturns • Debt Burden: High debt-to-equity ratio of 2.61x creates financial leverage risk, though the company has been actively deleveraging and prepaid $1.8 billion of high-interest MileagePlus term loan debt • Current Ratio: Below 1.0 at 0.78x indicates potential short-term liquidity pressure, though this is typical for airlines with advance ticket sales creating current liabilities • Cash Flow Generation: Positive free cash flow of $2.5 billion in Q1 2025 and $3.8 billion for full year 2024 demonstrates improving cash generation capability • Valuation Metrics: Trading at 14.9x P/E ratio and 13.7x EV/EBITDA, representing reasonable valuations relative to historical airline multiples • Earnings Stability: Management guidance of $11.50-$13.50 EPS for 2025, with recession scenario guidance of $7-$9 EPS, shows significant earnings volatility risk • Industry Cyclicality: Airlines are inherently cyclical with high fixed costs, making earnings vulnerable to economic downturns and external shocks like pandemics or fuel price spikes
Recent development
Over the past few years, United Airlines has been executing its comprehensive United Next strategy, which focuses on fleet modernization, network optimization, and premium service enhancement. The company has been systematically upgrading its aircraft fleet with newer, more fuel-efficient planes while expanding capacity by approximately 100 aircraft deliveries per year. A significant strategic pivot has been United's focus on premium product differentiation, expanding Premium Plus and Polaris business class offerings across its network. This strategy has proven successful, with premium cabin revenues growing 8.5% and international Polaris revenues up 8% in recent periods. The company has invested heavily in airport lounge expansion, introducing new United Club locations and enhancing the customer experience. Technology integration has been a major development focus, with United partnering with Starlink to provide high-speed Wi-Fi across its fleet. This initiative opens potential new revenue streams through media sales and personalized advertising opportunities. The company has also enhanced its mobile app capabilities and invested in digital customer experience improvements. United has significantly expanded its loyalty program capabilities, with MileagePlus revenue growing 11-15% annually. The program has been enhanced with new partnership opportunities and improved redemption options, creating stronger customer retention and higher-margin recurring revenue. The company has made substantial investments in operational reliability, achieving record performance metrics including best-in-class on-time departure rates and lowest cancellation rates. United opened the Aviate Academy pilot training facility to address industry-wide pilot shortages and hired over 16,000 aviation professionals in 2023. Network strategy evolution has included significant Pacific capacity expansion (31% increase in 2024) while managing challenges in the China market due to geopolitical tensions. The company has focused on strengthening its mid-continent hub connectivity and building strategic partnerships with international carriers. Recent quarters have shown United's ability to adapt capacity dynamically, reducing domestic capacity by 300 basis points in Q4 2024 in response to market conditions while maintaining focus on profitable growth markets.
UAL company profile · for informational purposes only — not investment advice.
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