United Airlines Holdings, Inc.UAL
NasdaqGS•Industrials•Airlines
United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in the United States, Canada, Atlantic, the Pacific, and Latin America. It transports people and cargo through its mainline and regional fleets. The company also offers ground handling, flight academy, frequent flyer award non-travel redemptions, and maintenance services for third parties. In addition, it provides freight and mail transportation services to commercial businesses, freight forwarders, logistics firms, and national postal services, as well as loyalty programs. The company distributes its products through direct channels, such as the Company's website and the Company's mobile app; and traditional travel agencies, online travel agencies, and other intermediaries. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is based in Chicago, Illinois.
United Airlines Holdings, Inc. (UAL) reported trailing twelve months revenue of $60.47B as of March 2026, a 4.7% increase year-over-year. Quarterly revenue reached $14.61B, reflecting continued top-line momentum.
United Airlines Holdings, Inc. generated $3.67B in TTM net income, with quarterly EBITDA of $1.74B. The operating margin expanded from 4.6% to 6.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (6.8%) and net margin (4.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.9% a year ago, signaling stronger bottom-line efficiency.
UAL trades at a P/E of 7.6x (below the broader market average) and a P/S of 0.5x. The price-to-book ratio of 1.8x reflects a moderate premium to book value.
The company generated $3.13B in free cash flow over the trailing twelve months, a 26.2% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $80.94B in total assets with $21.94B in long-term debt against $15.88B in stockholders equity for a debt-to-equity ratio of 1.4. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.0% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 24.8% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~8.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.9% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 2.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation