United Airlines Holdings (UAL) 10-K risk factor changes: FY2025 vs FY2024

United Next, the Company's strategic operating plan, includes firm orders of over [removed: 660] [added: 630] narrow- and widebody aircraft, retrofitting plans and plans to continue to increase mainline daily departures and available seats across the Company's North American network.

We also subsequently adjusted certain of our assumptions as a result of the increase in costs due to infrastructure improvements, new labor contracts and aircraft maintenance that were needed to support our United Next plan as well as delays in aircraft [removed: deliveries and the temporary grounding of the Boeing 737 MAX 9 aircraft.][added: deliveries.]

Actual conditions may be different from our assumptions at any time and could cause [removed: the Company] [added: us] to further adjust [removed: its] [added: our] strategic operating plan.

In addition, we cannot provide any assurance that we will be able to successfully execute our strategic plan, that the growth [removed: that] we anticipate will occur through execution of our strategic plan will not exacerbate any other risk described in this Form 10-K (especially relating to fuel costs, the impact of economic pressures or geopolitical events, our supply chain or our ability to [removed: attract, train] [added: recruit, hire, develop] and retain talent), that our strategic plan will not result in additional unanticipated costs, that our suppliers will timely provide adequate products or support for our products (including but not limited to certification and delivery of [removed: aircraft)] [added: aircraft, engines and other aircraft parts)] or that our strategic plan will result in improvements in future financial performance.

Changes in the Company's network strategy over time or other factors outside of the Company's control may make aircraft on order less [removed: economic] [added: economical] for the Company, result in costs related to modification or termination of aircraft orders or cause the Company to enter into orders for new aircraft on less favorable terms, and any inability to accept or integrate new aircraft into the Company's fleet as planned could increase costs or affect the Company's flight schedules.

As a result of our network strategy changing or our demand expectations not being realized, our preference for the aircraft that we previously ordered may decrease; however, we may be responsible for material liabilities to our counterparties if we [removed: were to] attempt to modify or terminate any of our existing aircraft order commitments and [added: as a result] our financial condition could be adversely impacted.

Additionally, the Company may have a need for additional aircraft that are not available under its existing firm orders or options and may seek to acquire aircraft from other sources, such as through lease arrangements, which may result in higher costs [removed: or] [added: and/or] less favorable terms, or through the purchase or lease of used aircraft.

The imposition of new tariffs, [removed: or] any increase in existing tariffs, [added: and retaliatory tariffs implemented by other countries where United operates,] on the importation of commercial [removed: aircraft] [added: aircraft, engines] or commercial aircraft parts that the Company orders may [removed: also] result in higher costs.

In addition, to the extent our key [added: aircraft, engine or] aircraft [added: parts] suppliers are affected by tariffs and seek to pass those costs onto us, our costs of acquiring new [removed: aircraft] [added: aircraft, engine] or aircraft parts could increase.

An important part of the Company's strategy to expand its global network and operate an environmentally [removed: sustainable and] [added: sustainable,] responsible [added: and innovative] airline has included making significant investments, both domestically and in other parts of the world, [removed: including] in other airlines and other aviation industry participants, producers of SAF, manufacturers of [removed: electric] [added: electric, hybrid] and other new generation aircraft, and [removed: other start-ups] [added: startups] developing technologies [removed: focused on decarbonizing aviation] [added: in aerospace, next-generation air traffic control] and [removed: its associated] [added: aviation infrastructure,] energy [removed: supply chains.][added: transition and AI-driven travel innovation.]

These investments are inherently risky and may not be [removed: successful.][added: successful in meeting the Company's expectations.]

An accident, catastrophe or incident involving an aircraft that the Company operates, or an aircraft or aircraft type that is operated by another airline, or an incident involving the Company's operations, or the operations of another airline, could have a material adverse effect on the Company if such accident, catastrophe or incident [removed: created] [added: creates] a public perception that the Company's operations, or the operations of its codeshare partners or regional carriers, are not safe or reliable, or are less safe or reliable than other airlines.

Although the Company [removed: currently] maintains liability insurance in amounts and of the type the Company believes to be consistent with industry practice to cover damages arising from any such accident, catastrophe or incident, and the Company's codeshare partners and regional carriers carry similar insurance and generally indemnify the Company for their operations, if the Company's liability exceeds the applicable policy limits or the ability of another carrier to indemnify it, the Company could [removed: incur substantial losses from an accident, catastrophe or incident, which may result in a material adverse effect on the Company's business, operating results or financial condition.]

In addition, any such accident, catastrophe or incident involving the Company, its regional carriers or its codeshare partners could result in operational [added: restrictions on the Company, including voluntary or mandatory groundings of aircraft.]

Consolidation in the airline industry, the rise of well-funded government sponsored international carriers, changes in international alliances, swaps of [removed: landing and] slots and the creation of immunized JBAs have altered and are expected to continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and services and competitive cost structures.

Our MileagePlus [removed: frequent flyer] [added: loyalty] program benefits from the attractiveness and competitiveness of United Airlines as a material purchaser of award miles and the majority recipient for mileage redemption.

If we are not able to maintain a competitive and attractive airline business, our ability to acquire, engage and retain customers in the [added: MileagePlus] loyalty program may be adversely affected, which could adversely affect the loyalty [removed: programs] [added: program] and our operating results and financial condition.

[removed: Further, our] [added: Our] MileagePlus [removed: frequent flyer] [added: loyalty] program also faces significant and increasing direct competition from the frequent flyer programs offered by other airlines, as well as from similar loyalty programs offered by banks and other financial services companies.

If we are not able to maintain a competitive frequent flyer program, [added: or if we make changes to] our [added: loyalty program, including as a result of legal or regulatory requirements or considerations, our] ability to attract and retain customers to MileagePlus and United alike may be adversely affected, which could adversely affect our operating results and financial condition.

Therefore, if the Company is unable to acquire additional [added: aircraft, engines or] aircraft [added: parts] at acceptable [removed: prices from Boeing or Airbus,] [added: prices,] or if [removed: Boeing or Airbus fails] [added: the suppliers fail] to make timely deliveries of [added: aircraft, engines or] aircraft [added: parts] (whether as a result of [added: unavailability,] increased FAA oversight of the production process, any failure or delay in obtaining regulatory approval or certification for new model aircraft, [removed: such as the 737 MAX 10 aircraft, which has not received a type certificate from the FAA,] manufacturing delays or otherwise) or to provide adequate support for [removed: its] [added: their] products, including with respect to the aircraft subject to firm orders under our United Next plan, the Company's operations could be materially and adversely affected.

For example, due to [removed: the continuing supply chain issues and continuing] production delays, [removed: the Company currently expects a reduction in] deliveries from Boeing [removed: during the next couple of] [added: and Airbus have been delayed in recent] years, which [removed: has] caused the Company to rework its fleet [removed: plan] [added: plan,] and [added: the Company] may [added: experience further delays in the future which may] impact our financial position, results of operations and cash flows.

The Company is also dependent on a limited number of suppliers for engines and certain other aircraft [removed: parts and could, therefore, also be materially and adversely affected in the event of the unavailability or increased cost of these engines and other aircraft] parts.

[removed: Failure of these parties to perform as expected, or interruptions in the Company's relationships with these providers or their provision] [added: provision] of services to the Company, could have a material adverse effect on the Company's business, operating results and financial condition.

The Company may also have disagreements with [removed: such] [added: its] third-party [added: service] providers and related contracts may be terminated or may not be extended or renewed.

Extended interruptions or disruptions in service at major airports where we operate could have a material adverse impact on our operations, including our ability to operate our existing flight schedule and to expand or change our route network [removed: in][added: in the future, and space, facility and infrastructure constraints at our hubs or other airports may prevent the Company from maintaining existing service and/or implementing new service in a commercially viable manner.]

[removed: the future, and] [added: As airports around the world become more congested,] space, facility and infrastructure constraints at our hubs or other airports [added: where we operate now or] may [added: operate in the future may] prevent the Company from maintaining existing service and/or implementing new service in a commercially viable [removed: manner.][added: manner because of a number of factors, including capital improvements at such airports being imposed by the relevant airport authorities without the Company's approval.]

An extended interruption or disruption at one of our hubs or other airports where we have a significant presence resulting from ATC [removed: delays,] [added: delays and disruptions,] weather conditions, natural disasters, growth constraints, relationships with or the performance of third-party service providers, cybersecurity incidents and other failures of computer systems, disruptions to government agencies or personnel (including as a result of government shutdowns), regulatory changes, disruptions at airport facilities or other key facilities used by us to manage our operations, labor relations and market constraints, power supplies, fuel supplies, terrorist activities, international hostilities or other factors could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a material adverse impact on our business, operating results and financial condition.

For example, because we prioritize operational excellence and continually work to optimize our route network and schedule, in light of the industry-wide operational challenges at airports in our network that have limited our system-wide capacity [removed: (two of the more prominent examples being the grounding of a number of the Company's transatlantic flights in response to the capacity cut by London Heathrow during the summer of 2022 and] [added: (like] the [removed: flight] [added: operational] disruptions experienced at EWR during the [removed: summer] [added: spring] of [removed: 2023),] [added: 2025),] we have reconfigured our proposed flight schedule and capacity to help improve our operational performance and our customers' experience.

[removed: In the future, we] may [removed: not be able to adjust our operations to mitigate their effect, which may] have a negative impact on our business, operating results, financial condition and liquidity and may limit our ability to expand or change our route network and execute our United Next strategy.

As a global business with operations outside of the United States from which we derive significant operating revenues, volatile conditions in certain [added: domestic and] international regions may have a negative impact on our operating results and our ability to achieve our business objectives.

For example, the suspension of the Company's overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of [removed: the] military [removed: conflict in] [added: conflicts across] the [removed: Middle East] [added: globe] have significantly impacted our financial condition, cash flows and results of operations.

[removed: We operate in a public-facing industry] [added: Maintaining, enhancing] and [removed: maintaining a good] [added: leveraging the value of our] reputation and brand image is critical to [added: the future success of] our business.

The Company's reputation or brand image could be [removed: adversely impacted] [added: diminished or eroded] by [added: a variety of factors, including] any [added: actual or perceived] failure to maintain satisfactory practices for all of our operations and [removed: activities;] [added: activities or to reassure the traveling public of the safety of air travel at] any [added: of our major hub locations; any] failure or perceived failure to achieve and/or make progress toward any publicly-announced safety, community impact, environmental sustainability, human capital management, people impact, responsible sourcing, cybersecurity or governance ("Corporate Citizenship") goals, which are [removed: aspirational,] [added: aspirational in nature,] subject to risks and uncertainties that are outside of our control and are not guarantees that we will be able to achieve [removed: them, within] [added: them–within] the anticipated timelines disclosed or at all; our [removed: stakeholders, including] [added: stakeholders—including] proxy advisory [removed: services, not] [added: services—not] being satisfied with our Corporate Citizenship goals or strategy, our efforts to meet such goals or our actual or perceived position or lack of position on political, public policy or other sensitive issues; public pressure, which can be varied and conflicting, from investors or policy groups to change our Corporate Citizenship [added: goals,] policies and strategies or our position on political, public policy or other sensitive issues; customer perceptions of our advertising campaigns, sponsorship arrangements or marketing programs, including greenwashing concerns regarding our advertising campaigns and marketing programs related to our sustainability initiatives; deficiencies in the quantitative data that we disclose in relation to our Corporate Citizenship goals; customer perceptions of statements made by us, our employees, executives or agents or others; [removed: or negative or] [added: our inability to respond in a timely and appropriate manner to address negative,] inaccurate [removed: publicity, such] [added: or malicious publicity (such] as posts, articles or comments on social media, on the internet or in the [removed: press.][added: press, which can be disseminated quickly and broadly without context), including, but not limited to, as a result of external developments or actual or perceived misconduct by our employees, partners or customers; or other matters discussed elsewhere in this risk factors section.]

[removed: Damage to our reputation or brand image or loss of customer confidence in our] services [added: has in the past adversely affected—and] could [added: in the future] adversely [removed: affect our] [added: affect—our] business and financial results, as well as [removed: require additional] [added: has in the past required—and could in the future require—additional] resources to rebuild our [removed: reputation.][added: reputation that may not be successful.]

Automated systems and technologies, including AI, [removed: may become] [added: are becoming] increasingly important in our operations over time.

[added: The Company may face challenges in implementing, integrating and modifying the automated systems and technologies required to] operate its business or new systems and technologies designed to enhance its business, each of which may require significant expenditures, human resources, the development of effective internal controls and the transformation of business and financial processes.

[removed: Additionally, if AI is improperly utilized, including if the content, analyses, or recommendations that AI applications assist in producing are or are] alleged to be deficient, inaccurate, or biased, we would be exposed to new or expanded risks and liabilities related to inaccuracies or errors in the output of such AI applications and our business, reputation, financial condition, and results of operations may be adversely affected.

If the Company is generally unable to timely or effectively implement, integrate or modify its systems and [removed: technology,] [added: technologies,] the Company's operations could be adversely affected.

In our regular business operations, we collect, process, store and transmit to commercial partners sensitive data, including personal information of our customers and [removed: employees] [added: employees,] such as payment processing [removed: information] [added: information,] and information of our business [removed: partners,] [added: partners] to provide our services and operate our business.

