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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026

OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             

Commission
File Number Exact Name of Registrant as Specified in its Charter Principal Executive Office Address Telephone Number State of
Incorporation I.R.S. Employer
Identification No.
001-06033 United Airlines Holdings, Inc. 233 South Wacker Drive, Chicago, Illinois 60606 (872) 825-4000 Delaware 36-2675207

001-10323 United Airlines, Inc. 233 South Wacker Drive, Chicago, Illinois 60606 (872) 825-4000 Delaware 74-2099724

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 July 9, 2026 is shown below:
United Airlines Holdings, Inc.   324,583,772   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 June 30, 2026

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
13

Note 3 - Earnings Per Share
14

Note 4 - Accumulated Other Comprehensive Income (Loss)
15

Note 5 - Income Taxes
15

Note 6 - Pension and Other Postretirement Benefit Plans
15

Note 7 - Fair Value Measurements, Investments and Notes Receivable
16

Note 8 - Debt
17

Note 9 - Commitments and Contingencies
18

Note 10 - Special Charges (Credits)
19

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
21

Item 3. Quantitative and Qualitative Disclosures About Market Risk
30

Item 4. Controls and Procedures
30

PART II. OTHER INFORMATION

Item 1. Legal Proceedings
30

Item 1A. Risk Factors
30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
30

Item 5. Other Information
30

Item 6. Exhibits
32

Exhibit Index
32

Signatures
33

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED )
(In millions, except per share amounts)

  Three Months Ended June 30, Six Months Ended June 30,
  2026 2025 2026 2025
Operating revenue:  
Passenger revenue $ 16,100   $ 13,836   $ 29,267   $ 25,696  
Cargo revenue 527   430   949   859  
Other operating revenue 1,045   970   2,064   1,893  
Total operating revenue 17,672   15,236   32,280   28,448  

Operating expense:
Salaries and related costs 4,686   4,413   9,248   8,568  
Aircraft fuel 5,110   2,775   8,150   5,476  

Landing fees and other rent 1,056   961   2,004   1,834  
Aircraft maintenance materials and outside repairs 906   865   1,760   1,596  
Depreciation and amortization 762   733   1,518   1,461  
Regional capacity purchase 743   676   1,435   1,326  
Distribution expenses 644   487   1,167   983  

Aircraft rent 112   67   195   118  
Special charges (credits) ( 145 ) 447   ( 534 ) 340  
Other operating expenses 2,702   2,487   5,245   4,814  
Total operating expense 16,576   13,911   30,187   26,516  
Operating income 1,096   1,325   2,093   1,932  

Nonoperating income (expense):
Interest expense ( 343 ) ( 361 ) ( 670 ) ( 717 )
Interest income 148   167   284   331  
Interest capitalized 59   51   113   98  
Unrealized gains on investments, net 40   26   26   5  
Miscellaneous, net 26   41   50   77  
Total nonoperating expense, net ( 69 ) ( 77 ) ( 196 ) ( 206 )
Income before income taxes 1,026   1,248   1,897   1,727  
Income tax expense 221   275   393   366  
Net income $ 805   $ 973   $ 1,504   $ 1,361  

Earnings per share, basic $ 2.48   $ 3.00   $ 4.64   $ 4.17  
Earnings per share, diluted $ 2.46   $ 2.97   $ 4.60   $ 4.12  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

3

Table of Contents

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)

  Three Months Ended June 30, Six Months Ended June 30,
  2026 2025 2026 2025
Net income $ 805   $ 973   $ 1,504   $ 1,361  

Other comprehensive income (loss), net of tax:
Employee benefit plans ( 15 ) ( 23 ) ( 29 ) ( 49 )
Investments and other ( 5 ) —   ( 16 ) 3  
Total other comprehensive loss, net of tax ( 20 ) ( 22 ) ( 45 ) ( 46 )

Total comprehensive income, net $ 785   $ 951   $ 1,459   $ 1,314  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

4

Table of Contents

UNITED AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 
June 30, 2026 December 31, 2025
ASSETS
Cash and cash equivalents $ 10,166   $ 5,942  
Short-term investments 6,471   6,298  
Receivables, net 2,473   2,391  
Aircraft fuel, spare parts and supplies, net 1,795   1,556  
Prepaid expenses and other 759   671  
Total current assets 21,664   16,857  
Operating property and equipment, net 47,958   46,121  
Operating lease right-of-use assets 6,161   4,958  
Goodwill 4,527   4,527  
Intangible assets, net 2,645   2,655  
Investments in affiliates and other, net 1,614   1,330  
Total noncurrent assets 62,905   59,591  
Total assets $ 84,569   $ 76,448  
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 5,772   $ 4,567  
Accrued salaries and benefits 3,458   3,900  
Advance ticket sales 10,752   8,131  
Frequent flyer deferred revenue 3,939   3,721  
Current maturities of long-term debt, finance leases, and other financial liabilities 2,170   4,426  
Current maturities of operating leases 818   631  
Other 854   757  
Total current liabilities 27,764   26,133  
Long-term debt, finance leases, and other financial liabilities 24,294   20,562  
Long-term obligations under operating leases 6,386   5,417  
Frequent flyer deferred revenue 4,032   4,056  
Pension and postretirement benefit liability 1,074   1,058  
Deferred income taxes 2,822   2,463  
Other 1,500   1,478  
Total noncurrent liabilities 40,108   35,033  
Commitments and contingencies
Stockholders' equity:
Preferred stock —   —  
Common stock at par, $ 0.01 par value; authorized 1,000,000,000 shares; outstanding 324,583,772 and 323,470,682 shares at June 30, 2026 and December 31, 2025, respectively
4   4  
Additional capital invested 8,879   8,911  
Stock held in treasury, at cost ( 3,724 ) ( 3,773 )
Retained earnings 11,535   10,092  
Accumulated other comprehensive income 3   48  
Total stockholders' equity 16,697   15,282  
Total liabilities and stockholders' equity $ 84,569   $ 76,448  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
5

Table of Contents

UNITED AIRLINES HOLDINGS, INC.
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:
Right-of-use assets acquired or modified through operating leases $ 1,485   $ 973  
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities 86   ( 52 )
Operating leases converted to finance leases 66   —  
Investment interests received in exchange for loans, goods and services 60   14  

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:

Cash and cash equivalents $ 10,166   $ 9,354  
Restricted cash in Prepaid expenses and other —   8  
Restricted cash in Investments in affiliates and other, net 142   168  
Total cash, cash equivalents and restricted cash $ 10,308   $ 9,531  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
6

Table of Contents

UNITED AIRLINES HOLDINGS, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)
(In millions)
  Common
Stock Additional
Capital Invested Treasury Stock Retained Earnings Accumulated
Other Comprehensive Income (Loss) Total
Shares Amount
Balance at March 31, 2026 324.6   $ 4   $ 8,843   $ ( 3,724 ) $ 10,730   $ 23   $ 15,876  
Net income —  —  —  —  805   —  805  
Other comprehensive loss —  —  —  —  —  ( 20 ) ( 20 )
Stock-settled share-based compensation —  —  38   —  —  —  38  

Stock issued for share-based awards, net of shares withheld for tax —  —  ( 1 ) 1   —  —  ( 1 )
Balance at June 30, 2026 324.6 $ 4   $ 8,879   $ ( 3,724 ) $ 11,535   $ 3   $ 16,697  

Balance at December 31, 2025 323.5 $ 4   $ 8,911   $ ( 3,773 ) $ 10,092   $ 48   $ 15,282  
Net income —  —  —  —  1,504   —  1,504  
Other comprehensive loss —  —  —  —  —  ( 45 ) ( 45 )
Stock-settled share-based compensation —  —  74   —  —  —  74  
Repurchases of common stock ( 0.3 ) —  —  ( 27 ) —  —  ( 27 )

Stock issued for share-based awards, net of shares withheld for tax 1.4   —  ( 105 ) 77   ( 60 ) —  ( 89 )
Balance at June 30, 2026 324.6 $ 4   $ 8,879   $ ( 3,724 ) $ 11,535   $ 3   $ 16,697  

Balance at March 31, 2025 327.5 $ 4   $ 8,813   $ ( 3,502 ) $ 7,137   $ 164   $ 12,616  
Net income —  —  —  —  973   —  973  
Other comprehensive loss —  —  —  —  —  ( 22 ) ( 22 )
Stock-settled share-based compensation —  —  43   —  —  —  43  
Repurchases of common stock ( 3.7 ) —  —  ( 237 ) —  —  ( 237 )

Stock issued for share-based awards, net of shares withheld for tax —  —  ( 1 ) 1   ( 1 ) —  ( 1 )
Balance at June 30, 2025 323.8   $ 4   $ 8,855   $ ( 3,737 ) $ 8,110   $ 142   $ 13,373  

Balance at December 31, 2024 327.9 $ 4   $ 8,980   $ ( 3,377 ) $ 6,880   $ 188   $ 12,675  
Net income —  —  —  —  1,361   —  1,361  
Other comprehensive loss —  —  —  —  —  ( 46 ) ( 46 )
Stock-settled share-based compensation —  —  71   —  —  —  71  
Repurchases of common stock ( 7.6 ) —  —  ( 593 ) —  —  ( 593 )
Share issued for settlement of warrants 1.8   —  ( 99 ) 133   ( 34 ) —  —  
Stock issued for share-based awards, net of shares withheld for tax 1.7   —  ( 97 ) 99   ( 96 ) —  ( 95 )
Balance at June 30, 2025 323.8   $ 4   $ 8,855   $ ( 3,737 ) $ 8,110   $ 142   $ 13,373  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
7

Table of Contents

UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In millions)

  Three Months Ended June 30, Six Months Ended June 30,
  2026 2025 2026 2025
Operating revenue:
Passenger revenue $ 16,100   $ 13,836   $ 29,267   $ 25,696  
Cargo revenue 527   430   949   859  
Other operating revenue 1,045   970   2,064   1,893  
Total operating revenue 17,672   15,236   32,280   28,448  

Operating expense:
Salaries and related costs 4,686   4,413   9,248   8,568  
Aircraft fuel 5,110   2,775   8,150   5,476  

Landing fees and other rent 1,056   961   2,004   1,834  
Aircraft maintenance materials and outside repairs 906   865   1,760   1,596  
Depreciation and amortization 762   733   1,518   1,461  
Regional capacity purchase 743   676   1,435   1,326  
Distribution expenses 644   487   1,167   983  

Aircraft rent 112   67   195   118  
Special charges (credits) ( 145 ) 447   ( 534 ) 340  
Other operating expenses 2,702   2,487   5,244   4,813  
Total operating expense 16,576   13,910   30,186   26,515  
Operating income 1,096   1,325   2,094   1,933  

Nonoperating income (expense):  
Interest expense ( 343 ) ( 361 ) ( 670 ) ( 717 )
Interest income 148   167   284   331  
Interest capitalized 59   51   113   98  
Unrealized gains on investments, net 40   26   26   5  
Miscellaneous, net 26   41   50   77  
Total nonoperating expense, net ( 69 ) ( 77 ) ( 196 ) ( 206 )
Income before income taxes 1,027   1,249   1,898   1,727  
Income tax expense 222   275   393   366  
Net income $ 805   $ 974   $ 1,504   $ 1,361  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

8

Table of Contents

UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In millions)

  Three Months Ended June 30, Six Months Ended June 30,
  2026 2025 2026 2025
Net income $ 805   $ 974   $ 1,504   $ 1,361  

Other comprehensive income (loss), net of tax:
Employee benefit plans ( 15 ) ( 23 ) ( 29 ) ( 49 )
Investments and other ( 5 ) —   ( 16 ) 3  
Total other comprehensive loss, net of tax ( 20 ) ( 22 ) ( 45 ) ( 46 )

Total comprehensive income, net $ 785   $ 951   $ 1,459   $ 1,315  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

9

Table of Contents

UNITED AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except shares)
 

June 30, 2026 December 31, 2025
ASSETS
Cash and cash equivalents $ 10,166   $ 5,942  
Short-term investments 6,471   6,298  
Receivables, net 2,473   2,391  
Aircraft fuel, spare parts and supplies, net 1,795   1,556  
Prepaid expenses and other 759   671  
Total current assets 21,663   16,857  
Operating property and equipment, net 47,958   46,121  
Operating lease right-of-use assets 6,161   4,958  
Goodwill 4,527   4,527  
Intangible assets, net 2,645   2,655  
Investments in affiliates and other, net 1,614   1,330  
Total noncurrent assets 62,905   59,591  
Total assets $ 84,569   $ 76,448  
LIABILITIES AND STOCKHOLDER'S EQUITY
Accounts payable $ 5,772   $ 4,567  
Accrued salaries and benefits 3,458   3,900  
Advance ticket sales 10,752   8,131  
Frequent flyer deferred revenue 3,939   3,721  
Current maturities of long-term debt, finance leases, and other financial liabilities 2,170   4,426  
Current maturities of operating leases 818   631  
Other 855   754  
Total current liabilities 27,765   26,130  
Long-term debt, finance leases, and other financial liabilities 24,294   20,562  
Long-term obligations under operating leases 6,386   5,417  
Frequent flyer deferred revenue 4,032   4,056  
Pension and postretirement benefit liability 1,074   1,058  
Deferred income taxes 2,853   2,493  
Other 1,500   1,478  
Total noncurrent liabilities 40,138   35,064  
Commitments and contingencies
Stockholder's equity:
Common stock at par, $ 0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both June 30, 2026 and December 31, 2025
—   —  
Additional capital invested 832   760  
Retained earnings 14,346   12,842  
Accumulated other comprehensive income 3   48  
Payable to parent 1,484   1,604  
Total stockholder's equity 16,666   15,254  
Total liabilities and stockholder's equity $ 84,569   $ 76,448  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
10

Table of Contents

UNITED AIRLINES, INC.
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)
(In millions)

  Six Months Ended June 30,
  2026 2025
Operating Activities:
Net cash provided by operating activities $ 6,292   $ 5,243  

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 )
Other, net ( 3 ) ( 4 )
Net cash provided by (used in) financing activities 1,289   ( 1,616 )
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:
Right-of-use assets acquired or modified through operating leases $ 1,485   $ 973  
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities 86   ( 52 )
Operating leases converted to finance leases 66   —  
Investment interests received in exchange for loans, goods and services 60   14  

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:

Cash and cash equivalents $ 10,166   $ 9,354  
Restricted cash in Prepaid expenses and other —   8  
Restricted cash in Investments in affiliates and other, net 142   168  
Total cash, cash equivalents and restricted cash $ 10,308   $ 9,531  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
11

Table of Contents

UNITED AIRLINES, INC.
STATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY (UNAUDITED)
(In millions)

  Additional
Capital Invested Retained Earnings Accumulated
Other Comprehensive Income (Loss) (Receivable from) Payable to Related Parties, Net Total

Balance at March 31, 2026 $ 794   $ 13,541   $ 23   $ 1,489   $ 15,848  
Net income —  805   —  —  805  
Other comprehensive loss —  —  ( 20 ) —  ( 20 )
Stock-settled share-based compensation 38   —  —  —  38  

Other —  —  —  ( 5 ) ( 5 )
Balance at June 30, 2026 $ 832   $ 14,346   $ 3   $ 1,484   $ 16,666  

Balance at December 31, 2025 $ 760   $ 12,842   $ 48   $ 1,604   $ 15,254  
Net income —  1,504   —  —  1,504  
Other comprehensive loss —  —  ( 45 ) —  ( 45 )
Stock-settled share-based compensation 74   —  —  —  74  
Impact of UAL share repurchase —  —  —  ( 27 ) ( 27 )
Other ( 1 ) —  —  ( 93 ) ( 95 )
Balance at June 30, 2026 $ 832   $ 14,346   $ 3   $ 1,484   $ 16,666  

Balance at March 31, 2025 $ 645   $ 9,875   $ 164   $ 1,909   $ 12,593  
Net income —  974   —  —  974  
Other comprehensive loss —  —  ( 22 ) —  ( 22 )
Stock-settled share-based compensation 43   —  —  —  43  
Impact of UAL share repurchase —  —  —  ( 240 ) ( 240 )
Other —  —  —  ( 1 ) ( 1 )
Balance at June 30, 2025 $ 688   $ 10,848   $ 142   $ 1,667   $ 13,347  

Balance at December 31, 2024 $ 617   $ 9,487   $ 188   $ 2,352   $ 12,644  
Net income —  1,361   —  —  1,361  
Other comprehensive loss —  —  ( 46 ) —  ( 46 )
Stock-settled share-based compensation 71   —  —  —  71  
Impact of UAL share repurchase —  —  —  ( 589 ) ( 589 )
Other —  —  —  ( 95 ) ( 95 )
Balance at June 30, 2025 $ 688   $ 10,848   $ 142   $ 1,667   $ 13,347  

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
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UNITED AIRLINES HOLDINGS, INC.
UNITED AIRLINES, INC.
COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company incorporated in Delaware and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United comprises substantially all of UAL's operating revenues, operating expenses, assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures, and any significant differences between the operations and results of UAL and United are separately disclosed and explained.
The Company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Some information and footnote disclosures normally included in financial statements have been condensed or omitted as permitted by the U.S. Securities and Exchange Commission (the "SEC"). The UAL and United financial statements should be read in conjunction with the information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K"). The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company's financial position and results of operations for the interim periods presented. The Company's quarterly financial data is subject to seasonal fluctuations, and its second and third quarter financial results have historically reflected higher travel demand than its first and fourth quarter financial results. Due to these fluctuations, quarterly financial results are not necessarily indicative of financial results for the entire year.
The Company consolidates variable interest entities when it determines that it is the primary beneficiary of those entities' operations. All material intercompany accounts and transactions have been eliminated in consolidation. Certain columns and rows within the financial statements and tables presented may not sum due to rounding. Per unit amounts have been calculated from the underlying whole-dollar amounts.
Segments. The Company manages its operations as one segment. The Company's chief executive officer is its chief operating decision maker ("CODM"). The CODM assesses performance of the Company and makes resource allocation decisions based on Net income as reported in the Company's statement of consolidated operations. The measure of segment assets is reported on the Company's consolidated balance sheets as Total assets.

NOTE 2 - REVENUE RECOGNITION
Revenue by Geography. The table below presents the Company's operating revenue by principal geographic region (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Domestic (U.S. and Canada) $ 10,476   $ 8,784   $ 19,324   $ 16,818  
Atlantic 3,632   3,370   5,873   5,270  
Pacific 2,069   1,720   4,013   3,442  
Latin America 1,495   1,362   3,070   2,919  
Total $ 17,672   $ 15,236   $ 32,280   $ 28,448  

Advance ticket sales. In the six months ended June 30, 2026 and 2025, the Company recognized $ 5.9 billion and $ 5.5 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods.
Ancillary services. The Company recognized $ 1.4 billion and $ 2.6 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2026, respectively. The Company recorded $ 1.2 billion and $ 2.2 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2025, respectively.
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Frequent flyer deferred revenue. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Beginning Balance $ 7,934   $ 7,591   $ 7,777   $ 7,441  
Miles earned 1,083   991   2,118   1,910  
Travel miles redeemed ( 1,013 ) ( 888 ) ( 1,848 ) ( 1,618 )
Non-travel miles redeemed ( 33 ) ( 29 ) ( 75 ) ( 67 )
Ending Balance $ 7,971   $ 7,665   $ 7,971   $ 7,665  

In the three and six months ended June 30, 2026, the Company recognized, in Other operating revenue, $ 0.9 billion and $ 1.8 billion, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our MileagePlus co-brand agreement with JPMorgan Chase Bank, N.A. In the three and six months ended June 30, 2025, the Company recognized, in Other operating revenue, $ 0.8 billion and $ 1.6 billion, respectively, related to those agreements. The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to Frequent flyer deferred revenue.

NOTE 3 - EARNINGS PER SHARE
The following table shows the computation of UAL's basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Earnings available to common stockholders $ 805   $ 973   $ 1,504   $ 1,361  

Basic weighted-average shares outstanding 324.6   324.6   324.3   326.2  
Dilutive effect of stock Warrants —   —   —   0.6  
Dilutive effect of employee stock awards 2.0   2.6   2.4   3.3  
Diluted weighted-average shares outstanding 326.6   327.2   326.7   330.1  

Earnings per share, basic $ 2.48   $ 3.00   $ 4.64   $ 4.17  
Earnings per share, diluted $ 2.46   $ 2.97   $ 4.60   $ 4.12  

Anti-dilutive stock-based awards that were excluded from the calculations of diluted earnings per share were immaterial during the periods presented.
In 2020 and 2021, the Company issued to the United States Department of the Treasury (the "U.S. Treasury") warrants (the "Warrants") to purchase 9,928,349 shares of UAL common stock in connection with the Payroll Support Program ("PSP") established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Payroll Support Program Extension established under Division N, Title IV, Subtitle A of the Consolidated Appropriations Act, 2021, the Payroll Support Program 3 established under Title VII, Subtitle C of the American Rescue Plan Act of 2021, and the Airline Loan Program established under Division A, Title IV, Subtitle A of the CARES Act. In 2024, the holder of the Warrants exercised 6,414,635 of the Warrants in a net share settlement for 2,043,906 shares of UAL common stock. In March 2025, the remaining 3,513,714 Warrants were exercised in a net share settlement for 1,801,430 shares of UAL common stock.
On October 15, 2024, the Company announced that its Board of Directors authorized a new share repurchase program with no stated expiration, allowing for purchases of up to $ 1.5 billion in the aggregate of outstanding UAL common stock and certain warrants to purchase UAL common stock. In the six months ended June 30, 2026, the Company repurchased, through open market purchases, 0.3 million shares of UAL common stock for a total of $ 27 million as part of its share repurchase program. In the three and six months ended June 30, 2025, the Company repurchased, through open market purchases, 3.5 million and 7.6 million shares, respectively, of UAL common stock for a total of $ 0.2 billion and $ 0.6 billion, respectively, as part of its share repurchase program. The Company did not make any repurchases in the three months ended June 30, 2026. As of July 9, 2026, the dollar value of shares that may yet be purchased under the share repurchase program was $ 755 million.
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NOTE 4 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions):
Pension and Other Postretirement Liabilities Investments and Other Deferred Taxes (a) Total

Balance at March 31, 2026 $ 399   $ ( 4 ) $ ( 372 ) $ 23  
Changes in value ( 1 ) ( 6 ) 2   ( 6 )
Amounts reclassified to earnings ( 18 ) (b) ( 1 ) 4   ( 15 )
Balance at June 30, 2026 $ 380   $ ( 11 ) $ ( 366 ) $ 3  

Balance at December 31, 2025 $ 417   $ 10   $ ( 379 ) $ 48  
Changes in value ( 2 ) ( 17 ) 4   ( 15 )
Amounts reclassified to earnings ( 36 ) (b) ( 3 ) 9   ( 30 )
Balance at June 30, 2026 $ 380   $ ( 11 ) $ ( 366 ) $ 3  

Balance at March 31, 2025 $ 574   $ 3   $ ( 412 ) $ 164  
Changes in value 1   1   ( 1 ) 2  
Amounts reclassified to earnings ( 31 ) (b) ( 1 ) 7   ( 25 )
Balance at June 30, 2025 $ 544   $ 4   $ ( 406 ) $ 142  

Balance at December 31, 2024 $ 607   $ —   $ ( 419 ) $ 188  
Changes in value ( 2 ) 5   ( 1 ) 3  
Amounts reclassified to earnings ( 61 ) (b) ( 2 ) 14   ( 49 )
Balance at June 30, 2025 $ 544   $ 4   $ ( 406 ) $ 142  

(a) Includes $ 285 million of deferred income tax expense that will not be recognized in net income until the related pension and postretirement benefit obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations.

(b) This AOCI component is included in the computation of net periodic pension and other postretirement costs, specifically the following components: amortization of unrecognized (gain) loss, amortization of prior service credit and other. See Note 6 of this report for additional information on pensions and other postretirement liabilities.

NOTE 5 - INCOME TAXES
The Company's effective tax rates for the three and six months ended June 30, 2026 were 21.6 % and 20.7 %, respectively. The Company's effective tax rate for the three and six months ended June 30, 2025 were 22.0 % and 21.2 %, respectively. The provision for income taxes is based on the estimated annual effective tax rate, which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items.

