www.united.com<\/a>, and our investor relations website, ir.united.com. We use our investor relations website as a primary channel for disclosing key information to our investors, including the timing of future investor conferences and earnings calls, press releases and other information about financial performance (including financial guidance), reports filed or furnished with the U.S. Securities and Exchange Commission, information on corporate governance and details related to our annual meeting of shareholders. We may use our investor relations website as a means of disclosing material, non-public information (including financial guidance) and for complying with our disclosure obligations under Regulation FD. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted. We may also use social media channels to communicate with our investors and the public about our company and other matters, and those communications could be deemed to be material information. Our executive officers may also use certain social media channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which may be of interest to our investors or could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.<\/p>\n Cautionary Statement Regarding Forward-Looking Statements:
This press release and the related attachments and Investor Update (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, goals, plans and projections regarding the company’s financial position, results of operations, capital allocation and investments, market position, airline capacity, fleet plan strategy, fares, announced routes (which may be subject to government approval), booking trends, product development, corporate citizenship-related strategy initiatives and business strategy. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the company’s future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the company’s control and could cause the company’s future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements. Words such as “should,” “could,” “would,” “will,” “may,” “expects,” “plans,” “intends,” “anticipates,” “indicates,” “remains,” “believes,” “estimates,” “projects,” “forecast,” “guidance,” “outlook,” “goals,” “targets,” “pledge,” “confident,” “optimistic,” “dedicated,” “positioned,” “on track”, “path” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.<\/p>\n
Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.<\/p>\n
Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: execution risks associated with our strategic operating plan; changes in our fleet and network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into aircraft orders on less favorable terms, as well as any inability to accept or integrate new aircraft into our fleet as planned, including as a result of any mandatory groundings of aircraft; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions, or related exposures to unknown liabilities or other issues or underperformance as compared to our expectations; adverse publicity, increased regulatory scrutiny, harm to our brand, reduced travel demand, potential tort liability and operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; our reliance on a limited number of suppliers to source a majority of our aircraft, engines and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally; reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constraints at our hubs or other airports (including as a result of government shutdowns); geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of the military conflicts in the Middle East, as well as any escalation of the broader economic consequences of any conflicts beyond their current scope or a delay in any planned resumption of service to area impacted by conflict); any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems; increasing privacy, data security and cybersecurity obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions or regulatory compliance costs on our operations or financial performance; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change; high and\/or volatile fuel prices or significant disruptions in the supply of aircraft fuel; the impacts of our significant amount of financial leverage from fixed obligations and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality, and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage; risks relating to our repurchase program for shares of common stock and certain warrants exercisable for common stock; and other risks and uncertainties set forth in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and under “Economic and Market Factors” and “Governmental Actions” in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.<\/p>\n
Non-GAAP Financial Information:
In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management’s, analysts’ and investors’ overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. Non-GAAP financial measures typically have exclusions or adjustments that include one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded because the company believes they neither relate to the ordinary course of the company’s business nor reflect the company’s underlying business performance.<\/p>\n
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company’s control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.<\/p>\n
Please refer to the tables accompanying this release for a description of the non-GAAP adjustments and reconciliations of the historical non-GAAP financial measures used to the most comparable GAAP financial measure and related disclosures.<\/p>\n
Change in Presentation:
In the first quarter of 2025, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise designated. As such, certain columns and rows within the financial statements and tables presented may not sum due to rounding. Per unit amounts have been calculated from the underlying whole-dollar amounts. This change is not material and does not impact the comparability of our condensed consolidated financial statements.<\/p>\n
-tables attached-<\/p>\n
\u00a0UNITED AIRLINES HOLDINGS, INC. <\/p>\n
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)\u00a0 <\/p>\n
<\/p>\n
\n
<\/p>\n
Three Months Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
(In millions, except for percentage changes and per share data) <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
