United Airlines (UAL) stock
Industrials · Passenger Airlines
United Airlines (UAL) is a Passenger Airlines company in the Industrials sector, headquartered in Chicago, Illinois. As of October 23, 2026, UAL closed at $97.93, a market capitalization of $31.82 billion, the 311th largest company in the S&P 500. Over the last twelve months it generated $65.55 billion in revenue (+17% year over year) and $2.54 billion in free cash flow. The stock trades at 9.0x trailing earnings and 8.2x forward earnings.
- 1-year total return: +2.4% (dividends reinvested)
- 5-year return: +15.9% a year
- 52-week range: $84.64 – $138.77
- Gross margin 30.9%, operating margin 7.0%
- FI Handbook report card: C- across 10 metrics
- 50th largest of 83 Industrials stocks in the S&P 500
UAL price chart
1Y price change: +2.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| UAL | -11.6% | -12.4% | +2.4% | +40.4% | +15.9% | +5.8% | +5.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2006.
UAL key statistics
- Market cap
- $31.8B
- #311 in S&P 500
- P/E (TTM)
- 9.0x
- Forward P/E
- 8.2x
- EPS (TTM)
- $10.92
- Revenue (TTM)
- $65.6B
- +17%
- Free cash flow
- $2.5B
- Gross margin
- 30.9%
- Operating margin
- 7.0%
- Return on equity
- 22.3%
- Dividend yield
- None
- 52-week range
- $84.64 – $138.77
- Beta
- 1.30
- Price / sales
- 0.5x
- EV / EBITDA
- 7.3x
- Debt / equity
- 1.93x
- Employees
- 117,900
UAL report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth17.4%B
- Gross margin30.9%C
- Operating margin7.0%D
- FCF margin3.9%D
- Return on equity22.3%B
- Net debt / EBITDA2.8xD
- Forward P/E8.2xA
- PEG ratio6.5xF
- Shareholder yield2.0%C
- Share count change / yr3.3%F
United Airlines financials
Revenue went from $36.6B in fiscal 2016 to $59.1B in fiscal 2025, growing 5.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.6B | $37.8B | $41.3B | $43.3B | $15.4B | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Operating income | $4.3B | $3.6B | $3.2B | $4.3B | -$6.4B | -$1.0B | $2.3B | $4.2B | $5.1B | $4.7B |
| Net income | $2.2B | $2.1B | $2.1B | $3.0B | -$7.1B | -$2.0B | $737.0M | $2.6B | $3.1B | $3.4B |
| EPS (diluted) | $6.76 | $7.06 | $7.67 | $11.58 | $-25.30 | $-6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
| Free cash flow | — | -$396.0M | $2.1B | $2.4B | -$5.9B | -$40.0M | $1.2B | -$260.0M | $3.8B | $2.6B |
| Buybacks | $2.6B | $1.8B | $1.2B | $1.6B | $353.0M | $0 | $0 | $0 | $162.0M | $637.0M |
| Diluted shares | 330.3M | 303.6M | 276.7M | 259.9M | 279.4M | 321.9M | 330.1M | 331.9M | 333.2M | 328.5M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into UAL?
A reverse DCF asks what growth the current price requires. With an enterprise value of $51.5B and $2.5B of trailing free cash flow, United Airlines needs to grow free cash flow about 10.8% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 9.6x vs. median 10.9x (10th–90th percentile 3.1x–22.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
UAL earnings
Next report: January 26, 2027.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 20, 2026 | $2.57 | $2.54 | -1.3% |
| Jul 15, 2026 | $1.85 | $1.99 | +7.6% |
| Apr 21, 2026 | $1.08 | $1.19 | +10.0% |
| Jan 20, 2026 | $2.94 | $3.10 | +5.4% |
| Oct 15, 2025 | $2.68 | $2.78 | +3.8% |
| Jul 16, 2025 | $3.81 | $3.87 | +1.5% |
| Apr 15, 2025 | $0.74 | $0.91 | +23.8% |
| Jan 21, 2025 | $3.03 | $3.26 | +7.6% |
Stocks like UAL
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 DAL Delta Air Lines | -3.13% | +32% | $50.5B | 15.3x | Compare |
 LUV Southwest Airlines | -0.67% | +34% | $20.4B | 20.4x | Compare |
 CAT Caterpillar | -2.42% | +33% | $315.8B | 29.6x | Compare |
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
 RTX RTX | -1.90% | +8% | $257.8B | 31.1x | Compare |
 GEV GE Vernova | -1.50% | +37% | $217.1B | 23.4x | Compare |
 DE Deere & | +0.39% | +39% | $174.2B | 35.9x | Compare |
 UNP Union Pacific | -1.75% | +36% | $174.0B | 22.8x | Compare |
UAL news
- American Airlines Sinks 4% as Oil-Price Climb Reverses Post-Earnings Rebound; Delta and United Airlines Slide 3% · Oct 23, 2026
- How Eric Skae built a $100M pasta sauce empire: Carbone Fine Food · Oct 23, 2026
- United Airlines CEO warns of a growing problem for travelers · Oct 23, 2026
- United (UAL) Stock Jumps As Q3 Earnings Meet Margin Pressure · Oct 22, 2026
- United Airlines (UAL) stock trades up, here is why · Oct 21, 2026
UAL stock FAQ
What is UAL's market cap?
United Airlines's market capitalization is $31.82 billion as of October 23, 2026, ranking 311th in the S&P 500.
What is UAL's P/E ratio?
UAL trades at a trailing price-to-earnings ratio of 9.0x and a forward P/E of 8.2x. Its median P/E over the period we track is 10.9x.
Does UAL pay a dividend?
No. United Airlines does not currently pay a regular cash dividend.
How much has UAL stock returned?
Including reinvested dividends, UAL returned +2.4% over one year, +15.9% a year over five years, +5.8% a year over ten years through October 23, 2026.
Is UAL stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies United Airlines must grow free cash flow about 11% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does UAL report earnings?
United Airlines is expected to report earnings on January 26, 2027.
How many employees does United Airlines have?
United Airlines has about 117,900 full-time employees, or $556,005 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology