United Airlines (UAL)
Market Price (10/28/2026): $104.69 | Market Cap: $34.0 BilInvestor Relations Sector: Industrials | Industry: Passenger Airlines
United Airlines (UAL)
Market Price (10/28/2026): $104.69Market Cap: $34.0 BilSector: IndustrialsIndustry: Passenger Airlines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 8.2 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Energy Transition & Decarbonization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% Key risksUAL key risks include workforce instability driven by [1] flight attendants' rejection of a labor agreement and [2] a U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 8.2 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Energy Transition & Decarbonization, and Advanced Aviation & Space. Themes include Travel & Leisure Tech, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58% |
| Key risksUAL key risks include workforce instability driven by [1] flight attendants' rejection of a labor agreement and [2] a U.S. Show more. |
Qualitative Assessment
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Updated on 10/27/2026
United Airlines (UAL) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Elevated jet fuel costs significantly increased operating expenses.
United Airlines experienced a substantial rise in fuel expenses, which was consistently cited as a primary factor for the stock's decline. In fiscal Q3 2026, fuel expense surged by 61.6% year-over-year to $4.84 billion, representing an increase of $1.8 billion compared to fiscal Q3 2025. The average fuel price during fiscal Q3 2026 was $3.90 per gallon, up from $2.43 a year earlier. While United recaptured 72% of this increase in fuel expense during the quarter, these elevated costs severely pressured profitability.
2. United Airlines issued a significantly lowered full-year and fiscal Q4 2026 profit forecast.
The company dramatically cut its profit outlook for the remainder of fiscal year 2026. In July, United had projected full-year earnings of $9 to $11 per share, but after its fiscal Q3 2026 earnings, the high end of the revised adjusted full-year guidance dropped to $7.22 per share. For fiscal Q4 2026, United forecast adjusted earnings of $0.50 to $1.50 per share, which was substantially below analysts' consensus expectations of $1.76 to $1.88 per share. Management attributed this revised guidance primarily to an anticipated average jet fuel price of $4.80 per gallon in fiscal Q4 2026, a notable increase from the $3.90 per gallon in fiscal Q3 2026.
Show more
United Airlines (UAL) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Elevated jet fuel costs significantly increased operating expenses.
United Airlines experienced a substantial rise in fuel expenses, which was consistently cited as a primary factor for the stock's decline. In fiscal Q3 2026, fuel expense surged by 61.6% year-over-year to $4.84 billion, representing an increase of $1.8 billion compared to fiscal Q3 2025. The average fuel price during fiscal Q3 2026 was $3.90 per gallon, up from $2.43 a year earlier. While United recaptured 72% of this increase in fuel expense during the quarter, these elevated costs severely pressured profitability.
2. United Airlines issued a significantly lowered full-year and fiscal Q4 2026 profit forecast.
The company dramatically cut its profit outlook for the remainder of fiscal year 2026. In July, United had projected full-year earnings of $9 to $11 per share, but after its fiscal Q3 2026 earnings, the high end of the revised adjusted full-year guidance dropped to $7.22 per share. For fiscal Q4 2026, United forecast adjusted earnings of $0.50 to $1.50 per share, which was substantially below analysts' consensus expectations of $1.76 to $1.88 per share. Management attributed this revised guidance primarily to an anticipated average jet fuel price of $4.80 per gallon in fiscal Q4 2026, a notable increase from the $3.90 per gallon in fiscal Q3 2026.
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Updated on 10/27/2026
United Airlines (UAL) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Elevated jet fuel costs significantly increased operating expenses.
United Airlines experienced a substantial rise in fuel expenses, which was consistently cited as a primary factor for the stock's decline. In fiscal Q3 2026, fuel expense surged by 61.6% year-over-year to $4.84 billion, representing an increase of $1.8 billion compared to fiscal Q3 2025. The average fuel price during fiscal Q3 2026 was $3.90 per gallon, up from $2.43 a year earlier. While United recaptured 72% of this increase in fuel expense during the quarter, these elevated costs severely pressured profitability.
2. United Airlines issued a significantly lowered full-year and fiscal Q4 2026 profit forecast.
The company dramatically cut its profit outlook for the remainder of fiscal year 2026. In July, United had projected full-year earnings of $9 to $11 per share, but after its fiscal Q3 2026 earnings, the high end of the revised adjusted full-year guidance dropped to $7.22 per share. For fiscal Q4 2026, United forecast adjusted earnings of $0.50 to $1.50 per share, which was substantially below analysts' consensus expectations of $1.76 to $1.88 per share. Management attributed this revised guidance primarily to an anticipated average jet fuel price of $4.80 per gallon in fiscal Q4 2026, a notable increase from the $3.90 per gallon in fiscal Q3 2026.
3. Fiscal Q3 2026 adjusted earnings per share (EPS) missed Wall Street expectations.
Despite reporting record quarterly revenue, United's adjusted EPS of $2.54 for fiscal Q3 2026 fell short of Wall Street's consensus estimates, which ranged from $2.58 to $2.61 per share. This represented a miss of approximately 1.9% to 2.7%. This earnings miss ended a four-quarter streak of the company beating EPS estimates and, coupled with the downward revision of future guidance, indicated challenges in maintaining profitability amidst rising operational costs, especially fuel.
4. Operating margins experienced compression due to higher costs.
The surge in fuel expenses, alongside other inflationary pressures, led to a contraction in United's operating margins. The operating margin for fiscal Q3 2026 was 8.1%, down from 9.2% in the same quarter last year. The adjusted pretax margin also compressed to 6.2% from 8.0% a year ago, highlighting the impact of increased expenses on the company's overall profitability despite strong top-line growth.
Show less
United Airlines (UAL) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Elevated jet fuel costs significantly increased operating expenses.
United Airlines experienced a substantial rise in fuel expenses, which was consistently cited as a primary factor for the stock's decline. In fiscal Q3 2026, fuel expense surged by 61.6% year-over-year to $4.84 billion, representing an increase of $1.8 billion compared to fiscal Q3 2025. The average fuel price during fiscal Q3 2026 was $3.90 per gallon, up from $2.43 a year earlier. While United recaptured 72% of this increase in fuel expense during the quarter, these elevated costs severely pressured profitability.
2. United Airlines issued a significantly lowered full-year and fiscal Q4 2026 profit forecast.
The company dramatically cut its profit outlook for the remainder of fiscal year 2026. In July, United had projected full-year earnings of $9 to $11 per share, but after its fiscal Q3 2026 earnings, the high end of the revised adjusted full-year guidance dropped to $7.22 per share. For fiscal Q4 2026, United forecast adjusted earnings of $0.50 to $1.50 per share, which was substantially below analysts' consensus expectations of $1.76 to $1.88 per share. Management attributed this revised guidance primarily to an anticipated average jet fuel price of $4.80 per gallon in fiscal Q4 2026, a notable increase from the $3.90 per gallon in fiscal Q3 2026.
3. Fiscal Q3 2026 adjusted earnings per share (EPS) missed Wall Street expectations.
Despite reporting record quarterly revenue, United's adjusted EPS of $2.54 for fiscal Q3 2026 fell short of Wall Street's consensus estimates, which ranged from $2.58 to $2.61 per share. This represented a miss of approximately 1.9% to 2.7%. This earnings miss ended a four-quarter streak of the company beating EPS estimates and, coupled with the downward revision of future guidance, indicated challenges in maintaining profitability amidst rising operational costs, especially fuel.
4. Operating margins experienced compression due to higher costs.
The surge in fuel expenses, alongside other inflationary pressures, led to a contraction in United's operating margins. The operating margin for fiscal Q3 2026 was 8.1%, down from 9.2% in the same quarter last year. The adjusted pretax margin also compressed to 6.2% from 8.0% a year ago, highlighting the impact of increased expenses on the company's overall profitability despite strong top-line growth.
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Stock Movement Drivers
Fundamental Drivers
The -23.0% change in UAL stock from 6/30/2026 to 10/27/2026 was primarily driven by a -20.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.99 | 104.71 | -23.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 60,465 | 65,552 | 8.4% |
| Net Income Margin (%) | 6.1% | 5.5% | -10.0% |
| P/E Multiple | 12.0 | 9.5 | -20.9% |
| Shares Outstanding (Mil) | 324 | 325 | -0.3% |
| Cumulative Contribution | -23.0% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| UAL | -23.0% | |
| Market (SPY) | 3.1% | 66.8% |
| Sector (XLI) | -9.3% | 55.7% |
Fundamental Drivers
The 13.7% change in UAL stock from 3/31/2026 to 10/27/2026 was primarily driven by a 11.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.07 | 104.71 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59,069 | 65,552 | 11.0% |
| Net Income Margin (%) | 5.7% | 5.5% | -3.9% |
| P/E Multiple | 8.9 | 9.5 | 7.0% |
| Shares Outstanding (Mil) | 324 | 325 | -0.4% |
| Cumulative Contribution | 13.7% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| UAL | 13.7% | |
| Market (SPY) | 18.7% | 56.5% |
| Sector (XLI) | 4.1% | 60.2% |
Fundamental Drivers
The 8.5% change in UAL stock from 9/30/2025 to 10/27/2026 was primarily driven by a 13.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 96.50 | 104.71 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57,986 | 65,552 | 13.0% |
| Net Income Margin (%) | 5.7% | 5.5% | -4.4% |
| P/E Multiple | 9.5 | 9.5 | 0.5% |
| Shares Outstanding (Mil) | 325 | 325 | -0.1% |
| Cumulative Contribution | 8.5% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| UAL | 8.5% | |
| Market (SPY) | 16.5% | 58.8% |
| Sector (XLI) | 9.8% | 59.3% |
Fundamental Drivers
The 147.5% change in UAL stock from 9/30/2023 to 10/27/2026 was primarily driven by a 82.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.30 | 104.71 | 147.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50,884 | 65,552 | 28.8% |
| Net Income Margin (%) | 5.2% | 5.5% | 4.2% |
| P/E Multiple | 5.2 | 9.5 | 82.7% |
| Shares Outstanding (Mil) | 328 | 325 | 1.0% |
| Cumulative Contribution | 147.5% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| UAL | 147.5% | |
| Market (SPY) | 86.2% | 58.9% |
| Sector (XLI) | 72.2% | 60.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UAL Return | 1% | -14% | 9% | 135% | 15% | -10% | 133% |
| Peers Return | 0% | -28% | -1% | 41% | -7% | -16% | -21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| UAL Win Rate | 42% | 50% | 50% | 75% | 58% | 40% | |