\n
\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
Operating revenue: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Passenger revenue <\/p>\n
<\/p>\n
$\u00a0 13,815 <\/p>\n
<\/p>\n
$\u00a0 13,561 <\/p>\n
<\/p>\n
1.9 <\/p>\n
\n
<\/p>\n
$\u00a0 39,512 <\/p>\n
<\/p>\n
$\u00a0 38,554 <\/p>\n
<\/p>\n
2.5 <\/p>\n
Cargo revenue <\/p>\n
<\/p>\n
431 <\/p>\n
<\/p>\n
417 <\/p>\n
<\/p>\n
3.2 <\/p>\n
\n
<\/p>\n
1,290 <\/p>\n
<\/p>\n
1,222 <\/p>\n
<\/p>\n
5.5 <\/p>\n
Other operating revenue <\/p>\n
<\/p>\n
979 <\/p>\n
<\/p>\n
865 <\/p>\n
<\/p>\n
13.2 <\/p>\n
\n
<\/p>\n
2,872 <\/p>\n
<\/p>\n
2,592 <\/p>\n
<\/p>\n
10.8 <\/p>\n
Total operating revenue <\/p>\n
<\/p>\n
15,225 <\/p>\n
<\/p>\n
14,843 <\/p>\n
<\/p>\n
2.6 <\/p>\n
\n
<\/p>\n
43,673 <\/p>\n
<\/p>\n
42,368 <\/p>\n
<\/p>\n
3.1 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Operating expense: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Salaries and related costs <\/p>\n
<\/p>\n
4,555 <\/p>\n
<\/p>\n
4,323 <\/p>\n
<\/p>\n
5.4 <\/p>\n
\n
<\/p>\n
13,123 <\/p>\n
<\/p>\n
12,353 <\/p>\n
<\/p>\n
6.2 <\/p>\n
Aircraft fuel <\/p>\n
<\/p>\n
2,997 <\/p>\n
<\/p>\n
2,993 <\/p>\n
<\/p>\n
0.1 <\/p>\n
\n
<\/p>\n
8,473 <\/p>\n
<\/p>\n
9,080 <\/p>\n
<\/p>\n
(6.7) <\/p>\n
Landing fees and other rent <\/p>\n
<\/p>\n
1,002 <\/p>\n
<\/p>\n
866 <\/p>\n
<\/p>\n
15.7 <\/p>\n
\n
<\/p>\n
2,836 <\/p>\n
<\/p>\n
2,536 <\/p>\n
<\/p>\n
11.8 <\/p>\n
Aircraft maintenance materials and outside repairs <\/p>\n
<\/p>\n
779 <\/p>\n
<\/p>\n
765 <\/p>\n
<\/p>\n
1.8 <\/p>\n
\n
<\/p>\n
2,374 <\/p>\n
<\/p>\n
2,254 <\/p>\n
<\/p>\n
5.3 <\/p>\n
Depreciation and amortization <\/p>\n
<\/p>\n
730 <\/p>\n
<\/p>\n
742 <\/p>\n
<\/p>\n
(1.6) <\/p>\n
\n
<\/p>\n
2,191 <\/p>\n
<\/p>\n
2,169 <\/p>\n
<\/p>\n
1.0 <\/p>\n
Regional capacity purchase <\/p>\n
<\/p>\n
686 <\/p>\n
<\/p>\n
651 <\/p>\n
<\/p>\n
5.3 <\/p>\n
\n
<\/p>\n
2,012 <\/p>\n
<\/p>\n
1,848 <\/p>\n
<\/p>\n
8.9 <\/p>\n
Distribution expenses <\/p>\n
<\/p>\n
555 <\/p>\n
<\/p>\n
574 <\/p>\n
<\/p>\n
(3.3) <\/p>\n
\n
<\/p>\n
1,538 <\/p>\n
<\/p>\n
1,680 <\/p>\n
<\/p>\n
(8.4) <\/p>\n
Aircraft rent <\/p>\n
<\/p>\n
54 <\/p>\n
<\/p>\n
65 <\/p>\n
<\/p>\n
(16.7) <\/p>\n
\n
<\/p>\n
172 <\/p>\n
<\/p>\n
148 <\/p>\n
<\/p>\n
16.4 <\/p>\n
Special charges (credits) <\/p>\n
<\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
<\/p>\n
NM <\/p>\n
Other operating expenses <\/p>\n
<\/p>\n
2,546 <\/p>\n
<\/p>\n
2,304 <\/p>\n
<\/p>\n
10.5 <\/p>\n
\n
<\/p>\n
7,359 <\/p>\n
<\/p>\n
6,663 <\/p>\n
<\/p>\n
10.4 <\/p>\n
Total operating expense <\/p>\n
<\/p>\n
13,830 <\/p>\n
<\/p>\n
13,278 <\/p>\n
<\/p>\n
4.2 <\/p>\n
\n
<\/p>\n
40,345 <\/p>\n
<\/p>\n
38,775 <\/p>\n
<\/p>\n
4.1 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Operating income <\/p>\n
<\/p>\n
1,395 <\/p>\n
<\/p>\n
1,565 <\/p>\n
<\/p>\n
(10.8) <\/p>\n
\n
<\/p>\n
3,328 <\/p>\n
<\/p>\n
3,593 <\/p>\n
<\/p>\n
(7.4) <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Nonoperating income (expense): <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Interest expense <\/p>\n
<\/p>\n
(331) <\/p>\n
<\/p>\n
(379) <\/p>\n
<\/p>\n
(12.6) <\/p>\n
\n
<\/p>\n
(1,048) <\/p>\n
<\/p>\n
(1,260) <\/p>\n
<\/p>\n
(16.8) <\/p>\n
Interest income <\/p>\n
<\/p>\n
142 <\/p>\n
<\/p>\n
187 <\/p>\n
<\/p>\n
(23.9) <\/p>\n
\n
<\/p>\n
473 <\/p>\n
<\/p>\n
554 <\/p>\n
<\/p>\n
(14.6) <\/p>\n
Interest capitalized <\/p>\n
<\/p>\n
53 <\/p>\n
<\/p>\n
53 <\/p>\n
<\/p>\n
0.2 <\/p>\n
\n
<\/p>\n
152 <\/p>\n
<\/p>\n
174 <\/p>\n
<\/p>\n
(12.9) <\/p>\n
Unrealized losses on investments, net <\/p>\n
<\/p>\n
(13) <\/p>\n
<\/p>\n
(90) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
(8) <\/p>\n
<\/p>\n
(160) <\/p>\n
<\/p>\n
NM <\/p>\n
Miscellaneous, net <\/p>\n
<\/p>\n
9 <\/p>\n
<\/p>\n
(50) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
86 <\/p>\n
<\/p>\n
(40) <\/p>\n
<\/p>\n
NM <\/p>\n
Total nonoperating expense, net <\/p>\n
<\/p>\n
(141) <\/p>\n
<\/p>\n
(279) <\/p>\n
<\/p>\n
(49.6) <\/p>\n
\n
<\/p>\n
(346) <\/p>\n
<\/p>\n
(732) <\/p>\n
<\/p>\n
(52.7) <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Income before income taxes <\/p>\n
<\/p>\n
1,255 <\/p>\n
<\/p>\n
1,286 <\/p>\n
<\/p>\n
(2.4) <\/p>\n
\n
<\/p>\n
2,981 <\/p>\n
<\/p>\n
2,861 <\/p>\n
<\/p>\n
4.2 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Income tax expense <\/p>\n
<\/p>\n
306 <\/p>\n
<\/p>\n
321 <\/p>\n
<\/p>\n
(4.7) <\/p>\n
\n
<\/p>\n
672 <\/p>\n
<\/p>\n
697 <\/p>\n
<\/p>\n
(3.6) <\/p>\n
Net income <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 949 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 965 <\/p>\n
<\/p>\n
(1.7) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0\u00a0 2,309 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0 2,164 <\/p>\n
<\/p>\n
6.7 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Earnings per share, diluted <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 2.90 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 2.90 <\/p>\n
<\/p>\n
\u2014 <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 7.02 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 6.49 <\/p>\n
<\/p>\n
8.2 <\/p>\n
Diluted weighted-average shares outstanding <\/p>\n
<\/p>\n
326.9 <\/p>\n
<\/p>\n
332.7 <\/p>\n
<\/p>\n
(1.7) <\/p>\n
\n
<\/p>\n
329.0 <\/p>\n
<\/p>\n
333.3 <\/p>\n
<\/p>\n
(1.3) <\/p>\n
NM-Greater than 100% change or otherwise not meaningful. <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
PASSENGER REVENUE INFORMATION AND STATISTICS (UNAUDITED) <\/p>\n
<\/p>\n
Information is as follows (in millions, except for percentage changes): <\/p>\n
<\/p>\n
<\/p>\n
3Q 2025 <\/p>\n
Passenger <\/p>\n
Revenue <\/p>\n
<\/p>\n
Passenger <\/p>\n
Revenue <\/p>\n
vs. <\/p>\n
3Q 2024 <\/p>\n
<\/p>\n
Passenger
Revenue
per
Available
Seat Mile
(“PRASM”)
vs.
3Q\u00a02024 <\/p>\n
<\/p>\n
Yield vs. 3Q\u00a02024 <\/p>\n
<\/p>\n
Available <\/p>\n
Seat\u00a0Miles (“ASMs”) <\/p>\n
vs. <\/p>\n
3Q\u00a02024 <\/p>\n
<\/p>\n
3Q 2025\u00a0
ASMs <\/p>\n
<\/p>\n
3Q 2025
Revenue
Passenger
Miles
(“RPMs”) <\/p>\n
Domestic <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,099 <\/p>\n
<\/p>\n
3.1\u00a0% <\/p>\n
<\/p>\n
(3.3\u00a0%) <\/p>\n
<\/p>\n
(2.2\u00a0%) <\/p>\n
<\/p>\n
6.6\u00a0% <\/p>\n
<\/p>\n
46,648 <\/p>\n
<\/p>\n
39,815 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Europe <\/p>\n
2,933 <\/p>\n
<\/p>\n
(1.3\u00a0%) <\/p>\n
<\/p>\n
(7.3\u00a0%) <\/p>\n
<\/p>\n
(6.0\u00a0%) <\/p>\n
<\/p>\n
6.5\u00a0% <\/p>\n
<\/p>\n
19,063 <\/p>\n
<\/p>\n
16,238 <\/p>\n
Middle East\/India\/Africa <\/p>\n
347 <\/p>\n
<\/p>\n
30.8\u00a0% <\/p>\n
<\/p>\n
6.1\u00a0% <\/p>\n
<\/p>\n
4.5\u00a0% <\/p>\n
<\/p>\n
23.3\u00a0% <\/p>\n
<\/p>\n
2,285 <\/p>\n
<\/p>\n
1,954 <\/p>\n
Atlantic <\/p>\n
3,280 <\/p>\n
<\/p>\n
1.3\u00a0% <\/p>\n
<\/p>\n
(6.2\u00a0%) <\/p>\n
<\/p>\n
(5.2\u00a0%) <\/p>\n
<\/p>\n
8.0\u00a0% <\/p>\n
<\/p>\n
21,348 <\/p>\n
<\/p>\n
18,192 <\/p>\n
Pacific <\/p>\n
1,359 <\/p>\n
<\/p>\n
1.8\u00a0% <\/p>\n
<\/p>\n
(3.9\u00a0%) <\/p>\n
<\/p>\n
(5.1\u00a0%) <\/p>\n
<\/p>\n
5.9\u00a0% <\/p>\n
<\/p>\n
11,079 <\/p>\n
<\/p>\n
8,684 <\/p>\n
Latin America <\/p>\n
1,078 <\/p>\n
<\/p>\n
(4.8\u00a0%) <\/p>\n
<\/p>\n
(13.5\u00a0%) <\/p>\n
<\/p>\n
(10.7\u00a0%) <\/p>\n
<\/p>\n
10.1\u00a0% <\/p>\n
<\/p>\n
8,342 <\/p>\n
<\/p>\n
7,079 <\/p>\n
International <\/p>\n
5,717 <\/p>\n
<\/p>\n
0.2\u00a0% <\/p>\n
<\/p>\n
(7.1\u00a0%) <\/p>\n
<\/p>\n
(6.3\u00a0%) <\/p>\n
<\/p>\n
7.9\u00a0% <\/p>\n
<\/p>\n
40,769 <\/p>\n
<\/p>\n
33,954 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Consolidated <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,815 <\/p>\n
<\/p>\n
1.9\u00a0% <\/p>\n
<\/p>\n
(5.0\u00a0%) <\/p>\n
<\/p>\n
(4.0\u00a0%) <\/p>\n
<\/p>\n
7.2\u00a0% <\/p>\n
<\/p>\n
87,417 <\/p>\n
<\/p>\n
73,769 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Select operating statistics are as follows: <\/p>\n
<\/p>\n
\n
<\/p>\n
Three\u00a0Months\u00a0Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
<\/p>\n
\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
\n
<\/p>\n
Passengers (thousands) (a) <\/p>\n
<\/p>\n
48,382 <\/p>\n
<\/p>\n
45,559 <\/p>\n
<\/p>\n
6.2 <\/p>\n
\n
<\/p>\n
135,374 <\/p>\n
<\/p>\n
129,259 <\/p>\n
<\/p>\n
4.7 <\/p>\n
<\/p>\n
RPMs (millions) (b) <\/p>\n
<\/p>\n
73,769 <\/p>\n
<\/p>\n
69,549 <\/p>\n
<\/p>\n
6.1 <\/p>\n
\n
<\/p>\n
203,374 <\/p>\n
<\/p>\n
194,040 <\/p>\n
<\/p>\n
4.8 <\/p>\n
<\/p>\n
ASMs (millions) (c) <\/p>\n
<\/p>\n
87,417 <\/p>\n
<\/p>\n
81,541 <\/p>\n
<\/p>\n
7.2 <\/p>\n
\n
<\/p>\n
246,919 <\/p>\n
<\/p>\n
232,887 <\/p>\n
<\/p>\n
6.0 <\/p>\n
<\/p>\n
Passenger load factor: (d) <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Consolidated <\/p>\n
<\/p>\n
84.4\u00a0% <\/p>\n
<\/p>\n
85.3\u00a0% <\/p>\n
<\/p>\n
(0.9) <\/p>\n
pts. <\/p>\n
<\/p>\n
82.4\u00a0% <\/p>\n
<\/p>\n
83.3\u00a0% <\/p>\n
<\/p>\n
(0.9) <\/p>\n
pts. <\/p>\n
Domestic <\/p>\n
<\/p>\n
85.4\u00a0% <\/p>\n
<\/p>\n
86.4\u00a0% <\/p>\n
<\/p>\n
(1.0) <\/p>\n
pt. <\/p>\n
<\/p>\n
83.3\u00a0% <\/p>\n
<\/p>\n
85.5\u00a0% <\/p>\n
<\/p>\n
(2.2) <\/p>\n
pts. <\/p>\n
International <\/p>\n
<\/p>\n
83.3\u00a0% <\/p>\n
<\/p>\n
84.0\u00a0% <\/p>\n
<\/p>\n
(0.7) <\/p>\n
pts. <\/p>\n
<\/p>\n
81.2\u00a0% <\/p>\n
<\/p>\n
80.8\u00a0% <\/p>\n
<\/p>\n
0.4 <\/p>\n
pts. <\/p>\n
PRASM (cents) <\/p>\n
<\/p>\n
15.80 <\/p>\n
<\/p>\n
16.63 <\/p>\n
<\/p>\n
(5.0) <\/p>\n
\n
<\/p>\n
16.00 <\/p>\n
<\/p>\n
16.55 <\/p>\n
<\/p>\n
(3.3) <\/p>\n
<\/p>\n
Total revenue per available seat mile (“TRASM”) (cents) <\/p>\n
<\/p>\n
17.42 <\/p>\n
<\/p>\n
18.20 <\/p>\n
<\/p>\n
(4.3) <\/p>\n
\n
<\/p>\n
17.69 <\/p>\n
<\/p>\n
18.19 <\/p>\n
<\/p>\n
(2.8) <\/p>\n
<\/p>\n
Average yield per RPM (cents) (e) <\/p>\n
<\/p>\n
18.73 <\/p>\n
<\/p>\n
19.50 <\/p>\n
<\/p>\n
(4.0) <\/p>\n
\n
<\/p>\n
19.43 <\/p>\n
<\/p>\n
19.87 <\/p>\n
<\/p>\n
(2.2) <\/p>\n
<\/p>\n
Cargo revenue ton miles (millions) (f) <\/p>\n
<\/p>\n
890 <\/p>\n
<\/p>\n
881 <\/p>\n
<\/p>\n
1.0 <\/p>\n
\n
<\/p>\n
2,663 <\/p>\n
<\/p>\n
2,623 <\/p>\n
<\/p>\n
1.5 <\/p>\n
<\/p>\n
Aircraft in fleet at end of period <\/p>\n
<\/p>\n
1,486 <\/p>\n
<\/p>\n
1,381 <\/p>\n
<\/p>\n
7.6 <\/p>\n
\n
<\/p>\n
1,486 <\/p>\n
<\/p>\n
1,381 <\/p>\n
<\/p>\n
7.6 <\/p>\n
<\/p>\n
Average stage length (miles) (g) <\/p>\n
<\/p>\n
1,509 <\/p>\n
<\/p>\n
1,510 <\/p>\n
<\/p>\n
(0.1) <\/p>\n
\n
<\/p>\n
1,491 <\/p>\n
<\/p>\n
1,503 <\/p>\n
<\/p>\n
(0.8) <\/p>\n
<\/p>\n
Employee headcount, as of September 30 (thousands) <\/p>\n
<\/p>\n
111.9 <\/p>\n
<\/p>\n
106.5 <\/p>\n
<\/p>\n
5.1 <\/p>\n
\n
<\/p>\n
111.9 <\/p>\n
<\/p>\n
106.5 <\/p>\n
<\/p>\n
5.1 <\/p>\n
<\/p>\n
Cost per ASM (“CASM”) (cents) <\/p>\n
<\/p>\n
15.82 <\/p>\n
<\/p>\n
16.28 <\/p>\n
<\/p>\n
(2.8) <\/p>\n
\n
<\/p>\n
16.34 <\/p>\n
<\/p>\n
16.65 <\/p>\n
<\/p>\n
(1.9) <\/p>\n
<\/p>\n
CASM-ex (cents) (h) <\/p>\n
<\/p>\n
12.15 <\/p>\n
<\/p>\n
12.26 <\/p>\n
<\/p>\n
(0.9) <\/p>\n
\n
<\/p>\n
12.53 <\/p>\n
<\/p>\n
12.47 <\/p>\n
<\/p>\n
0.5 <\/p>\n
<\/p>\n
Average aircraft fuel price per gallon <\/p>\n
<\/p>\n
$\u00a0\u00a0 2.43 <\/p>\n
<\/p>\n
$\u00a0\u00a0 2.56 <\/p>\n
<\/p>\n
(5.1) <\/p>\n
\n
<\/p>\n
$\u00a0 2.43 <\/p>\n
<\/p>\n
$\u00a0 2.73 <\/p>\n
<\/p>\n
(11.0) <\/p>\n
<\/p>\n
Fuel gallons consumed (millions) <\/p>\n
<\/p>\n
1,233 <\/p>\n
<\/p>\n
1,170 <\/p>\n
<\/p>\n
5.4 <\/p>\n
\n
<\/p>\n
3,488 <\/p>\n
<\/p>\n
3,329 <\/p>\n
<\/p>\n
4.8 <\/p>\n
<\/p>\n
(a) <\/p>\n
The number of revenue passengers measured by each flight segment flown. <\/p>\n
(b) <\/p>\n
The number of scheduled miles flown by revenue passengers. <\/p>\n
(c) <\/p>\n
The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown. <\/p>\n
(d) <\/p>\n
RPMs divided by ASMs. <\/p>\n
(e) <\/p>\n
The average passenger revenue received for each RPM flown. <\/p>\n
(f) <\/p>\n
The number of cargo revenue tons transported multiplied by the number of miles flown. <\/p>\n
(g) <\/p>\n
Average distance a flight travels weighted for size of aircraft. <\/p>\n
(h)\u00a0\u00a0 CASM-ex is CASM less the impact of fuel expense, profit sharing, special charges and third-party business expenses. See NON-GAAP FINANCIAL INFORMATION for a reconciliation of CASM-ex to CASM, the most comparable GAAP measure. <\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
1 NON-GAAP FINANCIAL INFORMATION<\/p>\n
UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and non-GAAP financial measures. The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management’s, analysts’ and investors’ overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods.<\/p>\n
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.<\/p>\n
The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages, ratios and earnings per share amounts presented are calculated from the underlying amounts.<\/p>\n
CASM-ex:\u00a0CASM is a common metric used in the airline industry to measure an airline’s cost structure and efficiency. UAL reports CASM excluding special charges, third-party business expenses, fuel expense, and profit sharing. UAL believes that adjusting for special charges is useful to investors because those items are not indicative of UAL’s ongoing performance. UAL also believes that excluding third-party business expenses, such as maintenance, flight academy, ground handling and catering services for third parties, provides more meaningful disclosure because these expenses are not directly related to UAL’s core business. UAL also believes that excluding fuel expense from certain measures is useful to investors because it provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited influence. UAL excludes profit sharing because it believes that this exclusion allows investors to better understand and analyze UAL’s operating cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.<\/p>\n
Adjusted EBITDA and Adjusted EBITDAR: We calculate Adjusted EBITDA by adding interest, taxes, depreciation and amortization to net income and adjusting for special charges, nonoperating unrealized (gains) losses on investments, net and nonoperating debt extinguishment and modification fees. UAL believes that adjusting for these items is useful to investors because they are not indicative of UAL’s ongoing performance. Effective January 1, 2025, Adjusted EBITDA is further adjusted by the fixed portion of operating lease expense, instead of solely aircraft rent as was the case historically, to calculate Adjusted EBITDAR. We believe this change provides investors with enhanced comparability to peers and better reflects our performance. The change in EBITDAR calculation methodology does not represent a change in management’s expectations. Prior period amounts have been recast to conform to the current period presentation.<\/p>\n
Adjusted Capital Expenditures: UAL believes that adjusting capital expenditures for assets acquired through the issuance or modification of debt, finance leases and other financial liabilities is useful to investors in order to appropriately reflect the total amounts spent on capital expenditures.<\/p>\n
Free Cash Flow: Effective January 1, 2025, we define free cash flow as the sum of net cash from operating activities and net cash from investing activities, adjusted for the net change in short-term investments and the net change in restricted cash. We believe adjusting for short-term investments and restricted cash activity provides investors a better understanding of the company’s free cash flow generated by our core operations. The change in free cash flow calculation methodology does not represent a change in management’s expectations. We believe this change provides investors with enhanced comparability to peers and better reflects our performance. Prior period amounts have been recast to conform to the current period presentation.<\/p>\n
Free Cash Conversion:\u00a0Free cash conversion is a non-GAAP financial measure that is equal to free cash flow divided by adjusted net income. UAL provides free cash conversion because it provides a better understanding of the company’s free cash flow generated by our core operations relative to our profitability. We are not providing a target for or a reconciliation to net cash provided by operating activities or net income, the most directly comparable GAAP measures, because we are unable to predict the excluded items contained in the GAAP measure without unreasonable efforts, and therefore we also are not able to determine the probable significance of such items.<\/p>\n
Adjusted Total Debt and Adjusted Net Debt:\u00a0Adjusted total debt is a non-GAAP financial measure that includes current and long-term debt, finance lease obligations and other financial liabilities, current and noncurrent operating lease obligations and noncurrent pension and postretirement obligations. Adjusted net debt is adjusted total debt minus cash, cash equivalents and short-term investments. UAL provides adjusted total debt and adjusted net debt because we believe these measures provide useful supplemental information for assessing the company’s debt and debt-like obligation profile.\u00a0<\/p>\n
Net Leverage: Net leverage is a non-GAAP financial measure that is equal to adjusted net debt divided by trailing twelve month Adjusted EBITDAR. UAL provides net leverage because we believe it provides useful supplemental information for assessing the company’s debt level. See the above descriptions of Adjusted Net Debt and Adjusted EBITDAR.<\/p>\n
\n
<\/p>\n
Three\u00a0Months\u00a0Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
CASM-ex (in cents, except for percentage changes) <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
CASM (GAAP) <\/p>\n
<\/p>\n
15.82 <\/p>\n
<\/p>\n
16.28 <\/p>\n
<\/p>\n
(2.8) <\/p>\n
<\/p>\n
16.34 <\/p>\n
<\/p>\n
16.65 <\/p>\n
<\/p>\n
(1.9) <\/p>\n
Fuel expense <\/p>\n
<\/p>\n
3.43 <\/p>\n
<\/p>\n
3.68 <\/p>\n
<\/p>\n
(6.8) <\/p>\n
<\/p>\n
3.43 <\/p>\n
<\/p>\n
3.90 <\/p>\n
<\/p>\n
(12.0) <\/p>\n
Profit sharing <\/p>\n
<\/p>\n
0.26 <\/p>\n
<\/p>\n
0.28 <\/p>\n
<\/p>\n
(6.8) <\/p>\n
<\/p>\n
0.19 <\/p>\n
<\/p>\n
0.18 <\/p>\n
<\/p>\n
3.4 <\/p>\n
Third-party business expenses <\/p>\n
<\/p>\n
0.07 <\/p>\n
<\/p>\n
0.07 <\/p>\n
<\/p>\n
(3.5) <\/p>\n
<\/p>\n
0.08 <\/p>\n
<\/p>\n
0.08 <\/p>\n
<\/p>\n
1.1 <\/p>\n
Special charges <\/p>\n
<\/p>\n
(0.08) <\/p>\n
<\/p>\n
(0.01) <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
0.11 <\/p>\n
<\/p>\n
0.02 <\/p>\n
<\/p>\n
NM <\/p>\n
CASM-ex (Non-GAAP)\u00a0 <\/p>\n
<\/p>\n
12.15 <\/p>\n
<\/p>\n
12.26 <\/p>\n
<\/p>\n
(0.9) <\/p>\n
<\/p>\n
12.53 <\/p>\n
<\/p>\n
12.47 <\/p>\n
<\/p>\n
0.5 <\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
NON-GAAP FINANCIAL INFORMATION (Continued) <\/p>\n
<\/p>\n
\n
<\/p>\n
Three\u00a0Months\u00a0Ended
September 30, <\/p>\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
<\/p>\n
Twelve Months Ended
September 30, <\/p>\n
Adjusted EBITDA and Adjusted EBITDAR (in millions) <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
Net income (GAAP) <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0 949 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0 965 <\/p>\n
<\/p>\n
$ 2,309 <\/p>\n
<\/p>\n
$ 2,164 <\/p>\n
<\/p>\n
$\u00a0 3,295 <\/p>\n
<\/p>\n
$\u00a0 2,764 <\/p>\n
