United Airlines Holdings, Inc. (UAL) operates as a holding company with its wholly-owned subsidiary, United Airlines, Inc., a major player in the airline industry. United Airlines boasts the most comprehensive route network among North American carriers, with hubs in major U.S. cities such as Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco, and Washington, D.C. . The company generates revenue from passenger travel, cargo services, and third-party business activities, which include ground handling, maintenance services, flight academy, and frequent flyer award non-travel redemptions . United Airlines is part of the Star Alliance, enhancing its international reach, and is investing in its United Next plan to expand its fleet and improve customer experience .
- Passenger Travel - Provides air travel services to passengers across a comprehensive network of domestic and international routes.
- Cargo Services - Offers air freight services, transporting goods and cargo across its extensive route network.
- Third-Party Business Activities - Includes ground handling, maintenance services, flight academy, and frequent flyer award non-travel redemptions, contributing to other operating revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew Nocella Executive | Executive Vice President and Chief Commercial Officer | None | Andrew Nocella joined UAL in 2017 and has been in his current role since September 2017. He previously held senior positions at American Airlines. | |
Brett J. Hart Executive | President | None | Brett J. Hart has been President of UAL since May 2020. He joined UAL in 2010 and has held various executive roles, including General Counsel. | |
J. Scott Kirby Executive | Chief Executive Officer | Board Member at CVS Health Corporation | J. Scott Kirby has been the CEO of UAL since May 2020. He previously served as President of UAL and has held leadership roles at American Airlines and US Airways. | View Report → |
Kate Gebo Executive | Executive Vice President of Human Resources and Labor Relations | None | Kate Gebo has been with UAL since 2009 and has held several senior roles, including Chief Customer Officer. | |
Linda P. Jojo Executive | Executive Vice President and Chief Customer Officer | None | Linda Jojo has been with UAL since 2014 and is set to retire in January 2025. She has led technology and customer service initiatives. | |
Michael Leskinen Executive | Executive Vice President and Chief Financial Officer | None | Michael Leskinen became CFO in September 2023. He has been with UAL since 2018, previously serving as Vice President of Corporate Development and Investor Relations. | |
Torbjorn Enqvist Executive | Executive Vice President and Chief Operations Officer | None | Torbjorn Enqvist has been with UAL since 1996 and has held various leadership roles, focusing on operations and customer service. | |
Barney Harford Board | Board Member | None | Barney Harford has been a director at UAL since 2016. He has held leadership roles at Uber and Orbitz. | |
Brian Noyes Board | Board Member | None | Brian Noyes was appointed to the UAL Board in January 2025, filling a vacancy left by Captain Anne Worster. | |
Edward M. Philip Board | Chairman of the Board | Board Member at BRP Inc. and Blade Air Mobility, Inc. | Edward M. Philip has been Chairman since May 2021 and a director since 2016. He has extensive experience in corporate governance. | |
James M. Whitehurst Board | Board Member | Board Member at Amplitude, Inc. and Software AG; Senior Advisor at IBM | James M. Whitehurst has been a director at UAL since 2016. He has held leadership roles at Red Hat and IBM. | |
Laysha Ward Board | Board Member | Board Member at Denny's Corporation; Strategic Advisor at Target Corporation | Laysha Ward has been a director at UAL since 2021. She has held senior roles at Target Corporation. | |
Matthew Friend Board | Board Member | Executive Vice President and CFO at NIKE, Inc. | Matthew Friend has been a director at UAL since 2021. He is also the CFO of NIKE, Inc.. | |
Michele J. Hooper Board | Board Member | President and CEO of The Directors' Council; Board Member at UnitedHealth Group | Michele J. Hooper joined the UAL Board in 2018. She has extensive experience in audit and corporate governance. | |
Michelle Freyre Board | Board Member | Global Brand President at The Estée Lauder Companies Inc. | Michelle Freyre joined the UAL Board in April 2024. She has held leadership roles at Estée Lauder and Johnson & Johnson. | |
Richard Johnsen Board | IAM Director | None | Richard Johnsen became IAM Director in July 2021. He has extensive experience in union relations and air transport. | |
Rosalind Brewer Board | Board Member | None | Rosalind Brewer joined the UAL Board in February 2024. She has held leadership roles at Walgreens Boots Alliance and Starbucks. | |
Walter Isaacson Board | Board Member | Advisory Partner at Perella Weinberg Partners | Walter Isaacson has been a director at UAL since 2006. He is known for his leadership roles at CNN and TIME magazine. |
- With net leverage currently at 2.7x and a target to reduce it below 2x in the next few years, how do you plan to balance deleveraging with the new $1.5 billion share repurchase program and continued investments in the business?
- Given the ongoing delivery delays from Airbus and Boeing, including the recent Boeing strike and delays in the 777X program, how will these challenges impact your capacity growth plans and capital expenditure guidance of $7 billion to $9 billion for the next few years?
- As competitors make significant changes to their networks and products, where do you see the biggest opportunities and challenges in the U.S. domestic market next year, and how will United differentiate itself to capitalize on the evolving industry backdrop in 2025?
- With delays in wide-body aircraft deliveries affecting global capacity, how do you anticipate these supply constraints will influence international supply-demand dynamics over the next few years, and how is United positioned to navigate these challenges?
- Regarding your recent international expansion to less traditional destinations like Nuuk, Greenland, can you elaborate on the strategic rationale behind selecting these routes, the expected financial impact, and how you plan to ensure profitability in markets with unproven demand?
Research analysts who have asked questions during United Airlines Holdings earnings calls.
Andrew Didora
Bank of America
4 questions for UAL
Brandon Oglenski
Barclays
4 questions for UAL
Conor Cunningham
Melius Research
4 questions for UAL
David Vernon
Sanford C. Bernstein & Co., LLC
4 questions for UAL
Duane Pfennigwerth
Evercore ISI
4 questions for UAL
Jamie Baker
JPMorgan Chase & Co.
4 questions for UAL
Catherine O'Brien
Goldman Sachs
3 questions for UAL
Michael Linenberg
Deutsche Bank
3 questions for UAL
Scott Group
Wolfe Research
3 questions for UAL
Sheila Kahyaoglu
Jefferies
3 questions for UAL
Thomas Fitzgerald
TD Cowen
3 questions for UAL
Ravi Shanker
Morgan Stanley
2 questions for UAL
Stephen Trent
Citigroup Inc.
2 questions for UAL
Mary Schlangenstein
Bloomberg News
1 question for UAL
Rajesh Singh
Reuters
1 question for UAL
Thomas Wadewitz
UBS
1 question for UAL
Tom Fitzgerald
TD Cowen
1 question for UAL
Tom Wadewitz
UBS Group
1 question for UAL
Recent press releases and 8-K filings for UAL.
- CFO Mike Leskinen reiterated the shift to a customer-centric model as the driver of double-digit margins and investment-grade credit resilience.
- The company has implemented significant cost controls, including procurement restructuring under Bob Rye and efficiencies in tech ops, and expects gauge tailwinds from increased Boeing MAX deliveries.
- Q3 bookings have improved with double-digit year-over-year growth in bookings two months out and corporate/international segments leading into a strong Q4 outlook.
- Newark operations have been stabilized at 72 operations per hour, enhancing hub reliability and reducing the estimated Q3 drag to 0.9%.
- United entered the Blue Sky partnership with JetBlue to expand JFK access and is advancing AI and venture investments (eVTOL, LLM applications) to enhance customer experience.
- United is executing a customer-led strategy focused on differentiated product, loyalty programs and premium cabins to achieve double-digit margins and an investment-grade credit profile.
- Cost initiatives include a procurement reorganization, tech-ops efficiencies and gauge improvements from Boeing MAX 9/10 deliveries, providing significant tailwinds for 2026–27.
- Near-term, Q3 was affected by a 0.9% capacity drag at Newark, but August–October bookings—especially corporate and international—are up double-digits year-over-year, supporting a strong Q4 outlook.
- Newark operations have been capped at 72 flights/hour to stabilize throughput and improve hub reliability, with residual booking shifts to JFK expected to normalize by Q4.
- Through United Ventures, the airline is investing in eVTOLs, AI-driven customer reaccommodation tools and other mobility innovations to expand ancillary revenue streams.
- United is driving a customer-led transformation to achieve double-digit pre-tax margins through premium product differentiation, disciplined cost controls, and gauge benefits from new MAX aircraft.
- Q3 results were pressured by ~0.9% drag from Newark capacity adjustments, with operations now capped at 72 slots/hour to enhance reliability; full normalization is expected by 4Q25.
- Demand trends show robust corporate and international bookings, with double-digit year-over-year improvement in bookings two+ months out since Labor Day, underpinning a strong 4Q25 outlook.
- Strategic initiatives include procurement and tech ops efficiencies, a Blue Sky partnership with JetBlue for JFK access, and balance sheet optimization to secure an investment-grade credit rating.
- United describes an industry transformation toward a customer-led model driving brand loyalty and supports path to double-digit margins and an investment-grade balance sheet.
- Improvements in cost structure through procurement restructuring, tech-ops efficiency, and gauge benefits from Boeing MAX ramp are expected to deliver continued cost tailwinds into 2026–27.
- Near-term bookings have strengthened since August, corporate travel continues to recover, and 4Q international demand is projected to be strong; 3Q results include a 0.9% drag from Newark operations.
- A 72 operations/hour cap at Newark has been implemented to stabilize throughput, boosting hub reliability and connectivity, with most 3Q headwinds easing by 4Q.
- Partnership with JetBlue’s Blue Sky at JFK will enhance customer choice and ancillary revenue, with initial benefits expected within several months.
- The FAA proposes maintaining a cap of 72 flights per hour (36 arrivals, 36 departures) at Newark Liberty through October 2026, up from 68 flights per hour previously.
- As the largest carrier at Newark with over two-thirds market share, United Airlines supports the extension, citing improved reliability and on-time performance since the restrictions began.
- Recent upgrades include a new fiber optic communications network and increased air traffic controller staffing; the FAA warns that without the extension, delays and cancellations could return.
- United notes in an internal memo that the flight limits benefit nearly 15,000 Newark-based employees, while slightly reducing United’s overall market share and allowing competitors like Delta to expand.
- United delivered earnings per share of $3.87, beating expectations, and achieved a 2.2% CASM ex growth despite operational challenges in Newark.
- Demand inflection: July sales show a six-point positive swing versus Q2 and a double-digit increase in business bookings, supporting improved RASM for Q3–Q4.
- Financial position: ended Q2 with $18.6 billion liquidity, 2× net leverage, generated over $1.1 billion free cash flow in Q2, and now expects over $2 billion FCF for 2025.
- 2025 guidance: Q3 EPS of $2.25–$2.75, full-year EPS of $9–$11; repurchased $235 million of shares and unencumbered MileagePlus assets exceeding $40 billion.
- On July 7, 2025, MileagePlus subsidiaries redeemed $1.52 billion aggregate principal of 6.50% Senior Secured Notes due 2027, fully discharging the indenture and leaving MileagePlus assets unencumbered.
- At June 30, 2025, total debt, finance lease obligations and other financial liabilities were $27.1 billion (or $25.6 billion inclusive of the redemption), down from $36.3 billion in Q2 2021; adjusted total debt was $34.0 billion ($32.5 billion incl. redemption) versus $45.3 billion in Q2 2021, and available liquidity was $18.6 billion ($17.1 billion incl. redemption).
- The redemption advances United’s long-term net leverage target of less than 2.0×.
- Holiday travel expected to reach 18.5 million travelers from July 1–6
- Domestic mainline demand is soft amid economic and tariff uncertainties, while other segments remain robust
- Capacity cuts have improved unit revenues, positioning network carriers for a back-half rebound
- Loyalty program remuneration continues to grow, making point devaluation less concerning
- Major mergers appear unlikely, but alliances are more probable under the current administration
- Operational Enhancements: The call highlighted efforts to improve the FAA’s management at Newark, aiming to raise operations from 68 to 77 per hour to offer a more reliable service and boost profitability.
- Enhanced Customer Experience & Brand Loyalty: The executives underscored a strategic focus on winning and retaining high-value, brand-loyal customers through improved in-flight amenities, digital innovations, and better employee engagement.
- AI Integration Initiatives: The company is experimenting with AI technology in areas such as call centers, contract interpretation, and predictive maintenance, aiming to enhance operational efficiency and customer communication.
- Capital Allocation Strategy: Discussion included prioritizing free cash flow for share buybacks and debt reduction, with the potential for dividends only if valuation multiples improve significantly.
- United and JetBlue unveiled the Blue Sky partnership, pending regulatory approval, enabling customers to earn and redeem loyalty points and book tickets across both carriers’ platforms.
- The agreement includes a net-neutral slot swap, with United returning to JFK for up to seven daily round-trips starting as early as 2027 and JetBlue gaining additional Newark timings.
- United will migrate its hotel, rental car, cruise and travel insurance sales onto JetBlue’s Paisly platform for both standalone and package offerings.
- Loyalty members receive reciprocal perks—priority boarding, free checked bags and same-day flight changes—while lounge access and schedule coordination are excluded.
- The deal is not a merger or codeshare; both airlines will maintain independent operations and avoid route or capacity coordination.