Start here if you're new
what it is
United Airlines moves people and cargo across 370 airports using 4,600 daily flights and a 1,424-aircraft fleet.
how it gets paid
Last year United Airlines made $59.1B in revenue. Passenger travel was the main engine at $51.0B, or 86% of sales.
why it's growing
Revenue grew 3.5% last year. The Q4 EPS beat mattered most because airlines live and die on small margin changes.
what just happened
United posted $15.4B in latest-quarter revenue, with EPS of $3.10 topping consensus (~$2.94).
At a glance
B+ balance sheet — decent shape, but not bulletproof
5/100 earnings predictability — expect surprises
10.1x trailing p/e — the market's not buying it — or you found a deal
11.5% return on capital — nothing to write home about
xvary composite: 68/100 — average
What they do
United Airlines moves people and cargo across 370 airports using 4,600 daily flights and a 1,424-aircraft fleet.
United runs 4,600 daily flights across 370 airports. Smaller rivals cannot match that schedule density (more flights on the same routes), so your connections are easier to keep and harder to replace. With 1,424 aircraft, it spreads fixed costs across more seats than a smaller airline.
How they make money
$59.1B
annual revenue · their business grew +3.5% last year
Passenger travel
$51.0B
+3.0%
MileagePlus loyalty
$3.2B
+8.0%
Cargo shipping
$1.4B
+1.5%
Other operating revenue
$3.5B
+2.0%
The products that matter
global passenger airline operations
Passenger Air Travel
$59.1B revenue · 100% of reported sales on this page
it's the whole reported story here: more than 4,600 daily flights produced $59.1B in revenue last year. if passenger demand slips, the numbers feel it fast.
core business
freight transport in aircraft bellies
Cargo
~$1.4B · segment row
The revenue bridge on this page includes ~$1.4B cargo— small vs. passengers, but not “unquantified.”
incremental revenue
frequent flyer loyalty program
MileagePlus
~$3.2B · loyalty line
MileagePlus shows as ~$3.2B on the segment table here— still read the 10-K for how much is cash vs. deferred / partner revenue.
margin helper
Key numbers
$15.50
fy2027 eps est
$70B
fy2029 rev est
10.1x
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $20.6B (37% of capital)
- net profit margin 7.1% — keeps 7 cents of every dollar in revenue
- return on equity 18% — $0.18 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in UAL 3 years ago → it's now worth $20,520.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
United posted $15.4B in latest-quarter revenue, and EPS of $3.10 beat estimates, topping ~$2.94 consensus.
Latest quarter: about $15.4B of revenue and $3.10 of EPS versus ~$2.94 consensus — a beat, not a miss. Different feeds, same airline lesson: the numbers move hard.
$15.4B
revenue
$3.10
eps
~5.4%
surprise
the number that mattered
The EPS beat mattered most because airlines live and die on small margin changes. One bad quarter can erase a lot of seat miles.
-
united airlines was the only major u.s. carrier to grow adjusted earnings in 2025.
-
FY 2025 revenue ~$59.1B (+3.5% YoY); Q4 revenue ~$15.4B. Adjusted diluted EPS ~$3.10 in Q4 vs. ~$2.94 consensus (vendor-dependent).GAAP diluted EPS for Q4 is often a few cents away from “adjusted”— use the 8-K reconciliation, not a headline scraper.
-
management expects 2026 adjusted earnings of $14 per share, implying roughly 22% growth at the midpoint.
-
however, margin gains depend on fuel cost moderation and labor cost absorption.
-
booking trends reinforce the earnings outlook.
source: EDGAR filing and Yahoo Finance consensus, 2026
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What could go wrong
the #1 risk is jet fuel and labor costs outrunning fare growth.
med
fuel price volatility
jet fuel is a major expense, and united does not get to ignore it. if fuel jumps, margins compress fast.
if fuel rises 20%, operating income takes an estimated ~$2B hit
med
labor cost pressure
new pilot and flight attendant contracts raise the fixed cost base. that's good for labor relations and bad for easy margin expansion.
labor costs rising 4–6% annually leave less room for error
med
demand slowdown
this page shows $59.1B of annual revenue and no meaningful segment split away from the main passenger story. if travel demand softens, the whole model feels it.
$59.1B of revenue is exposed to the health of air travel demand
low
balance sheet drag
B+ balance sheet grade is workable. $20.6B of long-term debt is still a real claim on future cash flow.
long-term debt equals 37% of capital
on $59.1B of revenue, a 7.3% net margin n/a (verify filings) stock rebound suggests. if fuel and labor both move the wrong way, the rerating story gets thin fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 adjusted EPS target
$14 is the number the whole story leans on. if management starts walking that down, the cheap multiple will stop looking cheap.
trend
booking momentum
positive booking trends support the current outlook. you want to see demand stay firm while fares hold.
risk
fuel cost direction
the margin story works a lot better if jet fuel stops climbing. if it does not, $2B operating-income sensitivity stops being theoretical.
metric
labor cost absorption
with labor costs rising 4–6% annually, you need to see enough pricing and utilization to keep margins from leaking away.
Analyst rankings
short-term outlook
top 5%
momentum score 1 — the highest rating. in human-speak, analysts think this stock has stronger near-term upside than almost everything else they cover.
risk profile
average
stability score 3 — middle of the pack. you are not buying a bunker stock, but you are not buying the weakest airline balance sheet either.
chart momentum
top 20%
technical score 2 — price action has been better than most stocks, which fits a name already up 106% from its low.
earnings predictability
5 / 100
the numbers are hard to model cleanly. that's analyst language for quarter-to-quarter volatility and guidance risk.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 472 buyers vs. 375 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$79
$189
$107
current price
$134
target midpoint · +25% from current · 3-5yr high: $155 (+45% · 10% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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