UNITED AIRLINES, INC.
For the period ended Sep 30, 2025. Filed Oct 16, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 16, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| FORM | 10-Q |
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
| CommissionFile Number · Exact Name of Registrant as Specified in its Charter · Principal Executive Office Address · Telephone Number · State ofIncorporation · I.R.S. EmployerIdentification No. | |||||||
|---|---|---|---|---|---|---|---|
| 001-06033 | United Airlines Holdings, Inc. | 233 South Wacker Drive, | (872) | 825-4000 | Delaware | 36-2675207 | |
| Chicago, | Illinois | 60606 | |||||
| 001-10323 | United Airlines, Inc. | 233 South Wacker Drive, | (872) | 825-4000 | Delaware | 74-2099724 | |
| Chicago, | Illinois | 60606 | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | |
| United Airlines Holdings, Inc. | Common Stock, $0.01 par value | UAL | The Nasdaq Stock Market LLC |
|---|---|---|---|
| Preferred Stock Purchase Rights | None | The Nasdaq Stock Market LLC | |
| United Airlines, Inc. | None | None | None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
| United Airlines Holdings, Inc. | Yes | ☒ | No | ☐ | United Airlines, Inc. | Yes | ☒ | No | ☐ |
|---|
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| United Airlines Holdings, Inc. | Yes | ☒ | No | ☐ | United Airlines, Inc. | Yes | ☒ | No | ☐ |
|---|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| United Airlines Holdings, Inc. | Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
|---|---|---|---|---|---|---|---|---|---|---|
| United Airlines, Inc. | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| United Airlines Holdings, Inc. | ☐ |
|---|---|
| United Airlines, Inc. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| United Airlines Holdings, Inc. | Yes | ☐ | No | ☒ |
|---|---|---|---|---|
| United Airlines, Inc. | Yes | ☐ | No | ☒ |
The number of shares outstanding of each of the issuer's classes of common stock as of October 9, 2025 is shown below:
| United Airlines Holdings, Inc. | 323,737,989 | shares of common stock ($0.01 par value) |
|---|---|---|
| United Airlines, Inc. | 1,000 | shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.) |
OMISSION OF CERTAIN INFORMATION
This combined Quarterly Report on Form 10-Q is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc. United Airlines, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format allowed under that General Instruction.
United Airlines Holdings, Inc.
United Airlines, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2025
Table of Contents
| Page | |
|---|---|
| PART I. FINANCIAL INFORMATION | |
| Item 1. Financial Statements | |
| United Airlines Holdings, Inc.: | |
| Statements of Consolidated Operations | 3 |
| Statements of Consolidated Comprehensive Income (Loss) | 4 |
| Consolidated Balance Sheets | 5 |
| Condensed Statements of Consolidated Cash Flows | 6 |
| Statement of Consolidated Stockholders' Equity | 7 |
| United Airlines, Inc.: | |
| Statements of Consolidated Operations | 8 |
| Statements of Consolidated Comprehensive Income (Loss) | 9 |
| Consolidated Balance Sheets | 10 |
| Condensed Statements of Consolidated Cash Flows | 11 |
| Statement of Consolidated Stockholder's Equity | 12 |
| Combined Notes to Condensed Consolidated Financial Statements(United Airlines Holdings, Inc. and United Airlines, Inc.) | 13 |
| Note 1 - Basis of Presentation | 13 |
| Note 2 - Revenue Recognition | 14 |
| Note 3 - Earnings Per Share | 15 |
| Note 4 - Accumulated Other Comprehensive Income (Loss) | 16 |
| Note 5 - Income Taxes | 16 |
| Note 6 - Pension and Other Postretirement Benefit Plans | 17 |
| Note 7 - Fair Value Measurements, Investments and Notes Receivable | 17 |
| Note 8 - Debt | 19 |
| Note 9 - Commitments, Contingencies and Guarantees | 19 |
| Note 10 - Special Charges | 20 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 21 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 32 |
| Item 4. Controls and Procedures | 32 |
| PART II. OTHER INFORMATION | |
| Item 1. Legal Proceedings | 32 |
| Item 1A. Risk Factors | 32 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 32 |
| Item 5. Other Information | 33 |
| Item 6. Exhibits | 34 |
| Exhibit Index | 34 |
| Signatures | 35 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.