Furthermore, the loss, disclosure, misappropriation of or access to sensitive Company information, customers', employees' or business partners' information or the Company's [added: failure to meet its privacy or data protection obligations could result in legal claims or proceedings, penalties and remediation costs.]

incur substantial losses from an accident, catastrophe or incident, which may result in a material adverse effect on the Company's business, operating results or financial condition.

Our MileagePlus loyalty program plays a significant role in our business, and unfavorable developments affecting the program could adversely affect our business and results of operations.

Failure of these parties to perform as expected, or interruptions in the Company's relationships with these providers or their

For example, during the U.S. federal government shutdown in late 2025, the FAA directed airlines, including the Company, to implement temporary schedule reductions across approximately 40 domestic airports, which required us to modify portions of our regional and domestic mainline flying and resulted in operational disruption and additional costs.

In addition, in the spring of 2025, challenges associated with ATC staffing, technology outages and runway construction led to a concentrated number of delays and cancellations out of our EWR hub.

In the future, we may not be able to adjust our operations to mitigate their effect, which

We operate in a public-facing industry and our brand is recognized throughout most of the world.

Damage to our reputation or brand image or loss of customer confidence in our

Additionally, if AI is improperly utilized, including if the content, analyses, or recommendations that AI applications assist in producing are or are

If we are unable to reach an agreement with any of our unionized work groups in future negotiations regarding the terms of their collective bargaining agreement, we may be subject to work interruptions or stoppages, which could adversely affect our business and operations.

Our active employee and retiree health programs, pension benefits and salary expenses are significant.

For instance, the costs of providing pension and other retirement benefit plans are dependent on numerous assumptions and the changes in actuarial assumptions and differences between the assumptions and actual values, as well as significant declines in the value of investments that fund our pension and other postretirement plans, if not offset or mitigated by a decline in plan liabilities, could increase pension and other postretirement expense, and we could be required from time to time to fund the pension plans with significant amounts of cash.

Further, we participate in the multi-employer benefit plan for employees covered under our collective bargaining agreement with the IAM and have agreed to contribute certain amounts, which could increase in future.

The funding status of the plan is subject to risk that other employers may not meet their obligations and if we were to withdraw or terminate, or if the plan were to undergo a mass withdrawal, we could be subject to liability as imposed by law.

Labor market constraints may arise in the future, including as a result of an intensely competitive labor market.

In addition, if we are unable to effectively provide for the smooth transition of senior management or other key employees, despite our robust

For example, in the spring of 2025, challenges associated with ATC staffing and technology outages at EWR led to a concentrated number of delays and cancellations.

Applicable arrangements between the U.S. and foreign governments (such as Open Skies) may be amended from time to time, government policies with respect to aviation may be revised or may lead to termination of air service agreements and the availability of appropriate slots or facilities may change.Depending on the nature of any such change, the value of the Company's international route authorities and slot rights may be materially enhanced or diminished.

Similarly, foreign governments control their airspace and can restrict our ability to overfly their territory, which may diminish the value of the Company's existing international route authorizations and slot rights.

Such activity may require the

These events and the disruptions, alone or in combination, could also lead to increased costs for and reduced availability of insurance.

While the Company plans for long-term fuel demand to support its strategic growth plan, it depends on securing adequate fuel supply for future needs at cost competitive rates and the timely completion of planned infrastructure investments.

comply with material provisions of its contractual obligations, including covenants under its financing and credit card processing agreements.

impairment where there is any indication that an asset may be impaired.

restrictions on the Company, including voluntary or mandatory groundings of aircraft.

For example, in January 2024, the FAA issued an Emergency Airworthiness Directive suspending service of all Boeing 737 MAX 9 aircraft operated by U.S. airlines, resulting in the temporary grounding of all 79 of the Company's Boeing 737 MAX 9 aircraft, which negatively impacted the Company's financial performance in the first quarter of 2024.

Previously, in February 2021, the FAA issued an Emergency Airworthiness Directive regarding certain Boeing 777 Pratt & Whitney powered aircraft, which required the Company to keep more than 50 aircraft out of service until required repairs were made to improve the safety of the engines.

In addition, the decrease in qualified pilots driven primarily by changes to federal regulations has adversely impacted and could continue to adversely impact the Company's regional flying.

For example, the FAA's expansion of minimum pilot qualification standards, including a requirement that a pilot have at least 1,500 total flight hours, as well as the FAA's revised pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations, have contributed to a smaller supply of pilots available to regional carriers.

The decrease in qualified pilots resulting from the regulations as well as other factors, including a decreased student pilot population and a shrinking U.S. military from which to hire qualified pilots, has led to increased competition from large, mainline carriers attempting to meet their hiring needs and has adversely impacted our regional carriers.

In the recent past, United Express regional carriers have been unable to hire adequate numbers of pilots to meet their needs, resulting in a reduction in the number of flights offered, disruptions in scheduled flights, increased costs of operations, financial difficulties and other adverse effects and these circumstances may arise again and may become more severe in the future, which could cause a material adverse effect on our business.

In response, the Company has been and may in the future be required to provide additional financial compensation and other support to its regional carriers or reduce its regional carrier flying, which could require the Company to fly routes at a greater cost, reduce the number of destinations the Company is able to serve or lead to negative public perceptions of the Company.

Disruptions to our regional networks, the pilot shortage or other factors could adversely affect our business, operating results and financial condition.

For example, we perform significant aircraft and engine maintenance operations at our SFO airport hub and any disruption or interruption at our SFO hub could have a serious impact on our overall operations.

In addition, as airports around the world become more congested, space, facility and infrastructure constraints at our hubs or other airports where we operate now or may operate in the future may prevent the Company from maintaining existing service and/or implementing new service in a commercially viable manner because of a number of factors, including capital improvements at such airports being imposed by the relevant airport authorities without the Company's approval.

The Company may face challenges in implementing, integrating and modifying the automated systems and technologies required to

failure to meet its privacy or data protection obligations could result in legal claims or proceedings, penalties and remediation costs.

In May 2024, the U.S. Congress approved a reauthorization for the FAA running through fiscal year 2028.

federal authorities and other applicable foreign government clearances or satisfaction of other applicable regulatory requirements.

The Company believes that climate change presents, along with challenges, strategic opportunities and that the sustainability-related solutions the Company is pursuing to advance its climate goals will help mitigate several of these potential risks posed by the transition to a lower-carbon economy.

While the Company has not yet purchased carbon offsets for CORSIA compliance, the Company anticipates

being required to do so by January 2028 if a regulatory framework to implement CORSIA within the United States is established.

There is a risk that insufficient CORSIA-eligible carbon offsets will be available for purchase for CORSIA compliance.

The timely and adequate supply of fuel to

The senior secured notes (the "MileagePlus Senior Secured Notes") secured by substantially all of the assets of Mileage Plus Holdings, LLC in particular contain stringent covenants, limit our flexibility to manage our capital structure and limit our ability to make financial and operational changes to the MileagePlus program.

If we were to default under the agreements governing the MileagePlus Senior Secured Notes, the noteholders' exercise of remedies could result in our loss of the MileagePlus program, which would have a material adverse effect on our business, results of operations and financial condition.

As a result we may take actions to ensure that the MileagePlus Senior Secured Notes are repaid or that the noteholders' remedies under such agreements are not exercised, potentially to the detriment of our other creditors.

On December 4, 2023, the Company entered into an amendment to extend the Plan until December 4, 2026, which was approved by the Company's stockholders at the Company's 2024 annual meeting of stockholders.

The Company may be required to recognize losses in

This section generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] are not included in this Form 10-K and can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's [removed: Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 29,] 2024 [removed: (the "2023] Annual [removed: Report").][added: Report.]

We are the largest airline measured by available seat miles in the world, helping to connect around [removed: 174] [added: 181] million passengers to more than [removed: 360] [added: 380] destinations across six continents.

- United Next: In [removed: 2024] [added: 2025] we continued to make progress with our United Next plan to align our network and product with the potential of our hubs while remaining focused on protecting the safety of our employees and customers and providing a superior customer experience.

As part of our United Next growth plan, we expect to take delivery of over [removed: 660] [added: 630] new narrow- and widebody aircraft by the end of [removed: 2033.][added: 2034.]

–increasing our employee headcount by more than [removed: 30,000] [added: 38,000] employees since 2020;

–surpassing [removed: 300] [added: 530] new and retrofit aircraft featuring our signature interior with bigger bins, seatback screens at every seat and Bluetooth connectivity;

–expanding our leading global network to destinations like [removed: Ulaanbaatar, Mongolia;] Nuuk, Greenland; [removed: Kaohsiung, Taiwan;] [added: Ulaanbaatar, Mongolia; Faro, Portugal; Puerto Escondido, Mexico;] Palermo, Italy; Bilbao, Spain; [removed: Faro, Portugal;] [added: and] Madeira Island, Portugal; [removed: Puerto Escondido, Mexico; and Dakar, Senegal;]

We [removed: expect to continue to] remain vulnerable to a number of industry-specific and global macroeconomic factors that may cause our actual results of operations to differ from our historical results of operations or current expectations.

The economic and market factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following: the execution and effect of our business strategies, including our United Next [removed: plan, especially relating to our focus on expanding market and product opportunities and the growth in the scale of our operations; the impact on the Company of significant operational challenges by third parties on which we rely; aircraft delivery delays; rising inflationary pressures; labor market and] [added: plan;] supply chain constraints and related costs affecting us and our partners; volatile fuel prices; increasing maintenance expenses; [removed: changes in interest rates;] and [removed: changes in general economic conditions in the markets in which the Company operates, including] an economic downturn leading to a decrease in demand for air travel or fluctuations in foreign currency exchange rates that may impact international travel demand.

[added: Legal requirements that we currently believe are or will be most impactful to our results of operations and financial condition include the following: the closure of our flying airspace and termination of other operations due to regional conflicts; delays in aircraft certification (especially relating to the 737 MAX 10 aircraft); an extended federal government shutdown as well as any other budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely; any legal requirement that would result in a reshaping of the] benefits that we provide to our consumers through our loyalty program or the co-branded credit cards issued by our partner; the effect of any potential changes in trade tariffs that we are unable to mitigate; and certain rules and regulations proposed by the DOT that would impose additional costs and operational restrictions on airlines.

[removed: As a result, the] [added: The] impact of changing and new legal requirements generally cannot be reasonably predicted and those requirements may ultimately require extensive system and operational changes, be difficult to implement, increase our operating costs and require significant capital expenditures.

| (in millions) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | | | |

| Operating revenue | | | $ | [removed: 57,063] [added: 59,070] | | | | | $ | [removed: 53,717] [added: 57,063] | | | | | $ | [removed: 44,955] [added: 53,717] | | | | | | | |

| Operating expense | | | [removed: 51,967] [added: 54,356] | | | | | | [removed: 49,506] [added: 51,967] | | | | | | [removed: 42,618] [added: 49,506] | | | | | | | | |

| Operating income | | | [removed: 5,096] [added: 4,713] | | | | | | [removed: 4,211] [added: 5,096] | | | | | | [removed: 2,337] [added: 4,211] | | | | | | | | |

| Nonoperating expense, net | | | [removed: (928)] [added: (408)] | | | | | | [removed: (824)] [added: (928)] | | | | | | [removed: (1,347)] [added: (824)] | | | | | | | | |

| Income before income taxes | | | [removed: 4,168] [added: 4,306] | | | | | | [removed: 3,387] [added: 4,168] | | | | | | [removed: 990] [added: 3,387] | | | | | | | | |

| Income tax expense | | | [removed: 1,019] [added: 953] | | | | | | [removed: 769] [added: 1,019] | | | | | | [removed: 253] [added: 769] | | | | | | | | |

| Net income | | | $ | [removed: 3,149] [added: 3,353] | | | | | $ | [removed: 2,618] [added: 3,149] | | | | | $ | [removed: 737] [added: 2,618] | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | | | |

| Passengers (thousands) (a) | | | [removed: 173,603] [added: 181,053] | | | | | | [removed: 164,927] [added: 173,603] | | | | | | [removed: 144,300] [added: 164,927] | | | | | | | | |

| Revenue passenger miles ("RPMs") (millions) (b) | | | [removed: 258,503] [added: 271,619] | | | | | | [removed: 244,435] [added: 258,503] | | | | | | [removed: 206,791] [added: 244,435] | | | | | | | | |

| Available seat miles [removed: ("ASMs")] [added: ("ASMs"or "capacity")] (millions) (c) | | | [removed: 311,185] [added: 330,284] | | | | | | [removed: 291,333] [added: 311,185] | | | | | | [removed: 247,858] [added: 291,333] | | | | | | | | |

| Cargo revenue ton miles (millions) (d) | | | [removed: 3,604] [added: 3,626] | | | | | | [removed: 3,159] [added: 3,604] | | | | | | [removed: 3,041] [added: 3,159] | | | | | | | | |

| Passenger load factor (e) | | | [removed: 83.1] [added: 82.2] | | % | | | | [removed: 83.9] [added: 83.1] | | % | | | | [removed: 83.4] [added: 83.9] | | % | | | | | | |

| Passenger revenue per available seat mile ("PRASM") (cents) | | | [removed: 16.66] [added: 16.18] | | | | | | [removed: 16.84] [added: 16.66] | | | | | | [removed: 16.15] [added: 16.84] | | | | | | | | |

