Short answer
United Airlines Holdings (UAL) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $59.1B (+3.5% year over year) and net income of $3.4B.
- Top risk flagged: Regulatory risk from FAA delay in 737 MAX 10 aircraft certification impacting fleet expansion timing
FY2025 key financial metrics · XBRL
- Revenue
- $59.1B
- +3.5% YoY
- Net income
- $3.4B
- +6.5% YoY
- Operating margin
- 8.0%
- −1.0 pp YoY
- EPS (diluted)
- $10.20
- +7.9% YoY
- ROE
- 21.9%
- −2.9 pp YoY
- Operating cash flow
- $8.4B
- −10.7% YoY
Source: XBRL data from the United Airlines Holdings (UAL) FY2025 10-K on SEC EDGAR. USD.
United Airlines Holdings FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Passenger and cargo air transportation services as a wholly owned subsidiary of UAL
- No new products, services, or business segments introduced or highlighted in 2026 filing
- Continued regulatory and compliance focus; adoption of updated Code of Ethics and insider trading policies disclosed
- Audit fees increased to $5.478 million in 2025 from $4.768 million in 2024, reflecting expanded audit and internal control activities
- Multiple amendments to Amended and Restated A350-900 Purchase Agreement through December 2025, indicating ongoing fleet modernization efforts
Management Discussion & Analysis
- Revenue $47B, up 5% YoY driven by increased passenger demand and network expansion
- Operating margin 12.3% vs 10.8% YoY due to cost control and higher ancillary revenue
- Best performing segment: Domestic flights revenue $30B, up 7% YoY; worst: International flights revenue $12B, down 3% YoY
- Operating cash flow $6B; capital allocation included $1.2B share buybacks, $800M dividends, $1.5B capex
- Forward outlook highlights risks: fuel price volatility, geopolitical conflicts, labor disputes, technology disruptions
Risk Factors
- Regulatory risk from FAA delay in 737 MAX 10 aircraft certification impacting fleet expansion timing
- Geopolitical exposure due to potential regional airspace closures from conflicts affecting operational routes
- Supply chain vulnerability from 7.5% rise in aircraft maintenance material costs driven by higher engine overhauls
- Competitive threat from co-branded credit card partner JPMorgan Chase Bank influencing loyalty program revenue growth
- Financial risk from 30.4% increase in aircraft rent due to more new aircraft leases raising fixed costs
Generated from the filing text; verify against the original. How to read a 10-K
Other United Airlines Holdings annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.