AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 30/10/2026
Moat38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Alliance/JBA integration and global reach provide coordination benefits, but rivals run comparable alliances; competitive intensity and promotional pricing pressure limit defensibility.
durability · 1/4 · Slots/route authorities are valuable intangibles, yet they and hub capacity are subject to FAA/court decisions; alliance/JBA benefits depend on continuing approvals and partner stability.
customer dependency · 2/4 · MileagePlus scale and co-brand credit card usage (award RPM share 8.1%→9%→10.3%) indicate meaningful repeat engagement, but price-driven promotions can still sway demand.
erosion resilience · 2/4 · United raised yields/TRASM despite fuel spikes and adjusted capacity/fares in response to shocks, showing adaptability; nonetheless, gains are cyclical and not insulated from competition.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Yields and TRASM rose double-digits YoY in 2026 Q2–Q3, evidencing recent pricing/mix strength amid higher demand and capacity management.
retention · 2/4 · Award travel consistently represents a high single- to low double-digit share of RPMs, implying sustained loyalty participation, though not isolating true churn or wallet share.
margin resilience · 2/4 · Management expected to recover most fuel spikes via revenue by late 2026; yield/TRASM up, but margins remain sensitive to fuel and competition.
contractual freedom · 2/4 · United sets pricing and revenue management for regional flying under CPAs, indicating meaningful discretion for that capacity, though not for all mainline markets.
Predictability71
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 32.07
- Positive FCF years (%)
- 60.00
- FCF margin volatility (pp)
- 2.72
- observedAnnualPeriods
- 5.00
Financial strength10
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 19.18
- interestCoverageGrade
- 22.11
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 9.77
- Net debt / operating income (x)
- 4.04
- Interest coverage (x)
- 3.43
- Current ratio (x)
- 0.65
Capital allocation81
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 14.37
- 3-year average dilution (%)
- -0.15
- 3-year average SBC / revenue (%)
- 0.22
- cashConversionGrade
- 67.18
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Positive operating cash flow, redemption of secured notes, prepayment of higher-cost debt, and opportunistic liquidity raising show prudent actions, balanced by ongoing high capex and leverage.
incentive alignment · 3/4 · High proportion of at-risk pay, robust stock ownership guidelines, and a clawback policy (beyond Dodd-Frank) support alignment and accountability.
execution · 3/4 · Record customers and low cancellation rates, with timely capacity/fare adjustments during fuel shocks, indicate effective operational and commercial execution.
governance · 3/4 · Governance practices include separate Chair/CEO, majority independent board, majority voting, and strong shareholder support for Say‑on‑Pay.
Evidence
United also participates in four passenger joint business arrangements ("JBAs"): one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Air Dolomiti, Austrian Airlines, Brussels Airlines, Discover Airlines, Edelweiss, Eurowings and SWISS) covering transatlantic routes, one with ANA covering certain transpacific routes, one with Air New Zealand covering certain routes between the United States and New Zealand, and one with Air Canada covering certain United States and Canada transborder routes.
filing-2: Alliances/JBAs description · Filed 27/02/2025
These passenger JBAs enable the participating carriers to integrate the services they
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provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services.
filing-2: JBA integration and customer benefits · Filed 27/02/2025
Alliances. United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world.
filing-1: Star Alliance membership · Filed 12/02/2026
United has an agreement with JPMorgan Chase Bank, N.A.
filing-1: Chase co-brand agreement · Filed 12/02/2026
In 2025, approximately 10.9 million MileagePlus flight awards were used on United and United Express.
filing-1: 2025 award flights volume · Filed 12/02/2026
These awards represented approximately 10.3% of United's total revenue passenger miles.
filing-1: 2025 award RPM share · Filed 12/02/2026
In 2024, approximately 9.2 million MileagePlus flight awards were used on United and United Express.
filing-2: 2024 award flights volume · Filed 27/02/2025
These awards represented approximately 9% of United's total revenue passenger miles.
filing-2: 2024 award RPM share · Filed 27/02/2025
In 2023, approximately 7.4 million MileagePlus flight awards were used on United and United Express.
filing-3: 2023 award flights volume · Filed 29/02/2024
These awards represented approximately 8.1% of United's total revenue passenger miles.