NOTE 6 - PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Company's net periodic benefit cost includes the following components for the three months ended June 30 (in millions):
Pension Benefits Other Postretirement Benefits Affected Line Item
in the Statements of
 Consolidated Operations
2026 2025 2026 2025
Service cost $ 33   $ 32   $ 2   $ 1   Salaries and related costs
Interest cost 64   61   7   8   Miscellaneous, net
Expected return on plan assets ( 80 ) ( 68 ) —   —   Miscellaneous, net
Amortization of unrecognized gain —   ( 2 ) ( 11 ) ( 8 ) Miscellaneous, net
Amortization of prior service credit —   —   ( 7 ) ( 22 ) Miscellaneous, net

Total $ 17   $ 23   $ ( 9 ) $ ( 20 )

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The Company's net periodic benefit cost includes the following components for the six months ended June 30 (in millions):
Pension Benefits Other Postretirement Benefits Affected Line Item
in the Statements of
 Consolidated Operations
2026 2025 2026 2025
Service cost $ 65   $ 64   $ 3   $ 3   Salaries and related costs
Interest cost 129   121   14   16   Miscellaneous, net
Expected return on plan assets ( 160 ) ( 136 ) ( 1 ) ( 1 ) Miscellaneous, net
Amortization of unrecognized gain ( 1 ) ( 3 ) ( 14 ) ( 15 ) Miscellaneous, net
Amortization of prior service credit —   —   ( 21 ) ( 43 ) Miscellaneous, net

Total $ 34   $ 46   $ ( 19 ) $ ( 41 )

During the three and six months ended June 30, 2026, the Company contributed $ 9 million to its U.S. domestic tax-qualified defined benefit pension plans.

NOTE 7 - FAIR VALUE MEASUREMENTS, INVESTMENTS AND NOTES RECEIVABLE
The table below presents the value of financial assets measured at fair value on a recurring basis in the Company's financial statements (in millions):

June 30, 2026 December 31, 2025
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 10,166   $ 10,166   $ —   $ —   $ 5,942   $ 5,942   $ —   $ —  

Restricted cash — noncurrent 142   142   —   —   139   139   —   —  
Short-term investments:
Corporate debt 3,550   —   3,550   —   3,399   —   3,399   —  
U.S. government and agency notes 2,601   —   2,601   —   2,465   —   2,465   —  
Other fixed-income securities 319   —   319   —   433   —   433   —  

Long-term investments:
Equity securities 170   170   —   —   34   34   —   —  

Investments presented in the table above have the same fair value as their carrying amount.
Short-term investments — The short-term investments shown in the table above are classified as available-for-sale and have remaining maturities of less than two years .
Long-term investments: Equity securities — Represents equity and equity-linked securities (such as vested warrants) that comprise United's investments in Azul S.A. ("Azul"), Archer Aviation Inc. and Eve Holding, Inc. On February 17, 2026, United, Azul and certain of Azul's subsidiaries entered into an amended and restated investment agreement pursuant to which United agreed to subscribe for $ 100 million of American Depositary Shares ("ADS"), with each ADS initially representing 500,000 common shares, no par value, of Azul (and with each ADS representing two Azul common shares, after taking into account a reverse stock split and ADS ratio change approved March 25, 2026). On February 20, 2026, Azul completed its reorganization process and consequently sold to United approximately 8.7 % of the Azul common shares issued and outstanding as of that date. As of June 30, 2026, United holds an 8.6 % equity ownership interest in Azul.
Other fair value information. The table below presents the carrying amounts (inclusive of any related discounts, premiums and issuance costs) and estimated fair values of financial instruments not presented in the table above (in millions):

June 30, 2026 December 31, 2025
Carrying Amount Fair Value Carrying Amount Fair Value
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Long-term debt $ 22,924   $ 23,229   $ —   $ 12,985   $ 10,245   $ 21,266   $ 21,489   $ —   $ 14,030   $ 7,458  

Fair value of the financial instruments included in the tables above was determined as follows:
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Description Fair Value Methodology
Cash and cash equivalents and Restricted cash (current and non-current) The carrying amounts of these assets approximate fair value.
Short-term and Long-term investments Fair values are based on (a) the trading prices of the investment or similar instruments or (b) broker quotes obtained by third-party valuation services.
Long-term debt Fair values are based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities.

Equity Method Investments. As of June 30, 2026, United holds investments, accounted for using the equity method, with a combined carrying amount of $ 325  million, including the following:
• Republic Airways Holdings Inc. ("Republic Airways"). United holds an approximately 22 % minority interest in Republic Airways, which is the parent company of Republic Airways Inc. ("Republic") and Mesa Airlines, Inc. ("Mesa"). In consideration for United's commitment to facilitate transactions related to the merger between Republic and Mesa on November 25, 2025, the Company received an additional 2,744,348 shares on February 3, 2026, or approximately 5.8 % of Republic Airways, for a total ownership interest of approximately 22 % of the issued and outstanding common stock of Republic Airways. Republic currently operates 66 regional aircraft under capacity purchase agreements ("CPAs") with United that have terms through 2038 and Mesa operates 60 regional aircraft under a CPA with a term through 2036.
• CommuteAir LLC ("CommuteAir"). United owns a 40 % minority ownership stake in CommuteAir. CommuteAir currently operates 53 regional aircraft under a CPA with United that has a term through 2028.
• United Airlines Ventures Sustainable Flight Fund (the "Fund"). United holds, through its corporate venture capital arm, United Airlines Ventures, Ltd., a 33 % ownership interest in the Fund. The Fund is an investment vehicle designed to invest in start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with sustainable aviation fuel (SAF).
Other Investments. As of June 30, 2026, United has equity investments in a number of companies including a multinational airline holding company, an independent air carrier and others with emerging technologies and sustainable solutions. None of these investments have readily determinable fair values. These investments are recorded at cost less any impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of June 30, 2026, the carrying amount of these investments was $ 338  million.
Notes Receivable. As of June 30, 2026, the Company has $ 54 million of notes receivable, net of allowance for credit losses, the majority of which is from certain of its regional carriers. The current portions of the notes receivable are recorded in Receivables, net and the long-term portions are recorded in Investments in affiliates and other, net on the Company's consolidated balance sheets.

NOTE 8 - DEBT
As of June 30, 2026, the Company had $ 3.0 billion undrawn and available under its revolving credit facility.
The table below presents the Company's contractual principal payments (not including $ 157 million of unamortized debt discount, premiums and debt issuance costs) as of June 30, 2026 under then-outstanding long-term debt agreements (in millions):
Last Six Months of 2026 2027 2028 2029 2030 After 2030 Total
Contractual principal payments $ 928   $ 2,049   $ 2,017   $ 4,752   $ 2,171   $ 11,165   $ 23,081  

Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, limit the ability of the Company and its subsidiaries, under certain circumstances, to incur additional indebtedness and pay dividends or repurchase stock. As of June 30, 2026, the Company was in compliance with its covenants under these debt agreements.
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On February 2, 2026, UAL issued, in a public offering, $ 1,000,000,000 principal amount of its 5.375 % Senior Notes due 2031 (the "2031 Notes"), which are guaranteed by United. The 2031 Notes, issued at a price of 100 % of their principal amount, bear interest at a rate of 5.375 % per annum, payable semi-annually on March 1 and September 1 of each year, beginning September 1, 2026 and maturing on March 1, 2031. UAL, at its option, may redeem the 2031 Notes at any time prior to September 1, 2030, in whole or in part, at a redemption price equal to the greater of (1) 100 % of the principal amount of the 2031 Notes to be redeemed and (2) a make-whole amount, if any, plus accrued and unpaid interest on the principal amount being redeemed to the redemption date. At any time on or after September 1, 2030, UAL may redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100 % of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to the redemption date.
On February 3, 2026, the Company entered into Amendment No. 4 to Term Loan Credit and Guaranty Agreement that lowered the margin on its interest rate from 2.00 % to 1.75 %, in the case of Term SOFR (as such term is defined in the Term Loan Credit and Guaranty Agreement, dated as of April 21, 2021, as amended) loans, and from 1.00 % to 0.75 %, in the case of loans at other market rates.
On February 6, 2026, UAL issued, in a public offering, $ 1,000,000,000 principal amount of its 4.875 % Senior Notes due 2029 (the "2029 Notes"), which are guaranteed by United. The 2029 Notes, issued at a price of 100 % of their principal amount, bear interest at a rate of 4.875 % per annum, payable semi-annually on March 1 and September 1 of each year, beginning September 1, 2026 and maturing on March 1, 2029. UAL, at its option, may redeem the 2029 Notes at any time prior to December 1, 2028, in whole or in part, at a redemption price equal to the greater of (1) 100 % of the principal amount of the 2029 Notes to be redeemed and (2) a make-whole amount, if any, plus accrued and unpaid interest on the principal amount being redeemed to the redemption date. At any time on or after December 1, 2028, UAL may redeem the 2029 Notes, in whole or in part, at a redemption price equal to 100 % of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to the redemption date.
Additionally, during the six months ended June 30, 2026, United borrowed $ 3.9  billion aggregate principal amount of loans secured by aircraft, $ 3.7  billion of which were in the second quarter. The loans mature between 2029 and 2038 and bear interest equal to Term SOFR plus an average margin of 1.4 %. The Company may prepay the loans and terminate the commitments, in whole or in part, at any time subject to certain conditions, including, in some cases, the payment of a contractually specified prepayment premium during the initial years of the term, but at par thereafter.
During the three months ended June 30, 2026, United entered into financing arrangements providing for total borrowing commitments of approximately $ 375 million that the related proceeds had not been received and accordingly, no debt or other financial liabilities were recognized on the consolidated balance sheets as of June 30, 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.
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. In connection with the Redemption, the Indenture was satisfied and discharged as to the Secured Notes. The Indenture remains in effect as to United's 4.625 % Senior Secured Notes due 2029.
On June 23, 2026, the Company made a partial prepayment of $ 0.6  billion of the aggregate principal amount of a $ 1.5  billion note issued to the U.S. Treasury under the Payroll Support Program due 2030. The Company also has two outstanding unsecured promissory notes issued to the U.S. Treasury under the Payroll Support Program in the aggregate principal amounts of $ 0.9  billion and $ 0.8  billion due 2031 .

NOTE 9 - COMMITMENTS AND CONTINGENCIES
Regional CPAs. During the six months ended June 30, 2026, United amended some of its CPAs with certain of its regional carriers to modify the terms for certain aircraft and amend the contractually agreed fees paid to those carriers. Our future commitments under our CPAs are dependent on numerous variables, and are, therefore, difficult to predict. The most important of these variables is the number of scheduled block hours. Although we are not required to purchase a minimum number of block hours under certain of our CPAs, we do have contractual minimum utilization levels in other CPAs and we have set forth below estimates of our future payments under the CPAs based on our current assumptions. The actual amounts we pay to our regional operators under CPAs could differ materially from these estimates. United's estimates of its future payments under all of the CPAs do not include the portion of the underlying obligation for any aircraft leased to a regional carrier or deemed to be leased from other regional carriers, or facility rent. For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels
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if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier's operational performance will remain at recent historic levels and (5) an annual projected inflation rate. These amounts exclude certain variable pass-through costs such as fuel and landing fees, among others. Based on these assumptions, as of June 30, 2026, our estimated future payments through the end of the terms of our CPAs are presented in the table below (in billions):

Last Six Months of 2026 2027 2028 2029 2030 After 2030 Total
Future commitments under CPAs $ 1.4   $ 3.3   $ 3.0   $ 2.6   $ 2.2   $ 6.5   $ 19.0  

Increased Cost Provisions. In United's financing transactions that include loans in which United is the borrower, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans with respect to which the interest rate is based on the Secured Overnight Financing Rate (SOFR), for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs. At June 30, 2026, the Company had $ 11.2 billion principal amount of floating rate debt with remaining terms of up to approximately 12 years that are subject to these increased cost provisions. In several financing transactions with remaining terms of up to approximately 12 years and an aggregate principal amount balance of $ 8.6 billion, the Company bears the risk of any change in tax laws that would subject loan payments thereunder to withholding taxes, subject to customary exclusions.
Labor . As of June 30, 2026, the Company had approximately 117,500 employees, of whom 83 % were represented by various U.S. labor organizations.
In May 2026, the Company's flight attendants, represented by the Association of Flight Attendants ("AFA"), ratified a five-year agreement, effective May 31, 2026, with the Company that includes improvements with respect to scheduling, reserve requirements and other quality of life improvements, as well as pay rate increases. The agreement also includes a provision for a one-time payment upon ratification to be paid no later than September 15, 2026. In the three and six months ended June 30, 2026, the Company recorded, in Special charges (credits), an additional $ 181 million of expenses related to this ratification payment, which together with previously recognized expenses brings the total liability for this ratification payment to $ 742 million as of June 30, 2026.

NOTE 10 - SPECIAL CHARGES (CREDITS)
Operating and nonoperating special charges (credits) and unrealized gains on investments in the statements of consolidated operations consisted of the following (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Labor contract ratification bonuses $ 184   $ 561   $ 184   $ 561  
(Gains) losses on sale of assets and other special charges ( 329 ) ( 114 ) ( 718 ) ( 222 )
Total operating special charges (credits) ( 145 ) 447   ( 534 ) 340  
Nonoperating unrealized gains on investments, net ( 40 ) ( 26 ) ( 26 ) ( 5 )
Nonoperating debt extinguishment and modification fees 1   —   5   —  
Total nonoperating special charges and unrealized gains on investments, net ( 38 ) ( 26 ) ( 21 ) ( 5 )
Total operating and nonoperating special charges (credits) and unrealized gains on investments, net ( 183 ) 422   ( 555 ) 335  
Income tax expense (benefit), net of valuation allowance 27   ( 128 ) 89   ( 127 )
Total operating and nonoperating special charges (credits) and unrealized gains on investments, net of income taxes $ ( 156 ) $ 293   $ ( 466 ) $ 208  

During the three and six months ended June 30, 2026, the Company recorded $ 184 million of expense associated with the recently ratified agreements with the Company's flight attendants represented by the AFA, as discussed in Note 9, and the Company's fleet technical instructors, storekeepers, maintenance instructors and security officers represented by the International Association of Machinists and Aerospace Workers. During the three and six months ended June 30, 2025, the Company recorded a $ 561 million special charge in connection with the then-existing tentative agreement with its flight attendants represented by the AFA.
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During the three and six months ended June 30, 2026, the Company recorded $ 329 million and $ 718 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $ 351 million and $ 796 million, respectively, of gains on various aircraft sale-leaseback transactions. During the three and six months ended June 30, 2025, the Company recorded $ 114 million and $ 222 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $ 151 million and $ 261 million, respectively, of gains on various aircraft sale-leaseback transactions.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K") to enhance the understanding of our results of operations, financial condition and cash flows.
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company incorporated in Delaware and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). As UAL consolidates United for financial statement purposes, and United comprises substantially all of UAL's operating revenues, operating expenses, assets, liabilities and operating cash flows, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.
Key Trends Impacting Our Business
Our industry is dynamic, highly competitive and subject to a number of industry-specific factors and global macroeconomic conditions that may cause our actual results of operations to differ from our historical results of operations or current expectations. The economic, market and legal factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following:
• 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. 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. While our long-term outlook is positive due to our expectation that customer demand will remain strong, we may continue to be impacted by future volatility in the fuel market, especially if the geopolitical conflicts in the Middle East escalate or expand.
• 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.
• Governmental Funding Constraints: We are working with our U.S. federal government partners to reduce passenger travel disruptions due to potential budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely, including as a result of a federal government shutdown.
We will monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, future results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of those factors discussed in Part I, Item 1A. Risk Factors, of our 2025 Form 10-K.

RESULTS OF OPERATIONS
The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and six months ended June 30, 2026, as compared to the corresponding period in 2025.
Second Quarter 2026 Compared to Second Quarter 2025
Significant components of the Company's operating results for the three months ended June 30 are as follows (in millions, except percentage changes):
2026 2025 Increase (Decrease) % Change
Operating revenue $ 17,672  $ 15,236  $ 2,436  16.0 
Operating expense 16,576  13,911  2,665  19.2 
Operating income 1,096  1,325  (229) (17.3)
Nonoperating expense, net (69) (77) (7) (9.5)
Income before income taxes 1,026  1,248  (222) (17.8)
Income tax expense 221  275  (53) (19.4)
Net income $ 805  $ 973  $ (168) (17.3)

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Certain consolidated statistical information for the Company's operations for the three months ended June 30 is as follows:
2026 2025 Increase (Decrease) % Change
Passengers (thousands) (a) 48,692  46,186  2,506  5.4 
Revenue passenger miles ("RPMs" or "traffic") (millions) (b) 72,765  70,088  2,677  3.8 
Available seat miles ("ASMs" or "capacity") (millions) (c) 87,279  84,347  2,932  3.5 
Passenger load factor (d) 83.4  % 83.1  % 0.3  pts. N/A
Passenger revenue per available seat mile ("PRASM") (cents) 18.45  16.40  2.04  12.5 
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.
(b) The number of scheduled miles flown by revenue passengers.
(c) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.
(d) Revenue passenger miles divided by available seat miles.
(e) The average passenger revenue received for each revenue passenger mile flown.
(f) The number of cargo revenue tons transported multiplied by the number of miles flown.

Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the three months ended June 30 (in millions, except for percentage changes):
2026 2025 Increase (Decrease) % Change
Passenger revenue $ 16,100  $ 13,836  $ 2,265  16.4 
Cargo revenue 527  430  97  22.6 
Other operating revenue 1,045  970  75  7.7 
Total operating revenue $ 17,672  $ 15,236  $ 2,436  16.0 

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the three months ended June 30:
Increase (Decrease) from 2025:

  Domestic Atlantic Pacific Latin Total
Passenger revenue (in millions) $ 1,601  $ 251  $ 281  $ 131  $ 2,265 
Passenger revenue 20.3  % 7.9  % 18.7  % 10.5  % 16.4  %
Average fare per passenger 12.8  % 9.4  % 8.4  % 11.5  % 10.4  %
Yield 13.0  % 10.6  % 10.9  % 10.7  % 12.1  %
PRASM 12.2  % 12.1  % 14.0  % 10.7  % 12.5  %
Passengers 6.6  % (1.4) % 9.4  % (0.9) % 5.4  %
RPMs 6.4  % (2.4) % 7.0  % (0.2) % 3.8  %
ASMs 7.2  % (3.8) % 4.1  % (0.2) % 3.5  %
Passenger load factor (points) (0.6) 1.1  2.3  —  0.3 

Passenger revenue increased $2.3 billion, or 16.4%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 12.1% increase in yield and a 5.4% increase in the number of passengers flown.
Cargo revenue increased $97 million, or 22.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.
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Other operating revenue increased $75 million, or 7.7%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.
Operating Expenses. The table below includes data related to the Company's operating expenses for the three months ended June 30 (in millions, except for percentage changes):
2026 2025 Increase (Decrease) % Change
Salaries and related costs $ 4,686  $ 4,413  $ 274  6.2 
Aircraft fuel 5,110  2,775  2,335  84.1 

Landing fees and other rent 1,056  961  95  9.9 
Aircraft maintenance materials and outside repairs 906  865  41  4.7 
Depreciation and amortization 762  733  29  3.9 
Regional capacity purchase 743  676  67  9.8 
Distribution expenses 644  487  157  32.3 

Aircraft rent 112  67  45  67.4 
Special charges (credits) (145) 447  (592) NM
Other operating expenses 2,702  2,487  215  8.6 
Total operating expense $ 16,576  $ 13,911  $ 2,665  19.2 
NM - Greater than 100% change or otherwise not meaningful.

Salaries and related costs increased $274 million, or 6.2%, in the second quarter of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the Association of Flight Attendants ("AFA") per the new collective bargaining agreement.
Aircraft fuel expense increased $2.3 billion, or 84.1%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.
Landing fees and other rent increased $95 million, or 9.9%, in the second quarter of 2026 as compared to the year-ago period, primarily due to rate increases at various airports as well as higher landed weight volume from increased flight activity.
Regional capacity purchase increased $67 million, or 9.8%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 6% increase in regional flying activity and annual rate increases under United's capacity purchase agreements ("CPAs").
Distribution expense increased $157 million, or 32.3%, in the second quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.
For details on the Company's Special charges (credits), see Note 10 to the financial statements included in Part I, Item 1 of this report.
Other operating expenses increased $215 million, or 8.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.
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Nonoperating Income (Expense ). The table below shows year-over-year comparisons of the Company's nonoperating income (expense) for the three months ended June 30 (in millions, except for percentage changes):
2026 2025 Increase (Decrease) % Change
Interest expense $ (343) $ (361) $ (18) (5.1)
Interest income 148  167  (18) (10.8)
Interest capitalized 59  51  8  16.7 
Unrealized gains on investments, net 40  26  14  NM
Miscellaneous, net 26  41  (15) (37.4)
Total nonoperating expense, net $ (69) $ (77) $ (7) (9.5)

Income Taxes. See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.

First Six Months 2026 Compared to First Six Months 2025
Significant components of the Company's operating results for the six months ended June 30 are as follows (in millions, except percentage changes):
2026 2025 Increase (Decrease) % Change
Operating revenue $ 32,280  $ 28,448  $ 3,832  13.5 
Operating expense 30,187  26,516  3,671  13.8 
Operating income 2,093  1,932  161  8.3 
Nonoperating expense, net (196) (206) (9) (4.6)
Income before income taxes 1,897  1,727  170  9.9 
Income tax expense 393  366  27  7.4 
Net income $ 1,504  $ 1,361  $ 143  10.5 

Certain consolidated statistical information for the Company's operations for the six months ended June 30 is as follows:
2026 2025 Increase (Decrease) % Change
Passengers (thousands) 91,178  86,992  4,186  4.8 
RPMs (millions) 136,150  129,604  6,545  5.1 
ASMs (millions) 164,977  159,503  5,475  3.4 
Passenger load factor 82.5  % 81.3  % 1.3  pts. N/A
PRASM (cents) 17.74  16.11  1.63  10.1 
TRASM (cents) 19.57  17.84  1.73  9.7 
Yield (cents) 21.50  19.83  1.67  8.4 
CTM (millions) 1,810  1,774  36  2.0 
CASM (cents) 18.30  16.62  1.67  10.1 
Average price per gallon of fuel, including fuel taxes $ 3.53  $ 2.43  $ 1.10  45.1 
Fuel gallons consumed (millions) 2,312  2,254  58  2.6 
Employee headcount, as of June 30
117,500  111,300  6,200  5.6 

Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the six months ended June 30 (in millions, except for percentage changes):
2026 2025 Increase (Decrease) % Change
Passenger revenue $ 29,267  $ 25,696  $ 3,570  13.9 
Cargo revenue 949  859  90  10.5 
Other operating revenue 2,064  1,893  171  9.1 
Total operating revenue $ 32,280  $ 28,448  $ 3,832  13.5 

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The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the six months ended June 30, 2026 compared to the six months ended June 30, 2025:
Increase (Decrease) from 2025:

  Domestic Atlantic Pacific Latin Total
Passenger revenue (in millions) $ 2,335  $ 579  $ 500  $ 156  $ 3,570 
Passenger revenue 15.5  % 11.8  % 16.6  % 5.8  % 13.9  %
Average fare per passenger 9.7  % 7.6  % 3.8  % 6.6  % 8.7  %
Yield 9.7  % 8.1  % 6.1  % 5.0  % 8.4  %
PRASM 10.2  % 11.3  % 11.0  % 5.5  % 10.1  %
Passengers 5.2  % 3.9  % 12.3  % (0.7) % 4.8  %
RPMs 5.3  % 3.4  % 9.8  % 0.8  % 5.1  %
ASMs 4.8  % 0.4  % 5.0  % 0.3  % 3.4  %
Passenger load factor (points) 0.4  2.4  3.6  0.4  1.3 

Passenger revenue increased $3.6 billion, or 13.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to an 8.4% increase in yield and a 4.8% increase in the number of passengers flown.
Cargo revenue increased $90 million, or 10.5%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.
Other operating revenue increased $171 million, or 9.1%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.
Operating Expenses. The table below presents data related to the Company's operating expenses for the six months ended June 30 (in millions, except for percentage changes):
2026 2025 Increase (Decrease) % Change
Salaries and related costs $ 9,248  $ 8,568  $ 680  7.9 
Aircraft fuel 8,150  5,476  2,674  48.8 
Landing fees and other rent 2,004  1,834  170  9.3 
Aircraft maintenance materials and outside repairs 1,760  1,596  164  10.3 
Depreciation and amortization 1,518  1,461  58  3.9 
Regional capacity purchase 1,435  1,326  108  8.2 
Distribution expenses 1,167  983  183  18.6 
Aircraft rent 195  118  77  65.0 
Special charges (534) 340  (873) NM
Other operating expenses 5,245  4,814  431  9.0 
Total operating expenses $ 30,187  $ 26,516  $ 3,671  13.8 

Salaries and related costs increased $680 million, or 7.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the AFA per the new collective bargaining agreement.
Aircraft fuel expense increased $2.7 billion, or 48.8%, in the first six months of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.
Landing fees and other rent increased $170 million, or 9.3%, in the first six months of 2026 as compared to the year-ago period, primarily due to rate increases at various airports and higher landed weight volume due to increased flight activity.
Aircraft maintenance materials and outside repairs increased $164 million, or 10.3%, in the first six months of 2026 as compared to the year-ago period, primarily due to higher volumes of engine overhauls and component part repairs as well as contractual rate increases.
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Depreciation and amortization increased $58 million, or 3.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to the induction of new aircraft as well as certain aircraft improvements.
Regional capacity purchase increased $108 million, or 8.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to a 4% increase in regional flying activity and annual rate increases under United's CPAs.
Distribution expenses increased $183 million, or 18.6%, in the first six months of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.
Aircraft rent increased $77 million, or 65.0%, in the first six months of 2026 as compared to the year-ago period, primarily due to the addition of new leased aircraft to the Company's fleet.
For details on the Company's Special charges, see Note 10 to the financial statements included in Part I, Item 1 of this report.
Other operating expenses increased $431 million, or 9.0%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.
Nonoperating Income (Expense). The following table illustrates the year-over-year dollar and percentage changes in the Company's nonoperating income (expense) for the six months ended June 30 (in millions, except for percentage changes):
2026 2025 Increase (Decrease) % Change
Interest expense $ (670) $ (717) $ (47) (6.6)
Interest income 284  331  (47) (14.2)
Interest capitalized 113  98  15  15.2 
Unrealized gains on investments, net 26  5  21  NM
Miscellaneous, net 50  77  (27) (35.0)
Total nonoperating expense, net $ (196) $ (206) $ (9) (4.6)

Interest expense decreased $47 million, or 6.6%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower debt balances as a result of various debt prepayments and scheduled amortization.
Interest income decreased $47 million, or 14.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower interest rates.
Miscellaneous, net, changed by $27 million in the first six months of 2026 as compared to the year-ago period, primarily due to debt extinguishment and modification fees in the first six months of 2026, foreign exchange losses recorded in the current period as compared to gains in the year-ago-period and a decrease in the benefit from the Company's net periodic benefit cost of its pensions and postretirement benefit plans.
Income Taxes. See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.

LIQUIDITY AND CAPITAL RESOURCES
Current Liquidity
As of June 30, 2026, the Company had $16.6 billion in unrestricted cash, cash equivalents and short-term investments, as compared to $12.2 billion at December 31, 2025. We believe that our existing cash, cash equivalents and short-term investments, together with cash generated from operations, will be sufficient to satisfy our anticipated liquidity needs for the next 12 months, and we expect to meet our long-term liquidity needs with our anticipated access to the capital markets and projected cash from operations.
The Company has a $3.0 billion revolving credit facility as of June 30, 2026. The revolving credit facility is secured by certain route authorities and airport slots and gates. No borrowings were outstanding under the revolving credit facility as of June 30, 2026.
We have a significant amount of fixed obligations, including debt, leases of aircraft, airport and other facilities, and pension funding obligations. As of June 30, 2026, the Company had $33.7 billion of debt, finance lease, operating lease and other financial liabilities, including $3.0 billion that will become due in the next 12 months. In addition, we have substantial
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noncancelable commitments for capital expenditures, including the acquisition of certain new aircraft and related spare engines. Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, limit the ability of the Company and its subsidiaries, under certain circumstances, to incur additional indebtedness and pay dividends or repurchase stock. As of June 30, 2026, the Company was in compliance with its covenants under these debt agreements. As of June 30, 2026, a substantial portion of the Company's assets, principally aircraft and certain related assets, certain route authorities and airport slots and gates, was pledged under various loan and other agreements. See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on aircraft financing and other debt instruments.
On February 3, 2026, the Company entered into Amendment No. 4 to Term Loan Credit and Guaranty Agreement that lowered the margin on its interest rate from 2.00% to 1.75%, in the case of Term SOFR (as such term is defined in the Term Loan Credit and Guaranty Agreement, dated as of April 21, 2021, as amended) loans, and from 1.00% to 0.75%, in the case of loans at other market rates.
The Company has backstop financing commitments available from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions.
As of June 30, 2026, United had firm commitments to purchase aircraft from The Boeing Company ("Boeing") and Airbus S.A.S. ("Airbus") as presented in the table below:
Contractual Aircraft Deliveries Expected Aircraft Deliveries (b)
Aircraft Type Number of Firm
 Commitments (a) Last Six Months of 2026 2027 After 2027 Last Six Months of 2026 2027 After 2027
787 146  42  11  93  12  27  107 

737 MAX 9 63  63  —  —  40  23  — 
737 MAX 10 167  3  44  120  —  20  147 
A321neo 111  8  3  100  6  5  100 
A321XLR 49  5  15  29  5  15  29 
A350 45  —  —  45  —  —  — 
(a) United also has options and purchase rights for additional aircraft.
(b) Expected aircraft deliveries reflect adjustments communicated by Boeing and Airbus or estimated by United. However, aircraft deliveries are subject to a number of variables, as further described in Part I, Item 1A. Risk Factors of the 2025 Form 10-K, and we cannot guarantee delivery of any particular aircraft at any specific time notwithstanding firm purchase commitments.

The aircraft listed in the table above are scheduled for delivery through 2034. The amount and timing of the Company's future capital commitments could change to the extent that: (i) the Company and the aircraft manufacturers, with whom the Company has existing orders for new aircraft, agree to modify (or further modify) the contracts governing those orders; (ii) rights are exercised pursuant to the relevant agreements to cancel deliveries or modify the timing of deliveries; or (iii) the aircraft manufacturers are unable to deliver in accordance with the terms of those orders.
Sources and Uses of Cash
The following table summarizes our cash flows for the six months ended June 30 (in millions):

Total cash provided by (used in): 2026 2025 Increase (Decrease)
Operating activities $ 6,409  $ 5,927  $ 482 
Investing activities (3,354) (3,042) 312 
Financing activities 1,172  (2,300) 3,472 
Net increase in cash, cash equivalents and restricted cash $ 4,227  $ 585  $ 3,642 

Operating Activities. Cash flows provided by operating activities increased $0.5 billion in the first six months of 2026 as compared to the year-ago period, primarily due to an operating income increase period-over-period as well as a net change in various working capital items, primarily an increase in advance ticket sales.
Investing Activities. Cash flows used in investing activities increased $0.3 billion in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in capital expenditures attributable to the purchase of aircraft and related spare parts.
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Financing Activities. Significant financing events in the six months ended June 30, 2026 were as follows:
Debt Issuances. During the six months ended June 30, 2026, the Company received and recorded:
• $1.0 billion from the issuance of 5.375% Senior Notes due 2031;
• $1.0 billion from the issuance of 4.875% Senior Notes due 2029; and
• $3.9 billion from various aircraft financings.
Debt, Finance Lease and Other Financial Liability Principal Payments . During the six months ended June 30, 2026, the Company made payments for debt, finance leases, and other financial liabilities of $4.5 billion, including the redemption of $2.0 billion aggregate principal amount of the 4.375% Senior Secured Notes due 2026 and the partial prepayment of $0.6 billion aggregate principal amount of a $1.5 billion note issued to the U.S. Treasury under the Payroll Support Program due 2030.
See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on debt issuances and debt prepayments.
Share repurchase. As part of our capital deployment program, the Company's Board of Directors authorized a share repurchase program in October 2024. In the six months ended June 30, 2026, the Company repurchased, through open market purchases, 0.3 million shares of UAL common stock for a total of $27 million as part of its share repurchase program. The Company did not make any repurchases during the three months ended June 30, 2026.
Credit Ratings. As of the filing date of this report, UAL and United had the following corporate credit ratings:

S&P Moody's Fitch
UAL BB+ Ba1 BB+
United BB+ * BB+
*The credit agency does not issue corporate credit ratings for subsidiary entities.

The Company was upgraded by S&P in August 2025 and assigned a positive outlook in January 2026, upgraded by Moody's in November 2025 and assigned a stable outlook, and upgraded by Fitch in December 2025 and assigned a stable outlook. A rating reflects only the view of a rating agency and is not a recommendation to buy, sell or hold securities. Ratings can be revised upward or downward at any time by a rating agency if such rating agency decides that circumstances warrant such a change. Downgrades from these rating levels, among other things, could restrict the availability, or increase the cost, of future financing for the Company as well as affect the fair market value of existing debt.
Commitments, Contingencies and Liquidity Matters. As described in the 2025 Form 10-K, the Company's liquidity may be adversely impacted by a variety of factors, including, but not limited to, pension funding obligations, reserve requirements associated with credit card processing agreements, guarantees, commitments and contingencies.
See the 2025 Form 10-K and Notes 6, 7, 8 and 9 to the financial statements contained in Part I, Item 1 of this report for additional information.

CRITICAL ACCOUNTING POLICIES
See "Critical Accounting Policies" in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2025 Form 10-K.

FORWARD-LOOKING INFORMATION
This report contains certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere, relating to, among other things, goals, plans and projections regarding the Company's financial position, results of operations, capital allocation and investments, market position, airline capacity, fleet plan strategy, fares, booking trends, product development, corporate citizenship-related strategy initiatives and business strategy. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the Company's future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the Company's control and could cause the Company's future financial results, goals, plans, commitments, strategies and
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objectives to differ materially from those expressed in, or implied by, the statements. Words such as "should," "could," "would," "will," "may," "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "projects," "forecast," "guidance," "outlook," "goals," "targets," "pledge," "confident," "optimistic," "dedicated," "positioned," "on track" and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.
Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this report are based upon information available to us on the date of this report. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.
Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: execution risks associated with our strategic operating plan; changes in our fleet and network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into aircraft orders on less favorable terms, as well as any inability to accept or integrate new aircraft into our fleet as planned, including as a result of any mandatory groundings of aircraft; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions, or related exposures to unknown liabilities or other issues or underperformance as compared to our expectations; adverse publicity, increased regulatory scrutiny, harm to our brand, reduced travel demand, potential tort liability and operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; unfavorable developments affecting our MileagePlus loyalty program; our reliance on a limited number of suppliers to source a majority of our aircraft, engines and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally; reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constraints at our hubs or other airports (including as a result of government shutdowns); geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of military conflicts across the globe, as well as any escalation of the broader economic consequences of any conflicts beyond their current scope or a delay in any planned resumption of service to an area impacted by conflict); any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems; increasing privacy, data security and cybersecurity obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other costs related to employee and retiree health, pension, labor or regulatory compliance costs on our operations or financial performance; any failure to recruit, hire, develop or train skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel, including as a result of the geopolitical conflicts in the Middle East; the impacts of our significant amount of financial leverage from fixed obligations and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage; risks relating to our repurchase program for UAL common stock and warrants; and other risks and uncertainties set forth under Part I, Item 1A. Risk Factors, of our 2025 Form 10-K, and under "Key Trends Impacting Our Business" in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, of this report, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC.
The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should
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not consider this list to be a complete statement of all potential risks and uncertainties. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change. For instance, we regularly monitor future demand and booking trends and adjust capacity, as needed. As such, our actual flown capacity may differ materially from currently published flight schedules or current estimations.

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
There have been no material changes in market risk from the information provided in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in our 2025 Form 10-K.

ITEM 4.     CONTROLS AND PROCEDURES.
Evaluation of Disclosure Control and Procedures
UAL and United each maintains controls and procedures that are designed to ensure that information required to be disclosed in the reports filed or submitted by UAL and United to the SEC is recorded, processed, summarized and reported, within the time periods specified by the SEC's rules and forms, and is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The management of UAL and United, including the Chief Executive Officer and Chief Financial Officer, performed an evaluation to conclude with reasonable assurance that UAL's and United's disclosure controls and procedures were designed and operating effectively to report the information each company is required to disclose in the reports it files with the SEC on a timely basis. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer of UAL and United have concluded that as of June 30, 2026, disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting during the Quarter Ended June 30, 2026
During the three months ended June 30, 2026, there were no changes in UAL's or United's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, their internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
See Part I, Item 3, Legal Proceedings, of the 2025 Form 10-K for a description of legal proceedings.

ITEM 1A. RISK FACTORS
See Part I, Item 1A. Risk Factors of the 2025 Form 10-K for a discussion of the risk factors affecting UAL and United.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a) None.
(b) None.
(c) Issuer Purchases of Equity Securities: On October 15, 2024, the Company announced that its Board of Directors authorized a new share repurchase program with no stated expiration, allowing for purchases of up to $1.5 billion in the aggregate of outstanding UAL common stock and certain warrants to purchase UAL common stock. The Company did not make any repurchases in the three months ended June 30, 2026. As of July 9, 2026, the dollar value of shares that may yet be purchased under the share repurchase program was $755 million.

ITEM 5. OTHER INFORMATION
(a) None.
(b) None.
(c) On April 30, 2026 , Michael Leskinen , Executive Vice President and Chief Financial Officer of the Company and United, adopted a "Rule 10b5-1 trading arrangement" that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and the Company’s insider trading policy for the sale of up to 30,000 shares of the Company's common stock, subject to pre-established, non-discretionary trading parameters. The expiration date for the trading arrangement is August 31, 2027 or such earlier date upon which all transactions are completed.
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No other director or "officer" (as defined in Rule 16a-1(f) under the Exchange Act) of the Company or United informed the Company or United of the adoption , modification or termination of a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K under the Exchange Act, during the period covered by this Quarterly Report on Form 10-Q.
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ITEM 6. EXHIBITS.
EXHIBIT INDEX

Exhibit No. Registrant Exhibit

^10.1 UAL
United Amendment No. 8 to the A320 Family Purchase Agreement, dated as of May 27, 2026, between Airbus S.A.S. and United Airlines, Inc.

^10.2 UAL
United Supplemental Agreement No. 16 to Purchase Agreement No. 04815, dated as of April 30, 2026, between The Boeing Company and United Airlines, Inc.

31.1 UAL Certification of the Principal Executive Officer of United Airlines Holdings, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

31.2 UAL Certification of the Principal Financial Officer of United Airlines Holdings, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

31.3 United Certification of the Principal Executive Officer of United Airlines, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

31.4 United Certification of the Principal Financial Officer of United Airlines, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

32.1 UAL Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines Holdings, Inc. Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)

32.2 United Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines, Inc. Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)

101 UAL
United The following financial statements from the combined Quarterly Report of UAL and United on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL: (i) Statements of Consolidated Operations, (ii) Statements of Consolidated Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Condensed Statements of Consolidated Cash Flows, (v) Statements of Consolidated Stockholders' Equity and (vi) Combined Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags.

104 UAL
United Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

^ Portions of the referenced exhibit have been omitted pursuant to Item 601(b) of Regulation S-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 

  United Airlines Holdings, Inc.
  (Registrant)

Date: July 16, 2026 By: /s/ Brigitte Bokemeier
  Brigitte Bokemeier
Vice President and Controller
(Duly Authorized Officer and Principal Accounting Officer)
 

United Airlines, Inc.
(Registrant)

Date: July 16, 2026   By: /s/ Brigitte Bokemeier
  Brigitte Bokemeier
Vice President and Controller
(Duly Authorized Officer and Principal Accounting Officer)

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