United Airlines Holdings, Inc. (UAL) Stock Price & Analysis
United Airlines Holdings, Inc. (UAL) closed at USD 102 on Thursday, October 22, 2026, up 0.32% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 101.67; the Oct 22, 2026 session ranged USD 98–103.96 on volume of 6,651,617 shares. Market capitalization is $33.11B, with a 52-week range of USD 84.64–138.77 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:18 UTC.
Also available as compact Markdown for AI agents: nexqual.com/UAL.md
Key facts (UAL)
- Last four reported quarters (through Sep 30, 2026): revenue $65.6B, net income $3.58B (5.5% margin), free cash flow $1.12B (SEC filings).
- Valuation: P/E 9.3x (avg 8.8x at the last 3 fiscal year-ends), EV/EBITDA 5.4x, net debt $9.90B.
- 2 of 80 tracked superinvestors hold UAL (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.92 on a 1–5 scale) (25 analysts), mean target USD 150.13 (range 98–203).
- Total return with dividends: 1Y +6.6% vs S&P 500 +14.9%; 5Y +118.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-20, EPS estimate USD 1.38, revenue estimate $18.6B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (UAL)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B | $65.6B |
| Operating income | -$1.02B | $2.34B | $4.21B | $5.10B | $4.71B | $4.92B |
| Net income | -$1.96B | $737M | $2.62B | $3.15B | $3.35B | $3.58B |
| EPS (diluted) | -$6.10 | $2.23 | $7.89 | $9.45 | $10.20 | — |
| Free cash flow | -$40.0M | $1.25B | -$260M | $3.83B | $2.56B | $1.12B |
| Operating margin | -4.1% | 5.2% | 7.8% | 8.9% | 8.0% | 7.5% |
| Net margin | -8.0% | 1.6% | 4.9% | 5.5% | 5.7% | 5.5% |
| Revenue growth | +60.4% | +82.5% | +19.5% | +6.2% | +3.5% | — |
| Cash + short-term investments | $18.4B | $16.4B | $14.4B | $14.5B | $12.2B | — |
| Total debt | $33.4B | $31.2B | $29.1B | $24.7B | $21.3B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Sep 30, 2026) (UAL)
P/E 9.3x · P/S 0.5x · EV/EBITDA 5.4x · EV/Sales 0.7x · P/FCF 29.7x · P/B 1.9x · FCF yield 3.37% · Earnings yield 10.80% · Buyback yield (TTM) 0.16% · Net debt $9.90B · EV $43.0B
P/E at fiscal year-ends: Dec 2025 11.0x, Dec 2024 10.3x, Dec 2023 5.2x.
Superinvestors (SEC 13F-HR, Q2 2026) (UAL)
2 of 80 tracked investors hold UAL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 3.31% | $99.5M | Reduced -0.1% |
| Polen Capital | Polen Capital Management | 0.01% | $718K | New position |
Analysts (UAL)
Consensus Buy (mean 1.92 on a 1–5 scale), 25 analysts; mean target USD 150.13 (low 98, high 203).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | BMO Capital | Target lowered | Outperform | $140 → $135 |
| 2026-10-22 | Wells Fargo | Target lowered | Overweight | $160 → $155 |
| 2026-10-22 | Argus Research | Target lowered | Buy | $140 → $125 |
| 2026-10-22 | Susquehanna | Target lowered | Positive | $150 → $130 |
| 2026-10-16 | UBS | Target lowered | Buy | $146 → $139 |
| 2026-10-07 | Susquehanna | Target lowered | Positive | $165 → $150 |
| 2026-10-06 | Wells Fargo | Target lowered | Overweight | $165 → $160 |
| 2026-10-02 | TD Cowen | Target lowered | Buy | $192 → $167 |
| 2026-09-28 | BMO Capital | Target lowered | Outperform | $157.5 → $140 |
| 2026-09-24 | UBS | Target raised | Buy | $137 → $146 |
| 2026-09-18 | Rothschild & Co | Target lowered | Buy | $165 → $150 |
| 2026-09-11 | Barclays | Target lowered | Overweight | $175 → $160 |
Total return (dividends reinvested) (UAL)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +6.6% | +118.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.6% | +16.9% |
| Volatility (annualized) | 47.8% | 48.0% |
| Max drawdown | -29.8% (Jun 2026→Oct 2026) | -47.1% (Feb 2025→Mar 2025) |
UAL revenue by product line (quarter ended Sep 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Passenger revenue | $16.24B | 90.9% | +17.6% |
| Ancillary Services | $1.40B | 7.8% | +7.7% |
| Product and Service, Other | $1.11B | 6.2% | +13.0% |
| Cargo revenue | $529.0M | 3.0% | +22.7% |
| Total revenue | $17.88B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
Companies that name UAL in their SEC reports
| Relationship to UAL | Company | Filing | Sentence |
|---|---|---|---|
| partner | AZUL SA (AZUL) | 20-F Apr 3, 2026 | “We believe that our international flights and strategic partnerships with international carriers, including United and TAP, provide our Azul Fidelidade members with a broad range of attractive redemption options.” |
