UAL United Airlines Holdings, Inc. - Common Stock

NASDAQ · Airlines · View on SEC EDGAR ↗
$118.24
Price · Aug 19, 2026
Fundamentals as of Jul 16, 2026

About United Airlines Holdings, Inc. - Common Stock Company overview from Wikipedia

United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.

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United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.

The principal figure behind the formation of the airline was William E. Boeing, founder of the Boeing Aircraft Company in 1916. He launched an air service between Victoria, British Columbia, and Seattle and later acquired three additional airlines, completing the merger by 1931 to form United Air Lines. Through successive mergers and acquisitions, United has remained one of the largest airlines in the world for much of its history.

History

Network

Destinations

As of 2026, United Airlines flies (or has flown) to the following destinations. This table does not include destinations served by United's regional subsidiary, United Express.

Hubs

As of March 2025, as part of its hub-and-spoke transport model, United operates eight hubs:

Chicago–O'Hare: United's primary hub and busiest by number of passengers

Denver: United's second-largest hub and mid-continent gateway

Guam: United's smallest hub and mid-pacific gateway

Houston–Intercontinental: United's hub for the South and gateway to Latin America

Los Angeles: United's secondary West Coast hub and transpacific/Latin American gateway

Newark: United's primary hub for the East Coast and transatlantic gateway

San Francisco: United's primary hub for the West Coast and transpacific gateway

Washington–Dulles: United's secondary hub for the East Coast and transatlantic gateway

United Express

Alliance and codeshare agreements

United Airlines is a member of the Star Alliance that has 26 member airlines that operate a combined fleet of over 5,000 aircraft, with more than 19,000 flights, serving more than 1,150 airports with access to over 1,000 lounges in 190 countries.

United has codeshare agreements with the following airlines:

Fleet

Strategy

Cabins

United Polaris

United Polaris is the airline's international business class product. The seats convert into a 6-foot-6-inch (1.98 m) flatbed and include personal storage areas, power outlets and upgraded dining and amenity offerings.

Polaris seats are available on all Boeing 767s and 787s and on internationally configured 757s and 777s. Narrowbody 757 aircraft use a 2–2 layout without direct aisle access from each seat, while widebody aircraft provide aisle access for all passengers.

United has introduced an updated Polaris suite for Boeing 787-9 aircraft, planned to enter service after 2026. The new suites will include sliding doors and larger 4K screens, with the first row featuring "Polaris Studio" seats with additional space and features.

Polaris passengers receive priority check-in and boarding along with access to United Polaris lounges or partner lounges.

United First and United Business

United First is the highest cabin offered on domestically configured aircraft. When these aircraft operate internationally, the cabin is marketed as United Business. Seats on narrowbody aircraft have a 38-inch (970 mm) seat pitch, while domestically configured Boeing 777-200ERs feature fully flat seats in a staggered layout. Amenities include priority services, complimentary alcoholic beverages and meals on longer flights, and dedicated check-in areas.

United introduced a redesigned domestic first-class seat in 2015, initially on Airbus A320 family aircraft, subsequently rolling it out across the mainline fleet.

In 2019, United announced a fleet-wide increase in first and business class seating, including the introduction of the premium-configured CRJ550 and later the CRJ450 regional aircraft.

United's newest narrowbody interiors debuted on the Airbus A321neo in 2023.

United Premium Plus

United Premium Plus is the airline's international premium economy class cabin. It is available on all internationally configured widebody aircraft, featuring recliner seats with increased width, legroom and footrests. Typical layouts are 2–2–2 on Boeing 767s, 2–3–2 on 787s and 2–4–2 on 777s.

United has introduced an revised Premium Plus seat for Boeing 787-9 aircraft, planned to enter service after 2026 that will have privacy dividers and upgraded lighting.

Premium Plus includes enhanced dining, complimentary alcoholic beverages and upgraded bedding and amenities. The product entered service in 2019 after initially being sold as extended-legroom seating during the rollout period.

Economy Plus

Economy Plus seats are located in the forward section of the economy cabin and in exit rows. They offer 5 to 6 inches (130 to 150 mm) of additional pitch and extra recline compared to standard economy seats. All other in-flight amenities are the same as United Economy.

Economy Plus is complimentary for MileagePlus Premier members, with eligibility depending on status tier.

United Economy

United Economy is offered on all aircraft, with a typical 31-inch (790 mm) seat pitch and 2 to 5 inches (51 to 127 mm) of recline. Many aircraft include personal seat-back entertainment systems, while others offer streaming media through onboard Wi-Fi. Some Boeing 737 aircraft are also equipped with DirecTV. Under the United NEXT initiative, all mainline aircraft are planned to have personal touchscreens by 2025.

Food and beverage service varies by route. Domestic and short-haul international flights offer buy-on-board options, while long-haul international flights include complimentary meals. All flights offer free snacks and non-alcoholic beverages, with complimentary beer and wine on long-haul international routes.

Basic Economy

Basic Economy is United's lowest fare type. Passengers receive the same onboard service as standard economy but face restrictions including no advance seat assignment, limited carry-on allowances and reduced eligibility for MileagePlus and Premier benefits.

Reward programs

Frequent flyer programs

MileagePlus is the frequent flyer program for United Airlines. Published MileagePlus Premier tiers are Premier Silver, Premier Gold, Premier Platinum, and Premier 1K. Unpublished tiers include United Global Services and Chairman's Circle.

As United is a Star Alliance member, customers reaching certain qualifications are entitled to certain benefits which may be used across the entirety of the Star Alliance network. Premier Silver customers are given Star Alliance Silver status, while Premier Gold customers and higher are given Star Alliance Gold status.

Airport lounges

United Club is the airline lounge associated with United Airlines and United Express carriers. The United Club replaced the former United Red Carpet Club and Continental Airlines Presidents Club prior to United Airlines' merger with Continental.

Polaris lounges are lounges available exclusively to long-haul travelers in United's Polaris business class cabin, as well as passengers in first and business class on Star Alliance carriers. Amenities include à la carte dining, shower facilities, and sleeping pods.

Corporate affairs

Ownership and structure

United Airlines, Inc. is a publicly traded company under its parent holding company, United Airlines Holdings, Inc., a Delaware corporation listed on Nasdaq under the ticker symbol UAL. As of January 2025, it has a market capitalization exceeding $35 billion. United's operating revenues and operating expenses account for nearly 100% of the holding company's revenues and operating expenses. United's operating revenues and expenses account for nearly all of the holding company's financial activity.

Headquartered in the Willis Tower in Chicago, United ranked No. 83 on the 2025 Fortune 500 list of the largest U.S. corporations by total revenue. Through United Airlines Holdings, the company also holds a 9.9% stake in Mesa Airlines, a regional carrier operating under the United Express brand.

Business trends

The key trends for United Airlines are (as of the end of the calendar year):

Headquarters and other facilities

The headquarters of United Airlines is located in the Willis Tower (formerly the Sears Tower) in Chicago, the building's largest tenant.

In 2007, United moved approximately 350 executives and administrative staff from its Elk Grove campus, in suburban Chicago, to a new headquarters at 77 West Wacker Drive (which was renamed the United Building) in downtown Chicago. The relocation was completed in 2007 after the airline received $5.5 million in city incentives. Following its 2010 merger with Continental Airlines, United announced plans to consolidate its corporate offices in downtown Chicago. The company accepted a $35 million incentive package from the City of Chicago to relocate approximately 2,500 remaining suburban employees to the Willis Tower. United had initially leased approximately 470,000 sq ft (44,000 m2) across 12 floors of the building in 2010 to establish its operations center. On August 13, 2012, the airline announced it would relocate its headquarters from 77 West Wacker to Willis Tower, leasing an additional 200,000 sq ft (19,000 m2) and occupying a total of 20 floors. In 2019, United renewed its lease at Willis Tower through 2033.