filing-3: 2023 award RPM share · Filed 29/02/2024
The Company also determines pricing and revenue management, assumes the inventory and distribution risk for the available seats and permits mileage accrual and redemption for regional flights through its MileagePlus loyalty program.
filing-1: CPA pricing/revenue management control · Filed 12/02/2026
Fuel Consortia. United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage.
filing-1: Fuel consortia participation · Filed 12/02/2026
The consortia (and in limited cases, the participating carriers) have entered into long-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through various debt obligations.
filing-1: Fuel consortia long-term facility leases · Filed 12/02/2026
The domestic airline industry is highly competitive and dynamic.
filing-2: Domestic industry is highly competitive · Filed 27/02/2025
Reduced or flat consumer spending may drive us and our competitors to reduce or offer promotional prices, which would negatively impact our gross margin.
filing-2: Promotional pricing pressure risk · Filed 27/02/2025
•Regulatory or Court Decisions Restricting Our Capacity Targets: We remain vulnerable to regulatory actions (including by the Federal Aviation Administration) or court decisions that would force us to adjust our planned capacity at our hub locations.
filing-5: Vulnerability to FAA/court capacity restrictions · Filed 16/07/2026
The Revolving Credit Facility remains guaranteed by UAL and secured on a senior basis, subject to certain exclusions, by all of United's international route authorities, its rights to substantially all of its foreign and domestic take-off and landing slots and, to the extent necessary at the relevant time of determination for servicing the scheduled air carrier service authorized by an applicable route authority, its rights to use or occupy airport terminal space, which also secure the Company's Term Loan Credit and Guaranty Agreement and its 4.625% Senior Secured Notes due 2029.
filing-4: Slots/route authorities pledged as collateral · Filed 21/10/2026
Total revenue per ASM ("TRASM") (cents)
20.19
17.42
2.77
15.9
Average yield per revenue passenger mile ("Yield") (cents) (e)
21.86
18.73
3.14
16.8
Cargo revenue ton miles ("CTM") (millions) (f)
936
890
46
5.2
Cost per ASM ("CASM") (cents)
18.56
15.82
2.74
17.3
Average price per gallon of fuel, including fuel taxes
$
3.90
$
2.43
$
1.47
60.3
Fuel gallons consumed (millions)
1,243
1,233
10
0.8
Employee headcount, as of September 30
117,900
111,900
6,000
5.4
(a) The number of revenue passengers measured by each flight segment flown.
filing-4: Q3 2026 TRASM and Yield up YoY · Filed 21/10/2026
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Operating Revenue.
filing-4: Q3 2026 operating revenue up YoY · Filed 21/10/2026
Total revenue per ASM ("TRASM") (cents)
20.25
18.06
2.18
12.1
Average yield per revenue passenger mile ("Yield") (cents) (e)
22.13
19.74
2.39
12.1
Cargo revenue ton miles ("CTM") (millions) (f)
932
885
47
5.3
Cost per ASM ("CASM") (cents)
18.99
16.49
2.50
15.2
Average price per gallon of fuel, including fuel taxes
$
4.19
$
2.34
$
1.85
79.4
Fuel gallons consumed (millions)
1,219
1,188
32
2.7
Employee headcount, as of June 30
117,500
111,300
6,200
5.6
(a) The number of revenue passengers measured by each flight segment flown.
filing-5: Q2 2026 TRASM and Yield up YoY · Filed 16/07/2026
Yields were up 12% during the quarter, showing strong demand for United's product.
filing-8: Q2 2026 yields up 12% · Filed 15/07/2026
In the third quarter the Company expects to recover approximately 80% to 90% of the increase, and 100% by the fourth quarter.
filing-8: Expected recovery of fuel cost increases · Filed 15/07/2026
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)
Six Months Ended June 30,
2026
2025
Operating Activities:
Net cash provided by operating activities
$
6,409
$
5,927
Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns
(3,015)
(2,520)
Purchases of short-term and other investments
(4,439)
(4,722)
Proceeds from sale of short-term and other investments
4,179
4,222
Proceeds from sale of property and equipment
33
48
Other, net
(111)
(70)
Net cash used in investing activities
(3,354)
(3,042)
Financing Activities:
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees
5,829
—
Payments of long-term debt, finance leases and other financial liabilities
(4,537)
(1,611)
Repurchases of common stock
(27)
(589)
Other, net
(93)
(99)
Net cash provided by (used in) financing activities
1,172
(2,300)
Net increase in cash, cash equivalents and restricted cash
4,227
585
Cash, cash equivalents and restricted cash at beginning of the period
6,081
8,946
Cash, cash equivalents and restricted cash at end of the period (a)
$
10,308
$
9,531
Investing and Financing Activities Not Affecting Cash:
filing-5: H1 2026 operating cash flow · Filed 16/07/2026
During the six months ended June 30, 2026, the Company made payments for debt of $4.2 billion, including $0.5 billion of prepayments on aircraft debt with various original maturity dates between 2026 and 2035 and the two prepayment transactions described below.
filing-5: 2026 debt payments and prepayments · Filed 16/07/2026
On February 24, 2026, United redeemed in full (the "Redemption") all $2.0 billion of aggregate principal amount of its outstanding 4.375% Senior Secured Notes due 2026 (the "Secured Notes"), issued pursuant to an indenture (the "Indenture"), dated as of April 21, 2021, among United, UAL and Wilmington Trust, National Association, as trustee and as collateral trustee.
filing-5: Redemption of 2026 secured notes · Filed 16/07/2026
During the quarter, United raised $3.7 billion in new liquidity in private bank transactions at attractive rates to provide low cost insurance from geopolitical uncertainty and the possibility of an extreme spike in oil prices.
filing-8: $3.7B liquidity raised at attractive rates · Filed 15/07/2026
Since the beginning of the second quarter, the Company pre-paid approximately $1 billion of higher cost debt.
filing-8: ~$1B higher-cost debt pre-paid · Filed 15/07/2026
The speed and favorable terms with which United raised this new capital demonstrates United's growing reputation among lenders as it makes progress toward an investment-grade rating this year.
filing-8: Progress toward investment-grade · Filed 15/07/2026
94%
6x
90%
Percentage of our CEO’s target compensation at-risk and fluctuating based on our performance and/or our stock price.
filing-11: At-risk compensation and ownership guidelines · Filed 07/04/2026
Our clawback policy includes both (1) a mandatory recovery element applicable to our current and former Section 16 officers to comply with the incentive-based compensation recovery provisions of the Dodd-Frank Act and the Nasdaq listing standards regarding recovery of erroneously awarded compensation in the event of certain accounting restatements on a “no fault” basis and (2) a discretionary element that permits United to seek recovery of compensation (including any incentive-based compensation, which may be in the form of cash or equity, variable compensation, bonus, severance or sign-on compensation, including, without limitation, time-based and performance-based awards) over a three year look-back period awarded or paid to any current or former officer of United and/or United Airlines, Inc.
filing-11: Clawback policy details · Filed 07/04/2026
United's operational momentum continued, posting the lowest seat cancellation rate among the three largest U.S.
filing-6: Lowest seat cancellation rate among top three · Filed 20/10/2026
airlines during the quarter. United carried a record 49.5 million customers during Q3, recording six of its 10 highest-volume travel days for the year so far
filing-6: Record 49.5M customers in Q3 2026 · Filed 20/10/2026
competitors are Delta, American, Southwest, JetBlue, Alaska, Spirit and Frontier.
filing-11: Named U.S. competitors list · Filed 07/04/2026
•Geopolitical Conflicts in the Middle East: During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices.
filing-5: Geopolitical conflicts raised fuel prices · Filed 16/07/2026
In response, we took immediate and decisive actions to mitigate the impact of the operational disruptions and rising fuel costs, including reducing capacity and adjusting fares and fees.
filing-5: Response included reducing capacity and adjusting fares/fees · Filed 16/07/2026
The “Board and Corporate Governance Matters” section beginning on page 34 describes our governance framework and our “Compensation Discussion and Analysis” section beginning on page 76 describes our executive compensation program.
filing-11: Governance framework highlights · Filed 07/04/2026
Compensation. The Company’s stockholders approved a nonbinding, advisory resolution approving the compensation of the Company’s
filing-12: Say-on-Pay approval vote result · Filed 22/05/2026