| Total revenue per available seat mile ("TRASM") (cents) | | | [removed: 18.34] [added: 17.88] | | | | | | [removed: 18.44] [added: 18.34] | | | | | | [removed: 18.14] [added: 18.44] | | | | | | | | |

| Average yield per revenue passenger mile ("Yield") (cents) (f) | | | [removed: 20.05] [added: 19.67] | | | | | | [removed: 20.07] [added: 20.05] | | | | | | [removed: 19.36] [added: 20.07] | | | | | | | | |

| Cost per available seat mile ("CASM") (cents) | | | [removed: 16.70] [added: 16.46] | | | | | | [removed: 16.99] [added: 16.70] | | | | | | [removed: 17.19] [added: 16.99] | | | | | | | | |

| Average price per gallon of fuel, including fuel taxes | | | $ | [removed: 2.65] [added: 2.44] | | | | | $ | [removed: 3.01] [added: 2.65] | | | | | $ | [removed: 3.63] [added: 3.01] | | | | | | | |

| Fuel gallons consumed (millions) | | | [removed: 4,444] [added: 4,663] | | | | | | [removed: 4,205] [added: 4,444] | | | | | | [removed: 3,608] [added: 4,205] | | | | | | | | |

| Average stage length (miles) (g) | | | [removed: 1,490] [added: 1,488] | | | | | | [removed: 1,479] [added: 1,490] | | | | | | [removed: 1,437] [added: 1,479] | | | | | | | | |

| Employee headcount, as of December 31 | | | [removed: 107,300] [added: 113,200] | | | | | | [removed: 103,300] [added: 107,300] | | | | | | [removed: 92,800] [added: 103,300] | | | | | | | | |

| (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)The number of cargo revenue tons transported multiplied by the number of miles flown. (e)RPMs divided by ASMs. (f)The average passenger revenue received for each revenue passenger mile flown. [removed: (g)Average stage length equals the] [added: (g)The] average distance a flight travels weighted for size of aircraft. | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Increase (Decrease) | | | | | | % Change | | |

| Other operating revenue | | | [removed: 3,491] [added: 3,853] | | | | | | [removed: 3,176] [added: 3,491] | | | | | | [removed: 315] [added: 362] | | | | | | [removed: 9.9] [added: 10.4] | | |

| Total operating revenue | | | $ | [removed: 57,063] [added: 59,070] | | | | | $ | [removed: 53,717] [added: 57,063] | | | | | $ | [removed: 3,346] [added: 2,007] | | | | | [removed: 6.2] [added: 3.5] | | |

| | | | | | | Increase (decrease) from [removed: 2023:] [added: 2024:] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Passenger load factor (points) | | | | | | [removed: —] [added: (1.9)] | | | | | | (0.7) | | | | | | [removed: (3.1)] [added: 3.7] | | | | | | [removed: (1.2)] [added: (1.7)] | | | | | | [removed: (0.8)] [added: (0.9)] | | |

–bringing Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our United Express regional aircraft and beginning installation on our mainline aircraft; and

| Passenger revenue | | | $ | 53,438 | | | | | $ | 51,829 | | | | | $ | 1,609 | | | | | 3.1 | | |

| Cargo | | | 1,779 | | | | | | 1,743 | | | | | | 36 | | | | | | 2.1 | | |

| Passenger revenue (in millions) | | | | | | $ | 610 | | | | | $ | 510 | | | | | $ | 417 | | | | | $ | 71 | | | | | $ | 1,609 | |

| Passenger revenue | | | | | | 2.0 | | % | | | | 4.9 | | % | | | | 7.5 | | % | | | | 1.4 | | % | | | | 3.1 | | % |

| Average fare per passenger | | | | | | (1.9) | | % | | | | (0.8) | | % | | | | (3.5) | | % | | | | (2.1) | | % | | | | (1.1) | | % |

| Yield | | | | | | (1.8) | | % | | | | (0.8) | | % | | | | (1.8) | | % | | | | (3.2) | | % | | | | (1.9) | | % |

| PRASM | | | | | | (4.1) | | % | | | | (1.6) | | % | | | | 3.0 | | % | | | | (5.2) | | % | | | | (2.9) | | % |

| Passengers | | | | | | 3.9 | | % | | | | 5.8 | | % | | | | 11.3 | | % | | | | 3.6 | | % | | | | 4.3 | | % |

| RPMs | | | | | | 3.9 | | % | | | | 5.7 | | % | | | | 9.4 | | % | | | | 4.8 | | % | | | | 5.1 | | % |

| ASMs | | | | | | 6.3 | | % | | | | 6.6 | | % | | | | 4.3 | | % | | | | 7.0 | | % | | | | 6.1 | | % |

| Aircraft fuel | | | 11,396 | | | | | | 11,756 | | | | | | (360) | | | | | | (3.1) | | |

| Distribution expenses | | | 2,109 | | | | | | 2,231 | | | | | | (122) | | | | | | (5.5) | | |

Salaries and related costs increased $969 million, or 5.8%, in 2025 as compared to 2024, primarily due to increased pay as a result of the increase in flight activity, an increase in headcount of approximately 5.5%, and an increase in pay rates and benefits for eligible employee groups.

Distribution expenses decreased $122 million, or 5.5%, in 2025 as compared to 2024, primarily due to a change in the mix of sales channels as well as the refinement of assumptions used in determining our credit card fees expense.

Aircraft rent increased $59 million, or 30.4%, in 2025 as compared to 2024, primarily due to an increase in new aircraft leases compared to the prior year.

Other operating expenses increased $866 million, or 9.6%, in 2025 as compared to 2024, primarily due to an increase in flight activity and on-board passengers, including increased costs for on-board catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.

| | | | 2025 | | | | | | 2024 | | | | | | Increase (Decrease) | | | | | | % Change | | |

| Interest expense | | | $ | (1,373) | | | | | $ | (1,629) | | | | | $ | (256) | | | | | (15.7) | | |

| Interest income | | | 611 | | | | | | 726 | | | | | | (115) | | | | | | (15.9) | | |

Interest income decreased $115 million, or 15.9%, in 2025 as compared to 2024, primarily due to lower interest rates and lower levels of cash and short-term investments.

The Company has a $3.0 billion revolving credit facility as of December 31, 2025.

On July 7, 2025, Mileage Plus Holdings, LLC ("MPH"), a direct wholly owned subsidiary of United, and Mileage Plus Intellectual Property Assets, Ltd., an indirect wholly owned subsidiary of MPH ("MIPA" and, together with MPH, the "Issuers"), redeemed in full (the "Redemption") all $1.52 billion aggregate principal amount of the Issuers' outstanding MileagePlus 6.5% senior secured notes due 2027 (the "MileagePlus Notes"), which were secured by substantially all of the assets of the Issuers and their subsidiaries.

As a result of the Redemption and the July 2024 voluntarily prepayment in full of the $1.80 billion outstanding principal balance of the secured term loan facility, which was secured ratably with the MileagePlus Notes, all indebtedness secured by the MileagePlus assets have been fully repaid.

As of December 31, 2025, the Company had approximately $31.0 billion of debt, finance lease, operating

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 Rate (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.

See Item 2.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

Operating Activities. Cash flows provided by operating activities for 2025 were $1.0 billion lower than 2024 primarily due to operating income decrease period-over-period and a net change in various working capital items, most notably $0.3 billion related to pension contributions in 2025.

*Debt Issuances.* In 2025, the Company raised:

*•*$539 million through the issuance of debt for new aircraft financings

- $258 million of debt to finance the construction of a maintenance, repair and overhaul complex at Orlando International Airport.

–announcing an industry-leading agreement with SpaceX to bring Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to the Company's aircraft; and

The airline industry is highly competitive, marked by significant competition with respect to routes, fares, airline capacity, schedules (both timing and frequency), services, products, customer service and frequent flyer programs.

We, like other companies in our industry, have been subject to these and other industry-specific competitive dynamics.

In addition, our operations, supply chain, partners and suppliers have been subject to various global macroeconomic factors.

Our future results of operations may be subject to volatility and our growth plans may be delayed, particularly in the short term, due to the impact of the above factors and trends.

Compliance with laws, regulations, administrative practices and other restrictions or legal requirements in the countries in which we do business is onerous and expensive.

In addition, changes to existing legal requirements or the implementation of new legal requirements and any failure to comply with such legal requirements could negatively impact our business, operations, financial condition, future results of operations, liquidity and financial flexibility by increasing the Company's costs, limiting the Company's ability to offer a product, service or feature to customers, impacting customer demand for the Company's products and services and requiring changes to the Company's supply chain and its business.

Legal requirements that we currently believe are or will be most impactful to our results of operations and financial condition include the following: the closure of our flying airspace and termination of other operations due to regional conflicts, 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 the military conflict in the Middle East, as well as any escalation of the broader economic consequences of these conflicts beyond their current scope; delays in aircraft certification (especially relating to the 737 MAX 10 aircraft); increased FAA oversight of the aircraft production process; any legal requirement that would result in a reshaping of the

Changes in existing applicable legal requirements or new applicable legal requirements as well as the related interpretations and enforcement practices regarding them, create uncertainty about how such laws and regulations will be understood and applied.

| Passenger revenue | | | $ | 51,829 | | | | | $ | 49,046 | | | | | $ | 2,783 | | | | | 5.7 | | |

| Cargo | | | 1,743 | | | | | | 1,495 | | | | | | 248 | | | | | | 16.6 | | |

| Passenger revenue (in millions) | | | | | | $ | 1,315 | | | | | $ | 197 | | | | | $ | 936 | | | | | $ | 335 | | | | | $ | 2,783 | |

| Passenger revenue | | | | | | 4.4 | | % | | | | 1.9 | | % | | | | 20.1 | | % | | | | 7.2 | | % | | | | 5.7 | | % |

| Average fare per passenger | | | | | | 0.1 | | % | | | | 3.9 | | % | | | | (4.3) | | % | | | | (4.8) | | % | | | | 0.4 | | % |

| Yield | | | | | | 0.1 | | % | | | | 5.3 | | % | | | | (4.7) | | % | | | | (4.3) | | % | | | | (0.1) | | % |

| PRASM | | | | | | 0.2 | | % | | | | 4.4 | | % | | | | (8.4) | | % | | | | (5.6) | | % | | | | (1.1) | | % |

| Passengers | | | | | | 4.4 | | % | | | | (1.9) | | % | | | | 25.5 | | % | | | | 12.6 | | % | | | | 5.3 | | % |

| RPMs | | | | | | 4.3 | | % | | | | (3.2) | | % | | | | 26.0 | | % | | | | 12.0 | | % | | | | 5.8 | | % |

| ASMs | | | | | | 4.3 | | % | | | | (2.3) | | % | | | | 31.1 | | % | | | | 13.5 | | % | | | | 6.8 | | % |

Cargo revenue increased $248 million, or 16.6%, in 2024 as compared to 2023, primarily due to higher tonnage, partially offset by lower yields.

| Aircraft fuel | | | 11,756 | | | | | | 12,651 | | | | | | (895) | | | | | | (7.1) | | |

| Distribution expenses | | | 2,231 | | | | | | 1,977 | | | | | | 254 | | | | | | 12.8 | | |

Salaries and related costs increased $1.9 billion, or 12.8%, in 2024 as compared to 2023, primarily due to annual wage rate increases across certain employee groups and a nearly 4% increase in headcount largely due to increased flight activity.

Depreciation and amortization expense increased $257 million, or 9.6%, in 2024 as compared to 2023, primarily due to the induction of new aircraft and related spare parts, as well as certain aircraft improvements.

Distribution expenses increased $254 million, or 12.8%, in 2024 as compared to 2023, primarily due to higher credit card fees, travel agency commissions and global distribution fees driven by the overall increase in passenger revenue.

Also, starting in the fourth quarter of 2023, the Company reclassified certain commissions from contra-revenue to distribution expense as an immaterial reclassification correction, which increased distribution expense by $187 million compared to the prior year.

The table below presents special charges recorded by the Company during the years ended December 31 (in millions):

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (Gains) losses on sale of assets and other special charges | | | $ | 112 | | | | | $ | 135 | |

| Labor contract ratification bonuses | | | — | | | | | | 814 | | |

| Total special charges | | | $ | 112 | | | | | $ | 949 | |

Other operating expenses increased $1.0 billion, or 12.3%, in 2024 as compared to 2023, primarily due to increased flight activity and onboard passengers, as well as the impacts of inflationary pressures.

Other operating expenses include expenditures related to information technology projects and services, food and beverage offerings, passenger services, personnel-related costs and ground handling.

| Interest expense | | | $ | (1,629) | | | | | $ | (1,956) | | | | | $ | (327) | | | | | (16.7) | | |

| Interest income | | | 726 | | | | | | 827 | | | | | | (101) | | | | | | (12.2) | | |

Interest income decreased $101 million, or 12.2%, in 2024 as compared to 2023, primarily due to lower balances in our short-term investment portfolio, which were partially offset by higher interest rates.

Interest capitalized increased $45 million in 2024 as compared to 2023, primarily due to an increase in accumulated spend on capital projects.

On February 15, 2024, the Company entered into an Amended and Restated Revolving Credit and Guaranty Agreement (the "Revolving Credit Facility"), increasing its borrowing capacity by $1.115 billion, bringing the total amount available under the Revolving Credit Facility to $2.865 billion.

On April 16, 2024, the Company further increased its revolving loan commitments by $100 million for a total amount of $2.965 billion as of December 31, 2024.

We are exposed to market risk resulting from changes in [added: foreign] currency exchange rates and interest rates.

The following table summarizes information related to the Company's interest rate market risk at December 31, [removed: 2024] [added: 2025] (in millions):

| Carrying value of variable rate debt | | | $ | [removed: 8,420] [added: 8,528] | | | | | | | |

| Impact of 100 basis point increase on projected interest expense for the following year | | | [removed: 64] [added: 63] | | | | | | | | |

| Carrying value of fixed rate debt | | | [removed: 16,233] [added: 12,737] | | | | | | | | |

| Fair value of fixed rate debt | | | [removed: 15,930] [added: 12,734] | | | | | | | | |

| Impact of 100 basis point increase in market rates on fair value | | | [removed: (449)] [added: (342)] | | | | | | | | |

The Company has [removed: $8.5] [added: $8.6] billion in variable rate debt which includes increased cost provisions due to any reduced returns with respect to the loans due to any change in capital requirements or increased costs that the lenders incur in carrying these loans as a result of any change in law and [removed: $5.3] [added: $5.4] billion of these loans, from non-U.S. entities, could be affected by changes in tax laws.

Assuming our cash, cash equivalents and short-term investments remain at their average [removed: 2024] [added: 2025] levels, a 100 basis point increase in interest rates would result in a corresponding increase in the Company's interest income of approximately [removed: $144] [added: $140] million during [removed: 2025.][added: 2026.]

A one-dollar change in the price of a barrel of aircraft fuel would change the Company's [removed: 2025] [added: 2026] projected fuel expense by approximately [removed: $112] [added: $116] million.

The result of a uniform 1% strengthening in the value of the U.S. dollar from December 31, [removed: 2024] [added: 2025] levels relative to each of the currencies in which the Company has foreign currency exposure would result in a decrease in pre-tax income of approximately [removed: $14] [added: $12] million for the year ending December 31, [removed: 2025.][added: 2026.]

This sensitivity analysis was prepared based upon projected [removed: 2025] [added: 2026] foreign currency-denominated revenues and expenses as of December 31, [removed: 2024.][added: 2025.]

United Next. In [removed: 2024] [added: 2025] the Company continued to make progress with its United Next plan to align its network and product with the potential of its hubs while remaining focused on protecting the safety of its employees and customers and providing a superior customer experience.

take delivery of over [removed: 660] [added: 630] new narrow- and widebody aircraft by the end of [removed: 2033.][added: 2034.]

- increasing our employee headcount by more than [removed: 30,000] [added: 38,000] employees since 2020;

- surpassing [removed: 300] [added: 530] new and retrofit aircraft featuring United's signature interior with bigger bins, seatback screens at every seat and Bluetooth connectivity;

- [removed: expanding the Company's leading global network] [added: inaugurating service] to [removed: destinations like Ulaanbaatar, Mongolia;] [added: eight new destinations:] Nuuk, Greenland; [removed: Kaohsiung, Taiwan; Palermo, Italy; Bilbao, Spain;] [added: Ulaanbaatar, Mongolia;] Faro, Portugal; [removed: Madeira Island, Portugal;] Puerto Escondido, Mexico; [added: Palermo, Italy; Bilbao, Spain;] and [removed: Dakar, Senegal;][added: Madeira Island, Portugal.]

- launching Kinective MediaSM [removed: (the] [added: – the] first media network that uses insights from travel behaviors to connect customers to personalized advertising, experiences and offers from leading [removed: brands);][added: brands;]

- [removed: announcing an industry-leading agreement with SpaceX to bring] [added: bringing] Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our [added: United Express regional aircraft and beginning installation on our mainline] aircraft; and

Regional. The Company's business and operations are dependent on its regional flight network, with regional capacity accounting for approximately [removed: 6%] [added: 6.1%] of the Company's total capacity for the year ended December 31, [removed: 2024.][added: 2025.]

CommuteAir LLC ("CommuteAir"), GoJet [removed: Airlines] [added: Airlines,] LLC ("GoJet"), Mesa Airlines, Inc. ("Mesa"), Republic Airways Inc. ("Republic") and SkyWest Airlines, Inc. ("SkyWest") are all regional carriers that operate with capacity contracted to United under capacity purchase agreements ("CPAs").

The fees are based on [removed: specific] rates multiplied by specific operating statistics (e.g., block hours, departures), as well as fixed monthly amounts.

In [removed: 2024,] [added: 2025,] Star Alliance [added: member] carriers continued to serve more than [removed: 1,200] [added: 1,150] airports in [removed: 195] [added: more than 190] countries and territories with [removed: over 17,000] [added: 17,500] average daily departures.

In addition to its members, Star Alliance includes Shanghai-based Juneyao Airlines as a connecting partner and Germany-based Deutsche [removed: Bahn, a rail company,] [added: Bahn and Austria-based ÖBB – Austrian Federal Railways] as [removed: an] [added: railway] intermodal [removed: partner.][added: partners.]

In addition to the alliance agreements with Star Alliance members, United currently maintains independent alliance agreements with other air carriers, including Aer Lingus, Air Dolomiti, Airlink, Azul Linhas Aéreas Brasileiras, Cape Air, Discover Airlines, [added: Edelweiss Air,] Emirates, Eurowings, flydubai, Hawaiian Airlines, [added: ITA Airways, JetBlue,] JetSuiteX, Olympic [removed: Air, Silver Airways] [added: Air] and Virgin Australia Airlines.

United also participates in four passenger joint business arrangements ("JBAs"): one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Air Dolomiti, Austrian Airlines, Brussels Airlines, Discover Airlines, Edelweiss, [removed: Eurowings] [added: Eurowings, Lufthansa City Airlines] and SWISS) covering transatlantic routes, one with ANA covering certain transpacific [removed: routes, one with Air New Zealand covering certain routes between the United States and New Zealand, and one with Air Canada covering certain United States and Canada transborder routes.]

[added: These passenger JBAs enable the participating carriers to integrate the services they] provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services.

In [removed: 2024,] [added: 2025,] approximately [removed: 9.2] [added: 10.9] million MileagePlus flight awards were used on United and United Express.

These awards represented approximately [removed: 9%] [added: 10.3%] of United's total revenue passenger miles.

Total miles redeemed for flights on United and United Express, including class-of-service upgrades, represented approximately [removed: 93%] [added: 90%] of the total miles redeemed.

In addition, excluding miles redeemed for flights on United and United Express, MileagePlus members redeemed miles for approximately [removed: 3.7] [added: 4.3] million other awards.

The Company routinely enters into purchase contracts based on expected fuel requirements [added: primarily] for UAL aircraft (including regional carriers operating under CPAs) that are generally indexed to various market price benchmarks for aircraft fuel.

[removed: These] contracts customarily do not provide material protection against changes in market prices or guarantee the uninterrupted availability of adequate quantities of aircraft fuel.

[removed: Historically,] [added: Although the Company's fourth quarter revenue exceeded each of the second quarter and third quarter in 2025, historically,] demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand.

At United, safety is first in everything [removed: we do] [added: that the Company does] and is [removed: our] [added: its] first service standard of Core4 [removed: (we are] [added: (the Company is] safe, then caring, dependable and efficient).

[removed: We are] [added: The Company is] focused on promoting [removed: our] [added: its] safety culture to help ensure that every employee across [removed: United] [added: the Company] holds each other to the highest safety [removed: standards.][added: standards and strives to protect themselves, their colleagues and the Company's customers.]

In addition, just as [removed: we have] [added: the Company has] invested in infrastructure, technology and tools, [removed: we are] [added: the Company is] also investing in the training and development of [removed: our employees, especially] [added: its employees—especially] those who are new to [removed: United, to] [added: United—to] help ensure they gain proficiency in their roles and stay safe in the workplace.

[removed: The] [added: To support its net zero goal, the] Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by [removed: 2035.][added: 2035, which has been validated by the Science Based Targets initiative (SBTi).]

[removed: Our] [added: SAF can help diversify the Company's jet fuel supply, which is its] second largest operating [removed: expense, conventional jet fuel,] [added: expense and] is subject to volatile global prices.

Reducing [removed: our] [added: its] fuel consumption while diversifying [removed: our] [added: its] fuel supply with [removed: sustainable aviation fuel ("SAF")] [added: SAF] can enhance [removed: our] [added: the Company's] resiliency in the face of conventional jet fuel price spikes.

Management periodically updates the Board on the implementation of the Company's [removed: climate-related] [added: climate] strategic goals and objectives.

- [removed: *Emitting Less GHGs*:] [added: *Drive fuel efficiencies and innovation in flight*:] As part of this plan, the Company is focused on improving fuel efficiency in its operations.

Its main focus in realizing this objective is [removed: reducing] [added: optimizing] its conventional jet fuel consumption, which is both the largest contributor to its environmental footprint and, as noted above, a sizable expense for the Company.

To do so, the Company is prioritizing the introduction of newer, more fuel-efficient aircraft into its fleet as part of its United Next [removed: plan] [added: plan,] as well as improving the fuel efficiency of its existing fleet.

- [removed: *Adopting More Sustainable Alternatives] [added: *Adopt more sustainable alternatives] to [removed: Conventional Jet Fuel*: We believe] [added: jet fuel*: The Company believes] that large-scale adoption of [removed: SAF] [added: sustainable aviation fuel ("SAF")] in [removed: our] [added: its] operations is critical to helping mitigate [removed: our] [added: its] exposure to volatile fuel prices and achieving [removed: our climate] [added: its environmental] goals.

SAF is an alternative to conventional jet fuel [removed: and its potential] [added: that can emit up] to [removed: scale is due] [added: 85% less GHG emissions on a lifecycle basis relative] to [removed: its] [added: conventional jet fuel and is considered] 'drop-in' [removed: readiness,] [added: ready,] which means [added: that] it can be used in current operations with existing aircraft and infrastructure with few to no additional alterations required.

[added: *•The Company is working with strategic partners to scale and commercialize the use of SAF*:] While the Company currently is an aviation leader in investing in technologies focused on decarbonizing aviation and its associated energy supply chains, SAF supply in the jet fuel market is constrained and represents, according to industry estimates, less than 1% of global commercial aviation fuel usage.

Additionally, the purchase of SAF today comes with a price premium, compared to conventional jet [removed: fuel, to account for the additional costs of scaling and producing this early-stage solution.][added: fuel.]

As a result, in 2024, the total volume of SAF used in the Company's operations remained [removed: less than] [added: approximately] 0.3% of its total aviation fuel usage.

The Company has an established history [removed: in the] [added: of] investment in, and use of, SAF.

In 2016, the Company became the first airline globally to start using SAF in its regular operations on an ongoing [removed: basis at various airports.][added: basis.]

◦In 2023 the Company [removed: launched, through UAV,] [added: launched] the United Airlines Ventures Sustainable Flight Fund (the [removed: "Fund") to] [added: "Fund")—which is the first-of-its-kind investment vehicle of UAV—to] support start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with SAF.

- expanding the Company's leading global network to destinations like Bangkok, Thailand; Ho Chi Minh City, Vietnam; and Adelaide, Australia.

Lufthansa City Airlines joined Star Alliance as part of Lufthansa.

routes, one with Air New Zealand covering certain routes between the United States and New Zealand, and one with Air Canada covering certain United States and Canada transborder routes.

Distribution Channels. The Company sells airline tickets and ancillary products through a wide range of distribution channels, including direct channels such as the Company's website at www.united.com and the Company's mobile app, as well as traditional travel agencies, online travel agencies ("OTAs") and other intermediaries.

The Company seeks to make its products available across these channels to support customer choice, subject to the technological capabilities and commercial arrangements applicable to each channel.

The Company continues to invest in modernizing its distribution systems, including enhancements to its direct channels and implementing New Distribution Capability ("NDC"), to support the marketing and sale of its products.

Direct channels, including the Company's website, the Company's mobile app and NDC-enabled channels, provide opportunities to better differentiate the Company's offerings, present richer content, deliver more relevant offers, strengthen customer relationships, improve customer service, enhance brand engagement and reduce ticket distribution costs.

However, a portion of the Company's ticket sales continues to be distributed through legacy distribution technology, which may involve higher costs and more limited functionality compared to the Company's direct and NDC channels.

| 2025 | | | | | | 4,663 | | | | | | $ | 11,396 | | | | | $ | 2.44 | | | | | 21 | | % | | | | | | |

These

The price of aircraft fuel used by our operations has fluctuated in the past and is expected to remain volatile due to numerous factors including the increasing adoption of mandated SAF across certain markets.

Guided by the overarching message that there are "No Small Roles in Safety," the Company is concentrated on promoting a strong safety culture to help ensure that every employee across United holds

themselves and each other to the highest safety standards.

The Company's laser focus on the health, safety and security of its employees and customers is not only essential to its operational and financial success but also defines the Company as an organization—making safety accountability a non-negotiable aspect of its culture.

The Company's FAA-approved Safety Management System ("SMS") is a cornerstone component that helps enable the Company to uphold regulatory compliance safety standards, proactively identify hazards, mitigate risks and elevate corrective actions to help ensure the safety of its customers and employees.

The Company continues to evaluate, expand and shape its SMS to incorporate new areas of the business to help reduce risk as the Company grows its aircraft fleet and expands the destinations that it serves.

The Company's approach to safety entails four overarching objectives:

1.*A just culture.* The Company focuses on fostering an engaged, proactive and just safety culture that prioritizes and protects the well-being and safety of all employees.

*2.Regulatory compliance.* Maintaining a culture whereby the Company's employees are required to consistently follow and adhere to policies and regulatory requirements is one of the Company's pillars.

*3.Flight safety.* Reducing flight safety and operational risks by keeping the Company's aircraft safe and airworthy is a cornerstone of the Company's safety objectives.

4.Standard operating procedure.

The Company drives adherence to its standard operating procedures to help ensure an accountable, consistent and safe operation.

The Company's Board provides significant oversight of its safety processes and procedures, which includes a review of management's development, implementation and maintenance of the Company's safety management system, objectives, culture, training and reporting.

Board meeting sessions typically start with a presentation on current and potential future safety considerations affecting the Company—both in the air and on the ground.

The Company's sustainability strategy continues to be centered around four key pillars, each of which is described in further detail below: (i) drive fuel efficiencies and innovation in flight; (ii) adopt more sustainable alternatives to conventional jet fuel; (iii) integrate sustainability efforts at every altitude; and (iv) collaborate with partners.

These pillars cover not only long-term actions within the Company's operations but also support the low-carbon transition of the transportation and aviation industry as a whole.

The Company is hopeful that its sustainability strategy will help position it to succeed in an increasingly resource-constrained world.

◦Between 2024-2025, the Company added four new locations to its SAF operational footprint, purchasing blended SAF for use at ORD, IAD, IAH and EWR airports.

The Company has made progress with its environmental sustainability strategy.

The Company continues to review and explore the evolving environmental landscape to further understand potential risks and opportunities to enhance its environmental strategy.

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gross and Net GHG emissions | | | | | | 38,520,027 | | | | | | 36,588,996 | | | * | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

The Company aligns its environmental sustainability disclosures through third-party reporting organizations, frameworks and standards—including the recommendations from the Task Force on Climate-related Financial Disclosures—as well as applicable mandatory disclosure requirements.

The Company's continued

As stated above, a cornerstone of the Company's talent acquisition and internal talent mobility strategy is cultivating a culture that fosters a workplace in which all employees are safe, have an opportunity to succeed, feel a sense of belonging and are empowered to innovate and collaborate.

As the Company strives to continue to be an employer of choice, the Company believes that it is critical that its workforce is encouraged to provide feedback and is informed as well as engaged.

The Company utilizes multiple channels for all employees to ask for guidance, report concerns without fear of retaliation (including those related to safety) and provide constructive feedback and recommendations.

These passenger JBAs enable the participating carriers to integrate the services they

Distribution Channels. The Company's airline seat inventory and fares are distributed through the Company's direct channels, traditional travel agencies and online travel agencies ("OTA").

The use of the Company's direct sales website, www.united.com, the Company's mobile applications and alternative distribution systems provides the Company with an opportunity to de-commoditize its services, better present its content, make more targeted offerings, better retain its customers, enhance its brand and lower its ticket distribution costs.

Agency sales are primarily sold using global distribution systems ("GDS").

United has developed and expects to continue to develop capabilities to sell certain ancillary products through the GDS channel to provide an enhanced buying experience for customers who purchase in that channel.

| 2022 | | | | | | 3,608 | | | | | | $ | 13,113 | | | | | $ | 3.63 | | | | | 31 | | % | | | | | | |

The price of aircraft fuel used by our operations has fluctuated substantially in the past

several years.

Our "No Small Roles in Safety" strategy as part of our Safety Management System ("SMS") is designed to imbue every employee with an understanding of his or her significant responsibility in our collective ambition to ensure the highest level of safety performance for our customers and employees.

Our laser focus on safety is not only essential to our success but also foundational to our culture.

We continue to evaluate and expand our SMS to incorporate new areas of the business to manage risk as we navigate this exciting time at United with the growth in our aircraft fleet and the increasing number of destinations that we plan to serve.

Our continuously evolving SMS allows us to proactively identify hazards and mitigate risks to help ensure the safety of our customers and our employees as we grow.

Our approach to safety is centered around three components:

1.*United SMS*: Continuously investing in infrastructure, technology, tools, voluntary safety reporting and training that are built among the key components of our safety policy, safety risk management, safety assurance and safety promotion.

2.*Safety in Action*: Improving safety through development of robust, proactive safety programs and standards.

3.*Safety Data and Innovation*: Identifying and mitigating safety hazards through strong data analytics and new technologies and processes.

This intensity target is intended to align to the Company's net zero goal.

The Company believes that innovative technologies can assist the Company with achieving its climate goals, enhance the customer experience and improve its operations.

The Company's sustainability strategy is centered around four key pathways, each of which is described in further detail below: (i) emitting less GHGs; (ii) adopting more sustainable alternatives to conventional jet fuel; (iii) making improvements to its operations beyond its flights; and (iv) collaborating with employees, customers, airports, suppliers, cross-industry partners and policymakers to facilitate faster action and commercializing relevant technology.

In addition, the Company, through the aerospace-focused investment vertical of its corporate venture capital arm, United Airlines Ventures, Ltd. ("UAV"), has been collaborating with, as well as investing in, early-stage technology companies that focus on lower carbon alternative propulsion technologies.

The Company is working with strategic partners to scale, employ and commercialize the use of SAF.

◦In 2022 the Company signed a purchase agreement with Neste for up to 52.5 million gallons of SAF at domestic and international stations, becoming the first U.S. airline to execute an international purchase agreement for SAF.

◦In 2024, the Company became the first airline to purchase SAF for use at ORD, signing agreements with two suppliers.

◦The Company worked with federal policymakers to champion passage of new SAF tax incentives in 2022.

These credits create an economic incentive for increased SAF production within the United States.

In 2023, the Company evolved its GHG reporting to align with corporate best practices around GHG accounting protocols, including anticipated updates in accounting guidance from the Greenhouse Gas Protocol.

This revised reporting methodology allows us to provide greater transparency around the aircraft's GHG emissions from burning conventional jet fuel and SAF.

Biogenic GHG emissions from SAF are not reported as Scope 1-3 emissions.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gross and Net GHG emissions | | | | | | 36,590,472 | | | | | | 30,400,715 | | |

The information contained on or connected to the Company's website is not incorporated by reference into this Form 10-K and should not be considered part of this or any other report filed with the SEC.

systematically executed throughout the Company; and (iii) broaden and strengthen our talent channels and pipelines so that we can cultivate the next generation of talent that will lead our company into the future.

To ensure accountability over time, we have committed to sharing our U.S. workforce self-identified demographic data as well as our Consolidated EEO-1 Report (which includes only the Company's and United Ground Express, Inc.'s U.S. workforces) on an annual basis on our website.

We are focused on promoting our safety culture to help ensure that every employee across the Company holds each other to the highest safety standards and strives to protect themselves, their colleagues and our customers.

As we strive to continue to be an employer of choice, we believe it is critical that our workforce is informed, engaged and can provide feedback.

In addition, the

We bargain in good faith with the unions that represent our employees and frequently engage with union leaders.

*Additional Information:* See our report at crreport.united.com, for additional information on our human capital management programs, initiatives and measures.

We are committed to transparency and sharing our U.S. workforce self-identified demographic data on an annual basis on our website.

The Company is involved, both as a plaintiff and a defendant, in various legal proceedings, including, without limitation, litigation, arbitration and other claims, and investigations, inspections, subpoenas, audits, inquiries and similar actions involving its passengers, customers, suppliers, employees and stockholders, as well as government agencies, among others, arising in the [added: ordinary course of business and that have not been fully resolved.]

ordinary course of business and that have not been fully resolved.

The Company is not able to predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of the investigation.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

][added: slim.jpg](https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231_g1.jpg)]

The aggregate market value of common stock held by non-affiliates of United Airlines Holdings, Inc. was [removed: $15.9] [added: $25.6] billion as of June [removed: 28, 2024] [added: 30, 2025] based on the closing sale price of [removed: $48.66] [added: $79.63] on that date.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of February [removed: 24, 2025.][added: 5, 2026.]

| United Airlines Holdings, Inc. | | | | | | [removed: 327,339,564] [added: 323,430,419] | | | shares of common stock ($0.01 par value) | | |

Certain information required by Items 10, 11, 12 and 13 of Part III of this Form 10-K is incorporated by reference for United Airlines Holdings, Inc. from its definitive proxy statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders.

For the Year Ended December 31, [removed: 2024][added: 2025]

| Item 1. | | | | | | [removed: [Business](#iafb0f4a3798e4b22a55b9fa82e332119_13)] [added: [Business](#i58162399576e4fb8b3894b993dca610a_13)] | | | [removed: [3](#iafb0f4a3798e4b22a55b9fa82e332119_13)] [added: [3](#i58162399576e4fb8b3894b993dca610a_13)] | | |

| | | | | | | [Information about Our Executive [removed: Officers](#iafb0f4a3798e4b22a55b9fa82e332119_16)] [added: Officers](#i58162399576e4fb8b3894b993dca610a_16)] | | | [removed: [15](#iafb0f4a3798e4b22a55b9fa82e332119_16)] [added: [15](#i58162399576e4fb8b3894b993dca610a_16)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#iafb0f4a3798e4b22a55b9fa82e332119_19)] [added: Factors](#i58162399576e4fb8b3894b993dca610a_19)] | | | [removed: [17](#iafb0f4a3798e4b22a55b9fa82e332119_19)] [added: [17](#i58162399576e4fb8b3894b993dca610a_19)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#iafb0f4a3798e4b22a55b9fa82e332119_22)] [added: Comments](#i58162399576e4fb8b3894b993dca610a_22)] | | | [removed: [31](#iafb0f4a3798e4b22a55b9fa82e332119_22)] [added: [31](#i58162399576e4fb8b3894b993dca610a_22)] | | |

| Item 1C. | | | | | | [removed: [Cybersecurity](#iafb0f4a3798e4b22a55b9fa82e332119_25)] [added: [Cybersecurity](#i58162399576e4fb8b3894b993dca610a_25)] | | | [removed: [32](#iafb0f4a3798e4b22a55b9fa82e332119_25)] [added: [32](#i58162399576e4fb8b3894b993dca610a_25)] | | |

| Item 2. | | | | | | [removed: [Properties](#iafb0f4a3798e4b22a55b9fa82e332119_28)] [added: [Properties](#i58162399576e4fb8b3894b993dca610a_28)] | | | [removed: [33](#iafb0f4a3798e4b22a55b9fa82e332119_28)] [added: [34](#i58162399576e4fb8b3894b993dca610a_28)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#iafb0f4a3798e4b22a55b9fa82e332119_31)] [added: Proceedings](#i58162399576e4fb8b3894b993dca610a_31)] | | | [removed: [34](#iafb0f4a3798e4b22a55b9fa82e332119_31)] [added: [35](#i58162399576e4fb8b3894b993dca610a_31)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#iafb0f4a3798e4b22a55b9fa82e332119_34)] [added: Disclosures](#i58162399576e4fb8b3894b993dca610a_34)] | | | [removed: [35](#iafb0f4a3798e4b22a55b9fa82e332119_34)] [added: [36](#i58162399576e4fb8b3894b993dca610a_34)] | | |

| Item 5. | | | | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#iafb0f4a3798e4b22a55b9fa82e332119_40)] [added: Securities](#i58162399576e4fb8b3894b993dca610a_40)] | | | [removed: [35](#iafb0f4a3798e4b22a55b9fa82e332119_40)] [added: [36](#i58162399576e4fb8b3894b993dca610a_40)] | | |

| Item 6. | | | | | | [removed: [\[Reserved\]](#iafb0f4a3798e4b22a55b9fa82e332119_43)] [added: [\[Reserved\]](#i58162399576e4fb8b3894b993dca610a_43)] | | | [removed: [37](#iafb0f4a3798e4b22a55b9fa82e332119_43)] [added: [37](#i58162399576e4fb8b3894b993dca610a_43)] | | |

| Item 7. | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iafb0f4a3798e4b22a55b9fa82e332119_46)] [added: Operations](#i58162399576e4fb8b3894b993dca610a_46)] | | | [removed: [37](#iafb0f4a3798e4b22a55b9fa82e332119_46)] [added: [37](#i58162399576e4fb8b3894b993dca610a_46)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#iafb0f4a3798e4b22a55b9fa82e332119_64)] [added: Risk](#i58162399576e4fb8b3894b993dca610a_64)] | | | [removed: [48](#iafb0f4a3798e4b22a55b9fa82e332119_64)] [added: [50](#i58162399576e4fb8b3894b993dca610a_64)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#iafb0f4a3798e4b22a55b9fa82e332119_1691)] [added: Data](#i58162399576e4fb8b3894b993dca610a_67)] | | | [removed: [49](#iafb0f4a3798e4b22a55b9fa82e332119_1691)] [added: [51](#i58162399576e4fb8b3894b993dca610a_67)] | | |

| | | | | | | [Combined Notes to Consolidated Financial [removed: Statements](#iafb0f4a3798e4b22a55b9fa82e332119_109)] [added: Statements](#i58162399576e4fb8b3894b993dca610a_118)] | | | [removed: [64](#iafb0f4a3798e4b22a55b9fa82e332119_109)] [added: [66](#i58162399576e4fb8b3894b993dca610a_118)] | | |

