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.
You might also like
| 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.
- United reported Q3 revenue of $15.2 billion (+2.6% YoY) on a 7.2% capacity increase; consolidated TRASM fell 4.3%, CASM ex was down 0.9%, pretax margin reached 8%, and EPS was $2.78, above guidance.
- Q4 EPS guidance is $3.00–$3.50, with expectations for the best revenue quarter and highest RASM of 2025; full-year EPS is tracking toward the top half of the $9–$11 range, positioning United as the only U.S. carrier to grow earnings in 2025.
- The airline continues to invest $1 billion annually in customer product enhancements—aircraft, clubs, food spend up 25%—and is deploying $1 billion for Starlink WiFi, with club investments doubled in 2025 and set to more than double in 2026.
- Operational resilience drove a Q3 record 48 million passengers carried, the lowest third-quarter cancellation rate ever, six of seven hubs ranked first or second for on-time departures, and a summer NPS increase of 7% vs. 2024.
- Balance sheet progress includes buying back 777 aircraft off expensive leases, achieving an average debt cost below 5%, an S&P upgrade to BB +, and expected free cash flow of over $3 billion, with net leverage targeted below 2×.
- United reported Q3 revenue of $15.2 B (+2.6% YoY) on +7.2% capacity; EPS was $2.78, above guidance, and pre-tax margin 8%, with CASM-X down 0.9%.
- Q4 EPS guidance of $3.00–$3.50 and full-year EPS toward the upper half of $9–$11 range; United expects to be the only airline to grow earnings in 2025.
- Deployed first Starlink-equipped 737-800 and >50% of regional fleet, targeting full fleet rollout by 2027; continuing $1 B+ annual customer product investments to boost loyalty and service differentiation.
- Repurchased 377 aircraft from high-cost COVID leases, eliminated fixed coupons >6%; average debt cost <5%, S&P upgraded to BB+, and free cash flow >$3 B.
- Loyalty revenues +9% and co-brand remuneration +15%; premium cabin TRASM outperformed main cabin by five points, underpinning goal to double loyalty EBITDA.
- United posted $1.3 billion in pre-tax earnings and $2.90 diluted EPS on $15.225 billion in revenue (up 2.6%), despite a 4.3% drop in RASM.
- Carried over 48 million passengers on nearly 3,000 daily flights, achieving its highest-ever completion factor and on-time performance.
- Invested more than $1 billion in high-speed Wi-Fi, seatback entertainment, and extra legroom, lifting in-flight entertainment satisfaction by 15 points since 2022.
- Premium cabin and loyalty revenues saw significant growth, driven by United Polaris and robust loyalty program engagement.
- Remains optimistic for Q4, expecting RASM improvement and a continued rebound in travel demand during the holiday season.
- United Airlines delivered Q3 diluted EPS of $2.90 and adjusted EPS of $2.78, topping guidance of $2.25–$2.75.
- Total operating revenue grew 2.6% year-over-year to $15.2 billion, with Q3 pre-tax earnings of $1.3 billion (8.2% margin) and adjusted pre-tax earnings of $1.2 billion (8.0% margin).
- The company issued Q4 adjusted EPS guidance of $3.00–$3.50, citing stronger demand and expected unit-revenue improvement.
- United remains on track to invest over $1 billion in customer experience initiatives in 2025 and plans another $1 billion+ in 2026 to fuel brand loyalty.
- Operational excellence drove the largest summer mainline schedule ever and the lowest Q3 cancellation rate in company history.
- United delivered diluted EPS of $2.90 and adjusted EPS of $2.78, above guidance of $2.25–$2.75, on $15.2 billion in Q3 operating revenue, up 2.6% year-over-year.
- Q3 pre-tax earnings were $1.3 billion (8.2% margin) with adjusted pre-tax earnings of $1.2 billion (8.0% margin).
- The company set Q4 adjusted EPS guidance of $3.00–$3.50, expecting meaningful unit revenue improvement versus Q3 as demand strengthens.
- United is on track to invest $1 billion in customer experience this year (and plans another $1 billion in 2026), fueling resilience via brand-loyal customers and delivering its largest summer mainline schedule with a record low Q3 cancel rate.
- Four new nonstop European routes—Split, Bari, Glasgow and Santiago de Compostela—plus Washington-Dulles–Reykjavik, daily Newark–Seoul and an added Newark–Tel Aviv flight in Summer 2026.
- Nearly 3,000 weekly international roundtrips and 850+ daily flights to over 150 international destinations, including 41 U.S.-exclusive nonstop routes and service to 46 Atlantic cities, the most of any U.S. carrier.
- All new routes are subject to government approval and are on sale today; United will also resume all nine destinations from its record Summer 2025 expansion on specified dates.
- These additions reinforce United’s position as the largest U.S. carrier to Israel and cement its status as the world’s largest airline by available seat miles.
- 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.