| partner | REPUBLIC AIRWAYS HOLDINGS INC. (RJET) | 10-K Mar 19, 2026 | “Republic Airways subsequently expanded its partnership reach to Delta Air Lines in 2002 and United Airlines in 2004 and have operated under the same mission of unparalleled service each year.” |
| supplier | SURF AIR MOBILITY INC. (SRFM) | 10-K Mar 12, 2026 | “Southern currently has interline agreements with major commercial airlines, including United Airlines, Inc., American Airlines, Inc., Alaska Airlines, Inc., Hawaiian Airlines, Inc, and Japan Airlines, which help coordinate baggage claim for customers who fly different airlines on various legs of their trip, assisting in a hassle free experience.” |
| partner | Archer Aviation Inc. (ACHR) | 10-K Mar 2, 2026 | “We have also been continuing to advance our partnership with the Department of Defense ("DoD"), which started in 2021, on a series of projects through the United States Air Force's ("USAF") AFWERX program with the goal of helping the AFWERX Agility Prime program assess the transformational potential of the vertical flight market and related technologies for DoD purposes.” |
| partner | Copa Holdings, S.A. (CPA) | 20-F Feb 26, 2026 | “Copa has a strategic alliance with United Airlines, or "UAL" or "United," that encompasses joint marketing strategies and code-sharing arrangements, among other things.” |
| partner | Energy Transfer LP (ET) | 10-K Feb 19, 2026 | “The FERC stated it will address the application of the United Airlines decision to non-MLP partnership forms as those issues arise in subsequent proceedings.” |
| partner | Sunoco LP (SUN) | 10-K Feb 19, 2026 | “The FERC stated it will address the application of the United Airlines decision to non-MLP partnership forms as those issues arise in subsequent proceedings.” |
| partner | SKYWEST INC (SKYW) | 10-K Feb 17, 2026 | “Our capacity purchase agreements with United, Delta, American and Alaska require the respective major airline partner to pay for fuel costs, either directly to the fuel vendor or to reimburse us for the fuel costs we incur under those agreements, thereby reducing our exposure to fuel price fluctuations.” |
UAL company outlook (results filed Oct 20, 2026)
- “Management will also discuss certain business outlook items, including certain financial targets for the fourth quarter 2026 and beyond, during the quarterly earnings conference call.”
Quoted word-for-word from the SEC 8-K results press release.
UAL analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $1.38 | $3.99 | -65.4% | $18.59B | 20 |
| Next quarter (ends Mar 2027) | $0.09 | $1.42 | -93.3% | $16.68B | 11 |
| Current fiscal year (ends Dec 2026) | $7.17 | $10.36 | -30.8% | $68.65B | 23 |
| Next fiscal year (ends Dec 2027) | $11.98 | $15.46 | -22.5% | $73.33B | 23 |
UAL options: expected move
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 59.0% | ±7.0% |
| Nov 6, 2026 | 14 | 51.7% | ±8.4% |
| Nov 13, 2026 | 21 | 53.4% | ±10.5% |
| Nov 20, 2026 | 28 | 48.0% | ±10.8% |
| Nov 27, 2026 | 35 | 46.0% | ±11.5% |
| Dec 4, 2026 | 42 | 46.6% | ±12.8% |
| Dec 18, 2026 | 56 | 46.1% | ±14.5% |
| Jan 15, 2027 | 84 | 47.7% | ±18.3% |
30-day implied volatility 48.8% vs 38.6% realized over the last 30 trading days. Put/call ratio (volume) 0.67. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:18 UTC)
| Price | USD 102 |
|---|---|
| Change | ▲ 0.32% (up) |
| Previous Close | USD 101.67 |
| Open | USD 98 |
| Day Range | USD 98 – 103.96 |
| 52-Week Range | USD 84.64 – 138.77 |
| Volume | 6,651,617 shares |
| Market Cap | $33.11B |
| Exchange | NMS |
Technical Analysis (UAL)
Nexqual's technical model rates UAL "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:18 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 43.47 (neutral) |
| vs SMA50 | Below (USD 109.73) |
| MACD | -3.39 (negative) |
Analyst Ratings (UAL)
Wall Street analysts rate UAL "Buy" based on 25 analysts, with a mean price target of USD 150.13 (range USD 98–203), per Nexqual as of October 23, 2026 at 09:18 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 25 |
| Mean Target | USD 150.13 |
| High Target | USD 203 |
| Low Target | USD 98 |
| Buy / Hold / Sell | 23 / 2 / 0 |
Earnings (UAL)
| Next Earnings Date | 2026-10-20 |
|---|---|
| EPS Estimate | USD 1.38 |
| Revenue Estimate | $18.59B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 2.54 vs est 2.57 ▼ miss |
| 2026-06-30 | USD 1.99 vs est 1.85 ▲ beat |
| 2026-03-31 | USD 1.19 vs est 1.08 ▲ beat |
| 2025-12-31 | USD 3.1 vs est 2.94 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:18 UTC.