| Item 9. | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#iafb0f4a3798e4b22a55b9fa82e332119_169)] [added: Disclosure](#i58162399576e4fb8b3894b993dca610a_169)] | | | [removed: [90](#iafb0f4a3798e4b22a55b9fa82e332119_169)] [added: [93](#i58162399576e4fb8b3894b993dca610a_169)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#iafb0f4a3798e4b22a55b9fa82e332119_172)] [added: Procedures](#i58162399576e4fb8b3894b993dca610a_172)] | | | [removed: [90](#iafb0f4a3798e4b22a55b9fa82e332119_172)] [added: [93](#i58162399576e4fb8b3894b993dca610a_172)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#iafb0f4a3798e4b22a55b9fa82e332119_175)] [added: Information](#i58162399576e4fb8b3894b993dca610a_175)] | | | [removed: [93](#iafb0f4a3798e4b22a55b9fa82e332119_175)] [added: [96](#i58162399576e4fb8b3894b993dca610a_175)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#iafb0f4a3798e4b22a55b9fa82e332119_178)] [added: Inspections](#i58162399576e4fb8b3894b993dca610a_178)] | | | [removed: [93](#iafb0f4a3798e4b22a55b9fa82e332119_178)] [added: [96](#i58162399576e4fb8b3894b993dca610a_178)] | | |

| Item 10. | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#iafb0f4a3798e4b22a55b9fa82e332119_184)] [added: Governance](#i58162399576e4fb8b3894b993dca610a_184)] | | | [removed: [93](#iafb0f4a3798e4b22a55b9fa82e332119_184)] [added: [96](#i58162399576e4fb8b3894b993dca610a_184)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#iafb0f4a3798e4b22a55b9fa82e332119_187)] [added: Compensation](#i58162399576e4fb8b3894b993dca610a_187)] | | | [removed: [93](#iafb0f4a3798e4b22a55b9fa82e332119_187)] [added: [96](#i58162399576e4fb8b3894b993dca610a_187)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iafb0f4a3798e4b22a55b9fa82e332119_190)] [added: Matters](#i58162399576e4fb8b3894b993dca610a_190)] | | | [removed: [93](#iafb0f4a3798e4b22a55b9fa82e332119_190)] [added: [96](#i58162399576e4fb8b3894b993dca610a_190)] | | |

| Item 13. | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#iafb0f4a3798e4b22a55b9fa82e332119_193)] [added: Independence](#i58162399576e4fb8b3894b993dca610a_193)] | | | [removed: [94](#iafb0f4a3798e4b22a55b9fa82e332119_193)] [added: [97](#i58162399576e4fb8b3894b993dca610a_193)] | | |

| Item 14. | | | | | | [Principal Accountant Fees and [removed: Services](#iafb0f4a3798e4b22a55b9fa82e332119_196)] [added: Services](#i58162399576e4fb8b3894b993dca610a_196)] | | | [removed: [94](#iafb0f4a3798e4b22a55b9fa82e332119_196)] [added: [97](#i58162399576e4fb8b3894b993dca610a_196)] | | |

| Item 15. | | | | | | [Exhibits and Financial Statement [removed: Schedules](#iafb0f4a3798e4b22a55b9fa82e332119_202)] [added: Schedules](#i58162399576e4fb8b3894b993dca610a_202)] | | | [removed: [95](#iafb0f4a3798e4b22a55b9fa82e332119_202)] [added: [98](#i58162399576e4fb8b3894b993dca610a_202)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#iafb0f4a3798e4b22a55b9fa82e332119_205)] [added: Summary](#i58162399576e4fb8b3894b993dca610a_205)] | | | [removed: [95](#iafb0f4a3798e4b22a55b9fa82e332119_205)] [added: [98](#i58162399576e4fb8b3894b993dca610a_205)] | | |

The Company considers management of cybersecurity and digital risk as essential for enabling [added: its] success.

On a regular basis, the Audit Committee reviews reports from the Company's Chief Information Security Officer [removed: ("CISO") or her representative(s) regarding] [added: ("CISO")—as well as its Chief Information Officer, Chief Risk Officer, Chief Legal Officer and Chief Compliance Officer—regarding] the [removed: identification] [added: Company's processes for assessing, identifying] and [removed: management] [added: managing] of cybersecurity risks, including when applicable, notable cybersecurity threats or incidents impacting the aviation sector and the Company; results of independent third-party assessments of the Company's cybersecurity program; key metrics, capabilities, resourcing and strategy regarding the Company's cybersecurity program; and updates related to cybersecurity regulatory developments.

The CISO leads the Company's Cybersecurity and Digital Risk ("CDR") organization, which oversees the Company's approach to [removed: identifying] [added: prevent, detect, mitigate] and [removed: managing] [added: remediate] cybersecurity and digital risk.

The Company's current CISO has extensive technology and risk management experience in critical infrastructure [removed: sectors] [added: sectors, including aviation,] and is [removed: qualified] [added: certified] as a boardroom [removed: certified technology expert] [added: Qualified Technology Expert] by the Digital Directors Network.

She [added: currently] serves on the board of directors of the Internet Security Alliance, is currently a member of the Cybersecurity Council at Airlines for America (and has served as [added: its] Chair) and is currently a member of the board of directors of the Aviation Information Sharing and Analysis Center (A-ISAC).

The [added: Company's] CDR organization includes teams focusing on cyber defense, identity [removed: &] [added: and] digital trust, secure product solutions [removed: &] [added: and] aircraft cybersecurity operations.

[removed: The] [added: These] teams include individuals with a variety of cybersecurity expertise, including expertise in penetration testing; application cybersecurity; product cybersecurity; cloud cybersecurity; infrastructure cybersecurity; cybersecurity engineering and architecture; identity and access management; vulnerability and asset management; cybersecurity threat intelligence; cybersecurity regulatory compliance; digital fraud; digital trust; incident response; insider threat assessment; and aircraft cybersecurity.

The Company's senior [removed: leadership, including] [added: leadership—including] across the [removed: functions of the] Company's safety, legal, government affairs, operations, aviation security, finance, communications and digital technology [added: organizations] as well as others when [removed: appropriate, support] [added: appropriate—support the] CDR [added: organization] and contribute to the management of cybersecurity and digital risk by attending regular cybersecurity risk reviews and participating in cybersecurity exercises.

[removed: The Company established a] [added: This] risk-based strategy [added: is] informed by guiding principles from industry standard cybersecurity and risk management [removed: frameworks, such] [added: frameworks—such] as those published by the National Institute of Standards and [removed: Technology.][added: Technology—and industry-recognized practices to protect the confidentiality, integrity and availability of the Company's information technology systems and data.]

[removed: The Company's cybersecurity risk management] [added: This risk-based] framework is [added: also] integrated [removed: with] [added: into] the Company's Enterprise Risk Management ("ERM") process that is subject to oversight by the Board.

As part of its risk-based strategy, the Company maintains appropriate technical and organizational measures and regularly reviews the appropriateness of those controls based on changes to the technical or regulatory [removed: environment.][added: environment to protect as well as minimize threats to the Company's information; the information of the Company's customers, suppliers and other third parties; the Company's information systems; the Company's business operations; and the Company's services.]

The Company regularly seeks opportunities to improve its capabilities, including through cybersecurity trainings and [removed: skill development] [added: skill-development] programs for its CDR [added: organization] members.

The Company utilizes a variety of third [removed: parties] [added: parties, as appropriate,] in connection with its cybersecurity risk management.

The Company [removed: also] employs [added: these] third-party cybersecurity companies to add capacity or expertise when necessary.

Additionally, [removed: assessments] [added: internal audits, security maturity assessments, security attestations and certifications, security testing and post-remediation reviews] of the Company's cybersecurity program are periodically conducted by independent third-party [removed: assessors.][added: service provides to]

To [removed: manage] [added: assess] these risks, the Company considers the impact of third-party incidents as part of its cybersecurity incident response processes.

The Company also conducts evaluations of key suppliers based on risk and seeks to incorporate appropriate security standards to [removed: manage] [added: address] the risk.

[removed: The] [added: In addition, the] Company [removed: also] regularly monitors the external cybersecurity posture of select third parties through various service providers.

[removed: Crucially, the] [added: The] Company [removed: and its suppliers strive] [added: strives] to design and implement technical and organizational controls comprehensively, consistently and effectively as intended to protect the confidentiality, integrity or availability of systems and data.

However, because the Company utilizes a risk-based strategy, based on professional judgment and analysis of the risks, it is possible that the Company may underappreciate or not recognize [removed: a] specific [removed: risk.][added: risks and may fail to fully implement the necessary technical and organizational controls.]

Moreover, even [removed: the best] [added: well] designed and implemented security controls may not eliminate the occurrence of cybersecurity incidents.

The CDR organization uses a variety of prevention and detection tools and other resources to [added: monitor cybersecurity vulnerabilities and] identify potential cybersecurity incidents.

When a cybersecurity incident is identified, [removed: CDR's] [added: the CDR organization's] incident response team engages with the appropriate subject matter experts, the relevant management of impacted organization(s) and others to analyze, contain, eradicate, mitigate and recover from the incident as applicable.

When appropriate, during the incident response process, the CISO, [added: the] CDR [added: organization's] leadership and the Company's Chief Legal Officer may be informed and consulted and if deemed necessary, incidents may be escalated for review by the Senior Leader Crisis Team, which consists of cross-functional leaders of the Company.

The Company maintains a process in which a subgroup of the Company's Disclosure Council [removed: would make] [added: makes] a recommendation regarding the materiality of [removed: a] [added: certain] cybersecurity [removed: incident] [added: incidents] to the full Disclosure Council [removed: and] [added: and, if determined to be material,] subsequently to the Audit Committee.

The Company faces risks from [added: network disruptions,] cybersecurity [removed: threats, including] [added: threats (including] as a result of any cybersecurity [removed: incidents,] [added: incident) and other efforts to compromise its services and underlying infrastructure] that could have [removed: materially affected] [added: a material adverse effect on] or are reasonably likely to materially [removed: affect its] [added: adversely affect—individually or in the aggregate—its] business strategy, results of operations, [removed: and] financial condition, cash flows or reputation.

[removed: Although to our knowledge such risks have not materially affected us in the last three fiscal years,] [added: However,] from time to time the Company has experienced and [removed: will] [added: expects to] continue to [removed: experience] [added: face increasing] cybersecurity [removed: incidents, whether] [added: risks as well as potential network disruptions—whether] directly or through [removed: our] [added: its] supply chain or other [removed: channels, in] [added: channels—in] the normal course of its business.

For more information about the cybersecurity-related risks that the Company faces, see the risks detailed under the headings "The Company relies heavily on technology and automated systems to operate its business and any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems could materially harm its business or business strategy" and "Increasing privacy, data security and cybersecurity obligations or a significant data breach may adversely affect the Company's business" included as part of [removed: our] [added: the Company's] risk factor disclosures in Part I, Item 1A.

The Chair of the Audit Committee regularly reports its activities—including those related to cybersecurity risks—to the Board and, as necessary, recommends actions to the Board that the Audit Committee deems appropriate.

Managing cybersecurity and digital risk is a significant part of the Company's overall strategy for safely operating its business.

The Company has developed a risk-based cybersecurity and digital risk management strategy.

The Company is also subject to extensive cybersecurity regulation, including but not limited to those regulations overseen by the FAA, TSA, and DOT.

identify areas of potential weakness and for continued improvement as well as to ensure ongoing compliance with regulatory requirements to which we are subject.

In addition, the Company actively engages with intelligence agencies, law enforcement and advocacy and industry groups.

The CDR organization monitors the Company's information systems to prevent, detect, mitigate and remediate cybersecurity threats.

To the Company's knowledge, based on information available as of December 31, 2025 and through the date of this filing, such risks did not have a material adverse effect on the Company in the last three fiscal years.

