UALUnited Airlines Holdings, Inc.
Air Transportation, Scheduled
- Revenue
- $59.1B
- 3.5% YoY
- Operating margin
- 8.0%
- 11% YoY
- EBITDA
- $7.7B
- 4.6% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 2.3×
- $17.9B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear251% of net incomeCash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowClear8% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear5% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B | 3.5% |
| Operating income | −$1.0B | $2.3B | $4.2B | $5.1B | $4.7B | 7.5% |
| Net income | −$2.0B | $737M | $2.6B | $3.1B | $3.4B | 6.5% |
| Operating cash flow | $2.1B | $6.1B | $6.9B | $9.4B | $8.4B | 11% |
| Capex | $2.1B | $4.8B | $7.2B | $5.6B | $5.9B | 4.6% |
| Stock-based comp | $238M | $89M | $80M | $142M | $148M | 4.2% |
| Buybacks | $0 | $0 | $0 | $162M | $637M | 293% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $32M | $46M | 259 | 88 |
| FY2024 | $34M | $97M | 225 | 83 |
| FY2023 | $19M | $23M | 95 | 83 |
| FY2022 | $10M | $10M | 87 | 64 |
| FY2021 | $10M | $11M | 101 | 98 |