United Airlines
Airlines
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | 3Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| PRASM | 16.15 | 16.84 | 15.79 | 17.17 | 16.63 | 16.95 | 16.66 | 15.78 | 16.40 | 15.80 | 16.23 |
| Load Factor | 83.4% | 83.9% | 80.1% | 84.2% | 85.3% | 82.3% | 83.1% | 79.2% | 83.1% | 84.4% | 82.4% |
| Available Seat Miles | 247,858 | 291,333 | 71,668 | 79,668 | 81,541 | 78,298 | 311,185 | 75,155 | 84,347 | 87,417 | 325,217 |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Revenue | $44,955 | $53,717 | $12,539 | $14,986 | $14,843 | $14,695 | $57,063 | $13,213 | $15,236 | $15,225 | $58,369 |
| COGS | 29,308 | 33,250 | 8,463 | 8,813 | 8,947 | 8,711 | 34,934 | 8,460 | 9,014 | 9,333 | 35,518 |
| Gross Profit | 15,647 | 20,467 | 4,076 | 6,173 | 5,896 | 5,984 | 22,129 | 4,753 | 6,222 | 5,892 | 22,851 |
| SG&A | 1,535 | 1,977 | 480 | 626 | 574 | 551 | 2,231 | 496 | 487 | 555 | 2,089 |
| Other Opex | 11,775 | 14,279 | 3,497 | 3,618 | 3,757 | 3,930 | 14,802 | 3,650 | 4,410 | 3,942 | 15,932 |
| Operating Income | 2,337 | 4,211 | 99 | 1,929 | 1,565 | 1,503 | 5,096 | 607 | 1,325 | 1,395 | 4,830 |
| D&A | 2,456 | 2,671 | 708 | 719 | 742 | 759 | 2,928 | 727 | 733 | 730 | 2,949 |
| EBITDA | $4,793 | $6,882 | $807 | $2,648 | $2,307 | $2,262 | $8,024 | $1,334 | $2,058 | $2,125 | $7,779 |
| Adjustments | na | 1,056 | 38 | 56 | 20 | 73 | 187 | -71 | 489 | -44 | 447 |
| Adj. EBITDA | $4,793 | $7,938 | $845 | $2,704 | $2,327 | $2,335 | $8,211 | $1,263 | $2,547 | $2,081 | $8,226 |
| Interest | 1,778 | 1,956 | 454 | 427 | 379 | 369 | 1,629 | 356 | 361 | 331 | 1,417 |
| FREE CASH FLOW | |||||||||||
| Change in NWC | 2,255 | 664 | na | na | na | na | 1,901 | na | na | na | na |
| All Other CFO | 3,811 | 6,247 | na | na | na | na | 7,544 | na | na | na | na |
| CF From Ops | 6,066 | 6,911 | 2,848 | 2,876 | 1,498 | 2,224 | 9,445 | 3,710 | 2,217 | 1,218 | 9,369 |
| Capex | -4,819 | -7,171 | -1,366 | -1,164 | -1,410 | -1,675 | -5,615 | -1,233 | -1,287 | -1,464 | -5,659 |
| Free Cash Flow | 1,247 | -260 | 1,482 | 1,712 | 88 | 549 | 3,830 | 2,477 | 930 | -246 | 3,710 |
| Dividends & Share Repurchases | 0 | 0 | 0 | 0 | -82 | -80 | -162 | -349 | -240 | -21 | -690 |
| Cash Flow | 1,247 | -260 | 1,482 | 1,712 | 6 | 469 | 3,668 | 2,128 | 690 | -267 | 3,020 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Sales Growth | 82.5% | 19.5% | 9.7% | 5.7% | 2.5% | 7.8% | 288.3% | 5.4% | 1.7% | 2.6% | 4.2% |
| Adj. EBITDA Growth | 227.6% | 65.6% | 26.7% | -12.1% | -4.7% | 33.3% | 251.6% | 49.5% | -5.8% | -10.6% | 7.8% |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Gross Margin % | 34.8% | 38.1% | 32.5% | 41.2% | 39.7% | 40.7% | 38.8% | 36.0% | 40.8% | 38.7% | 39.1% |
| Adj. EBITDA Margin % | 10.7% | 14.8% | 6.7% | 18.0% | 15.7% | 15.9% | 14.4% | 9.6% | 16.7% | 13.7% | 14.1% |
| COVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| LTM EBITDA / LTM Interest | 2.7x | 4.1x | 4.2x | 4.2x | 4.4x | 5.0x | 5.0x | 5.6x | 5.8x | 5.6x | 5.8x |
| BALANCE SHEET | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Cash | 7,166 | 6,058 | 8,401 | 10,864 | 8,812 | 8,769 | 8,769 | 9,370 | 9,354 | 13,329 | 13,329 |
| Total Debt | $31,413 | $29,338 | $27,212 | $26,619 | $25,662 | $28,656 | $28,656 | $27,663 | $27,079 | $32,786 | $32,786 |
| LEVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Total Leverage | 6.6x | 3.7x | 3.4x | 3.4x | 3.4x | 3.5x | 3.5x | 3.2x | 3.2x | 2.2x | 3.9x |
| Net Leverage | 5.1x | 2.9x | 2.3x | 2.0x | 2.2x | 2.4x | 2.4x | 2.1x | 2.1x | 1.3x | 2.3x |
Cap Table
As of: 09/30/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| Equipment Notes | $12,983 | — |
| 2026 and 2029 Notes | $4,000 | — |
| 2024 Term Loans | $2,082 | — |
| Total Secured Debt | $19,065 | 2.3x |
| Senior Notes | $315 | — |
| PSP Notes | $3,181 | — |
| Other Unsecured Debt | $376 | — |
| Total Debt | $22,937 | 2.8x |
| Total Traded Bonds | 17,298 | — |
| Total Traded Loans | 2,082 | — |
| Total Traded Debt | 19,380 | — |
Vital Signs
- Leverage: 3.9x
- Free Cash Flow: 3,710
Company Info
Website: https://ir.united.com/
Industry
- Airlines
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD