UNITED AIRLINES, INC.

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

UAL$120.38+6.8%Stored close · as of Nov 9, 2026

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Contents

Statements of Consolidated Operations

	Year Ended December 31,
	2025	2024	2023
Operating revenue:
Passenger revenue	$53,438	$51,829	$49,046
Cargo revenue	1,779	1,743	1,495
Other operating revenue	3,853	3,491	3,176
Total operating revenue	59,070	57,063	53,717
Operating expense:
Salaries and related costs	17,647	16,678	14,787
Aircraft fuel	11,396	11,756	12,651
Landing fees and other rent	3,849	3,437	3,076
Aircraft maintenance materials and outside repairs	3,294	3,063	2,736
Depreciation and amortization	2,939	2,928	2,671
Regional capacity purchase	2,693	2,516	2,400
Distribution expenses	2,109	2,231	1,977
Aircraft rent	252	193	197
Special charges	259	112	949
Other operating expenses	9,917	9,050	8,059
Total operating expense	54,354	51,964	49,503
Operating income	4,716	5,099	4,214
Nonoperating income (expense):
Interest expense	(1,373)	(1,629)	(1,956)
Interest income	611	726	827
Interest capitalized	206	227	182
Unrealized gains (losses) on investments, net	4	(199)	27
Miscellaneous, net	144	(53)	96
Total nonoperating expense, net	(408)	(928)	(824)
Income before income taxes	4,308	4,171	3,390
Income tax expense	953	1,020	770
Net income	$3,355	$3,151	$2,620

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.