United Airlines Holdings, Inc. (UAL)

United Airlines Holdings, Inc. (UAL) is a holding company whose wholly-owned subsidiary, United Airlines, Inc. (United), accounts for nearly all of its revenues, expenses, assets, liabilities and operating cash flows. Together with its regional carriers, United transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America, operating across six continents. It describes its route network as the most comprehensive among North American carriers. Its strategy is the United Next plan, which aims to align its network and product with the potential of its hubs, offer products from Basic Economy to Polaris, and take delivery of over 630 new narrow- and widebody aircraft by the end of 2034.

The company's activities include passenger service on mainline and regional flights, the MileagePlus loyalty program, Air Cargo, and third-party business. Regional service is branded United Express and is flown by CommuteAir, GoJet, Mesa, Republic and SkyWest under capacity purchase agreements. Regional capacity was about 6.1% of total capacity in 2025. United sets schedules, pricing and revenue management for this capacity, while the carriers are paid contractual fees. MileagePlus members earn and redeem miles on United, United Express, Star Alliance members and other partners, including through a co-brand credit card agreement with JPMorgan Chase. Air Cargo carries freight and mail on passenger flights, charter and interline flights, and ground trucking. Third-party business revenue includes maintenance services, frequent flyer award non-travel redemptions, flight academy and ground handling.

United serves leisure and business travelers through hubs at Chicago O'Hare, Denver, Houston Bush, Los Angeles, Newark, San Francisco, Washington Dulles and Guam. The domestic hubs are in large business and population centers, which generates substantial origin and destination traffic. Air Cargo customers are mainly commercial businesses, freight forwarders, logistics firms and national postal services. Tickets and ancillary products are sold through united.com, the mobile app, traditional travel agencies, online travel agencies and other intermediaries, and the company is investing in New Distribution Capability. United is a member of Star Alliance and has bilateral alliance agreements with other carriers. It also participates in four passenger joint business arrangements, with Air Canada and the Lufthansa Group, ANA, Air New Zealand, and Air Canada on transborder routes, plus a transatlantic cargo joint business arrangement with Lufthansa. Demand is seasonal, with historically higher demand and revenue in the second and third quarters.

The company is headquartered at 233 South Wacker Drive, Chicago, Illinois. It competes with other U.S. airlines and, to a degree, other forms of transportation domestically. Internationally it also competes with foreign carriers. Aircraft fuel was about 21% of operating expense in 2025, at $11.4 billion for 4.7 billion gallons, and the company currently does not hedge fuel price exposure. It pursues sustainability initiatives including sustainable aviation fuel and a corporate venture arm, United Airlines Ventures, and has a net zero greenhouse gas goal for 2050.