Financials United Airlines Holdings, Inc.

Equities

UAL

US9100471096

Airlines

Market Closed - Nasdaq Other stock markets 01:30:00 12/07/2025 am IST			5-day change	1st Jan Change
87.69 ^USD	-4.34%		+6.47%	-9.69%

12/07	Wall Street Retreats as Investors Monitor Tariffs Updates, Bank Earnings Loom	MT
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Projected Income Statement: United Airlines Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	15,355	24,634	44,955	53,717	57,063	58,751	63,029	66,760
Change	-	60.43%	82.49%	19.49%	6.23%	2.96%	7.28%	5.92%
EBITDA ¹	-6,289	-1,676	5,185	8,135	8,404	7,989	8,984	9,798
Change	-	73.35%	409.37%	56.89%	3.31%	-4.94%	12.45%	9.06%
EBIT ¹	-8,975	-4,389	2,477	5,160	5,208	4,860	5,729	6,378
Change	-	51.1%	156.44%	108.32%	0.93%	-6.69%	17.88%	11.33%
Interest Paid ¹	-1,063	-1,657	-1,778	-1,956	-1,629	-1,382	-1,293	-1,162
Earnings before Tax (EBT) ¹	-8,822	-2,557	990	3,387	4,168	4,304	5,186	5,628
Change	-	71.02%	138.72%	242.12%	23.06%	3.26%	20.51%	8.52%
Net income ¹	-7,069	-1,964	737	2,618	3,149	3,263	3,940	4,268
Change	-	72.22%	137.53%	255.22%	20.28%	3.63%	20.74%	8.31%
Announcement Date	20/01/21	19/01/22	17/01/23	22/01/24	21/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,475	2,489	3,412	3,221	5,471	7,750	8,192	7,566	12,112	12,877	12,400	11,429	14,178	14,484	13,626	12,539	14,986	14,843	14,695	13,213	15,340	15,238	14,919	13,893	16,322	15,916	15,509
Change	-	68.75%	37.08%	-5.6%	69.85%	41.66%	5.7%	-7.64%	60.08%	6.32%	-3.7%	-7.83%	24.05%	2.16%	-5.92%	-7.98%	19.52%	-0.95%	-1%	-10.09%	16.1%	-0.66%	-2.09%	-6.88%	17.48%	-2.48%	-2.56%
EBITDA ¹	-2,421	-2,020	-1,604	-2,080	-546	620	330	-712	1,556	2,126	2,076	682	3,094	2,488	1,798	888	2,744	2,392	2,380	1,475	2,593	2,073	2,002	-	-	-	-
Change	-	16.56%	20.59%	-29.68%	73.75%	213.55%	-46.77%	-315.76%	318.54%	36.63%	-2.35%	-67.15%	353.67%	-19.59%	-27.73%	-50.61%	209.01%	-12.83%	-0.5%	-38.03%	75.81%	-20.06%	-3.42%	-	-	-	-
EBIT ¹	-3,086	-2,696	-2,284	-2,758	-1,218	-61	-352	-1,384	990	1,478	1,393	-29	2,376	1,768	1,045	112	1,965	1,560	1,571	500	1,774	1,226	1,210	725.9	2,117	1,606	1,380
Change	-	12.64%	15.28%	-20.75%	55.84%	94.99%	-477.05%	-293.18%	171.53%	49.29%	-5.75%	-102.08%	8,293.1%	-25.59%	-40.89%	-89.28%	1,654.46%	-20.61%	0.71%	-68.17%	254.88%	-30.9%	-1.35%	-39.99%	191.57%	-24.13%	-14.08%
Charge d'intérêts ¹	-196	-345	-351	-353	-426	-449	-429	-424	-420	-455	-479	-486	-493	-493	-484	-454	-427	-379	-369	-356	-347	-340.7	-338	-	-	-	-
Earnings before Tax (EBT) ¹	-2,003	-2,332	-2,373	-1,751	-564	603	-845	-1,752	459	1,153	1,130	-256	1,387	1,485	771	-164	1,739	1,286	1,307	478	1,673	1,144	1,100	-	-	-	-
Change	-	-16.43%	-1.76%	26.21%	67.79%	206.91%	-240.13%	-107.34%	126.2%	151.2%	-1.99%	-122.65%	641.8%	7.07%	-48.08%	-121.27%	1,160.37%	-26.05%	1.63%	-63.43%	250%	-31.61%	-3.91%	-	-	-	-