The former Elk Grove campus was gradually annexed into Mount Prospect. While most corporate functions were relocated to Chicago, the site continued to house information technology operations, including a 172,000 sq ft (16,000 m2) data center completed in 2013. As of 2021, approximately 100 employees remained at the Mount Prospect facility to operate the data center. In December 2021, the remaining campus buildings were sold to CloudHQ, which subsequently redeveloped portions of the site into data center facilities.

United also maintains a significant corporate presence in downtown Houston, leasing 225,000 sq ft (20,900 m2) of office space in the 609 Main at Texas tower since 2017. At the time of the lease, the airline had approximately 1,600 employees based in Houston. United's Houston operations largely reflect its 2010 merger with Houston-based Continental Airlines.

Corporate identity

Brand image

The pre-merger United logo, commonly nicknamed the "tulip", was developed in the early 1970s by the designer Saul Bass as part of a new brand image.

The logo represented the airline's monogram as well as a modernized version of the airline's shield logo which had been adopted in the 1930s, but fell out of use by the late 1960s. The ribbon-like rendering has also been said to symbolize the motion of flight. In 2010, United announced they would be merging with Continental Airlines and as a result, the combined airline would keep the United name but discontinue using the tulip logo and use the Continental Airlines "globe" identity and livery instead, designed in 1991 by the Lippincott company.

In 2019 United ran Her Art Here, a competition inviting female artists based in the United States to design aircraft liveries. Two winning designs, representing New York and New Jersey and California, were applied to Boeing 757-200s; both aircraft were returned to the standard livery in early 2025.

Marketing themes

United's earliest slogan, "The Main Line Airway", emphasized its signature New York-Chicago-San Francisco route, and was replaced in 1965 with "Fly the Friendly Skies", which was in use until 1996 in its first iteration. The "It's time to fly" slogan was created in 2004. After the merger of United and Continental in October 2010, the slogan changed to "Let's fly together" until September 2013, when United announced a return of the "Fly the Friendly Skies" slogan in an ad campaign to start the following day. The resurrected slogan would be accompanied by the 1924 George Gershwin song "Rhapsody in Blue" as its theme song, and a voiceover provided by Matt Damon.

United had licensed its theme song, "Rhapsody in Blue", from Gershwin's estate for US$500,000 (equivalent to $2,828,947 in 2025) in 1976. "Rhapsody" would have entered the public domain in 2000, but the Copyright Term Extension Act of 1998 extended its copyright another 20 years until January 1, 2020, when it officially entered the public domain. United announced that it would continue to use "Rhapsody in Blue" as its theme song following the merger with Continental.

Environmental initiatives

Because over 98 percent of United's greenhouse gas emissions are from jet fuel, its environmental strategy has focused on operational fuel efficiency initiatives and investments in sustainably produced, low-carbon alternative fuels.

On August 23, 2011, United announced a conversion to paperless flight decks with 11,000 iPads for its pilots. Each iPad, which weighs less than 1.5 pounds (0.68 kg), will replace approximately 38 pounds (17 kg) of paper operating manuals, navigation charts, reference handbooks, flight checklists, logbooks, and weather information. The green benefits include reductions in paper use, printing, and fuel consumption. This shift not only streamlines the flight process but also significantly enhances operational efficiency and safety by ensuring pilots have the most up-to-date information readily available.

On November 7, 2011, United flew the world's first commercial aviation flight on a microbially derived biofuel. The aircraft was fueled with 40 percent Solajet, which is Solazyme's algae-derived renewable jet fuel, and 60 percent petroleum-derived jet fuel. This flight was operated by the Eco-Skies Boeing 737-800 aircraft from IAH to ORD.

On January 15, 2013, Aviation Partners Boeing (APB), a joint venture between Aviation Partners Inc. and Boeing, announced that United had agreed to replace the Blended Winglets on its Boeing 737NG aircraft with APB's Split Scimitar Winglet (SSW), significantly reducing drag. Once the SSWs are installed, it is estimated that APB's winglet technology will save United more than $250 million annually in fuel costs.

On June 30, 2015, United invested $30 million in Fulcrum BioEnergy, an alternative fuel company. Fulcrum's alternative fuel is produced through a clean and efficient thermochemical process and reduces lifecycle carbon emissions by more than 80 percent. As part of its investment, United will work with Fulcrum to develop up to five alternative fuel refineries near its U.S. hubs. These refineries will produce up to 180 million U.S. gallons (680 million liters) of sustainable aviation alternative fuel per year, and United will have the opportunity to purchase at least 90 million U.S. gallons (340 million liters) per year for a minimum of 10 years, making it the largest aviation alternative fuel commitment to date.

On March 11, 2016, United became the first airline in the world to fly on commercial-scale quantities of such fuels on a continuous basis, which were procured from AltAir Fuels. This fuel was produced from sustainable feedstocks such as non-edible natural oils and agricultural wastes and is expected to provide a greater than 60 percent reduction in carbon dioxide emissions on a lifecycle basis when compared to traditional jet fuel. United has agreed to purchase up to 15 million U.S. gallons (57 million liters) of sustainable alternative fuel from AltAir Fuels for use in Los Angeles over a three-year period.

In 2016, United began partnering with Clean the World to repurpose items from the airline's international premium class amenity kits and donate the hygiene products to those in critical need. Clean the World provides hygiene education and soap to promote handwashing, which helps prevent hygiene-related deaths. During the first year of this partnership, United expected to divert 60,000 pounds (27,200 kg) of material that otherwise would have gone to landfills.

In 2017, United started a partnership with Audubon International to protect raptors—including hawks, ospreys and owls—in and around New York-area airports and resettle the birds-of-prey at suitable golf course habitats where the species are more likely to thrive.

In 2022, United expanded its use of sustainable aviation fuel (SAF) overseas, to Amsterdam's Schiphol Airport. It was the first US airline to purchase sustainable jet fuel overseas. United began the use of sustainable fuel at San Francisco International Airport and London Heathrow in 2023, and at Chicago O'Hare and Los Angeles International Airport in 2024.

Employee relations

United Airlines was the first airline to see a successful unionization of flight attendants when the Association of Flight Attendants-CWA (AFA) was founded in 1945 by five United Airlines flight attendants. The AFA has represented flight attendants from United Airlines since. Their contract became amendable in August 2021 and 99.9% of the flight attendants who voted were in favor of authorizing a strike on August 28, 2024.

United Airlines maintenance technicians are represented by the International Brotherhood of Teamsters. Their contract became amendable on December 5, 2024.

The International Association of Machinists and Aerospace Workers (IAM) District 141 represents approximately 34,000 Fleet Service, Passenger Service, Reservations, Stockroom, Central Load Planner, Maintenance Instructor, Fleet Technical Instructor, Emergency Procedures Instructor and Security Officer workers. Their contract became amendable on May 1, 2025.

With over 18,000 members, the United Airlines pilots are the largest pilot group in the world and represented by the Air Line Pilots Association (ALPA). ALPA was founded by United Air Lines Captain David L. Behncke and 23 other key figures in Chicago, Illinois, on July 27, 1931. In the 1930s, flying was a perilous occupation; thus, from the time of its formation to today, one of ALPA's main goals has been to improve air safety. The United pilots' current contract will become amendable on September 30, 2027.

United Aviate Academy

United Aviate Academy is a flight training school owned and operated by United Airlines, located at Phoenix Goodyear Airport in Goodyear, Arizona. It opened in 2022 as the primary training facility for the United Aviate pilot development program.

Students train under Federal Aviation Administration Part 141 standards, progressing through private, instrument, and commercial pilot certificates. Graduates may transition into the broader Aviate pathway toward employment as United first officers. The academy was established in part to address projected pilot shortages and to expand access to pilot careers.

Accidents and incidents

United Airlines has been involved in numerous accidents and incidents since its founding, including Flight 175 and Flight 93 as part of the September 11 attacks, in which roughly 1000 were killed. The deadliest non-terrorism accident was in 1989, when Flight 232 crash-landed at Sioux Gateway Airport, following an uncontained engine failure leading to total loss of flight controls. 112 of the 296 on board were killed.

Controversies and passenger incidents

Flight 976

United Airlines Flight 976 was a regularly scheduled flight from Ministro Pistarini International Airport, Buenos Aires to John F. Kennedy International Airport, New York City on October 19, 1995. Prior to takeoff, an investment banker became disruptive after consuming two glasses of champagne, began threatening crew members and attempted to pour his own drinks, against airline and federal regulations. After takeoff, the banker was served two more glasses of red wine, after which the crew refused to serve him more alcohol due to his apparent intoxication. When his requests for more alcohol were denied, he pushed over a female flight attendant, climbed onto a service trolley, took off his pants and defecated, used linen napkins as toilet paper, wiped his hands on various service counters and tracked feces throughout the aircraft, after which he entered a lavatory and locked himself in.

A request to divert to Luis Muñoz Marín International Airport in San Juan, Puerto Rico, was denied due to the security risks created by the presence of the President of Portugal Mário Soares, Argentinian foreign minister Guido di Tella and their security details on the flight. The disruptive passenger was arrested by the FBI after landing in New York and charged with interfering with a flight crew and threatening a flight attendant. He later pleaded guilty to the latter charge and was fined $5,000 (having previously agreed to reimburse the airline for its cleanup costs and all the other passengers their airfare, which amounted to nearly $50,000) and given two years' probation. The incident was later dubbed the worst ever case of air rage.

United Breaks Guitars

Animal transport

In 2013, after pressure from PETA, United announced that it would no longer transport monkeys to laboratories. United was the last North American passenger airline to transport these animals to laboratories. United flies more animals and has longer flight stage length than any other US airline, and accounted for one third of animal deaths of US airlines between 2012 and 2017.

Effective March 20, 2018, the PetSafe program was suspended with no new reservations for cargo transport of pets accepted. This came after United announced plans to mark pet carriers in the passenger cabin with bright tags and legislation was introduced in the United States House of Representatives and United States Senate banning the placement of pets in overhead compartments. This was in response to a dog death after a passenger placed it in the overhead compartment following flight attendant instructions, but the flight attendant denied knowing that the luggage contained a dog.

Cybersecurity issues

United awarded airline miles as "bug bounties" to hackers who could identify gaps in the carrier's web security. Two hackers have each been rewarded with 1 million miles of air travel as of July 15, 2015. This cybersecurity program was announced a few weeks after the company experienced two software glitches. The first incident delayed 150 United flights on June 2 due to a problem with its flight dispatching system. Six days later, United's reservation system delayed flights by not allowing passengers to check-in. In addition to the "bug bounty" program, United said it tests systems internally and engages cybersecurity firms.

In July 2019, security researcher Sam Jadali exposed a catastrophic data leak known as DataSpii, involving clickstream data provider DDMR and marketing intelligence company Nacho Analytics (NA). NA granted its members access to real-time data, including the ability to observe United Airlines passengers checking into their flights through the United website. The Washington Post highlighted how DataSpii resulted in the dissemination United passenger information including last names and flight confirmation numbers. The disseminated data also enabled the viewing of United customers' current geographic locations as they checked into their flights via the United website. DataSpii harvested data from millions of Chrome and Firefox users through compromised browser extensions, exploiting United's method of embedding personally identifiable information (PII) directly within the URLs. Jadali's investigation revealed that DDMR facilitated rapid dissemination of this data to additional third parties, often within minutes of acquisition, endangering the privacy of the sensitive data collected.

2017 passenger removal

On the evening of April 9, 2017, a passenger was forcibly removed by law enforcement from United Airlines flight 3411 at Chicago-O'Hare, bound for Louisville. United announced that it needed four seats for airline staff on the sold-out flight. When no passengers volunteered after being offered vouchers worth $800, United staff selected four passengers to leave. Three of them did so, but the fourth, a doctor named David Dao, declined as he said that he had patients to treat the following morning. He was pulled from his seat by Chicago Department of Aviation security officers and dragged by his arms down the aisle. Dao sustained a concussion, broken teeth and a broken nose among other injuries. The incident was captured on smartphone cameras and posted on social media, triggering angry public backlash. Afterwards, United's then-chief executive officer, Oscar Munoz, described Dao as "disruptive and belligerent", apologized for "re-accommodating" the paying customers, and defended and praised staff for "following established procedures". He was widely criticized as "tone-deaf". Munoz later issued a second statement calling what happened a "truly horrific event" and accepting "full responsibility" for it. After a lawsuit, Dao reached an undisclosed settlement with United and airport police. In the aftermath, United's board of directors decided that Munoz would not become its chairman and that executive compensation would be tied to customer satisfaction. Following this incident, passenger complaints increased by 70 percent.

Mail-scan fraud

In February 2021, United Airlines was fined $49 million by the United States Department of Justice on charges of fraud on postal service contracts for transportation of international mail. According to investigators, between 2012 and 2015 United submitted delivery scan data to make it appear that United and its partner airlines complied with International Commercial Air requirements with accurate delivery times when in fact they were automated delivery scans with aspirational delivery times. Some employees within United worked to hide this fact from the United States Postal Service.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

UAL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$118.23
Market Cap
$38.38B
P/E (TTM)
11.6
EPS (TTM)
$10.20
Revenue (TTM)
$59.07B
Div Yield
ROE
23.4%
Debt/Equity
1.4
52W Range
$85 – $139

UAL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $59.07B
10-point trend, +61.6%
2016-12-31 2025-12-31
EPS $10.20
10-point trend, +50.9%
2016-12-31 2025-12-31
Free Cash Flow $2.56B
10-point trend, +10.3%
2016-12-31 2025-12-31
Margins 5.7%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
UAL
Peer Median
P/E (TTM)
5-point trend, +252.7%
11.6
20.2
P/S (TTM)
5-point trend, +6.4%
0.6
0.7
P/B
5-point trend, -16.0%
2.5
2.2
EV / EBITDA
5-point trend, -70.3%
6.2
Price / FCF
5-point trend, +104.0%
15.0

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
UAL
Peer Median
Operating Margin
5-point trend, +292.3%
8.0%
Net Profit Margin
5-point trend, +171.3%
5.7%
0.43%
ROA
5-point trend, +244.5%
4.5%
0.34%
ROE
5-point trend, +162.3%
23.4%
6.3%
ROIC
5-point trend, +592.2%
10.0%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
UAL
Peer Median
Debt / Equity
5-point trend, -79.0%
1.4
Current Ratio
5-point trend, -45.9%
0.6
0.5
Quick Ratio
5-point trend, -48.9%
0.6

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
UAL
Peer Median
Revenue YoY
5-point trend, +139.8%
3.5%
Revenue CAGR 3Y
5-point trend, +139.8%
9.5%
Revenue CAGR 5Y
5-point trend, +139.8%
30.9%
EPS YoY
5-point trend, +267.2%
7.9%
Net Income YoY
5-point trend, +270.7%
6.5%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
UAL
Peer Median
EPS (Diluted)
5-point trend, +267.2%
$10.20