Adjusted for: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Depreciation and amortization <\/p>\n
<\/p>\n
730 <\/p>\n
<\/p>\n
742 <\/p>\n
<\/p>\n
2,191 <\/p>\n
<\/p>\n
2,169 <\/p>\n
<\/p>\n
2,950 <\/p>\n
<\/p>\n
2,853 <\/p>\n
Interest expense, net of capitalized interest and interest income <\/p>\n
<\/p>\n
136 <\/p>\n
<\/p>\n
139 <\/p>\n
<\/p>\n
424 <\/p>\n
<\/p>\n
532 <\/p>\n
<\/p>\n
569 <\/p>\n
<\/p>\n
755 <\/p>\n
Income tax expense <\/p>\n
<\/p>\n
306 <\/p>\n
<\/p>\n
321 <\/p>\n
<\/p>\n
672 <\/p>\n
<\/p>\n
697 <\/p>\n
<\/p>\n
994 <\/p>\n
<\/p>\n
868 <\/p>\n
Special charges (credits) <\/p>\n
<\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
<\/p>\n
335 <\/p>\n
<\/p>\n
91 <\/p>\n
Nonoperating unrealized losses on investments, net <\/p>\n
<\/p>\n
13 <\/p>\n
<\/p>\n
90 <\/p>\n
<\/p>\n
8 <\/p>\n
<\/p>\n
160 <\/p>\n
<\/p>\n
47 <\/p>\n
<\/p>\n
187 <\/p>\n
Nonoperating debt extinguishment and modification fees <\/p>\n
<\/p>\n
20 <\/p>\n
<\/p>\n
75 <\/p>\n
<\/p>\n
20 <\/p>\n
<\/p>\n
110 <\/p>\n
<\/p>\n
39 <\/p>\n
<\/p>\n
110 <\/p>\n
Adjusted EBITDA (non-GAAP) <\/p>\n
<\/p>\n
$ 2,081 <\/p>\n
<\/p>\n
$ 2,327 <\/p>\n
<\/p>\n
$ 5,890 <\/p>\n
<\/p>\n
$ 5,876 <\/p>\n
<\/p>\n
$\u00a0 8,229 <\/p>\n
<\/p>\n
$\u00a0 7,628 <\/p>\n
Adjusted EBITDA margin (non-GAAP) <\/p>\n
<\/p>\n
13.7\u00a0% <\/p>\n
<\/p>\n
15.7\u00a0% <\/p>\n
<\/p>\n
13.5\u00a0% <\/p>\n
<\/p>\n
13.9\u00a0% <\/p>\n
<\/p>\n
14.1\u00a0% <\/p>\n
<\/p>\n
13.6\u00a0% <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Adjusted EBITDA (non-GAAP) <\/p>\n
<\/p>\n
$ 2,081 <\/p>\n
<\/p>\n
$ 2,327 <\/p>\n
<\/p>\n
$ 5,890 <\/p>\n
<\/p>\n
$ 5,876 <\/p>\n
<\/p>\n
$\u00a0 8,229 <\/p>\n
<\/p>\n
$\u00a0 7,628 <\/p>\n
Fixed portion of operating lease expense <\/p>\n
<\/p>\n
221 <\/p>\n
<\/p>\n
232 <\/p>\n
<\/p>\n
654 <\/p>\n
<\/p>\n
644 <\/p>\n
<\/p>\n
866 <\/p>\n
<\/p>\n
873 <\/p>\n
Adjusted EBITDAR (non-GAAP) (a) <\/p>\n
<\/p>\n
$ 2,302 <\/p>\n
<\/p>\n
$ 2,559 <\/p>\n
<\/p>\n
$ 6,545 <\/p>\n
<\/p>\n
$ 6,520 <\/p>\n
<\/p>\n
$\u00a0 9,095 <\/p>\n
<\/p>\n
$\u00a0 8,501 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
(a) The prior period has been recast to conform to current period presentation. <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
<\/p>\n
Three\u00a0Months\u00a0Ended
September 30, <\/p>\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
Adjusted Capital Expenditures (in millions) <\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
Capital expenditures, net of flight equipment purchase deposit returns
(GAAP) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,464 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,410 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,984 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,940 <\/p>\n
Property and equipment acquired through the issuance or
modification of debt, finance leases and other financial liabilities <\/p>\n
\u2014 <\/p>\n
<\/p>\n
48 <\/p>\n
<\/p>\n
(52) <\/p>\n
<\/p>\n
(156) <\/p>\n
Operating leases converted to finance leases <\/p>\n
417 <\/p>\n
<\/p>\n
52 <\/p>\n
<\/p>\n
417 <\/p>\n
<\/p>\n
96 <\/p>\n
Adjusted capital expenditures (Non-GAAP) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,881 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,510 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,349 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,880 <\/p>\n
\n
<\/p>\n
Three Months Ended
September 30, <\/p>\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
<\/p>\n
Twelve Months Ended
September 30, <\/p>\n
Free Cash Flow (in millions) (a) <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
Net cash provided by operating activities (GAAP) <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 1,218 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 1,498 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 7,145 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 7,221 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 9,370 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 6,311 <\/p>\n
Net cash provided by (used in) investing activities (GAAP) <\/p>\n
<\/p>\n
(1,743) <\/p>\n
<\/p>\n
(2,511) <\/p>\n
<\/p>\n
(4,785) <\/p>\n
<\/p>\n
(936) <\/p>\n
<\/p>\n
(6,500) <\/p>\n
<\/p>\n
(1,679) <\/p>\n
Adjusted for: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Net change in short-term investments <\/p>\n
<\/p>\n
337 <\/p>\n
<\/p>\n
968 <\/p>\n
<\/p>\n
893 <\/p>\n
<\/p>\n
(2,977) <\/p>\n
<\/p>\n
1,247 <\/p>\n
<\/p>\n
(4,255) <\/p>\n
Net change in restricted cash <\/p>\n
<\/p>\n
35 <\/p>\n
<\/p>\n
35 <\/p>\n
<\/p>\n
36 <\/p>\n
<\/p>\n
61 <\/p>\n
<\/p>\n
74 <\/p>\n
<\/p>\n
416 <\/p>\n
Free cash flow (Non-GAAP) <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (153) <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (10) <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 3,289 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 3,369 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 4,191 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 793 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
(a) The prior period has been recast to conform to current period presentation. <\/p>\n
\n
<\/p>\n
September 30, <\/p>\n
<\/p>\n
\u00a0 <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
Adjusted Total Debt, Adjusted Net Debt and Net Leverage (in millions) <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
Debt, finance lease obligations and other financial liabilities – current and noncurrent (GAAP) <\/p>\n
<\/p>\n
$ 25,428 <\/p>\n
<\/p>\n
$ 28,436 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 (3,008) <\/p>\n
<\/p>\n
Operating lease obligations – current and noncurrent <\/p>\n
<\/p>\n
5,894 <\/p>\n
<\/p>\n
4,923 <\/p>\n
<\/p>\n
971 <\/p>\n
<\/p>\n
Pension and postretirement liabilities – noncurrent <\/p>\n
<\/p>\n
974 <\/p>\n
<\/p>\n
1,624 <\/p>\n
<\/p>\n
(650) <\/p>\n
<\/p>\n
Adjusted total debt (Non-GAAP) <\/p>\n
<\/p>\n
$ 32,296 <\/p>\n
<\/p>\n
$ 34,983 <\/p>\n
<\/p>\n
(2,687) <\/p>\n
<\/p>\n
Less: Cash and cash equivalents <\/p>\n
<\/p>\n
$\u00a0\u00a0 6,730 <\/p>\n
<\/p>\n
$\u00a0\u00a0 8,812 <\/p>\n
<\/p>\n
(2,082) <\/p>\n
<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Short-term investments <\/p>\n
<\/p>\n
6,599 <\/p>\n
<\/p>\n
5,352 <\/p>\n
<\/p>\n
1,247 <\/p>\n
<\/p>\n
Adjusted net debt (Non-GAAP) <\/p>\n
<\/p>\n
$ 18,967 <\/p>\n
<\/p>\n