Net income ¹	-1,627	-1,841	-1,897	-1,357	-434	473	-646	-1,377	329	942	843	-194	1,075	1,137	600	-124	1,323	965	985	387	1,270	731.8	823.1	520.2	1,581	1,186	1,010
Change	-	-13.15%	-3.04%	28.47%	68.02%	208.99%	-236.58%	-113.16%	123.89%	186.32%	-10.51%	-123.01%	654.12%	5.77%	-47.23%	-120.67%	1,166.94%	-27.06%	2.07%	-60.71%	228.11%	-42.37%	12.47%	-36.8%	203.97%	-24.97%	-14.87%
Announcement Date	21/07/20	14/10/20	20/01/21	19/04/21	20/07/21	19/10/21	19/01/22	20/04/22	20/07/22	18/10/22	17/01/23	18/04/23	19/07/23	17/10/23	22/01/24	16/04/24	17/07/24	15/10/24	21/01/25	15/04/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: United Airlines Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	20,688	22,780	20,886	22,351	14,181	19,804	19,543	19,176
Change	-	10.11%	-8.31%	7.01%	-36.55%	39.65%	-1.32%	-1.88%
Announcement Date	20/01/21	19/01/22	17/01/23	22/01/24	21/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: United Airlines Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,767	2,107	4,819	7,171	5,615	6,399	7,794	7,188
Change	-	19.24%	128.71%	48.81%	-21.7%	13.96%	21.8%	-7.78%
Free Cash Flow (FCF) ¹	-5,860	-40	1,247	-260	3,830	2,636	1,632	1,780
Change	-	99.32%	3,217.5%	-120.85%	1,573.08%	-31.17%	-38.09%	9.1%
Announcement Date	20/01/21	19/01/22	17/01/23	22/01/24	21/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: United Airlines Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-40.96%	-6.8%	11.53%	15.14%	14.73%	13.6%	14.25%	14.68%
EBIT Margin (%)	-58.45%	-17.82%	5.51%	9.61%	9.13%	8.27%	9.09%	9.55%
EBT Margin (%)	-57.45%	-10.38%	2.2%	6.31%	7.3%	7.33%	8.23%	8.43%
Net margin (%)	-46.04%	-7.97%	1.64%	4.87%	5.52%	5.55%	6.25%	6.39%
FCF margin (%)	-38.16%	-0.16%	2.77%	-0.48%	6.71%	4.49%	2.59%	2.67%
FCF / Net Income (%)	82.9%	2.04%	169.2%	-9.93%	121.63%	80.77%	41.42%	41.72%
Profitability
ROA	-12.61%	-7.03%	1.23%	4.82%	4.87%	4.4%	5.22%	4.7%
ROE	-88.08%	-81.68%	13.94%	41.15%	32.13%	23.28%	23.65%	21.38%
Financial Health
Leverage (Debt/EBITDA)	-3.29x	-13.59x	4.03x	2.75x	1.69x	2.48x	2.18x	1.96x
Debt / Free cash flow	-3.53x	-569.5x	16.75x	-85.97x	3.7x	7.51x	11.98x	10.77x
Capital Intensity
CAPEX / Current Assets (%)	11.51%	8.55%	10.72%	13.35%	9.84%	10.89%	12.37%	10.77%
CAPEX / EBITDA (%)	-28.1%	-125.72%	92.94%	88.15%	66.81%	80.1%	86.75%	73.36%
CAPEX / FCF (%)	-30.15%	-5,267.5%	386.45%	-2,758.08%	146.61%	242.75%	477.58%	403.69%
Items per share
Cash flow per share ¹	-14.65	6.421	18.38	20.82	28.35	23.03	26.21	24.8
Change	-	143.83%	186.18%	13.31%	36.13%	-18.76%	13.83%	-5.38%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	21.33	15.62	20.89	28.09	38.15	46.84	59.73	79.82
Change	-	-26.76%	33.72%	34.48%	35.82%	22.77%	27.5%	33.64%
EPS ¹	-25.3	-6.1	2.23	7.89	9.45	9.979	12.4	13.97
Change	-	75.89%	136.56%	253.81%	19.77%	5.6%	24.22%	12.65%
Nbr of stocks (in thousands)	2,90,991	3,23,807	3,26,928	3,28,017	3,28,876	3,26,601	3,26,601	3,26,601
Announcement Date	20/01/21	19/01/22	17/01/23	22/01/24	21/01/25	-	-	-