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
UAL
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
5Y Div CAGR
Ex-dateAmount
Jan. 7, 2008$2.1500

UAL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 30 analysts
  • Strong Buy 7 23.3%
  • Buy 19 63.3%
  • Hold 4 13.3%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

23 analysts · 2026-08-18
Median target $162.00 +37.0%
Mean target $162.15 +37.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.10%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.99 $1.89 0.10%
March 31, 2026 $1.19 $1.08 0.11%
Dec. 31, 2025 $3.10 $2.97 0.13%
Sept. 30, 2025 $2.78 $2.66 0.12%
June 30, 2025 $3.87 $3.85 0.02%
March 31, 2025 $0.91 $0.76 0.15%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
UAL $36.17B 11.0 3.5% 5.7% 23.4%
DAL $45.80B 9.1 2.8% 7.9% 26.1%
LUV 52.3 2.1%
AAL $10.12B 90.2 0.78% 0.20% -2.9%
JOBY $12.08B -11.7 39183.1% -1740.5% -80.6%
ALK $5.81B 60.6 21.3% 0.70% 2.5%
SKYW $8.46B 9.7 15.0% 10.5% 16.1%
ALGT -34.4 3.7%
JBLU $1.68B -2.7 -2.3% -6.6% -26.6%
ULCC $1.08B -7.8 -1.4% -3.7% -27.5%
RJET $840M 9.8 251.9% 4.5% 11.8%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 14
Annual Income Statement data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +51.8% $59.07B $57.06B $53.72B $44.95B $24.63B $15.36B $43.26B $41.30B $37.78B $36.56B $37.86B $38.90B
Operating Expenses 12-point trend, +48.8% $54.36B $51.97B $49.51B $42.62B $25.66B $21.71B $38.96B $38.07B $34.17B $32.21B $32.70B $36.53B
Operating Income 12-point trend, +98.6% $4.71B $5.10B $4.21B $2.34B $-1.02B $-6.36B $4.30B $3.23B $3.62B $4.34B $5.17B $2.37B
Interest Expense 5-point trend, -8.8% · · · · · · · $670M $626M $674M $669M $735M
Interest Income 12-point trend, +2677.3% $611M $726M $827M $298M $36M $50M $133M $101M $57M $42M $25M $22M
Other Non-op 12-point trend, +124.7% $144M $-53M $96M $8M $40M $-1.33B $-27M $-72M $-100M $-11M $-352M $-584M
Pretax Income 12-point trend, +281.7% $4.31B $4.17B $3.39B $990M $-2.56B $-8.82B $3.91B $2.65B $3.02B $3.77B $4.22B $1.13B
Income Tax 12-point trend, +23925.0% $953M $1.02B $769M $253M $-593M $-1.75B $905M $526M $880M $1.54B $-3.12B $-4M
Net Income 12-point trend, +196.2% $3.35B $3.15B $2.62B $737M $-1.96B $-7.07B $3.01B $2.12B $2.14B $2.23B $7.34B $1.13B
EPS (Basic) 12-point trend, +238.4% $10.32 $9.58 $7.98 $2.26 $-6.10 $-25.30 $11.63 $7.70 $7.08 $6.77 $19.52 $3.05
EPS (Diluted) 12-point trend, +248.1% $10.20 $9.45 $7.89 $2.23 $-6.10 $-25.30 $11.58 $7.67 $7.06 $6.76 $19.47 $2.93
Shares (Basic) 12-point trend, -12.4% 324,900,000 328,600,000 327,800,000 326,400,000 321,900,000 279,400,000 258,800,000 275,500,000 302,700,000 329,900,000 376,100,000 371,100,000
Shares (Diluted) 12-point trend, -15.7% 328,500,000 333,200,000 331,900,000 330,100,000 321,900,000 279,400,000 259,900,000 276,700,000 303,600,000 330,300,000 376,900,000 389,700,000
EBITDA 12-point trend, +222.5% $7.65B $8.02B $6.88B $4.79B $1.46B $-3.87B $4.30B $3.29B $3.50B $4.34B $5.17B $2.37B
Balance Sheet 27
Annual Balance Sheet data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +196.8% $5.94B $8.77B $6.06B $7.17B $18.28B $11.27B $2.76B $1.69B $1.48B $2.18B $3.01B $2.00B
Short-term Investments 12-point trend, +164.4% $6.30B $5.71B $8.33B $9.25B $123M $414M $2.18B $2.26B $2.32B $2.25B $2.19B $2.38B
Receivables 12-point trend, +108.6% $2.39B $2.16B $1.90B $1.80B $1.66B $1.29B $1.36B $1.43B $1.34B $1.18B $1.13B $1.15B
Inventory · · · · · · · · · · $7M ·
Prepaid Expense 12-point trend, -13.3% $671M $673M $640M $689M $745M $635M $814M $733M $1.07B $832M $740M $774M
Current Assets 12-point trend, +123.4% $16.86B $18.88B $18.49B $20.06B $21.83B $14.80B $8.19B $7.09B $7.13B $7.31B $7.83B $7.55B
PP&E (Net) 9-point trend, +136.9% $46.12B $42.91B $39.81B · · · $30.17B $27.40B $26.21B $23.32B $21.58B $19.47B
PP&E (Gross) 5-point trend, +81.0% $73.59B $68.03B $62.52B · · · $44.71B $40.66B · · · ·
Accum. Depreciation 5-point trend, +107.0% $27.47B $25.12B $22.71B · · · $14.54B $13.27B · · · ·
Goodwill 12-point trend, +0.1% $4.53B $4.53B $4.53B $4.53B $4.53B $4.53B $4.52B $4.52B $4.52B $4.52B $4.52B $4.52B
Intangibles 12-point trend, -38.0% $2.65B $2.68B $2.73B $2.76B $2.80B $2.84B $3.01B $3.16B $3.54B $3.63B $4.14B $4.28B