$ 20,819 <\/p>\n
<\/p>\n
(1,852) <\/p>\n
<\/p>\n
Net leverage (Non-GAAP) (a) <\/p>\n
<\/p>\n
2.1 <\/p>\n
<\/p>\n
2.4 <\/p>\n
<\/p>\n
(0.3) <\/p>\n
pts. <\/p>\n
(a) The prior period has been recast to conform to current period presentation. <\/p>\n
\n
\n
\n
\n
\n
<\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
NON-GAAP FINANCIAL INFORMATION (Continued) <\/p>\n
<\/p>\n
<\/p>\n
Three\u00a0Months\u00a0Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
<\/p>\n
% <\/p>\n
Increase\/ <\/p>\n
(Decrease) <\/p>\n
<\/p>\n
(in millions, except for percentage changes and per share data) <\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
\n
\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
\n
<\/p>\n
Operating expenses (GAAP) <\/p>\n
$ 13,830 <\/p>\n
<\/p>\n
$ 13,278 <\/p>\n
<\/p>\n
4.2 <\/p>\n
\n
<\/p>\n
$ 40,345 <\/p>\n
<\/p>\n
$ 38,775 <\/p>\n
<\/p>\n
4.1 <\/p>\n
<\/p>\n
Special charges (credits) <\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Operating expenses, excluding special charges <\/p>\n
13,903 <\/p>\n
<\/p>\n
13,283 <\/p>\n
<\/p>\n
4.7 <\/p>\n
\n
<\/p>\n
40,079 <\/p>\n
<\/p>\n
38,731 <\/p>\n
<\/p>\n
3.5 <\/p>\n
<\/p>\n
Adjusted to exclude: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Fuel expense <\/p>\n
2,997 <\/p>\n
<\/p>\n
2,993 <\/p>\n
<\/p>\n
0.1 <\/p>\n
\n
<\/p>\n
8,473 <\/p>\n
<\/p>\n
9,080 <\/p>\n
<\/p>\n
(6.7) <\/p>\n
<\/p>\n
Profit sharing <\/p>\n
228 <\/p>\n
<\/p>\n
231 <\/p>\n
<\/p>\n
(1.2) <\/p>\n
\n
<\/p>\n
459 <\/p>\n
<\/p>\n
419 <\/p>\n
<\/p>\n
9.7 <\/p>\n
<\/p>\n
Third-party business expenses <\/p>\n
59 <\/p>\n
<\/p>\n
61 <\/p>\n
<\/p>\n
(3.2) <\/p>\n
\n
<\/p>\n
200 <\/p>\n
<\/p>\n
183 <\/p>\n
<\/p>\n
9.1 <\/p>\n
<\/p>\n
Adjusted operating expenses (Non-GAAP) <\/p>\n
$ 10,619 <\/p>\n
<\/p>\n
$\u00a0\u00a0 9,998 <\/p>\n
<\/p>\n
6.2 <\/p>\n
\n
<\/p>\n
$ 30,947 <\/p>\n
<\/p>\n
$ 29,049 <\/p>\n
<\/p>\n
6.5 <\/p>\n
<\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Operating income (GAAP) <\/p>\n
$\u00a0\u00a0 1,395 <\/p>\n
<\/p>\n
$\u00a0\u00a0 1,565 <\/p>\n
<\/p>\n
(10.8) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0 3,328 <\/p>\n
<\/p>\n
$\u00a0\u00a0 3,593 <\/p>\n
<\/p>\n
(7.4) <\/p>\n
<\/p>\n
Special charges (credits) <\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Adjusted operating income (Non-GAAP) <\/p>\n
$\u00a0\u00a0 1,322 <\/p>\n
<\/p>\n
$\u00a0\u00a0 1,560 <\/p>\n
<\/p>\n
(15.2) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0 3,594 <\/p>\n
<\/p>\n
$\u00a0\u00a0 3,637 <\/p>\n
<\/p>\n
(1.2) <\/p>\n
<\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Operating margin <\/p>\n
9.2\u00a0% <\/p>\n
<\/p>\n
10.5\u00a0% <\/p>\n
<\/p>\n
(1.4) <\/p>\n
pts. <\/p>\n
<\/p>\n
7.6\u00a0% <\/p>\n
<\/p>\n
8.5\u00a0% <\/p>\n
<\/p>\n
(0.9) <\/p>\n
pts. <\/p>\n
Adjusted operating margin (Non-GAAP) <\/p>\n
8.7\u00a0% <\/p>\n
<\/p>\n
10.5\u00a0% <\/p>\n
<\/p>\n
(1.8) <\/p>\n
pts. <\/p>\n
<\/p>\n
8.2\u00a0% <\/p>\n
<\/p>\n
8.6\u00a0% <\/p>\n
<\/p>\n
(0.4) <\/p>\n
pts. <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Pre-tax income (GAAP) <\/p>\n
$\u00a0\u00a0 1,255 <\/p>\n
<\/p>\n
$\u00a0\u00a0 1,286 <\/p>\n
<\/p>\n
(2.4) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0 2,981 <\/p>\n
<\/p>\n
$\u00a0\u00a0 2,861 <\/p>\n
<\/p>\n
4.2 <\/p>\n
<\/p>\n
Adjusted to exclude: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Special charges (credits) <\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Unrealized losses on investments, net <\/p>\n
13 <\/p>\n
<\/p>\n
90 <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
8 <\/p>\n
<\/p>\n
160 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Debt extinguishment and modification fees <\/p>\n
20 <\/p>\n
<\/p>\n
75 <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
20 <\/p>\n
<\/p>\n
110 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Adjusted pre-tax income (Non-GAAP) <\/p>\n
$\u00a0\u00a0 1,215 <\/p>\n
<\/p>\n
$\u00a0\u00a0 1,446 <\/p>\n
<\/p>\n
(16.0) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0 3,276 <\/p>\n
<\/p>\n
$\u00a0\u00a0 3,175 <\/p>\n
<\/p>\n
3.2 <\/p>\n
<\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Pre-tax margin (GAAP) <\/p>\n
8.2\u00a0% <\/p>\n
<\/p>\n
8.7\u00a0% <\/p>\n
<\/p>\n
(0.4) <\/p>\n
pts. <\/p>\n
<\/p>\n
6.8\u00a0% <\/p>\n
<\/p>\n
6.8\u00a0% <\/p>\n
<\/p>\n
\u2014 <\/p>\n
pts. <\/p>\n
Adjusted pre-tax margin (Non-GAAP) <\/p>\n
8.0\u00a0% <\/p>\n
<\/p>\n
9.7\u00a0% <\/p>\n
<\/p>\n
(1.8) <\/p>\n
pts. <\/p>\n
<\/p>\n
7.5\u00a0% <\/p>\n
<\/p>\n
7.5\u00a0% <\/p>\n
<\/p>\n
\u2014 <\/p>\n
pts. <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
\u00a0Net income (GAAP) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 949 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 965 <\/p>\n
<\/p>\n
(1.7) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0 2,309 <\/p>\n
<\/p>\n
$\u00a0\u00a0 2,164 <\/p>\n
<\/p>\n
6.7 <\/p>\n
<\/p>\n
Adjusted to exclude: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Special charges (credits) <\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Unrealized losses on investments, net <\/p>\n
13 <\/p>\n
<\/p>\n
90 <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
8 <\/p>\n
<\/p>\n
160 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Debt extinguishment and modification fees <\/p>\n
20 <\/p>\n
<\/p>\n
75 <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
20 <\/p>\n
<\/p>\n
110 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Income tax benefit on adjustments, net <\/p>\n
\u2014 <\/p>\n
<\/p>\n
(15) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
(127) <\/p>\n
<\/p>\n
(34) <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Adjusted net income (Non-GAAP) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0 909 <\/p>\n
<\/p>\n
$\u00a0\u00a0 1,110 <\/p>\n
<\/p>\n
(18.1) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0 2,477 <\/p>\n
<\/p>\n
$\u00a0\u00a0 2,444 <\/p>\n
<\/p>\n
1.4 <\/p>\n
<\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
\u00a0Diluted earnings per share (GAAP) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0 2.90 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0 2.90 <\/p>\n
<\/p>\n
\u2014 <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0 7.02 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0 6.49 <\/p>\n
<\/p>\n
8.2 <\/p>\n
<\/p>\n
Adjusted to exclude: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Special charges (credits) <\/p>\n
(0.22) <\/p>\n
<\/p>\n
(0.01) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
0.81 <\/p>\n
<\/p>\n
0.13 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Unrealized losses on investments, net <\/p>\n
0.04 <\/p>\n
<\/p>\n
0.27 <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
0.03 <\/p>\n
<\/p>\n
0.48 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Debt extinguishment and modification fees <\/p>\n
0.06 <\/p>\n
<\/p>\n
0.22 <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
0.06 <\/p>\n
<\/p>\n
0.33 <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Income tax benefit on adjustments, net\u00a0 <\/p>\n
\u2014 <\/p>\n
<\/p>\n
(0.05) <\/p>\n
<\/p>\n
NM <\/p>\n
\n
<\/p>\n
(0.39) <\/p>\n
<\/p>\n
(0.10) <\/p>\n
<\/p>\n
NM <\/p>\n
<\/p>\n
Adjusted diluted earnings per share (Non-GAAP) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0 2.78 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0 3.33 <\/p>\n
<\/p>\n
(16.5) <\/p>\n
\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0 7.53 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0 7.33 <\/p>\n
<\/p>\n
2.7 <\/p>\n
<\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
CONDENSED CONSOLIDATED BALANCE SHEETS <\/p>\n
\u00a0<\/p>\n
<\/p>\n
\u00a0(in millions) <\/p>\n
September 30, 2025
(UNAUDITED) <\/p>\n
<\/p>\n
December 31, 2024 <\/p>\n
ASSETS <\/p>\n
\n
\n
<\/p>\n
Cash and cash equivalents <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,730 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,769 <\/p>\n
Short-term investments <\/p>\n
6,599 <\/p>\n
<\/p>\n
5,706 <\/p>\n
Receivables, net <\/p>\n
2,433 <\/p>\n
<\/p>\n
2,163 <\/p>\n
Aircraft fuel, spare parts and supplies, net <\/p>\n
1,588 <\/p>\n
<\/p>\n
1,572 <\/p>\n
Prepaid expenses and other <\/p>\n
744 <\/p>\n
<\/p>\n
673 <\/p>\n
Total current assets <\/p>\n
18,094 <\/p>\n
<\/p>\n
18,883 <\/p>\n
Operating property and equipment, net <\/p>\n
44,968 <\/p>\n
<\/p>\n
42,908 <\/p>\n
Operating lease right-of-use assets <\/p>\n
4,821 <\/p>\n
<\/p>\n
3,815 <\/p>\n
Goodwill <\/p>\n
4,527 <\/p>\n
<\/p>\n
4,527 <\/p>\n
Intangible assets, net <\/p>\n
2,662 <\/p>\n
<\/p>\n
2,683 <\/p>\n
Investments in affiliates and other, net <\/p>\n
1,242 <\/p>\n
<\/p>\n
1,267 <\/p>\n
Total noncurrent assets <\/p>\n
58,219 <\/p>\n
<\/p>\n
55,200 <\/p>\n
Total assets <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76,313 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 74,083 <\/p>\n
\n
\n
\n
<\/p>\n
LIABILITIES AND STOCKHOLDERS’ EQUITY <\/p>\n
\n
\n
<\/p>\n
Accounts payable <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,636 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,193 <\/p>\n
Accrued salaries and benefits <\/p>\n
3,555 <\/p>\n
<\/p>\n
3,289 <\/p>\n
Advance ticket sales <\/p>\n
9,338 <\/p>\n
<\/p>\n
7,561 <\/p>\n
Frequent flyer deferred revenue <\/p>\n
3,642 <\/p>\n
<\/p>\n
3,403 <\/p>\n
Current maturities of long-term debt, finance leases, and other financial liabilities <\/p>\n
4,621 <\/p>\n
<\/p>\n
3,453 <\/p>\n
Current maturities of operating leases <\/p>\n
563 <\/p>\n
<\/p>\n
467 <\/p>\n
Other <\/p>\n
763 <\/p>\n
<\/p>\n
948 <\/p>\n
Total current liabilities <\/p>\n
27,119 <\/p>\n
<\/p>\n
23,314 <\/p>\n
Long-term debt, finance leases, and other financial liabilities <\/p>\n
20,807 <\/p>\n
<\/p>\n
25,203 <\/p>\n
Long-term obligations under operating leases <\/p>\n
5,331 <\/p>\n
<\/p>\n
4,510 <\/p>\n
Frequent flyer deferred revenue <\/p>\n
4,060 <\/p>\n
<\/p>\n
4,038 <\/p>\n
Pension and postretirement benefit liability <\/p>\n
974 <\/p>\n
<\/p>\n
1,233 <\/p>\n
Deferred income taxes <\/p>\n
2,206 <\/p>\n
<\/p>\n
1,580 <\/p>\n
Other <\/p>\n
1,508 <\/p>\n
<\/p>\n
1,530 <\/p>\n
Total noncurrent liabilities <\/p>\n
34,886 <\/p>\n
<\/p>\n
38,094 <\/p>\n
Total stockholders’ equity <\/p>\n
14,309 <\/p>\n
<\/p>\n
12,675 <\/p>\n
Total liabilities and stockholders’ equity <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76,313 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 74,083 <\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) <\/p>\n
\u00a0<\/p>\n
<\/p>\n
\u00a0(in millions) <\/p>\n
Nine Months Ended September 30, <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
Operating Activities: <\/p>\n
\n
\n
<\/p>\n
Net cash provided by operating activities <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,145 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,221 <\/p>\n
\n
\n
\n
<\/p>\n
Investing Activities: <\/p>\n
\n
\n
<\/p>\n
Capital expenditures, net of flight equipment purchase deposit returns <\/p>\n
(3,984) <\/p>\n
<\/p>\n
(3,940) <\/p>\n
Purchases of short-term and other investments <\/p>\n
(6,454) <\/p>\n
<\/p>\n
(4,057) <\/p>\n
Proceeds from sale of short-term and other investments <\/p>\n
5,654 <\/p>\n
<\/p>\n
7,206 <\/p>\n
Proceeds from sale of property and equipment <\/p>\n
63 <\/p>\n
<\/p>\n
66 <\/p>\n
Other, net <\/p>\n
(64) <\/p>\n
<\/p>\n
(211) <\/p>\n
Net cash used in investing activities <\/p>\n
(4,785) <\/p>\n
<\/p>\n
(936) <\/p>\n
\n
\n
\n
<\/p>\n
Financing Activities: <\/p>\n
\n
\n
<\/p>\n
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees <\/p>\n
485 <\/p>\n
<\/p>\n
5,302 <\/p>\n
Payments of long-term debt, finance leases and other financial liabilities <\/p>\n
(4,196) <\/p>\n
<\/p>\n
(8,792) <\/p>\n
Repurchases of common stock <\/p>\n
(610) <\/p>\n
<\/p>\n
(82) <\/p>\n
Other, net <\/p>\n
(114) <\/p>\n
<\/p>\n
(19) <\/p>\n
Net cash used in financing activities <\/p>\n
(4,436) <\/p>\n
<\/p>\n
(3,591) <\/p>\n
Net increase (decrease) in cash, cash equivalents and restricted cash <\/p>\n
(2,075) <\/p>\n
<\/p>\n
2,694 <\/p>\n
Cash, cash equivalents and restricted cash at beginning of the period <\/p>\n
8,946 <\/p>\n
<\/p>\n
6,334 <\/p>\n
Cash, cash equivalents and restricted cash at end of the period (a) <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,871 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,028 <\/p>\n
\n
\n
\n
<\/p>\n
Investing and Financing Activities Not Affecting Cash: <\/p>\n
\n
\n
<\/p>\n
Right-of-use assets acquired or modified through operating leases <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,382 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 395 <\/p>\n
Property and equipment acquired through the issuance or modification of debt, finance leases and
