Earnings summaries and quarterly performance for United Airlines Holdings.
Executive leadership at United Airlines Holdings.
Scott Kirby
Detailed
Chief Executive Officer
CEO
AN
Andrew Nocella
Detailed
Executive Vice President and Chief Commercial Officer
BH
Brett Hart
Detailed
President
ML
Michael Leskinen
Detailed
Executive Vice President and Chief Financial Officer
TE
Torbjorn Enqvist
Detailed
Executive Vice President and Chief Operations Officer
Board of directors at United Airlines Holdings.
BH
Barney Harford
Detailed
Director
BN
Brian Noyes
Detailed
Director
EP
Edward Philip
Detailed
Chairman of the Board
ES
Edward Shapiro
Detailed
Director
JW
James Whitehurst
Detailed
Director
LW
Laysha Ward
Detailed
Director
MF
Matthew Friend
Detailed
Director
MH
Michele Hooper
Detailed
Director
MF
Michelle Freyre
Detailed
Director
RJ
Richard Johnsen
Detailed
Director
RB
Rosalind Brewer
Detailed
Director
WI
Walter Isaacson
Detailed
Director
Research analysts who have asked questions during United Airlines Holdings earnings calls.
BO
Brandon Oglenski
Barclays
7 questions for UAL
Also covers: AAL, ALGT, ALK +21 more
Conor Cunningham
Melius Research
7 questions for UAL
Also covers: AAL, ABNB, ALGT +16 more
JB
Jamie Baker
JPMorgan Chase & Co.
7 questions for UAL
Also covers: AAL, AER, AL +6 more
DV
David Vernon
Sanford C. Bernstein & Co., LLC
6 questions for UAL
Also covers: AAL, AUR, CNI +8 more
SG
Scott Group
Wolfe Research
6 questions for UAL
Also covers: AAL, ALGT, ALK +35 more
SK
Sheila Kahyaoglu
Jefferies
6 questions for UAL
Also covers: , AAL, AIR +36 more
AD
Andrew Didora
Bank of America
5 questions for UAL
Also covers: AAL, ALGT, ALK +9 more
Duane Pfennigwerth
Evercore ISI
5 questions for UAL
Also covers: AAL, AERO, ALGT +19 more
ML
Michael Linenberg
Deutsche Bank
5 questions for UAL
Also covers: AAL, AERO, ALGT +13 more
CO
Catherine O'Brien
Goldman Sachs
4 questions for UAL
Also covers: AAL, AER, AL +7 more
TF
Tom Fitzgerald
TD Cowen
4 questions for UAL
Also covers: ALK, CPA, JBLU +3 more
RS
Ravi Shanker
Morgan Stanley
3 questions for UAL
Also covers: AAL, ALGT, ALK +27 more
TF
Thomas Fitzgerald
TD Cowen
3 questions for UAL
Also covers: AAL, ALGT, ALK +8 more
AM
Atul Maheshwari
UBS Group AG
2 questions for UAL
Also covers: AAL, ALGT
Catie O’Brien
Goldman Sachs
2 questions for UAL
Also covers: AAL, DAL
CW
Chris Wetherbee
Wells Fargo & Company
2 questions for UAL
Also covers: ARCB, CNI, CP +11 more
Ravi Shankar
Morgan Stanley
2 questions for UAL
Also covers: ALK, AUR, CP +8 more
Stephen Trent
Citigroup Inc.
2 questions for UAL
Also covers: AAL, AER, AL +14 more
JG
John Godin
Citi
1 question for UAL
Also covers: BAH, BETA, CACI +3 more
JG
John Goedin
Citigroup
1 question for UAL
Also covers: HEI
JP
John Pletz
Crain's
1 question for UAL
LJ
Leslie Josephs
CNBC
1 question for UAL
Mary Schlangenstein
Bloomberg News
1 question for UAL
ML
Mike Lindenberg
Deutsche Bank
1 question for UAL
Also covers: ALGT, DAL, JBLU +4 more
RS
Rajesh Singh
Reuters
1 question for UAL
SS
Savanthi Syth
Raymond James
1 question for UAL
Also covers: AAL, ACHR, ALGT +15 more
Thomas Wadewitz
UBS
1 question for UAL
Also covers: ALK, ARCB, CHRW +20 more
TW
Tom Wadewitz
UBS Group
1 question for UAL
Also covers: ARCB, CHRW, CNI +19 more
Recent press releases and 8-K filings for UAL.