Other Non-current Assets 10-point trend, -7.2% · · $8.89B $8.96B $9.62B $8.74B $9.49B $9.27B $9.01B $9.51B $11.45B $9.58B
Total Assets 12-point trend, +108.9% $76.45B $74.08B $71.10B $67.36B $68.17B $59.55B $52.61B $49.02B $42.35B $40.14B $40.86B $36.59B
Accounts Payable 12-point trend, +142.7% $4.57B $4.19B $3.83B $3.40B $2.56B $1.59B $2.70B $2.36B $2.20B $2.14B $1.87B $1.88B
Current Liabilities 12-point trend, +108.9% $26.13B $23.31B $22.20B $19.99B $18.30B $12.72B $14.94B $13.84B $12.76B $12.29B $12.41B $12.51B
Capital Leases 12-point trend, +848.7% $5.42B $4.51B $4.50B $4.46B $5.15B $4.99B $4.95B $5.28B $996M $822M $727M $571M
Deferred Tax 9-point trend, +146.3% $2.46B $1.58B $594M $0 · $0 $1.74B $828M $204M · · $1.00B
Other Non-current Liabilities 12-point trend, -86.8% $1.48B $1.53B $1.41B $1.37B $1.28B $1.16B $1.02B $1.01B $8.15B $8.46B $9.08B $11.17B
Long-term Debt 12-point trend, +88.8% $21.27B $24.65B $29.07B $31.19B $33.36B $26.75B $14.55B $13.45B $13.27B $10.77B $10.90B $11.27B
Total Debt 12-point trend, +86.0% $21.27B $24.65B $29.07B $31.19B $33.36B $26.75B $14.55B $13.45B $13.27B $10.77B $10.90B $11.43B
Common Stock 12-point trend, +0.0% $4M $4M $4M $4M $4M $4M $3M $3M $3M $3M $4M $4M
Retained Earnings 12-point trend, +359.9% $10.09B $6.88B $3.83B $1.26B $625M $2.63B $9.72B $6.71B $4.55B $3.43B $3.46B $-3.88B
Treasury Stock 12-point trend, +928.1% $3.77B $3.38B $3.44B $3.53B $3.81B $3.90B $3.60B $1.99B $769M $511M $1.61B $367M
AOCI 12-point trend, +104.4% $48M $188M $-62M $175M $-942M $-1.14B $-718M $-803M $-1.15B $-829M $-831M $-1.08B
Stockholders' Equity 12-point trend, +537.8% $15.28B $12.68B $9.32B $6.90B $5.03B $5.96B $11.53B $10.04B $8.79B $8.57B $8.97B $2.40B
Liabilities + Equity 12-point trend, +108.9% $76.45B $74.08B $71.10B $67.36B $68.17B $59.55B $52.61B $49.02B $42.35B $40.14B $40.86B $36.59B
Shares Outstanding 12-point trend, -13.6% 323,470,682 327,900,000 328,000,000 326,900,000 323,800,000 311,800,000 251,200,000 269,900,000 287,000,000 314,600,000 364,600,000 374,525,916
Cash Flow 18
Annual Cash Flow data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +75.0% $2.94B $2.93B $2.67B $2.46B $2.48B $2.49B $2.29B $2.17B $2.10B $1.98B $1.82B $1.68B
Deferred Tax 12-point trend, +7015.4% $925M $935M $756M $248M $-583M $-1.74B $882M $512M $957M $1.63B $-3.18B $13M
Amort. of Intangibles 12-point trend, -78.1% $28M $32M $37M $41M $49M $55M $60M $67M $79M $90M $105M $128M
Restructuring 3-point trend, -100.0% · · · · · · · $0 $0 $74M · ·
Other Non-cash 6-point trend, -44.5% $1.21B $2.43B $866M $2.62B $2.13B $2.19B · · · · · ·
Operating Cash Flow 12-point trend, +220.1% $8.43B $9.45B $6.91B $6.07B $2.07B $-4.13B $6.91B $6.16B $3.47B $5.54B $5.99B $2.63B
CapEx 12-point trend, +193.0% $5.87B $5.62B $7.17B $4.82B $2.11B $1.73B $4.53B $4.07B $3.87B $3.22B $2.75B $2.00B
Investing Cash Flow 9-point trend, -67.0% $-6.35B $-2.65B $-6.11B $-13.83B $-1.67B $50M $-4.56B $-4.46B $-3.80B · · ·
Debt Issued 11-point trend, +328.7% · $6.14B $2.39B $736M $11.10B $15.68B $1.79B $1.59B $2.54B $808M $1.07B $1.43B
Net Debt Issued 12-point trend, -345.5% $-4.77B $-4.00B $-1.86B $-3.27B $5.89B $11.66B $607M $13M $1.86B $-407M $-1.10B $-1.07B
Stock Issued · · · · · $1.10B · · · · · ·
Stock Repurchased 12-point trend, +104.2% $637M $162M $0 $0 $0 $353M $1.65B $1.24B $1.84B $2.61B $1.23B $312M
Net Stock Activity 11-point trend, -104.2% $-637M $-162M · $0 $0 $1.75B $-1.65B $-1.24B $-1.84B $-2.61B $-1.23B $-312M
Financing Cash Flow 9-point trend, -1191.1% $-4.95B $-4.18B $-1.89B $-3.35B $6.40B $12.96B $-1.28B $-1.50B $-383M · · ·
Net Change in Cash 12-point trend, -135.2% $-2.87B $2.61B $-1.09B $-11.11B $6.79B $8.87B $1.07B $208M $-712M $-909M $1.00B $-1.22B
Taxes Paid 12-point trend, +487.5% $62M $88M $7M $8M $0 $-29M $29M $19M $20M $14M $15M $-16M
Free Cash Flow 12-point trend, +306.5% $2.56B $3.83B $-260M $1.25B $-40M $-5.86B $2.38B $2.00B $-585M $2.32B $3.25B $629M
Levered FCF 5-point trend, +1407.6% · · · · · · · $1.42B $-1.04B $1.96B $2.08B $-109M
Profitability 7
Annual Profitability data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, +30.8% 8.0% 8.9% 7.8% 5.2% -4.2% -41.4% 9.9% 8.0% 9.3% 11.9% 13.6% 6.1%
Net Margin 12-point trend, +95.2% 5.7% 5.5% 4.9% 1.6% -8.0% -46.0% 7.0% 5.1% 5.7% 6.2% 19.4% 2.9%