other financial liabilities <\/p>\n
(52) <\/p>\n
<\/p>\n
(156) <\/p>\n
Operating leases converted to finance leases <\/p>\n
417 <\/p>\n
<\/p>\n
96 <\/p>\n
Investment interests received in exchange for loans, goods and services <\/p>\n
16 <\/p>\n
<\/p>\n
19 <\/p>\n
(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets: <\/p>\n
Cash and cash equivalents <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,730 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,812 <\/p>\n
Restricted cash in Prepaid expenses and other <\/p>\n
\u2014 <\/p>\n
<\/p>\n
36 <\/p>\n
Restricted cash in Investments in affiliates and other, net <\/p>\n
141 <\/p>\n
<\/p>\n
180 <\/p>\n
Total cash, cash equivalents and restricted cash <\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,871 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,028 <\/p>\n
UNITED AIRLINES HOLDINGS, INC. <\/p>\n
NOTES (UNAUDITED) <\/p>\n
<\/p>\n
\u00a0Special charges (credits) and unrealized losses on investments, net include the following: <\/p>\n
<\/p>\n
\n
<\/p>\n
Three\u00a0Months\u00a0Ended
September 30, <\/p>\n
<\/p>\n
Nine Months Ended
September 30, <\/p>\n
(in millions) <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
Operating: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Labor contract ratification bonuses <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 561 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014 <\/p>\n
(Gains) losses on sale of assets and other special charges <\/p>\n
<\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
(295) <\/p>\n
<\/p>\n
44 <\/p>\n
Total operating special charges (credits) <\/p>\n
<\/p>\n
(73) <\/p>\n
<\/p>\n
(5) <\/p>\n
<\/p>\n
266 <\/p>\n
<\/p>\n
44 <\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Nonoperating: <\/p>\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
Nonoperating unrealized losses on investments, net <\/p>\n
<\/p>\n
13 <\/p>\n
<\/p>\n
90 <\/p>\n
<\/p>\n
8 <\/p>\n
<\/p>\n
160 <\/p>\n
Nonoperating debt extinguishment and modification fees <\/p>\n
<\/p>\n
20 <\/p>\n
<\/p>\n
75 <\/p>\n
<\/p>\n
20 <\/p>\n
<\/p>\n
110 <\/p>\n
\u00a0\u00a0\u00a0\u00a0 Total nonoperating special charges and unrealized losses on investments, net <\/p>\n
<\/p>\n
33 <\/p>\n
<\/p>\n
165 <\/p>\n
<\/p>\n
28 <\/p>\n
<\/p>\n
270 <\/p>\n
Total operating and nonoperating special charges (credits) and unrealized losses on
investments, net <\/p>\n
<\/p>\n
(40) <\/p>\n
<\/p>\n
160 <\/p>\n
<\/p>\n
295 <\/p>\n
<\/p>\n
314 <\/p>\n
Income tax benefit, net of valuation allowance <\/p>\n
<\/p>\n
\u2014 <\/p>\n
<\/p>\n
(15) <\/p>\n
<\/p>\n
(127) <\/p>\n
<\/p>\n
(34) <\/p>\n
\u00a0\u00a0\u00a0 Total operating and nonoperating special charges (credits) and unrealized losses on
investments, net of income taxes <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (40) <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 145 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 168 <\/p>\n
<\/p>\n
$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 280 <\/p>\n
Operating and nonoperating special charges (credits) and unrealized losses on investments included the following:<\/p>\n
During the three and nine months ended September 30, 2025, the company recorded $73 million and $295 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $75 million and $336 million, respectively, of gains on various aircraft sale-leaseback transactions.<\/p>\n
During the nine months ended September 30, 2025, the company also recorded a $561 million special charge in connection with a labor contract ratification bonus for the company’s employees represented by the Association of Flight Attendants.<\/p>\n
Effective tax rate: <\/p>\n
The company’s effective tax rates were as follows:<\/p>\n
<\/p>\n
Three\u00a0Months\u00a0Ended September
30, <\/p>\n
<\/p>\n
Nine Months Ended September
30, <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
<\/p>\n
2025 <\/p>\n
<\/p>\n
2024 <\/p>\n
Effective tax rate <\/p>\n
24.4\u00a0% <\/p>\n
<\/p>\n
25.0\u00a0% <\/p>\n
<\/p>\n
22.5\u00a0% <\/p>\n
<\/p>\n
24.4\u00a0% <\/p>\n
The provision for income taxes is based on the estimated annual effective tax rate, which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items. The decrease in the effective tax rate in the three and nine months ended September 30, 2025, as compared to the same period in 2024, was primarily due to a release of valuation allowance related to realized capital gains.<\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
1 <\/p>\n
For additional information about the non-GAAP financial measures used in this press release, see “Non-GAAP Financial Information” below. <\/p>\n
2 <\/p>\n
Adjusted diluted earnings per share is a non-GAAP financial measure that excludes operating and non-operating special charges and unrealized (gains) losses on investments, net and income tax benefit on adjustments, net. We are not providing a target for or a reconciliation to diluted earnings per share, the most directly comparable GAAP measure, because we are unable to predict the excluded items noted above contained in the GAAP measure without unreasonable efforts, and therefore we also are not able to determine the probable significance of such items. For additional information about United’s adjusted diluted earnings per share guidance, please refer to the Investor Update issued in connection with this quarterly earnings announcement. <\/p>\n
3 <\/p>\n
Excluding years impacted by the COVID-19 pandemic \u2013 2020 and 2021. <\/p>\n
4 <\/p>\n
Includes cash, cash equivalents, short-term investments and undrawn credit facilities. <\/p>\n
5 <\/p>\n
Effective January 1, 2025, we define Adjusted EBITDAR, which is included in the calculation of net leverage on a trailing twelve month basis, to include an additional adjustment for the fixed portion of operating lease expense, instead of solely aircraft rent as was the case historically. For additional information about the non-GAAP financial measures used in this press release, including net leverage and Adjusted EBITDAR, see “Non-GAAP Financial Information” below. <\/p>\n
\n
<\/p>\n
SOURCE United Airlines<\/p>\n
![\"\"](\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CG99032&Transmission_Id=202510151600PR_NEWS_USPR_____CG99032&DateId=20251015\")
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