United Airlines Holdings Inc

ir.united.com

What Do They Do?

Transports passengers across domestic and international routes and carries freight and mail for commercial businesses, logistics firms and postal services.

How Do They Make Money?

Passengers primarily pay for tickets by credit card in advance; United earns the fare when transportation is provided.

revenue

Segment	Share	How money arrives
Passenger revenue Sold outright	90% FY2022: 89%	Sold outright
Cargo revenue	3.0% FY2022: 4.8%
Other operating revenue	6.5% FY2022: 6.1%

Who Are Their Customers?

Passengers buy tickets and related travel products through United's website and app, travel agencies, online travel agencies and other intermediaries. Cargo services are sold mainly to commercial businesses, freight forwarders, logistics firms and national postal services.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

8% of revenue

▼ −8% vs FY2024 ($5.1B, 9%)

Net income, FY2025

6% of revenue

▲ +6% vs FY2024 ($3.1B, 6%)

Free cash flow, FY2025

4% of revenue

▼ −33% vs FY2024 ($3.8B, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +17%; vs $15.2B in Q3 FY2025
Net income: ▲ +8%; vs $949M in Q3 FY2025

Passenger revenue share of revenue vs 90.7% in Q3 FY2025

Jul 15, 2026 Raises full-year adjusted earnings-per-share guidance Raised full-year adjusted diluted earnings-per-share guidance to $9.00 to $11.00.
Apr 27, 2026 Merger discussions with American ended The CEO said he approached American about a combination; American declined to engage, ending the talks.

Growing. Revenue grew 2.4x in 4 years, from $24.6B in FY2021 to $59.1B in FY2025, about 24% a year.

Travel-based advertising MileagePlus is described as a loyalty program with travel and non-travel awards and credit-card marketing; the latest report adds Kinective Media, which connects customers to personalized advertising, experiences and offers using travel insights.

Revenue over time

Passenger revenue Cargo revenue Other operating revenue

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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