Pretax Margin 12-point trend, +151.4% 7.3% 7.3% 6.3% 2.2% -10.4% -57.5% 9.0% 6.4% 8.0% 10.4% 11.1% 2.9%
EBITDA Margin 12-point trend, +112.3% 13.0% 14.1% 12.8% 10.7% 5.9% -25.2% 9.9% 8.0% 9.3% 11.9% 13.6% 6.1%
ROA 12-point trend, +45.9% 4.5% 4.3% 3.8% 1.1% -3.1% -12.6% 5.9% 4.9% 5.2% 5.6% 18.9% 3.0%
ROE 12-point trend, -44.4% 23.4% 26.1% 28.8% 12.5% -37.5% -109.1% 26.4% 21.8% 24.5% 57.6% 129.2% 42.1%
ROIC 12-point trend, -41.7% 10.0% 10.3% 8.5% 4.6% -2.0% -15.6% 12.7% 11.2% 11.3% 13.2% 45.2% 17.2%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -0.9% 0.6 0.8 0.8 1.0 1.2 1.2 0.5 0.5 0.6 0.6 0.6 0.7
Quick Ratio 12-point trend, +26.6% 0.6 0.7 0.7 0.9 1.1 1.0 0.4 0.4 0.4 0.5 0.5 0.4
Debt / Equity 12-point trend, -70.8% 1.4 1.9 3.1 4.5 6.6 4.5 1.3 1.3 1.5 1.2 1.2 4.8
LT Debt / Equity 12-point trend, -73.4% 1.1 1.7 2.7 4.1 6.0 4.2 1.1 1.2 1.3 1.1 1.1 4.2
Interest Coverage 5-point trend, +39.9% · · · · · · · 4.5 5.4 7.1 7.7 3.2
Efficiency 2
Annual Efficiency data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -25.2% 0.8 0.8 0.8 0.7 0.4 0.3 0.9 0.9 0.9 0.9 1.0 1.0
Receivables Turnover 12-point trend, -11.7% 25.9 28.1 29.0 26.0 16.7 11.5 31.0 30.8 30.0 31.7 33.3 29.4
Per Share 5
Annual Per Share data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +638.5% $47.24 $38.66 $28.43 $21.09 $15.53 $19.11 $45.90 $37.03 $30.69 $27.52 $24.59 $6.40
Revenue / Share 12-point trend, +80.3% $179.82 $171.26 $161.85 $136.19 $76.53 $54.96 $166.44 $149.27 $124.30 $110.68 $100.44 $99.75
Cash Flow / Share 12-point trend, +280.0% $25.67 $28.35 $20.82 $18.38 $6.42 $-14.79 $26.58 $22.34 $11.24 $16.78 $15.89 $6.75
Cash / Share 12-point trend, +243.7% $18.37 $26.74 $18.47 $21.92 $56.46 $36.14 $10.99 $6.28 $5.16 $6.93 $8.24 $5.35
EPS (TTM) 12-point trend, +248.1% $10.20 $9.45 $7.89 $2.23 $-6.10 $-25.30 $11.58 $7.67 $7.06 $6.76 $19.47 $2.93
Growth Rates 7
Annual Growth Rates data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -94.2% 3.5% 6.2% 19.5% 82.5% 60.4% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -81.6% 9.5% 32.3% 51.8% · · · · · · · · ·
Revenue CAGR 5Y 30.9% · · · · · · · · · · ·
EPS YoY 3-point trend, -96.9% 7.9% 19.8% 253.8% · · · · · · · · ·
EPS CAGR 3Y 66.0% · · · · · · · · · · ·
Net Income YoY 3-point trend, -97.5% 6.5% 20.3% 255.2% · · · · · · · · ·
Net Income CAGR 3Y 65.7% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for UAL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +51.8% $59.07B $57.06B $53.72B $44.95B $24.63B $15.36B $43.26B $41.30B $37.78B $36.56B $37.86B $38.90B
Net Income TTM 12-point trend, +196.2% $3.35B $3.15B $2.62B $737M $-1.96B $-7.07B $3.01B $2.12B $2.14B $2.23B $7.34B $1.13B
Market Cap 12-point trend, +44.4% $36.17B $31.84B $13.53B $12.33B $14.18B $13.49B $22.13B $22.60B $19.34B $22.93B $20.89B $25.05B
Enterprise Value 12-point trend, +40.8% $45.20B $42.02B $28.22B $27.11B $29.13B $28.55B $31.74B $32.09B $28.81B $29.27B $26.59B $32.10B
P/E 12-point trend, -52.0% 11.0 10.3 5.2 16.9 -7.2 -1.7 7.6 10.9 9.5 10.8 2.9 22.8
P/S 12-point trend, -4.9% 0.6 0.6 0.3 0.3 0.6 0.9 0.5 0.5 0.5 0.6 0.6 0.6
P/B 12-point trend, -77.4% 2.4 2.5 1.5 1.8 2.8 2.3 1.9 2.3 2.2 2.6 2.3 10.5
P / Tangible Book 3-point trend, -31.6% 4.5 5.8 6.5 · · · · · · · · ·
P / Cash Flow 12-point trend, -54.9% 4.3 3.4 2.0 2.0 6.9 -3.3 3.2 3.7 5.7 4.1 3.5 9.5
P / FCF 12-point trend, -64.5% 14.1 8.3 -52.1 9.9 -354.4 -2.3 9.3 11.3 -33.1 9.9 6.4 39.8
EV / EBITDA 12-point trend, -56.3% 5.9 5.2 4.1 5.7 19.9 -7.4 7.4 9.7 8.2 6.7 5.1 13.5
EV / FCF 12-point trend, -65.4% 17.7 11.0 -108.5 21.7 -728.3 -4.9 13.3 16.0 -49.3 12.6 8.2 51.0
EV / Revenue 12-point trend, -7.3% 0.8 0.7 0.5 0.6 1.2 1.9 0.7 0.8 0.8 0.8 0.7 0.8
Earnings Yield 12-point trend, +108.2% 9.1% 9.7% 19.1% 5.9% -13.9% -58.5% 13.2% 9.2% 10.5% 9.3% 34.0% 4.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $59.07B$57.06B$53.72B$44.95B$24.63B
Operating Margin % 8.0%8.9%7.8%5.2%-4.2%
Net Income $3.35B$3.15B$2.62B$737M$-1.96B
Diluted EPS $10.20$9.45$7.89$2.23$-6.10
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 1.41.93.14.56.6
Current Ratio 0.60.80.81.01.2
Quick Ratio 0.60.70.70.91.1
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $2.56B$3.83B$-260M$1.25B$-40M

