United Airlines Holdings (UAL) FY2025 10-K Annual Report

Filed: Feb 12, 2026
Industrials
Air Transportation, ScheduledSEC EDGAR

United Airlines Holdings (UAL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

United Airlines Holdings FY2025 10-K Analysis

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
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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
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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
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United Airlines Holdings FY2025 Key Financial Metrics
XBRL

Revenue

$59.1B

+3.5% YoY

Net Income

$3.4B

+6.5% YoY

Operating Margin

8.0%

-95bp YoY

Net Margin

5.7%

+16bp YoY

ROE

21.9%

-290bp YoY

Total Assets

$76.4B

+3.2% YoY

EPS (Diluted)

$10.20

+7.9% YoY

Operating Cash Flow

$8.4B

-10.7% YoY

Source: XBRL data from United Airlines Holdings FY2025 10-K filing on SEC EDGAR. All figures in USD.

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