| Peers Win Rate | 45% | 47% | 42% | 60% | 50% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| UAL Max Drawdown | -37% | -39% | -41% | -31% | -49% | -30% | |
| Peers Max Drawdown | -38% | -43% | -45% | -34% | -48% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DAL, AAL, LUV, ALK, JBLU. See UAL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/27/2026 (YTD)
How Low Can It Go
| Event | UAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.3% | -18.8% |
| % Gain to Breakeven | 89.7% | 23.1% |
| Time to Breakeven | 150 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -19.7% | -7.8% |
| % Gain to Breakeven | 24.5% | 8.5% |
| Time to Breakeven | 35 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.5% | -9.5% |
| % Gain to Breakeven | 59.9% | 10.5% |
| Time to Breakeven | 199 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.9% | -6.7% |
| % Gain to Breakeven | 18.9% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.4% | -24.5% |
| % Gain to Breakeven | 45.8% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.2% | -33.7% |
| % Gain to Breakeven | 273.2% | 50.9% |
| Time to Breakeven | 1686 days | 140 days |
In The Past
United Airlines's stock fell -47.3% during the 2025 US Tariff Shock. Such a loss loss requires a 89.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | UAL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.3% | -18.8% |
| % Gain to Breakeven | 89.7% | 23.1% |
| Time to Breakeven | 150 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.5% | -9.5% |
| % Gain to Breakeven | 59.9% | 10.5% |
| Time to Breakeven | 199 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.4% | -24.5% |
| % Gain to Breakeven | 45.8% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.2% | -33.7% |
| % Gain to Breakeven | 273.2% | 50.9% |
| Time to Breakeven | 1686 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.1% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.8% | -15.4% |
| % Gain to Breakeven | 26.3% | 18.2% |
| Time to Breakeven | 22 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -90.7% | -53.4% |
| % Gain to Breakeven | 979.4% | 114.4% |
| Time to Breakeven | 1765 days | 1085 days |
In The Past
United Airlines's stock fell -47.3% during the 2025 US Tariff Shock. Such a loss loss requires a 89.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About United Airlines (UAL)
United Airlines Holdings, Inc. (UAL) is a major global airline company primarily engaged in providing air transportation services. Its core business revolves around operating a vast network of flights to transport both people and cargo across significant distances through its mainline and regional fleets. Beyond its primary passenger and freight operations, United also leverages its operational infrastructure to offer specialized services such as catering, ground handling, aircraft training, and maintenance to other third-party entities.
United Airlines serves a broad range of customers globally. Its primary customer base consists of individual travelers, including tourists and those visiting family, as well as business travelers who rely on air travel for professional purposes. Additionally, the company serves businesses requiring efficient and reliable transportation of goods through its cargo services. United's extensive operational footprint spans numerous continents, including North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America, establishing it as a key player in the international airline industry.
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Greyhound for the skies.
A global UPS, but for people and packages.
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- Passenger Air Transportation: The company provides scheduled flights for passengers across its extensive global network.
- Cargo Air Transportation: United Airlines transports freight and mail internationally using its fleet.
- Catering Services: The company offers food and beverage services, including for third-party airlines.
- Ground Handling Services: United Airlines provides essential ground support for aircraft and passengers, available also to third parties.
- Training Services: The company offers aviation-related training programs, often for external clients.
- Maintenance Services: United Airlines performs aircraft maintenance and repair, including for third-party aircraft.
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United Airlines (UAL) primarily sells air transportation services to individuals, but also serves business customers for cargo and other aviation services. Its major customer categories include:
- Leisure Travelers: Individuals and families flying for personal reasons such as vacations, holidays, or visiting friends and relatives. This segment often seeks competitive pricing and flexible booking options.
- Business Travelers: Individuals traveling for corporate purposes, including meetings, conferences, client visits, or other work-related assignments. This segment typically prioritizes convenience, direct routes, and flexibility for last-minute changes.
- Cargo and Third-Party Service Customers: This category includes businesses utilizing United Airlines for air cargo transport (shipping goods globally) and other aviation companies that purchase services like catering, ground handling, training, and maintenance from United's subsidiaries.
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- Boeing (NYSE: BA)
- Airbus (Euronext Paris: AIR)
- GE Aerospace (NYSE: GE)
- RTX Corporation (NYSE: RTX) (parent company of Pratt & Whitney)
- Amadeus IT Group SA (BME: AMS)
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The key risks to United Airlines (UAL) are:
- Fuel Price Volatility and Geopolitical Tensions: United Airlines faces significant financial pressure from rising and volatile jet fuel prices, which are often exacerbated by geopolitical tensions, particularly in the Middle East. Fuel can account for a substantial portion of an airline's operating expenses, and United's decision not to hedge fuel costs increases its exposure to market fluctuations.
- Labor Costs and Negotiations: The airline industry, including United, constantly grapples with managing operational costs, with labor being a major component. Ongoing labor negotiations, such as those with flight attendants, pose a risk of increased cost inflation and highlight inherent workforce and cost structure challenges.
- Economic Headwinds and Demand Slowdown: United Airlines is vulnerable to broader economic uncertainties, including potential slowdowns in demand for air travel. Recent evidence indicates a softening in demand, particularly in government and business travel segments, leading the airline to trim domestic capacity. Economic factors like rising interest rates and inflation could further dampen overall travel demand.
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The clear emerging threat to United Airlines (UAL) is the accelerating development and adoption of advanced virtual presence technologies, including virtual reality (VR) and augmented reality (AR) platforms. As these technologies mature, they offer increasingly immersive and effective alternatives to physical travel for business meetings, conferences, training, and potentially even some forms of tourism. This shift could significantly reduce the demand for air travel, particularly the high-yield business class segment, by enabling individuals and companies to achieve their objectives without the need for physical presence.
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United Airlines Holdings, Inc. (UAL) operates in several significant addressable markets, primarily air transportation for passengers and cargo, along with ancillary services like catering, ground handling, and maintenance.
Passenger Air Transportation
- The global passenger air transport market was valued at approximately USD 870.78 billion in 2025, with projections indicating growth to USD 1.2 trillion by 2030. Another estimate places the market at USD 830.72 billion in 2025, growing to USD 1.86 trillion by 2032.
- In North America, the aviation market, which includes passenger air transport, was valued at USD 79 billion based on a five-year historical analysis. Specifically, North America is forecasted to reach 2.1 billion passengers in 2025.
Air Cargo Transportation
- The global air cargo market was valued at USD 185.3 billion in 2023 and is projected to reach USD 288.8 billion by 2032. Other estimates include USD 172.74 billion in 2024, projected to grow to USD 273.50 billion by 2032, and USD 186.24 billion in 2025, expected to reach USD 275.16 billion by 2033.
- For North America, the air cargo market was valued at USD 31.94 billion in 2022 and is projected to reach USD 43.20 billion by 2028. In 2025, North America's air cargo market share was estimated at more than 40% of the global revenue, with a market size of USD 74.49 billion.
Catering Services
- The global airline catering market was valued at USD 18.5 billion in 2024 and is projected to grow to USD 29.3 billion by 2034. Another report estimates the market size at USD 19.61 billion in 2024, with a projection to reach approximately USD 35.12 billion by 2034.
Ground Handling Services
- The global airport ground handling market was approximately USD 34.5 billion in 2023 and is expected to grow to USD 64.2 billion by 2030. Another source indicates a market size of USD 37.1 billion in 2025, anticipated to reach USD 90.9 billion by 2034. The combined global airport ground and cargo handling services market was valued at USD 51.23 billion in 2025 and is projected to reach USD 88.17 billion by 2034.
- In North America, the airport ground and cargo handling services market held a 34.89% share of the global market in 2025, valued at USD 17.87 billion.
Maintenance, Repair, and Overhaul (MRO) Services
- The global aviation MRO market was valued at USD 90.73 billion in 2024 and is predicted to grow to USD 145.28 billion by 2034. Another source valued the global commercial aircraft MRO services market at USD 110.7 billion in 2023, estimated to grow to USD 146.9 billion by 2032. The commercial aircraft MRO market is estimated at USD 100.99 billion in 2026, projected to reach USD 128.17 billion by 2031.
- In North America, the MRO demand is projected to grow from USD 28 billion to USD 34 billion by 2035.
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United Airlines Holdings, Inc. (UAL) is anticipated to drive future revenue growth over the next two to three years through several strategic initiatives and favorable market dynamics:
- Growth in Premium Cabin and Loyalty Program Offerings: United Airlines is strategically focusing on expanding its premium services, which has already demonstrated significant growth in premium cabin revenue. This emphasis on higher-value offerings, coupled with robust loyalty programs, is expected to attract and retain high-spending customers, thereby enhancing revenue and margin expansion.
- Strategic International Route Expansion and Increased Capacity: The company is actively expanding its route network, particularly in high-margin international markets, by adding new destinations and increasing flight frequencies on existing routes to meet rising demand. This expansion, supported by the "United Next" growth plan and planned fleet modernization and expansion, is set to increase available capacity and capture a larger market share.
- Enhancement of Customer Experience through Technology and Operational Efficiencies: United's investments in advanced technologies, such as AI for operational decision-making and the rapid deployment of Starlink for in-flight Wi-Fi, are expected to significantly improve the customer experience. These enhancements aim to differentiate United from competitors, increase customer satisfaction, and attract more passengers, ultimately contributing to revenue growth.
- Sustained Strong Travel Demand: The overall robust demand for air travel, especially within the premium leisure segment, is a crucial driver of revenue growth for United Airlines. The airline has reported record quarterly revenues and strong bookings, indicating a resilient market and continued demand for its services over the coming years.
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Share Repurchases
- United Airlines authorized a $1.5 billion share repurchase program in October 2024, to be executed starting in Q4 2024 and continuing through 2025.
- The company repurchased $640 million of shares in the full year 2025.
- Actual share buybacks for 2024 amounted to $162 million and for 2025 to $637 million.
Share Issuance
- In January 2021, United received approximately $2.6 billion in funding through a Payroll Support Program Extension Agreement with the U.S. Treasury Department, which involved the issuance and sale of UAL common stock.
- United Airlines' shares outstanding declined by 1.41% in 2025 to 0.329 billion.
Outbound Investments
- United Airlines planned a $100 million investment in Azul S.A. through a subscription of Azul shares and ADSs, approved in February 2026.
- The company made a new investment in the carbon capture startup Heirloom as of April 2025.
Capital Expenditures
- United Airlines' capital expenditures averaged $5.117 billion annually from 2021 to 2025.
- For 2025, net capital expenditures totaled $5.9 billion, primarily focused on fleet expansion.
- Expected capital expenditures for 2026 are projected to be under $8 billion, with over $12 billion specifically earmarked for the delivery of 124 new aircraft, aligning with the "United Next" strategy for fleet modernization and customer experience enhancements like Starlink Wi-Fi and cabin upgrades.
Peer Outperformance in Passenger Airlines
UAL has outperformed 90% of its 10 Passenger Airlines peers over 5Y. Passenger Airlines ranks 19th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Passenger Airlines constituents that UAL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
64%
of 11 industry peers · 6.0% return
3Y
91%
of 11 industry peers · 208.9% return
5Y
90%
of 10 industry peers · 128.5% return
No Passenger Airlines peer with a comparable growth profile has beaten UAL by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Passenger Airlines is UAL's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 30 | -4.8% | 121.3% | 153.5% | STRL 1507% · FIX 1488% · AGX 783% |
| Marine Transportation | 5 | 54.5% | 55.5% | 146.4% | MATX 198% · KEX 146% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -2.1% | 62.7% | 95.9% | CAT 294% · ALSN 256% · WAB 223% |
| Aerospace & Defense | 52 | -13.6% | 61.4% | 64.5% | ATI 1012% · FTAI 714% · HWM 563% |
| Trading Companies & Distributors | 19 | 13.4% | 41.4% | 62.4% | DXPE 425% · URI 247% · AIT 222% |
| Industrial Machinery & Supplies & Components | 72 | 1.6% | 58.8% | 38.5% | CRS 899% · MLI 351% · SYM 292% |
| Diversified Support Services | 34 | 15.0% | 43.7% | 34.6% | CXW 268% · OPLN 157% · CACI 145% |
| Rail Transportation | 7 | 35.6% | 66.8% | 31.4% | CSX 56% · UNP 40% · NSC 31% |
| Building Products | 32 | -9.0% | 21.3% | 26.9% | GFF 373% · TT 176% · JCI 140% |
| Cargo Ground Transportation | 16 | 36.9% | 11.6% | 20.2% | XPO 264% · R 263% · ARCB 54% |
| Electrical Components & Equipment | 37 | -8.9% | 78.2% | 10.9% | POWL 1955% · VRT 749% · BE 691% |
| Industrial Conglomerates | 17 | 9.0% | 6.5% | -4.7% | CSW 127% · DD 83% · CSL 65% |
| Agricultural & Farm Machinery | 16 | 0.2% | -7.4% | -11.8% | DE 102% · TTC 20% · AGCO -5% |
| Data Processing & Outsourced Services | 6 | -24.0% | 0.8% | -16.4% | EXLS 66% · BR 7% · G -14% |
| Security & Alarm Services | 9 | -55.6% | 27.9% | -18.1% | BCO 72% |
| Office Services & Supplies | 9 | 19.9% | 17.8% | -20.4% | PBI 214% · TILE 152% · HNI 54% |