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Institutional owners (13F) 1,218 filers · $31.6B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
214 (+46 vs prior Q) 98 (-56 vs prior Q) 378 (-26 vs prior Q) 338 (+32 vs prior Q) +47.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $2,856,986,304 21,008,797 9.04% Shares
PRIMECAP MANAGEMENT CO/CA/ $2,238,617,065 16,461,630 7.09% Shares
Sanders Capital, LLC $2,043,650,649 15,027,948 6.47% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,926,000,940 14,162,813 6.10% Shares
FMR LLC $1,661,624,604 12,218,726 5.26% Shares
STATE STREET CORP $1,603,065,215 11,788,111 5.07% Shares
Capital World Investors $1,543,985,423 11,353,742 4.89% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,169,659,563 8,474,943 3.70% Shares
JANE STREET GROUP, LLC $906,291,756 6,664,400 2.87% Call option
Capital International Investors $849,568,770 6,247,343 2.69% Shares
PAR CAPITAL MANAGEMENT INC $728,871,179 5,359,741 2.31% Shares
DIMENSIONAL FUND ADVISORS LP $606,243,729 4,458,004 1.92% Shares
CITADEL ADVISORS LLC $515,515,788 3,790,836 1.63% Shares
Slate Path Capital LP $452,228,217 3,325,452 1.43% Shares
Newport Trust Company, LLC $427,264,043 3,141,879 1.35% Shares
SRS Investment Management, LLC $400,181,445 2,942,727 1.27% Shares
Capital Research Global Investors $388,841,924 2,859,344 1.23% Shares
JANE STREET GROUP, LLC $385,368,462 2,833,800 1.22% Put option
CITADEL ADVISORS LLC $328,116,672 2,412,800 1.04% Put option
CITADEL ADVISORS LLC $295,343,082 2,171,800 0.93% Call option
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $293,564,469 2,158,721 0.93% Shares
D. E. Shaw & Co., Inc. $292,278,139 2,149,262 0.93% Shares
Balyasny Asset Management L.P. $269,100,684 1,978,827 0.85% Shares
NORGES BANK $256,830,034 1,888,595 0.81% Shares
VANGUARD FIDUCIARY TRUST CO $248,195,757 1,825,103 0.79% Shares
Point72 Asset Management, L.P. $245,248,174 1,803,428 0.78% Shares
Candlestick Capital Management LP $216,067,071 2,239,037 0.68% Shares
ASSETMARK, INC $211,613,273 1,556,094 0.67% Shares
AMERICAN CENTURY COMPANIES INC $197,445,860 1,451,914 0.63% Shares
JANE STREET GROUP, LLC $191,611,542 1,409,012 0.61% Shares
Holocene Advisors, LP $179,523,527 1,320,123 0.57% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $162,948,930 1,198,242 0.52% Shares
MILLENNIUM MANAGEMENT LLC $156,619,275 1,151,697 0.50% Shares
UBS Group AG $135,446,040 996,000 0.43% Call option
Boston Partners $132,677,690 975,643 0.42% Shares
Walleye Trading LLC $131,067,162 963,800 0.41% Put option
Quantinno Capital Management LP $124,278,869 913,882 0.39% Shares
PointState Capital LP $120,967,729 889,534 0.38% Shares
GOLDMAN SACHS GROUP INC $120,145,623 883,489 0.38% Shares
Castle Hook Partners LP $119,968,610 882,187 0.38% Shares
ALLIANCEBERNSTEIN L.P. $114,722,719 1,246,038 0.36% Shares
BlackRock, Inc. $110,356,701 811,506 0.35% Shares
Alyeska Investment Group, L.P. $107,606,711 791,284 0.34% Shares
BARCLAYS PLC $107,392,257 789,707 0.34% Shares
U S GLOBAL INVESTORS INC $106,170,657 780,724 0.34% Shares
TWO SIGMA INVESTMENTS, LP $106,162,361 780,663 0.34% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $101,629,271 747,329 0.32% Shares
Patient Capital Management, LLC $99,479,991 731,523 0.31% Shares
GMT Capital Corp $98,837,532 726,800 0.31% Shares
California Public Employees Retirement System $98,808,430 726,586 0.31% Shares
Qube Research & Technologies Ltd $98,598,326 725,041 0.31% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $96,931,496 712,784 0.31% Shares
Vanguard Global Advisers, LLC $94,807,876 697,168 0.30% Shares
WOLVERINE TRADING, LLC $94,477,392 957,800 0.30% Call option
Walleye Trading LLC $94,404,258 694,200 0.30% Call option
Parallax Volatility Advisers, L.P. $88,815,069 653,100 0.28% Put option
FIRST TRUST ADVISORS LP $87,693,932 644,856 0.28% Shares
CAPITAL FUND MANAGEMENT S.A. $87,257,167 641,644 0.28% Shares
BNP PARIBAS FINANCIAL MARKETS $87,127,161 640,688 0.28% Shares
TWO SIGMA ADVISERS, LP $83,708,452 748,600 0.27% Shares
AMERIPRISE FINANCIAL INC $77,854,766 572,504 0.25% Shares
VANGUARD GROUP INC $77,131,311 689,781 0.24% Shares
RHUMBLINE ADVISERS $73,904,425 543,456 0.23% Shares
D. E. Shaw & Co., Inc. $71,149,968 523,200 0.23% Put option
Avala Global LP $70,347,627 517,300 0.22% Shares
Quadrature Capital Ltd $69,393,249 510,282 0.22% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $69,133,780 508,374 0.22% Shares
GLENVIEW CAPITAL MANAGEMENT, LLC $67,279,149 494,736 0.21% Shares
MARSHALL WACE, LLP $65,246,778 479,791 0.21% Shares
RENAISSANCE TECHNOLOGIES LLC $63,339,110 465,763 0.20% Shares
WOLVERINE TRADING, LLC $59,154,408 599,700 0.19% Put option
BWCP, LP $58,712,867 431,744 0.19% Shares
Hudson Bay Capital Management LP $57,899,646 425,764 0.18% Shares
Weiss Asset Management LP $57,826,076 425,223 0.18% Shares
BANK OF AMERICA CORP /DE/ $56,312,099 414,090 0.18% Shares
VICTORY CAPITAL MANAGEMENT INC $55,508,398 408,180 0.18% Shares
Douglas Lane & Associates, LLC $49,705,943 365,512 0.16% Shares
SEI INVESTMENTS CO $49,294,610 362,487 0.16% Shares
CANADA PENSION PLAN INVESTMENT BOARD $48,861,207 359,300 0.15% Shares
Nearwater Capital Markets, Ltd $47,732,490 351,000 0.15% Shares
Legal & General Group Plc $45,525,236 334,769 0.14% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $43,565,484 320,358 0.14% Shares
GOLDMAN SACHS GROUP INC $39,124,323 287,700 0.12% Call option
Junto Capital Management LP $37,460,077 275,462 0.12% Shares
AustralianSuper Pty Ltd $36,920,469 271,494 0.12% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $35,891,569 263,928 0.11% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $34,618,838 254,569 0.11% Shares
Calamos Advisors LLC $34,437,836 253,238 0.11% Shares
Ensign Peak Advisors, Inc $34,018,306 250,153 0.11% Shares
FRANKLIN RESOURCES INC $33,616,864 247,201 0.11% Shares
MERCER GLOBAL ADVISORS INC /ADV $33,615,722 247,193 0.11% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $33,254,995 244,540 0.11% Shares
Connor, Clark & Lunn Investment Management Ltd. $32,856,680 241,611 0.10% Shares
MILLENNIUM MANAGEMENT LLC $32,746,392 240,800 0.10% Put option
UBS Group AG $31,656,704 232,787 0.10% Shares
Walleye Capital LLC $31,360,654 230,610 0.10% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $31,264,101 229,900 0.10% Call option
Swiss National Bank $31,128,111 228,900 0.10% Shares
Bridgewater Associates, LP $29,727,550 218,601 0.09% Shares
PRUDENTIAL FINANCIAL INC $29,591,288 217,599 0.09% Shares

Company insiders 71 insiders · 30 officers · 35 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Scott J Kirby Chief Executive Officer July 25, 2026 F 841,122 0 4 $-37,738,763
Jeffery A Smisek Chairman, President & CEO Feb. 28, 2015 F 408,730 0 0 $0
Gerald Laderman EVP and CFO July 24, 2023 S 133,213 0 0 $0
Andrew C Levy EVP & CFO Feb. 28, 2018 M 32,902 0 0 $0
John D Rainey EVP and CFO Feb. 28, 2015 F 64,934 0 0 $0
Zane Rowe Exec VP and CFO Feb. 25, 2012 F 51,943 0 0 $0
Kathryn A Mikells EVP - Chief Financial Officer Oct. 1, 2010 M 0 0 0 $0
Frederic F Brace Former EVP-CFO Oct. 31, 2008 A 123,255 0 0 $0
Brett J Hart President July 27, 2026 M 364,122 0 2 $-5,657,188
Jonathan Roitman EVP & COO June 14, 2022 S 13,938 0 0 $0
Peter D Mcdonald Exec VP and COO Feb. 25, 2014 F 36,406 0 0 $0
Kate Gebo EVP HR and Labor Relations July 28, 2026 G 69,018 0 2 $-4,216,933
Torbjorn J Enqvist EVP & Chief Operations Officer July 25, 2026 F 129,946 0 1 $-2,398,200
Brigitte Bokemeier Vice President & Controller March 4, 2026 A 9,041 0 0 $0
Linda P Jojo EVP & Chief Customer Officer Nov. 22, 2024 S 63,599 0 0 $0
Chris Kenny VP, Finance Feb. 29, 2024 A 18,479 0 0 $0
Gregory L Hart EVP & Chief Growth Officer June 15, 2023 S 26,434 0 0 $0
Oscar Munoz Executive Chairman Feb. 28, 2021 M 176,046 0 0 $0
Bonds Michael P EVP HR and Labor Relations May 9, 2017 S 8,716 0 0 $0
Julia Haywood EVP & Chief Commercial Officer Feb. 28, 2017 D 842 0 0 $0
James E Compton Vice Chair & Chief Rev Officer April 28, 2016 P 74,556 0 0 $0
Irene E Foxhall EVP Comm & Gov Affairs Feb. 28, 2015 F 41,683 0 0 $0
Jeffrey T. Foland EVP - Mktg & Strgy Dec. 11, 2014 S 45,856 0 0 $0
Robert S Edwards SVP and CIO Feb. 25, 2012 F 22,192 0 0 $0
Keith R. Halbert EVP -Chief Information Officer Feb. 25, 2011 A 19,256 0 0 $0
John P Tague EVP Oct. 1, 2010 M 0 0 0 $0
Thomas J Sabatino JR EVP, Gen Counsel and Corp Sec Oct. 1, 2010 M 0 0 0 $0
Paul R Lovejoy SVP, Gen Counsel & Secretary June 5, 2009 S 57,392 0 0 $0
Richard J Poulton SVP-Business Development May 9, 2006 D 0 0 0 $0
Douglas A Hacker Executive VP - Strategy June 2, 2004 S 0 0 0 $0
Matthew Friend Director June 30, 2026 A 0 0 $0
Laysha Ward Director June 30, 2026 A 0 0 $0
Rosalind G Brewer Director June 30, 2026 A 0 0 $0
Walter Isaacson Director June 30, 2026 A 6,353 0 0 $0
Edward Shapiro Director June 30, 2026 A 200,000 0 0 $0
James M Whitehurst Director May 22, 2026 M 18,892 0 0 $0
Michelle Freyre Director May 20, 2026 A 829 0 0 $0
Barney Harford Director May 20, 2026 A 80,000 0 0 $0
Michele J Hooper Director May 20, 2026 A 3,042 0 0 $0
Edward M Philip Director May 20, 2026 A 821 0 0 $0
James A C Kennedy Director Nov. 7, 2023 P 29,363 0 0 $0
Carolyn Corvi Director May 26, 2023 M 22,433 0 0 $0
David J Vitale Director May 27, 2021 A 22,882 0 0 $0
Jane C Garvey Director May 23, 2019 A 5,997 0 0 $0
William Nuti Director May 24, 2018 A 6,341 0 0 $0
L E Simmons Director March 30, 2018 A 13,021 0 0 $0
Robert A Milton Director Oct. 24, 2017 P 6,176 0 0 $0
Henry L Meyer III Director June 8, 2016 M 15,853 0 0 $0
Charles Yamarone Director June 8, 2016 M 12,152 0 0 $0
WALKER JOHN H Director June 8, 2016 M 8,638 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 10 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
United Airlines Holdings, Inc., United Airlines, Inc., CALFINCO Caymans Ltd. Feb. 27, 2026 8.70% Initial filing Passive investment SEC
PAR Investment Partners, L.P., PAR Group, L.P., PAR Capital Management, Inc. ×4 filings April 20, 2016 Initial filing SEC
ALTIMETER CAPITAL MANAGEMENT, LP, ALTIMETER PARTNERS FUND, L.P., BRAD GERSTNER, BARNABY HARFORD ×3 filings April 20, 2016 Initial filing SEC
Undisclosed reporting person Dec. 11, 2006 Initial filing SEC
Undisclosed reporting person July 25, 2006 Initial filing SEC
Undisclosed reporting person July 25, 2006 Initial filing SEC
Undisclosed reporting person Feb. 24, 2006 Initial filing SEC
Undisclosed reporting person Feb. 14, 2006 Initial filing Passive investment SEC
Undisclosed reporting person July 12, 2001 Initial filing SEC
Undisclosed reporting person June 13, 2001 Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 202 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IYT · iShares Trust 5.27% 913,466 SH Aug. 8, 2026 Daily
TPOR · Direxion Shares ETF Trust 2.94% 5,902 NS April 30, 2026 N-PORT
QQQJ · Invesco Exchange-Traded Fund Trust … 2.03% 185,085 SH Aug. 8, 2026 Daily
SPVM · Invesco Exchange-Traded Fund Trust 1.80% 18,235 SH Aug. 8, 2026 Daily
EQRR · ProShares Trust 1.69% 9,129 NS May 31, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 1.55% 112,976 SH Aug. 8, 2026 Daily
SPGP · Invesco Exchange-Traded Fund Trust 1.46% 263,068 SH Aug. 8, 2026 Daily
RSPN · Invesco Exchange-Traded Fund Trust 1.41% 117,434 SH Aug. 8, 2026 Daily
AKAF · ETF Series Solutions 1.39% 357 NS May 31, 2026 N-PORT
AVMV · AMERICAN CENTURY ETF TRUST 1.14% 61,772 NS May 31, 2026 N-PORT
FXD · First Trust Exchange-Traded AlphaDE… 1.03% 30,323 NS April 30, 2026 N-PORT
RPV · Invesco Exchange-Traded Fund Trust 0.99% 129,660 SH Aug. 8, 2026 Daily
AMOM · Exchange Listed Funds Trust 0.87% 2,956 NS April 30, 2026 N-PORT
FTA · First Trust Exchange-Traded AlphaDE… 0.85% 122,938 NS April 30, 2026 N-PORT
EVNT · AltShares Trust 0.84% 900 NS May 31, 2026 N-PORT
GURU · Global X Funds 0.84% 5,464 NS April 30, 2026 N-PORT
COWZ · Pacer Funds Trust 0.83% 1,675,798 NS April 30, 2026 N-PORT
QQWZ · Pacer Funds Trust 0.83% 4,303 NS April 30, 2026 N-PORT
VAMO · Cambria ETF Trust 0.79% 7,327 NS April 30, 2026 N-PORT
JOET · Virtus ETF Trust II 0.78% 20,352 NS April 30, 2026 N-PORT
VOE · VANGUARD INDEX FUNDS 0.76% 2,085,449 SH Aug. 8, 2026 Daily
ITAN · EA Series Trust 0.73% 5,667 NS May 29, 2026 N-PORT
SGLC · RBB Fund, Inc. 0.70% 11,810 NS May 31, 2026 N-PORT
IYC · iShares Trust 0.69% 64,461 SH Aug. 8, 2026 Daily
AVLV · AMERICAN CENTURY ETF TRUST 0.68% 764,514 NS May 31, 2026 N-PORT
HIBL · Direxion Shares ETF Trust 0.62% 5,426 NS April 30, 2026 N-PORT
VIS · VANGUARD WORLD FUND 0.59% 394,178 SH Aug. 8, 2026 Daily
IMCV · iShares Trust 0.58% 51,715 SH Aug. 8, 2026 Daily
AVMC · AMERICAN CENTURY ETF TRUST 0.52% 18,196 NS May 31, 2026 N-PORT
UXI · ProShares Trust 0.43% 1,066 NS May 31, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.43% 7,035,538 SH Aug. 8, 2026 Daily
FAB · First Trust Exchange-Traded AlphaDE… 0.42% 6,484 NS April 30, 2026 N-PORT
SPXD · DBX ETF Trust 0.40% 237 NS May 31, 2026 N-PORT
EXI · iShares Trust 0.40% 45,583 SH Aug. 8, 2026 Daily
FEX · First Trust Exchange-Traded AlphaDE… 0.40% 66,715 NS April 30, 2026 N-PORT
VFVA · VANGUARD WELLINGTON FUND 0.39% 24,191 SH Aug. 8, 2026 Daily
DUSL · Direxion Shares ETF Trust 0.38% 2,270 NS April 30, 2026 N-PORT
IWS · iShares Trust 0.38% 458,738 SH Aug. 8, 2026 Daily
RWL · Invesco Exchange-Traded Fund Trust … 0.37% 286,221 SH Aug. 8, 2026 Daily
FCPI · FIDELITY COVINGTON TRUST 0.36% 11,003 NS April 30, 2026 N-PORT
FLCV · Federated Hermes ETF Trust 0.36% 3,009 NS May 31, 2026 N-PORT
REVS · Columbia ETF Trust I 0.36% 11,255 NS April 30, 2026 N-PORT
FVAL · FIDELITY COVINGTON TRUST 0.35% 47,520 NS April 30, 2026 N-PORT
WLDR · Two Roads Shared Trust 0.34% 2,698 NS April 30, 2026 N-PORT
CGGR · Capital Group Growth ETF 0.34% 720,942 NS May 31, 2026 N-PORT
JPME · J.P. Morgan Exchange-Traded Fund Tr… 0.33% 16,033 NS April 30, 2026 N-PORT
SPVU · Invesco Exchange-Traded Fund Trust … 0.33% 3,854 NS May 31, 2026 N-PORT
DFLV · Dimensional ETF Trust 0.31% 205,643 NS April 30, 2026 N-PORT
BFOR · ALPS ETF Trust 0.31% 5,715 NS May 31, 2026 N-PORT
SZNE · Pacer Funds Trust 0.30% 450 NS April 30, 2026 N-PORT