Financials & Fundamentals (UAL)
| Total Revenue | $65.55B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +17.40% |
| Gross Margin | +30.89% |
| Operating Margin | +6.88% |
| Profit Margin | +5.46% |
| ROE | +22.31% |
| Debt / Equity | 1.93 |
| Current Ratio | 0.75 |
| Total Cash | $14.65B |
| Total Debt | $34.29B |
| Free Cash Flow (last four quarters to Sep 2026, SEC 10-Q / 10-K) | $1.12B (1.7% of revenue) |
Source: Nexqual, October 23, 2026 at 09:18 UTC.
Financial Health Score (UAL)
Nexqual rates United Airlines Holdings, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:18 UTC.
| Growth | Mixed — Revenue +3.5% YoY (annual), slow |
|---|---|
| Profitability | Solid — Gross margin 31%, operating 7% (last 12 months) |
| Balance Sheet | Critical — $14.7B cash and investments vs $24.6B debt (Sep 2026, SEC) |
| Cash Flow | Mixed — FCF $1.12B (last 4 quarters to Sep 2026, SEC), slim 1.7% margin |
| Efficiency | Strong — ROE 22%, ROA 3.3% |
Ownership (UAL)
| Insider Ownership | +0.58% |
|---|---|
| Institutional Ownership | +91.02% |
| Shares Outstanding | 324.58M |
| Float | 324.97M |
| Short % of Float | +5.21% |
Source: Nexqual, October 23, 2026 at 09:18 UTC.
Leadership (UAL)
United Airlines Holdings, Inc. is led by J. Scott Kirby, CEO & Director, per Nexqual as of October 23, 2026 at 09:18 UTC.
| CEO & Director | J. Scott Kirby |
|---|---|
| President | Brett J. Hart |
| Executive VP & CFO | Michael D. Leskinen |
| Executive VP & COO | Torbjorn J. Enqvist |
| Managing Director of Investor Relations | Kristina Munoz Edwards |
Major Backers & Investors (UAL)
Notable institutional backers of United Airlines Holdings, Inc. include FMR, LLC, Primecap Management Company, Growth Fund of America, according to Nexqual as of October 23, 2026 at 09:18 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 7.3% |
| Primecap Management Company | 6.17% |
| Growth Fund of America | 5.9% |
| Sanders Capital, LLC | 5.63% |
| Capital Group | 4.26% |
| Fidelity | 2.78% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 13.19% |
| BlackRock | 8.41% |
| State Street | 4.42% |
| Geode Capital | 3.58% |
Source: Nexqual, October 23, 2026 at 09:18 UTC.
From United Airlines Holdings, Inc.'s Latest SEC 10-K Filing (filed 2026-02-12)
Key Strengths & Strategy (as disclosed to the SEC)
- The hub and spoke system allows us to transport passengers between a large number of destinations with substantially more frequent service than if each route were served directly.
- The hub system also allows us to add service to a new destination from a large number of cities using only one or a limited number of aircraft.
Partnerships
- The Company has progressed its SAF strategy with several notable milestones, including the following: ◦In 2021 the Company launched its first-of-its-kind Eco-Skies Alliance program for corporations to help advance the SAF market by working with the Company to fund the price premium for SAF.
- United has an agreement with JPMorgan Chase Bank, N.A. ("Chase"), pursuant to which members of United's MileagePlus loyalty program who are residents of the United States can earn miles for making purchases using a MileagePlus credit card issued by Chase (the "Co-Brand Agreement").
Legal & Regulatory Risks (Item 1A, quoted)
- The Company's operations may also be adversely impacted due to the existing antiquated ATC system utilized by the U.S. government and regulated by the FAA, which may not be able to effectively handle projected future air traffic growth.
- Current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions, could have a material adverse impact on the Company.
- We are subject to many forms of environmental regulation and liability as well as risks associated with climate change and may incur substantial costs as a result.
- The Company has a significant amount of financial leverage from fixed obligations and insufficient liquidity may have a material adverse effect on the Company's financial condition and business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| RYAAY | Ryanair Holdings plc | USD 53.67 | ▼ 0.79% |
| DAL | Delta Air Lines, Inc. | USD 79.26 | ▲ 2.05% |
| LUV | Southwest Airlines Company | USD 42.03 | ▲ 5.39% |
| AAL | American Airlines Group, Inc. | USD 12.6 | ▲ 2.94% |
| CPA | Copa Holdings, S.A. | USD 134.86 | ▼ 0.94% |
| ALK | Alaska Air Group, Inc. | USD 35.38 | ▲ 5.49% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:18 UTC. This page is informational and not investment advice.
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