| Environmental & Facilities Services | 29 | -31.4% | 37.5% | -23.0% | GEO 269% · CLH 180% · RSG 94% |
| Research & Consulting Services | 13 | -0.8% | -18.0% | -27.0% | HURN 297% · BAH 16% · FCN 11% |
| Passenger Airlines ← | 11 | -0.8% | 30.5% | -31.9% | LTM 3073% · UAL 129% · DAL 117% |
| Passenger Ground Transportation | 3 | -31.8% | 59.5% | -35.2% | UBER 47% · CAR -35% · LYFT -64% |
| Air Freight & Logistics | 12 | -23.5% | -6.6% | -39.1% | FDX 80% · EXPD 77% · CHRW 66% |
| Human Resource & Employment Services | 22 | 15.0% | -6.5% | -42.4% | ADP 48% · FA 12% · PAYX 4% |
| Airport Services | 4 | -53.6% | -56.0% | -85.2% | JOBY -43% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.69 |
| Mkt Cap | 14.8 |
| Rev LTM | 46,264 |
| Op Inc LTM | 1,210 |
| FCF LTM | -220 |
| FCF 3Y Avg | -172 |
| CFO LTM | 3,512 |
| CFO 3Y Avg | 2,465 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.3% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 20.2% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Inc Chg LTM | -36.7% |
| Op Inc Chg 3Y Avg | -22.3% |
| Op Mgn LTM | 3.0% |
| Op Mgn 3Y Avg | 4.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 7.9% |
| CFO/Rev 3Y Avg | 7.6% |
| FCF/Rev LTM | -0.8% |
| FCF/Rev 3Y Avg | -1.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.8 |
| P/S | 0.4 |
| P/Op Inc | 8.1 |
| P/EBIT | 6.8 |
| P/E | 4.2 |
| P/CFO | 4.0 |
| Total Yield | 1.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -3.1% |
| D/E | 1.5 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.7% |
| 3M Rtn | -16.7% |
| 6M Rtn | 11.8% |
| 12M Rtn | -0.0% |
| 3Y Rtn | 61.4% |
| 1M Excs Rtn | -5.7% |
| 3M Excs Rtn | -17.9% |
| 6M Excs Rtn | 5.0% |
| 12M Excs Rtn | -13.8% |
| 3Y Excs Rtn | -27.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 59,070 | 57,063 | 53,717 | 44,955 | 24,634 |
| Total | 59,070 | 57,063 | 53,717 | 44,955 | 24,634 |
| $ Mil | 2001 | 2000 | 1999 | 1998 |
|---|---|---|---|---|
| Latin America | -141 | 10 | 49 | 68 |
| Atlantic | -386 | 102 | 230 | 277 |
| Pacific | -580 | 60 | 171 | 63 |
| Domestic | -1,771 | 205 | 1,460 | 1,641 |
| Total | -2,878 | 377 | 1,910 | 2,049 |
| $ Mil | 2009 | 2008 | 2007 |
|---|---|---|---|
| Mainline | 18,400 | 19,415 | 24,149 |
| Regional Affiliates | 284 | ||
| United Express | 46 | 71 | |
| Total | 18,684 | 19,461 | 24,220 |
Price Behavior
Price Behavior
| Market Price | $104.71 | |
| Market Cap ($ Bil) | 34.0 | |
| First Trading Date | 02/06/2006 | |
| Distance from 52W High | -23.1% | |
| 50 Days | 200 Days | |
| DMA Price | $108.31 | $108.19 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -3.3% | -3.2% |
| 3M | 1YR | |
| Volatility | 40.6% | 48.3% |
| Downside Capture | 380.15 | 247.94 |
| Upside Capture | 193.83 | 213.45 |
| Correlation (S&P 500) | 65.6% | 58.9% |
UAL Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.74 | 2.61 | 2.29 | 2.12 | 2.17 | 1.92 |
| Up Beta | 0.74 | 3.13 | 2.26 | 3.12 | 2.76 | 2.27 |
| Down Beta | 5.10 | 3.44 | 2.60 | 1.48 | 1.67 | 1.81 |
| Up Capture | 298% | 202% | 177% | 216% | 345% | 767% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 20 | 28 | 58 | 121 | 377 |
| Down Capture | 229% | 289% | 266% | 180% | 158% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 22 | 36 | 68 | 131 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UAL | |
|---|---|---|---|---|
| UAL | 5.5% | 48.3% | 0.26 | - |
| Sector ETF (XLI) | 9.4% | 17.2% | 0.35 | 59.7% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 58.7% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | 21.6% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -50.3% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 30.7% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | 25.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UAL | |
|---|---|---|---|---|
| UAL | 17.8% | 49.0% | 0.50 | - |
| Sector ETF (XLI) | 11.8% | 17.6% | 0.50 | 59.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 57.7% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 4.4% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -8.0% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 39.8% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 28.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UAL | |
|---|---|---|---|---|
