Aviation Intelligence Database · Airline profile
Airline profile
Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and the gap between unit revenue and unit cost, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.
Fleet & orders
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
How to read this page
Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. The first 14 rows are the metrics used in the Airline Comparison tool.
- Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
- Operating margin is operating result ÷ revenue unless the company defines its own margin (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Text version of the United Airlines data on this page
United Airlines data snapshot
- Scope: United Airlines Holdings, Inc. (consolidated)
- Region: North America
- Business model: Global network
- Financial year end: 31 Dec
- Reporting currency: USD
- Source: Annual reports, SEC filings & quarterly operating statistics
- Latest period: Q2 2026
- Last updated: 2026-09-23
Latest read
United combined capacity growth with a sharp improvement in unit revenue in Q2 2026. The multi-year record shows continued passenger and capacity expansion, while CASM has remained broadly stable in the mid-16-cent range before the 2026 fuel shock.
Reported metrics by period
Annual results
- FY2025 (31 Dec 2025): Passengers: 181.1m; Revenue: $59.07bn; Operating profit / result: $4.71bn op. (Operating income); Load factor: 82.2%; Capacity / ASK: 330.28bn ASM (Capacity); RASK / yield: 17.88¢ TRASM (Annual; PRASM 16.18¢); CASK ex-fuel: 12.64¢ ex-fuel (CASM-ex, company-defined) [Defined]; Cash / liquidity: $15.2bn (Liquidity at year-end) [Defined]; Fleet size: 1,490 (Mainline + regional) [Group]; Revenue passenger km (RPK): 271.62bn RPM (Revenue passenger miles); Yield: 19.67¢; Total CASK: 16.46¢ (CASM); Net profit: $3.35bn (Net income).
- FY2024 (31 Dec 2024): Passengers: 173.6m; Revenue: $57.06bn; Operating profit / result: $5.10bn op. (Operating income); Load factor: 83.1%; Capacity / ASK: 311.19bn ASM (Capacity); RASK / yield: 18.34¢ TRASM (Annual; PRASM 16.66¢); Revenue passenger km (RPK): 258.50bn RPM (Revenue passenger miles); Yield: 20.05¢; Total CASK: 16.70¢ (CASM); Net profit: $3.15bn (Net income).
- FY2023 (31 Dec 2023): Passengers: 164.9m; Revenue: $53.72bn; Operating profit / result: $4.21bn op. (Operating income); Load factor: 83.9%; Capacity / ASK: 291.33bn ASM (Capacity); RASK / yield: 18.44¢ TRASM (Annual; PRASM 16.84¢); Revenue passenger km (RPK): 244.44bn RPM (Revenue passenger miles); Yield: 20.07¢; Total CASK: 16.99¢ (CASM); Net profit: $2.62bn (Net income).
Quarterly and interim results
- Q2 2026 (30 Jun 2026): Passengers: 48.692m (Quarter; +5.4% YoY); Revenue: $17.67bn; Operating profit / result: $1.096bn operating income (GAAP) (Quarter ended 30 Jun 2026); Operating margin: 6.2%; Load factor: 83.4% (Quarter; +0.3pt YoY); Capacity / ASK: 87.279bn ASM (Quarter; +3.5% YoY); RASK / yield: 20.25¢ TRASM (Quarter; +12.1% YoY; PRASM 18.45¢, +12.5%); CASK ex-fuel: 13.12¢ ex-fuel (CASM-ex; +6.1% YoY) [Defined]; Cash / liquidity: $19.6bn (Available liquidity) [Defined]; Net debt / cash / leverage: $26.5bn (Debt & finance leases); Fleet size: 1,552 (Mainline + regional reported total) [Group]; Fleet growth / guidance: $9–11 adj. EPS (FY26 guidance) [Defined]; Revenue passenger km (RPK): 72.765bn RPM (+3.8% YoY); Total CASK: 18.99¢ (CASM; +15.2% YoY); Fuel cost: $4.19/gal (Average fuel price; major headwind); Gross debt incl. leases: $26.5bn (Debt & finance leases). Source: United Q2 2026 results.
