Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
UAL delivered FY2025 revenue of $59.1B (+3.5% YoY) and net income of $3.35B (+6.5% YoY), but operating margin contracted ~1 percentage point to 7.98% amid higher costs and a significant ramp-up in capital investment.
Revenue
$59.07B
+3.52% YoY
EPS (Diluted)
$10.20
+7.94% YoY
Operating Income
$4.71B
-7.52% YoY
Source: SEC XBRL
United Airlines Holdings (UAL) reported FY2025 revenue of $59.07B, up 3.5% year over year. Operating margin was 8.0%, down 0.9 points from 8.9% a year earlier. Operating cash flow was $8.43B, down 10.7% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.99 | 1.89 | Beat +5.0% |
| Mar 2026 | 1.19 | 1.08 | Beat +10.0% |
| Dec 2025This filing | 3.10 | 2.97 | Beat +4.5% |
| Sep 2025 | 2.78 | 2.66 | Beat +4.6% |
Reported EPS of $3.10 versus the $2.97 analyst consensus — a +4.5% beat for Dec 2025.
Compiled by AI from this SEC filing
Total revenue grew 3.5% YoY to $59.1B in FY2025, reflecting sustained passenger demand across United's network. This top-line expansion supported a 6.5% increase in net income to $3.35B despite margin headwinds.
Source: 10-K Income Statement (XBRL Financial Data)
Operating income declined 7.5% YoY to $4.71B, causing operating margin to contract from 8.93% to 7.98%. This suggests cost growth outpaced revenue growth, likely driven by labor, fuel, or maintenance expenses.
Source: 10-K Income Statement (XBRL Financial Data)
Investing cash outflows surged to -$6.35B from -$2.65B in the prior year, a 139.5% increase, signaling a major fleet renewal or infrastructure investment program underway in FY2025.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Long-term debt fell 20.8% YoY to $17.17B from $21.68B, reflecting continued deleveraging efforts that strengthened the balance sheet and contributed to a 20.6% increase in stockholders' equity to $15.28B.
Source: 10-K Balance Sheet (XBRL Financial Data)
Share buybacks increased dramatically by 293.2% YoY to $637M, indicating management's growing confidence in the business and commitment to returning capital to shareholders alongside debt reduction.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
Cash and equivalents dropped 32.2% YoY to $5.94B while investing outflows nearly tripled to $6.35B. The current ratio stands at a concerning 0.645, meaning current liabilities of $26.1B significantly exceed current assets of $16.9B, which could strain near-term liquidity if cash generation slows.
Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Operating margin compressed approximately 95 basis points to 7.98% in FY2025 despite revenue growth of 3.5%. If cost pressures — such as labor contracts, fuel prices, or maintenance — continue to outpace revenue growth, profitability could erode further.
Source: 10-K Income Statement (XBRL Financial Data)
Despite meaningful debt reduction, long-term debt of $17.17B remains substantial relative to total assets of $76.4B and stockholders' equity of $15.28B. Airlines are capital-intensive businesses, and any revenue shock could stress debt service capacity.
Source: 10-K Balance Sheet (XBRL Financial Data)
With operating cash flow of $8.43B and investing outflows of $6.35B, free cash flow is under pressure. The 139.5% surge in capital expenditures suggests a multi-year investment cycle that may limit financial flexibility and require external financing if operations weaken.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Operating cash flow declined 10.7% YoY to $8.43B from $9.45B, even as net income rose 6.5%. This divergence may reflect working capital changes or non-cash adjustments that warrant monitoring for sustainability of cash generation.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 59.07 $B | 57.06 $B | +3.52% |
Operating Income $B | 4.71 $B | 5.10 $B | -7.52% |
Net Income $B | 3.35 $B | 3.15 $B | +6.48% |
EPS (Basic) $ | 10.32 $ | 9.58 $ | +7.72% |
EPS (Diluted) $ | 10.20 $ | 9.45 $ | +7.94% |
Answers draw on this SEC filing and the data on this page
United Airlines Holdings grew Q2 FY2026 revenue 16.0% YoY to $17.67B on strong passenger demand and yield gains, but a 79.4% jump in average fuel price drove operating expenses up 19.2%, compressing operating margin to 6.2% and pulling net income down 17.3% to $805M.
United Airlines delivered a strong Q1 2026, with revenue rising 10.6% YoY to $14.6B and net income surging 80.6% to $699M, driven by robust demand and improved operating leverage.
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