| UAL | 7.0% | 51.8% | 0.33 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 61.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 53.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 1.5% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 9.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 45.3% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 4.0% | 7.1% | |
| 7/15/2026 | -1.8% | -3.1% | 4.4% |
| 4/21/2026 | -5.6% | -6.9% | 0.9% |
| 1/20/2026 | -4.3% | -5.0% | 3.0% |
| 10/15/2025 | -5.6% | -7.5% | -6.6% |
| 7/16/2025 | 3.1% | 2.2% | 12.1% |
| 4/15/2025 | -0.0% | 1.5% | 14.2% |
| 1/21/2025 | 2.9% | -0.6% | -0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 15 |
| # Negative | 14 | 15 | 9 |
| Median Positive | 4.0% | 7.6% | 10.1% |
| Median Negative | -3.2% | -4.6% | -5.0% |
| Max Positive | 17.4% | 30.2% | 40.2% |
| Max Negative | -10.2% | -12.6% | -9.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 4.0% | 7.1% | |
| 7/15/2026 | -1.8% | -3.1% | 4.4% |
| 4/21/2026 | -5.6% | -6.9% | 0.9% |
| 1/20/2026 | -4.3% | -5.0% | 3.0% |
| 10/15/2025 | -5.6% | -7.5% | -6.6% |
| 7/16/2025 | 3.1% | 2.2% | 12.1% |
| 4/15/2025 | -0.0% | 1.5% | 14.2% |
| 1/21/2025 | 2.9% | -0.6% | -0.8% |
| 10/15/2024 | 12.4% | 16.3% | 40.2% |
| 7/17/2024 | -1.2% | -2.0% | -9.1% |
| 4/16/2024 | 17.4% | 30.2% | 32.4% |
| 1/22/2024 | -1.0% | 9.6% | 12.0% |
| 10/17/2023 | -9.7% | -12.4% | -0.4% |
| 7/19/2023 | 3.2% | -0.4% | -9.6% |
| 4/18/2023 | 7.5% | -1.3% | 10.9% |
| 1/17/2023 | -0.9% | -4.6% | -3.1% |
| 10/18/2022 | 5.0% | 14.4% | 16.2% |
| 7/20/2022 | -10.2% | -12.6% | -6.3% |
| 4/20/2022 | 9.3% | 8.1% | -5.0% |
| 1/19/2022 | -2.7% | -8.4% | 10.1% |
| 10/19/2021 | -0.6% | 1.2% | 5.5% |
| 7/20/2021 | 3.8% | 5.0% | -2.8% |
| 4/19/2021 | -8.5% | -2.2% | 2.5% |
| 1/20/2021 | 1.0% | -7.8% | 0.5% |
| 10/14/2020 | -3.8% | -0.2% | 3.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 15 |
| # Negative | 14 | 15 | 9 |
| Median Positive | 4.0% | 7.6% | 10.1% |
| Median Negative | -3.2% | -4.6% | -5.0% |
| Max Positive | 17.4% | 30.2% | 40.2% |
| Max Negative | -10.2% | -12.6% | -9.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/21/2026 | 10-Q |
| 06/30/2026 | 07/16/2026 | 10-Q |
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/16/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/16/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/17/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/21/2026 | 10-Q |
| 06/30/2026 | 07/16/2026 | 10-Q |
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/16/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/16/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/17/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/18/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/19/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/20/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/22/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/15/2020 | 10-Q |
| 06/30/2020 | 07/22/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
Recent Forward Guidance
Updated 10/21/2026Latest: Q3 2026 Earnings Reported 10/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Total Operating Revenue Growth | Reported | 20.0% | 20.0% | |||||
| 2026 Starlink Wi-Fi Availability | Reported | 0.61 | ||||||
| 2027 Starlink Wi-Fi Availability | Reported | 1 | ||||||
Prior: Q2 2026 Earnings Reported 7/15/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Added Fuel Expense | Reported | 6.00 Bil | ||||||
| 2026 Adjusted EPS | Reported | 9 | 10 | 11 | Raised | |||
Q1 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Capacity Growth | Reported | 0.0% | 1.0% | 2.0% | ||||
| Q4 2026 Capacity Growth | Reported | 0.0% | 1.0% | 2.0% | ||||
Q4 2025 Earnings Reported 1/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Free Cash Flow | Reported | 2.70 Bil | ||||||
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 8272026 | 117.00 | 5,000 | 585,000 | 25,149,735 | Form |
| 2 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 8052026 | 132.30 | 3,000 | 396,900 | 29,100,047 | Form |
| 3 | Leskinen, Michael D | EVP & Chief Financial Officer | Direct | Sell | 8052026 | 128.19 | 10,000 | 1,281,900 | 6,080,821 | Form |
| 4 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 7282026 | 120.48 | 4,200 | 506,016 | 26,861,618 | Form |