United Airlines Holdings audit finds FAA oversight gaps
UAL
- The Transportation Department inspector general’s audit found the FAA lacks sufficient staffing, workforce planning, and data access to effectively oversee United’s maintenance program.
- About one-third of FAA inspector positions are vacant, with only two inspectors covering over 2,000 engines, and one slated to retire in 2026, raising concerns about institutional knowledge loss.
- The IG issued six formal recommendations, including staffing reassessments, independent workload surveys, enhanced training and data access, and stronger knowledge transfer.
- The FAA agreed to implement most recommendations by year-end, and United stated it supports stronger FAA resourcing and maintains internal safety systems; the report noted no current safety issues but warned oversight gaps could pose risks.
7 days ago
United Airlines outlines guidance and growth strategy at Barclays conference
UAL
Guidance Update
New Projects/Investments
- United expects Q1 EPS near the high end of its guidance range, driven by strong demand across premium and main cabins and mid-single-digit RASM at Chicago through early February.
- CFO Mike Leskinen reaffirmed a clear path to double-digit pre-tax margins via brand-loyal customer growth and deleveraging, with potential for mid-teens margins as lower-margin peers rationalize capacity.
- Product and technology investments include fleet-wide Starlink Wi-Fi by end of 2027, a loyalty-program relaunch to boost card acquisitions, and AI-enabled operations and predictive maintenance enhancements.
- Capital allocation will prioritize reaching investment-grade, targeting 50% free cash conversion during growth-phase CapEx and rising to 75% by decade-end, while evaluating M&A, share repurchases and debt reduction opportunistically.
Feb 18, 2026, 1:40 PM
United Airlines outlines strategic and financial outlook at Barclays conference
UAL
New Projects/Investments
M&A
- CFO Mike Leskinen said brand loyalty is a key secular growth driver, highlighting record A0, D0 and A14 metrics YTD and mid-single-digit RASM in early February at O’Hare, underpinning Q1 EPS near the high end of guidance.
- United plans to have fleet-wide Starlink Wi-Fi on mainline aircraft by end-2027 (significant coverage by end-2026) and will unveil product and loyalty ecosystem enhancements at a March media day.
- The company targets double-digit pre-tax margins through brand-loyal customer growth and balance sheet deleveraging, with free cash flow conversion of ~50% during its growth phase rising to ~75% by decade’s end.
- Network strategy emphasizes upgauging and connectivity at mid-continent hubs using MAX 9/10 and 787 deliveries (acknowledging some Pratt-powered 777s will be grounded until 2027 due to engine parts shortages) to flex capacity for profitability.
- Capital allocation priorities include debt reduction, opportunistic M&A, and shareholder returns (share repurchases/dividends), with management open to deals in the current environment.
Feb 18, 2026, 1:40 PM
United Airlines outlines strong Q1 trends and margin targets
UAL
Guidance Update
- United is seeing mid-single-digit RASM in the first two weeks of February at O’Hare and expects Q1 EPS to land near the high end of guidance, driven by broad-based corporate and leisure demand.
- The company emphasizes its brand loyalty strategy, touting a five-year lead over peers and plans to equip most mainline aircraft with Starlink Wi-Fi by end-2026, with completion by end-2027.
- United targets double-digit pre-tax margins and reduced earnings volatility by growing its base of brand-loyal customers and improving its balance sheet en route to Investment Grade credit.
- To counter rising labor, airport and maintenance costs, United is deploying operational efficiencies and AI—from predictive maintenance to faster irregular-operations recovery and accelerated finance close.
- The airline expects free cash flow conversion of ~50% during its growth phase, rising to ~75% by decade’s end, supporting potential M&A, debt reduction and shareholder returns.
Feb 18, 2026, 1:40 PM
United Airlines selects GE Aerospace GEnx engines for new 787 Dreamliners
UAL
New Projects/Investments
- United Airlines selects 300 GEnx engines from GE Aerospace to power its new Boeing 787 Dreamliners, including additional spares and bringing its 787 fleet to over 200 GEnx-powered aircraft.
- The agreement makes United the world’s largest GEnx operator and raises GE Aerospace’s firm GEnx future deliveries to nearly 1,800 engines plus spares.
- The GEnx family, delivering enhanced durability and a 99.98% dispatch rate, currently powers two-thirds of all 787s in service and exclusively powers the 747-8.
Feb 16, 2026, 2:50 PM
United Airlines Holdings issues $1B 4.875% Senior Notes due 2029
UAL
Debt Issuance
- On February 6, 2026, United Airlines Holdings, Inc. issued $1,000,000,000 of 4.875% Senior Notes maturing March 1, 2029, which are fully guaranteed by its subsidiary United Airlines, Inc.
- The Notes pay 4.875% interest semi-annually on March 1 and September 1 (first payment September 1, 2026) and are redeemable at UAL’s option prior to December 1, 2028, at a make-whole or par call price, and thereafter at 100% of principal plus accrued interest
- The offering priced at 100% of par, generating net proceeds of $992.5 million after $7.5 million of underwriter discounts, with Barclays Capital and BofA Securities as joint book-running managers
Feb 6, 2026, 9:23 PM
United Airlines issues $1 B 5.375% senior notes due 2031
UAL
Debt Issuance
- On February 2, 2026, United Airlines Holdings, Inc. issued $1,000,000,000 of 5.375% Senior Notes due March 1, 2031, guaranteed by United Airlines, Inc., under the Base Indenture dated May 7, 2013, as supplemented by the Sixth Supplemental Indenture dated February 2, 2026.
- The notes bear interest at 5.375% per annum, payable semi-annually on March 1 and September 1, beginning September 1, 2026.
- The issuer may redeem the notes before September 1, 2030 at the greater of 100% of principal or a make-whole amount, and thereafter at 100% of principal; upon a change of control triggering event, holders may require repurchase at 101% of principal.
- The Indenture includes covenants limiting liens on indebtedness and restricting mergers or transfers of assets, and contains customary events of default.
Feb 2, 2026, 9:27 PM
United Airlines expands ORD schedule with record 750 daily flights
UAL
New Projects/Investments
Hiring
- United will operate a record 750 daily flights from Chicago O’Hare this summer, 200 more than its nearest competitor.
- The summer network spans 222 nonstop destinations (47 international; 175 U.S.), 38 more than the next largest carrier at ORD.
- Five new Midwest routes to Champaign/Urbana (CMI), Kalamazoo (AZO), Lansing (LAN), La Crosse (LSE) and Bloomington/Normal (BMI) begin April–May 2026.
- In 2025, United led major carriers in on-time arrivals at ORD, averaged 541 daily departures (31% above its closest rival) and plans to hire 2,500 more staff at the airport this year.
Jan 27, 2026, 12:00 PM
United Airlines reports Q4 2025 results
UAL
Earnings
Guidance Update
Share Buyback
- Revenue rose 4.8% to $15.4 billion in Q4 while consolidated RASM declined 1.6%; premium cabin revenues increased 12% on 7% more capacity, outperforming main cabin by nearly 10 points
- Generated $2.7 billion in free cash flow in 2025 and expects a similar level in 2026; targets net leverage below 2× to achieve investment-grade by year-end and has $782 million of buyback authorization remaining
- All of United’s hubs were profitable in Q4 and for full-year 2025, making United one of only two large U.S. carriers to achieve this
- Outlined five 2026 commercial priorities: seasonal international capacity shaping, enhanced merchandising, connectivity expansion, MileagePlus loyalty growth, and premium product expansion
- Q1 2026 outlook reflects strong early bookings and yields, expecting sequential improvements and potential positive RASM across all regions
Jan 21, 2026, 3:30 PM
United Airlines Q4 2025 Earnings Summary
UAL
Earnings
Guidance Update
- Q4 top-line revenues rose 4.8% year-over-year to $15.4 billion; consolidated RASM declined 1.6%, with premium cabin revenues up 12% on 7% capacity growth.
- Q4 non-GAAP EPS was $3.10, in-line with guidance, and full-year EPS was $10.62 (up vs. 2024); Q1 2026 EPS guidance is $1.00–$1.50 and full-year 2026 is $12.00–$14.00.
- CASM-ex increased just 0.4% in Q4 and for full-year 2025, reflecting industry-leading cost discipline alongside $1 billion of customer investments.
- Generated $2.7 billion in free cash flow in 2025 and expect similar FCF in 2026; net leverage was 2.2x at year-end, targeting below 2x for investment-grade ratings.
- 2026 fleet deliveries include over 100 narrowbody and approximately 20 widebody aircraft, with capital expenditures under $8 billion.
Jan 21, 2026, 3:30 PM
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