# United Airlines Holdings (UAL) Forecast Calculator

Interactive five-year financial forecast and DCF for United Airlines Holdings. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/united-airlines-holdings/forecast
- Industry: Industrials
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 43259000000 | 2381000000 | 6589000000 | 3009000000 |
| 2022 | 15355000000 | -5860000000 | -3871000000 | -7069000000 |
| 2023 | 24634000000 | -40000000 | 1463000000 | -1964000000 |
| 2024 | 44955000000 | 1247000000 | 4793000000 | 737000000 |
| 2025 | 53717000000 | -260000000 | 6882000000 | 2618000000 |

## Frequently asked questions

### What is United Airlines Holdings' core business model?

United Airlines Holdings operates a global airline network, transporting people and cargo across North America and to international destinations in Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company utilizes a hub-and-spoke system with major domestic hubs in key US cities.

### What are the primary revenue streams for United Airlines Holdings?

Passenger Revenue accounts for approximately 90% of United Airlines Holdings' total revenue, driven by ticket sales across various geographies. Other significant revenue streams include Other Operating Revenue, primarily from the MileagePlus loyalty program and United Club, and Cargo revenue.

### What is United Airlines Holdings' capital expenditure strategy?

United Airlines Holdings has a historically high capital expenditure, projected at 12% to 16% of revenue, primarily due to its "United Next" fleet renewal program. This program involves taking delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787s in 2026, with about 70% of capex dedicated to growth and replacement.

### How does United Airlines Holdings' working capital profile impact its operations?

United Airlines Holdings benefits from a structurally negative net working capital as a percentage of revenue, creating a working capital advantage. Passengers typically pay for tickets in advance, generating a large "Advance ticket sales" liability that acts as free financing for the company's operations.

### What is the main purpose of a financial model for United Airlines Holdings?

A financial model for United Airlines Holdings aims to evaluate its equity valuation and free cash flow generation. It helps an equity analyst determine the impact of capacity expansion, fuel price volatility, and macroeconomic demand on the company's path to achieving double-digit pre-tax margins.

### Can I download an Excel financial model for United Airlines Holdings (UAL)?

Yes, a downloadable Excel financial model is available for United Airlines Holdings (UAL). This general corporate model provides a forecast horizon from FY2026 to FY2030, allowing users to analyze key financial assumptions and projections for the company.