| 5 | Hart, Brett J | President | Direct | Sell | 7282026 | 120.72 | 30,108 | 3,634,638 | 44,857,500 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 8272026 | 117.00 | 5,000 | 585,000 | 25,149,735 | Form |
| 2 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 8052026 | 132.30 | 3,000 | 396,900 | 29,100,047 | Form |
| 3 | Leskinen, Michael D | EVP & Chief Financial Officer | Direct | Sell | 8052026 | 128.19 | 10,000 | 1,281,900 | 6,080,821 | Form |
| 4 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 7282026 | 120.48 | 4,200 | 506,016 | 26,861,618 | Form |
| 5 | Hart, Brett J | President | Direct | Sell | 7282026 | 120.72 | 30,108 | 3,634,638 | 44,857,500 | Form |
| 6 | Enqvist, Torbjorn J | EVP & Chief Operations Officer | Direct | Sell | 7282026 | 119.91 | 20,000 | 2,398,200 | 13,765,668 | Form |
| 7 | Kirby, J Scott | Chief Executive Officer | Direct | Sell | 7212026 | 118.05 | 159,321 | 18,807,047 | 94,182,321 | Form |
| 8 | Kirby, J Scott | Chief Executive Officer | Direct | Sell | 6172026 | 120.74 | 1,078 | 130,154 | 96,330,136 | Form |
| 9 | Kirby, J Scott | Chief Executive Officer | Direct | Sell | 6172026 | 121.30 | 48,303 | 5,859,202 | 96,910,887 | Form |
| 10 | Gebo, Kate | EVP HR and Labor Relations | Direct | Sell | 5282026 | 105.41 | 34,669 | 3,654,598 | 7,137,266 | Form |
| 11 | Gebo, Kate | EVP HR and Labor Relations | See Footnote | Sell | 5282026 | 105.51 | 5,331 | 562,474 | 6,372,065 | Form |
| 12 | Nocella, Andrew P | EVP & Chief Commercial Officer | Direct | Sell | 5052026 | 90.19 | 7,000 | 631,330 | 19,421,966 | Form |
| 13 | Hart, Brett J | President | Direct | Sell | 2042026 | 106.45 | 19,000 | 2,022,569 | 28,170,980 | Form |
| 14 | Kirby, J Scott | Chief Executive Officer | Direct | Sell | 12032025 | 107.86 | 120,000 | 12,943,800 | 71,895,798 | Form |
Investor Activity (13F)
Updated Oct 28, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Par Capital Management Inc | $460.1 Mil | 13.4% | 45 | Hold | 13F |
| TOMS Capital Investment Management LP | $110.3 Mil | 7.2% | 14 | TRIM -7.9% | 13F |
| BWCP, LP | $41.7 Mil | 6.4% | 27 | ADD +19.2% | 13F |
| Avala Global LP | $99.1 Mil | 4.8% | 22 | Hold | 13F |
| Slate Path Capital LP | $286.6 Mil | 4.3% | 44 | ADD +64.7% | 13F |
| SRS Investment Management, LLC | $268.2 Mil | 2.8% | 29 | Hold | 13F |
| Patient Capital Management, LLC | $67.4 Mil | 2.5% | 38 | ADD +11.9% | 13F |
| Sanders Capital, LLC | $1.4 Bil | 1.7% | 44 | Hold | 13F |
| Glenview Capital Management, LLC | $45.7 Mil | 1.2% | 41 | Hold | 13F |
| Cartenna Capital, LP | $23.0 Mil | 1.0% | 41 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Anomaly Capital Management, LP | $114.5 Mil | 4.1% | 32 | Exited | Dec 31, 2025 | 13F |
| Appaloosa LP | $52.0 Mil | 0.8% | 38 | Exited | Dec 31, 2025 | 13F |
| Khrom Capital Management LLC | $46.8 Mil | 4.9% | 14 | Exited | Dec 31, 2025 | 13F |
| Palestra Capital Management LLC | $46.2 Mil | 1.6% | 28 | Exited | Dec 31, 2025 | 13F |
| Electron Capital Partners, LLC | $43.8 Mil | 2.0% | 40 | Exited | Dec 31, 2025 | 13F |
| Owl Creek Asset Management, L.P. | $31.8 Mil | 3.8% | 30 | Exited | Dec 31, 2025 | 13F |
| Bornite Capital Management LP | $28.0 Mil | 2.7% | 28 | Exited | Dec 31, 2025 | 13F |
| Bayberry Capital Partners LP | $9.9 Mil | 3.2% | 24 | Exited | Dec 31, 2025 | 13F |
| TOMS Capital Investment Management LP | $110.3 Mil | 7.2% | 14 | TRIM -7.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sanders Capital, LLC | $1.4 Bil | 1.7% | 44 | Hold | 13F |
| Par Capital Management Inc | $460.1 Mil | 13.4% | 45 | Hold | 13F |
| Slate Path Capital LP | $286.6 Mil | 4.3% | 44 | ADD +64.7% | 13F |
| SRS Investment Management, LLC | $268.2 Mil | 2.8% | 29 | Hold | 13F |
| TOMS Capital Investment Management LP | $110.3 Mil | 7.2% | 14 | TRIM -7.9% | 13F |
| Avala Global LP | $99.1 Mil | 4.8% | 22 | Hold | 13F |
| Patient Capital Management, LLC | $67.4 Mil | 2.5% | 38 | ADD +11.9% | 13F |
| Glenview Capital Management, LLC | $45.7 Mil | 1.2% | 41 | Hold | 13F |
| BWCP, LP | $41.7 Mil | 6.4% | 27 | ADD +19.2% | 13F |
| Cartenna Capital, LP | $23.0 Mil | 1.0% | 41 | New | 13F |
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| Manufacturing.net |
| Aviation Week |
| Passenger Airlines Resources |
| FlightGlobal |
| Airline Weekly |
| Skift Airlines |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/27/2026