Guidance versus actual
| Period | Metric | Guided | Actual | Outcome / note |
|---|---|---|---|---|
| FY2026 | Adjusted EPS | $9–11 | — | Pending |
Fleet
Total fleet: 1552 aircraft (as of 30 Jun 2026). United Next deliveries and the timing of aircraft availability are the key fleet variables; the fleet plan remains capital intensive.
| Fleet fact | Value | Context |
|---|---|---|
| Fleet, Q2 2026 | 1,552 | Mainline + regional reported total |
| FY25 fleet | 1,490 | Mainline + regional |
| 2025 aircraft added | 82 | Fleet growth |
Reported financial history
US$ billion unless stated otherwise.
| Year | Revenue | Operating income | Operating margin* | Net income | Passengers |
|---|---|---|---|---|---|
| 2023 | 53.72 | 4.21 | 7.8% | 2.62 | 164.9m |
| 2024 | 57.06 | 5.10 | 8.9% | 3.15 | 173.6m |
| 2025 | 59.07 | 4.71 | 8.0% | 3.35 | 181.1m |
*Calculated as operating income divided by operating revenue.
Traffic and unit economics
| Year | RPM | ASM | Load factor | Yield | PRASM | TRASM | CASM |
|---|---|---|---|---|---|---|---|
| 2023 | 244.44bn | 291.33bn | 83.9% | 20.07¢ | 16.84¢ | 18.44¢ | 16.99¢ |
| 2024 | 258.50bn | 311.19bn | 83.1% | 20.05¢ | 16.66¢ | 18.34¢ | 16.70¢ |
| 2025 | 271.62bn | 330.28bn | 82.2% | 19.67¢ | 16.18¢ | 17.88¢ | 16.46¢ |
FY2025 CASM-ex: 12.64¢ per ASM, company-defined.
Q2 2026 versus operating base
| Metric | Q2 2026 | YoY change |
|---|---|---|
| Passengers | 48.692m | +5.4% |
| RPM | 72.765bn | +3.8% |
| ASM | 87.279bn | +3.5% |
| Load factor | 83.4% | +0.3pt |
| PRASM | 18.45¢ | +12.5% |
| TRASM | 20.25¢ | +12.1% |
| CASM | 18.99¢ | +15.2% |
| CASM ex-fuel | 13.12¢ | +6.1% |
| Average fuel price | $4.19/gal | major headwind |
Liquidity, fleet and outlook
| Metric | Value | Context |
|---|---|---|
| Available liquidity | $19.6bn | |
| Debt & finance leases | $26.5bn | |
| Fleet | 1,552 | mainline + regional reported total |
| FY26 adj. EPS guide | $9–11 | |
| FY25 liquidity | $15.2bn | Year-end |
| FY25 fleet | 1,490 | Mainline + regional |
| 2025 aircraft added | 82 | Fleet growth |
Scale versus unit revenue
United’s capacity base expanded by roughly 13% between 2023 and 2025, while passenger volumes grew by about 10%. The key question is whether the step-up in 2026 unit revenue can persist long enough to absorb fuel and labour inflation without reversing that scale advantage.
Operating margin
Annual operating margins are calculated as operating income divided by operating revenue.
Disclosure policy
ASM/RPM and cents-per-ASM figures are retained exactly in United’s reporting convention. Calculated margins are labelled rather than presented as company-defined values. FY2025 CASM-ex of 12.64¢ per ASM is company-defined.
Methodology
United annual reports, SEC filings and quarterly operating statistics.
Outlook
What to watch:
- TRASM: durability of the 2026 unit-revenue step-up.
- CASM-ex: labour and operational cost growth against a larger capacity base.
- Fleet: United Next deliveries and the timing of aircraft availability.
- International mix: returns from transatlantic and Pacific growth.
- Liquidity: funding flexibility as the fleet plan remains capital intensive.
Peers
- Delta Air Lines — Global network · North America
- American Airlines — Global network · North America
- Air Canada — Global network · North America