Fleet. As of December 31, [removed: 2024,] [added: 2025,] United's mainline and regional fleets consisted of the following:

| 777-300ER | | | | | | 22 | | | | | | 22 | | | | | | — | | | | | | 350 | | | | | | [removed: 7.0] [added: 8.0] | | |

| 777-200ER | | | | | | 55 | | | | | | 54 | | | | | | 1 | | | | | | 276-362 | | | | | | [removed: 24.8] [added: 25.8] | | |

| 777-200 | | | | | | 19 | | | | | | 19 | | | | | | — | | | | | | 364 | | | | | | [removed: 27.5] [added: 28.5] | | |

| 787-10 | | | | | | 21 | | | | | | 21 | | | | | | — | | | | | | 318 | | | | | | [removed: 4.2] [added: 5.2] | | |

| 787-9 | | | | | | [removed: 41] [added: 48] | | | | | | [removed: 34] [added: 48] | | | | | | [removed: 7] [added: —] | | | | | | 257 | | | | | | 6.7 | | |

| 787-8 | | | | | | 12 | | | | | | 12 | | | | | | — | | | | | | 243 | | | | | | [removed: 11.5] [added: 12.5] | | |

| 767-400ER | | | | | | 16 | | | | | | 16 | | | | | | — | | | | | | 231 | | | | | | [removed: 23.3] [added: 24.3] | | |

| 767-300ER | | | | | | 37 | | | | | | 37 | | | | | | — | | | | | | 167-203 | | | | | | [removed: 28.8] [added: 29.8] | | |

| 757-300 | | | | | | 21 | | | | | | 21 | | | | | | — | | | | | | 234 | | | | | | [removed: 22.3] [added: 23.3] | | |

| 757-200 | | | | | | 40 | | | | | | 39 | | | | | | 1 | | | | | | 176 | | | | | | [removed: 27.9] [added: 28.9] | | |

| 737 MAX 9 | | | | | | [removed: 85] [added: 120] | | | | | | [removed: 61] [added: 76] | | | | | | [removed: 24] [added: 44] | | | | | | 179 | | | | | | [removed: 2.8] [added: 2.9] | | |

| 737 MAX 8 | | | | | | [removed: 107] [added: 123] | | | | | | [removed: 48] [added: 107] | | | | | | [removed: 59] [added: 16] | | | | | | 166 | | | | | | [removed: 1.6] [added: 2.4] | | |

| 737-900ER | | | | | | 136 | | | | | | 136 | | | | | | — | | | | | | 179 | | | | | | [removed: 12.0] [added: 13.0] | | |

| 737-900 | | | | | | 12 | | | | | | 12 | | | | | | — | | | | | | 179 | | | | | | [removed: 23.3] [added: 24.3] | | |

| 737-800 | | | | | | 141 | | | | | | 130 | | | | | | 11 | | | | | | 166 | | | | | | [removed: 20.8] [added: 21.8] | | |

| 737-700 | | | | | | 40 | | | | | | 38 | | | | | | 2 | | | | | | 126 | | | | | | [removed: 25.8] [added: 26.8] | | |

| A321neo | | | | | | [removed: 29] [added: 59] | | | | | | [removed: 24] [added: 51] | | | | | | [removed: 5] [added: 8] | | | | | | 200 | | | | | | [removed: 0.4] [added: 0.9] | | |

| A320-200 | | | | | | [removed: 79] [added: 68] | | | | | | [removed: 78] [added: 68] | | | | | | [removed: 1] [added: —] | | | | | | 150 | | | | | | [removed: 25.3] [added: 25.7] | | |

| A319-100 | | | | | | [removed: 81] [added: 76] | | | | | | [removed: 52] [added: 51] | | | | | | [removed: 29] [added: 25] | | | | | | 126 | | | | | | [removed: 23.1] [added: 23.9] | | |

| Aircraft Type | | | | | | Total | | | | | | Owned | | | | | | | | | | | | Owned or Leased by Regional Carrier | | | | | | Regional Carrier [removed: Operator and Number of Aircraft] [added: Operator] | | | | | | [added: Number of Aircraft] | | | [added: | | |] Seats in Standard Configuration | | | [removed: | | |]

| E170 | | | | | | [removed: 15] [added: 4] | | | | | | — | | | | | | | | | | | | [removed: 15] [added: 4] | | | | | | [removed: Republic: 15] [added: Republic] | | | | | | [added: 4] | | | [removed: 70] | | | [added: 70] | | |

| CRJ700 | | | | | | [removed: 17] [added: 10] | | | | | | — | | | | | | | | | | | | [removed: 17] [added: 10] | | | | | | [removed: SkyWest: 17] [added: SkyWest] | | | | | | [added: 10] | | | [removed: 70] | | | [added: 70] | | |

| CRJ550 | | | | | | [removed: 50] [added: 80] | | | | | | [removed: 13] [added: 20] | | | | | | | | | | | | [removed: 37] [added: 60] | | | | | | [removed: GoJet: 46 SkyWest: 4] [added: GoJet SkyWest] | | | | | | [added: 54 26] | | | [removed: 50] | | | [added: 50] | | |

| CRJ200 | | | | | | [removed: 50] [added: 30] | | | | | | — | | | | | | | | | | | | [removed: 50] [added: 30] | | | | | | [removed: SkyWest: 50] [added: SkyWest] | | | | | | [added: 30] | | | [removed: 50] | | | [added: 50] | | |

| ERJ145XR | | | | | | [removed: 57] [added: 59] | | | | | | [removed: 57] [added: 59] | | | | | | | | | | | | — | | | | | | [removed: CommuteAir: 57] [added: CommuteAir] | | | | | | [added: 59] | | | [removed: 50] | | | [added: 50] | | |

In addition to the aircraft presented in the table above, United owned [removed: or leased] the following regional aircraft as of December 31, [removed: 2024:][added: 2025:]

- [removed: 6 CRJ550s, 5 E175s and 38] [added: 29] ERJ145XRs that are temporarily grounded; and

- [removed: 8] [added: Two] CRJ700s awaiting conversion to CRJ550s.

Firm Order and Option Aircraft. As of December 31, [removed: 2024,] [added: 2025,] United had firm commitments to purchase aircraft from Boeing and Airbus presented in the table below:

| | | | | | | | | | | | | Contractual Aircraft Deliveries | | | | | | | | | | | | | | | | | | Expected Aircraft Deliveries (b) | | | | | | | | | | | | | | | [added: | | |]

| Aircraft Type | | | | | | Number of Firm Commitments (a) | | | | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | After [removed: 2026] [added: 2027] | | | | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | After [removed: 2026] [added: 2027] | | | [added: | | |]

| 737 MAX [removed: 8] [added: 9] | | | | | | [removed: 16] [added: 103] | | | | | | [removed: 16] [added: 103] | | | | | | — | | | | | | — | | | | | | [removed: 16] [added: 76] | | | | | | [removed: —] [added: 27] | | | | | | — | | | [added: | | |]

| 737 MAX 10 | | | | | | 167 | | | | | | [removed: —] [added: 3] | | | | | | [removed: 3] [added: 44] | | | | | | [removed: 164] [added: 120] | | | | | | — | | | | | | [removed: —] [added: 21] | | | | | | [removed: 167] [added: 146] | | | [added: | | |]

| A321XLR | | | | | | 50 | | | | | | [removed: —] [added: 8] | | | | | | [removed: 12] [added: 26] | | | | | | [removed: 38] [added: 16] | | | | | | [removed: —] [added: 8] | | | | | | [removed: 9] [added: 16] | | | | | | [removed: 41] [added: 26] | | | [added: | | |]

| A350 | | | | | | 45 | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | [removed: 45] [added: —] | | | [added: | | |]

| (a) United also has options and purchase rights for additional aircraft. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | |]

| (b) Expected aircraft deliveries reflect adjustments communicated by Boeing and Airbus or estimated by United. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | |]

The aircraft listed in the table above are scheduled for delivery through [removed: 2033.][added: 2034.]

[removed: Facilities.] United leases gates, hangar sites, terminal buildings and other airport facilities in the municipalities it [removed: serves.][added: serves with lease expiration dates ranging from 2026 through 2057.]

| Total mainline | | | | | | 1,066 | | | | | | 958 | | | | | | 108 | | | | | | | | | | | | 15.3 | | |

| E175 | | | | | | 241 | | | | | | 117 | | | | | | | | | | | | 124 | | | | | | SkyWest Mesa Republic | | | | | | 119 60 62 | | | | | | 70/76 | | |

| Total regional | | | | | | 424 | | | | | | 196 | | | | | | | | | | | | 228 | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 787 | | | | | | 150 | | | | | | 48 | | | | | | 9 | | | | | | 93 | | | | | | 20 | | | | | | 26 | | | | | | 104 | | | | | |

| A321neo | | | | | | 119 | | | | | | 18 | | | | | | 1 | | | | | | 100 | | | | | | 16 | | | | | | 3 | | | | | | 100 | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total mainline | | | | | | 994 | | | | | | 854 | | | | | | 140 | | | | | | | | | | | | 15.8 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| E175 | | | | | | 217 | | | | | | 102 | | | | | | | | | | | | 115 | | | | | | SkyWest: 111 Mesa: 55 Republic: 51 | | | | | | | | | 70/76 | | | | | |

| CRJ900 | | | | | | 6 | | | | | | — | | | | | | | | | | | | 6 | | | | | | Mesa: 6 | | | | | | | | | 76 | | | | | |

| Total regional | | | | | | 412 | | | | | | 172 | | | | | | | | | | | | 240 | | | | | | | | | | | | | | | | | | | | |

| 787 | | | | | | 147 | | | | | | 28 | | | | | | 17 | | | | | | 102 | | | | | | 9 | | | | | | 20 | | | | | | 118 | | |

| 737 MAX 9 | | | | | | 138 | | | | | | 68 | | | | | | 70 | | | | | | — | | | | | | 28 | | | | | | 48 | | | | | | 62 | | |

| A321neo | | | | | | 101 | | | | | | 23 | | | | | | 16 | | | | | | 62 | | | | | | 20 | | | | | | 17 | | | | | | 64 | | |

As of February [removed: 24, 2025,] [added: 5, 2026,] there were [removed: 5,363] [added: 4,218] holders of record of UAL common stock.

There were no cash dividend payments during the year ended December 31, [removed: 2024] [added: 2025] and we do not expect to pay cash dividends in the foreseeable future.

The following table presents information with respect to the Company's repurchases of UAL common stock during the quarter ended December 31, [removed: 2024:][added: 2025:]

| (a) On October 15, 2024, the Company announced that its Board 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 Warrants, subject to a limit of $500 million in the aggregate through 2024. As of February [removed: 24, 2025,] [added: 5, 2026,] the dollar value of the shares that may yet be purchased under the program is approximately [removed: $1.3] [added: $0.8] billion. See Note 3 to the financial statements included in Part II, Item 8 of this report for additional information on the share repurchase program. | | | | | | | | | | | | | | | | | | | | | | | | | | |

The following graph compares the cumulative total stockholder return during the period from December 31, [removed: 2019] [added: 2020] to December 31, [removed: 2024] [added: 2025] of UAL common stock to the Standard and Poor's 500 Index ("SPX") and the NYSE Arca Airline Index ("XAL").

The comparison assumes $100 was invested on December 31, [removed: 2019] [added: 2020] in UAL common stock and in each of the foregoing indices and assumes that all dividends were reinvested.

][added: Chart Saved as JPEG.jpg](https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231_g2.jpg)]

| October 1 - 31 | | | | | | 75,844 | | | | | | $ | 96.89 | | | | | 75,844 | | | | | | $ | 803 | |

| November 1 - 30 | | | | | | 149,835 | | | | | | 94.91 | | | | | | 149,835 | | | | | | 789 | | |

| December 1 - 31 | | | | | | 58,919 | | | | | | 107.61 | | | | | | 58,919 | | | | | | 782 | | |

| Total | | | | | | 284,598 | | | | | | | | | | | | 284,598 | | | | | | | | |

| October 1 - 31 | | | | | | 575,405 | | | | | | $ | 75.02 | | | | | 575,405 | | | | | | $ | 1,457 | |

| November 1 - 30 | | | | | | 296,796 | | | | | | 86.60 | | | | | | 296,796 | | | | | | 1,431 | | |

| December 1 - 31 | | | | | | 124,875 | | | | | | 97.29 | | | | | | 124,875 | | | | | | 1,419 | | |

| Total | | | | | | 997,076 | | | | | | | | | | | | 997,076 | | | | | | | | |

| [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#iafb0f4a3798e4b22a55b9fa82e332119_67)] [added: ID:](#i58162399576e4fb8b3894b993dca610a_70)] 42) | | | [removed: [50](#iafb0f4a3798e4b22a55b9fa82e332119_67)] [added: [52](#i58162399576e4fb8b3894b993dca610a_70)] | | |

| [United Airlines Holdings, [removed: Inc.:](#iafb0f4a3798e4b22a55b9fa82e332119_73)] [added: Inc.:](#i58162399576e4fb8b3894b993dca610a_76)] | | | | | |

| [Statements of Consolidated [removed: Operations](#iafb0f4a3798e4b22a55b9fa82e332119_76)] [added: Operations](#i58162399576e4fb8b3894b993dca610a_79)] | | | [removed: [54](#iafb0f4a3798e4b22a55b9fa82e332119_76)] [added: [56](#i58162399576e4fb8b3894b993dca610a_79)] | | |

| [Statements of Consolidated Comprehensive Income [removed: (Loss)](#iafb0f4a3798e4b22a55b9fa82e332119_79)] [added: (Loss)](#i58162399576e4fb8b3894b993dca610a_82)] | | | [removed: [55](#iafb0f4a3798e4b22a55b9fa82e332119_79)] [added: [57](#i58162399576e4fb8b3894b993dca610a_82)] | | |

| [Consolidated Balance [removed: Sheets](#iafb0f4a3798e4b22a55b9fa82e332119_82)] [added: Sheets](#i58162399576e4fb8b3894b993dca610a_85)] | | | [removed: [56](#iafb0f4a3798e4b22a55b9fa82e332119_82)] [added: [58](#i58162399576e4fb8b3894b993dca610a_85)] | | |

| [Statements of Consolidated Cash [removed: Flows](#iafb0f4a3798e4b22a55b9fa82e332119_85)] [added: Flows](#i58162399576e4fb8b3894b993dca610a_91)] | | | [removed: [57](#iafb0f4a3798e4b22a55b9fa82e332119_85)] [added: [59](#i58162399576e4fb8b3894b993dca610a_91)] | | |

| [Statement of Consolidated Stockholders' [removed: Equity](#iafb0f4a3798e4b22a55b9fa82e332119_88)] [added: Equity](#i58162399576e4fb8b3894b993dca610a_94)] | | | [removed: [58](#iafb0f4a3798e4b22a55b9fa82e332119_88)] [added: [60](#i58162399576e4fb8b3894b993dca610a_94)] | | |

| [United Airlines, [removed: Inc.:](#iafb0f4a3798e4b22a55b9fa82e332119_91)] [added: Inc.:](#i58162399576e4fb8b3894b993dca610a_97)] | | | | | |

| [Statements of Consolidated [removed: Operations](#iafb0f4a3798e4b22a55b9fa82e332119_94)] [added: Operations](#i58162399576e4fb8b3894b993dca610a_100)] | | | [removed: [59](#iafb0f4a3798e4b22a55b9fa82e332119_94)] [added: [61](#i58162399576e4fb8b3894b993dca610a_100)] | | |

| [Statements of Consolidated Comprehensive Income [removed: (Loss)](#iafb0f4a3798e4b22a55b9fa82e332119_97)] [added: (Loss)](#i58162399576e4fb8b3894b993dca610a_103)] | | | [removed: [60](#iafb0f4a3798e4b22a55b9fa82e332119_97)] [added: [62](#i58162399576e4fb8b3894b993dca610a_103)] | | |

| [Consolidated Balance [removed: Sheets](#iafb0f4a3798e4b22a55b9fa82e332119_100)] [added: Sheets](#i58162399576e4fb8b3894b993dca610a_106)] | | | [removed: [61](#iafb0f4a3798e4b22a55b9fa82e332119_100)] [added: [63](#i58162399576e4fb8b3894b993dca610a_106)] | | |

| [Statements of Consolidated Cash [removed: Flows](#iafb0f4a3798e4b22a55b9fa82e332119_103)] [added: Flows](#i58162399576e4fb8b3894b993dca610a_112)] | | | [removed: [62](#iafb0f4a3798e4b22a55b9fa82e332119_103)] [added: [64](#i58162399576e4fb8b3894b993dca610a_112)] | | |

| [Statement of Consolidated Stockholder's [removed: Equity](#iafb0f4a3798e4b22a55b9fa82e332119_106)] [added: Equity](#i58162399576e4fb8b3894b993dca610a_115)] | | | [removed: [63](#iafb0f4a3798e4b22a55b9fa82e332119_106)] [added: [65](#i58162399576e4fb8b3894b993dca610a_115)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#iafb0f4a3798e4b22a55b9fa82e332119_109)] [added: Statements](#i58162399576e4fb8b3894b993dca610a_118)] | | | [removed: [64](#iafb0f4a3798e4b22a55b9fa82e332119_109)] [added: [66](#i58162399576e4fb8b3894b993dca610a_118)] | | |

| [Note 1 - Basis of Presentation and Significant Accounting [removed: Policies](#iafb0f4a3798e4b22a55b9fa82e332119_115)] [added: Policies](#i58162399576e4fb8b3894b993dca610a_121)] | | | [removed: [64](#iafb0f4a3798e4b22a55b9fa82e332119_115)] [added: [66](#i58162399576e4fb8b3894b993dca610a_121)] | | |

| [Note 2 - [removed: Revenue](#iafb0f4a3798e4b22a55b9fa82e332119_1699) [Recognition](#iafb0f4a3798e4b22a55b9fa82e332119_1699)] [added: Revenue Recognition](#i58162399576e4fb8b3894b993dca610a_127)] | | | [removed: [68](#iafb0f4a3798e4b22a55b9fa82e332119_1699)] [added: [70](#i58162399576e4fb8b3894b993dca610a_127)] | | |

| [Note 3 - Common Stockholders' Equity and Preferred [removed: Securities](#iafb0f4a3798e4b22a55b9fa82e332119_121)] [added: Securities](#i58162399576e4fb8b3894b993dca610a_130)] | | | [removed: [71](#iafb0f4a3798e4b22a55b9fa82e332119_121)] [added: [73](#i58162399576e4fb8b3894b993dca610a_130)] | | |

| [Note 4 - Earnings Per [removed: Share](#iafb0f4a3798e4b22a55b9fa82e332119_124)] [added: Share](#i58162399576e4fb8b3894b993dca610a_133)] | | | [removed: [72](#iafb0f4a3798e4b22a55b9fa82e332119_124)] [added: [74](#i58162399576e4fb8b3894b993dca610a_133)] | | |

| [Note 5 - Share-Based Compensation [removed: Plans](#iafb0f4a3798e4b22a55b9fa82e332119_127)] [added: Plans](#i58162399576e4fb8b3894b993dca610a_136)] | | | [removed: [72](#iafb0f4a3798e4b22a55b9fa82e332119_127)] [added: [74](#i58162399576e4fb8b3894b993dca610a_136)] | | |

| [Note 6 - Accumulated Other Comprehensive Income (Loss) [removed: ("AOCI")](#iafb0f4a3798e4b22a55b9fa82e332119_133)] [added: ("AOCI")](#i58162399576e4fb8b3894b993dca610a_142)] | | | [removed: [74](#iafb0f4a3798e4b22a55b9fa82e332119_133)] [added: [76](#i58162399576e4fb8b3894b993dca610a_142)] | | |

| [Note 7 - Income [removed: Taxes](#iafb0f4a3798e4b22a55b9fa82e332119_136)] [added: Taxes](#i58162399576e4fb8b3894b993dca610a_145)] | | | [removed: [74](#iafb0f4a3798e4b22a55b9fa82e332119_136)] [added: [76](#i58162399576e4fb8b3894b993dca610a_145)] | | |

| [Note 8 - Pension, Postretirement and Other Employee Benefit [removed: Plans](#iafb0f4a3798e4b22a55b9fa82e332119_139)] [added: Plans](#i58162399576e4fb8b3894b993dca610a_148)] | | | [removed: [75](#iafb0f4a3798e4b22a55b9fa82e332119_139)] [added: [78](#i58162399576e4fb8b3894b993dca610a_148)] | | |

| [Note 9 - Fair Value Measurements, Investments and Notes [removed: Receivable](#iafb0f4a3798e4b22a55b9fa82e332119_145)] [added: Receivable](#i58162399576e4fb8b3894b993dca610a_151)] | | | [removed: [81](#iafb0f4a3798e4b22a55b9fa82e332119_145)] [added: [84](#i58162399576e4fb8b3894b993dca610a_151)] | | |

| [Note 12 - Commitments, [removed: Contingencies](#iafb0f4a3798e4b22a55b9fa82e332119_160) [and Guarantees](#iafb0f4a3798e4b22a55b9fa82e332119_160)] [added: Contingencies and Guarantees](#i58162399576e4fb8b3894b993dca610a_160)] | | | [removed: [86](#iafb0f4a3798e4b22a55b9fa82e332119_160)] [added: [90](#i58162399576e4fb8b3894b993dca610a_160)] | | |

| [Note 13 - Special [removed: Charges](#iafb0f4a3798e4b22a55b9fa82e332119_166)] [added: Charges (Credits)](#i58162399576e4fb8b3894b993dca610a_166)] | | | [removed: [89](#iafb0f4a3798e4b22a55b9fa82e332119_166)] [added: [92](#i58162399576e4fb8b3894b993dca610a_166)] | | |

We have audited the accompanying consolidated balance sheets of United Airlines Holdings, Inc. (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related statements of consolidated operations, comprehensive income (loss), stockholders' equity and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February [removed: 27, 2025,] [added: 12, 2026,] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | | | | As discussed in Note 1 of the consolidated financial statements, indefinite-lived assets are reviewed for impairment on an annual basis as of October 1, or more frequently if events or circumstances indicate that the asset may be impaired. For the Company's China route authority, the Company performed a quantitative assessment which involved determining the fair value of the asset and comparing that amount to the asset’s carrying value. At December 31, [removed: 2024,] [added: 2025,] the carrying value of the Company's China route authority indefinite-lived intangible asset (the China intangible asset) was $1.0 billion. | | |

We have audited the accompanying consolidated balance sheets of United Airlines, Inc. (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related statements of consolidated operations, comprehensive income (loss), stockholder's equity and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "consolidated financial statements").

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Passenger revenue | | | $ | [removed: 51,829] [added: 53,438] | | | | | $ | [removed: 49,046] [added: 51,829] | | | | | $ | [removed: 40,032] [added: 49,046] | |

| Cargo [added: revenue] | | | [removed: 1,743] [added: 1,779] | | | | | | [removed: 1,495] [added: 1,743] | | | | | | [removed: 2,171] [added: 1,495] | | |

| Other operating revenue | | | [removed: 3,491] [added: 3,853] | | | | | | [removed: 3,176] [added: 3,491] | | | | | | [removed: 2,752] [added: 3,176] | | |

| Total operating revenue | | | [removed: 57,063] [added: 59,070] | | | | | | [removed: 53,717] [added: 57,063] | | | | | | [removed: 44,955] [added: 53,717] | | |

| Salaries and related costs | | | [removed: 16,678] [added: 17,647] | | | | | | [removed: 14,787] [added: 16,678] | | | | | | [removed: 11,466] [added: 14,787] | | |

| Aircraft fuel | | | [removed: 11,756] [added: 11,396] | | | | | | [removed: 12,651] [added: 11,756] | | | | | | [removed: 13,113] [added: 12,651] | | |

| Landing fees and other rent | | | [removed: 3,437] [added: 3,849] | | | | | | [removed: 3,076] [added: 3,437] | | | | | | [removed: 2,576] [added: 3,076] | | |

| Aircraft maintenance materials and outside repairs | | | [removed: 3,063] [added: 3,294] | | | | | | [removed: 2,736] [added: 3,063] | | | | | | [removed: 2,153] [added: 2,736] | | |

| Depreciation and amortization | | | [removed: 2,928] [added: 2,939] | | | | | | [removed: 2,671] [added: 2,928] | | | | | | [removed: 2,456] [added: 2,671] | | |

| [Note 10 - Debt](#i58162399576e4fb8b3894b993dca610a_154) | | | [86](#i58162399576e4fb8b3894b993dca610a_154) | | |

| [Note 11 - Leases](#i58162399576e4fb8b3894b993dca610a_157) | | | [87](#i58162399576e4fb8b3894b993dca610a_157) | | |

| February 12, 2026 | | | | | | | | |

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

| *Description of the Matter* | | | | | | As discussed in Note 1 of the consolidated financial statements, indefinite-lived assets are reviewed for impairment on an annual basis as of October 1, or more frequently if events or circumstances indicate that the asset may be impaired. For the Company's China route authority, the Company performed a quantitative assessment which involved determining the fair value of the asset and comparing that amount to the asset's carrying value. At December 31, 2025, the carrying value of the Company's China route authority indefinite-lived intangible asset (the China intangible asset) was $1.0 billion. | | |

| February 12, 2026 | | | | | | | | |

| Net income | | | $ | 3,353 | | | | | $ | 3,149 | | | | | $ | 2,618 | |

| Net income | | | $ | 3,353 | | | | | $ | 3,149 | | | | | $ | 2,618 | |

| Depreciation and amortization | | | 2,939 | | | | | | 2,928 | | | | | | 2,671 | | |

| Operating leases converted to finance leases | | | 417 | | | | | | 239 | | | | | | 295 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (140) | | | | | | (140) | | |

| Repurchases of common stock | | | (8.1) | | | | | | — | | | | | | — | | | | | | (641) | | | | | | — | | | | | | — | | | | | | (641) | | |

| Stock issued for settlement of Warrants | | | 1.8 | | | | | | — | | | | | | (99) | | | | | | 133 | | | | | | (34) | | | | | | — | | | | | | — | | |

| Balance at December 31, 2025 | | | 323.5 | | | | | | $ | 4 | | | | | $ | 8,911 | | | | | $ | (3,773) | | | | | $ | 10,092 | | | | | $ | 48 | | | | | $ | 15,282 | |

| Passenger revenue | | | $ | 53,438 | | | | | $ | 51,829 | | | | | $ | 49,046 | |

| Cargo revenue | | | 1,779 | | | | | | 1,743 | | | | | | 1,495 | | |

| Other operating revenue | | | 3,853 | | | | | | 3,491 | | | | | | 3,176 | | |

| Total operating revenue | | | 59,070 | | | | | | 57,063 | | | | | | 53,717 | | |

| Salaries and related costs | | | 17,647 | | | | | | 16,678 | | | | | | 14,787 | | |

| Aircraft fuel | | | 11,396 | | | | | | 11,756 | | | | | | 12,651 | | |

| Landing fees and other rent | | | 3,849 | | | | | | 3,437 | | | | | | 3,076 | | |

| Aircraft maintenance materials and outside repairs | | | 3,294 | | | | | | 3,063 | | | | | | 2,736 | | |

| Depreciation and amortization | | | 2,939 | | | | | | 2,928 | | | | | | 2,671 | | |

| Regional capacity purchase | | | 2,693 | | | | | | 2,516 | | | | | | 2,400 | | |

| Distribution expenses | | | 2,109 | | | | | | 2,231 | | | | | | 1,977 | | |

| Aircraft rent | | | 252 | | | | | | 193 | | | | | | 197 | | |

| Special charges | | | 259 | | | | | | 112 | | | | | | 949 | | |

| Interest expense | | | (1,373) | | | | | | (1,629) | | | | | | (1,956) | | |

| Interest income | | | 611 | | | | | | 726 | | | | | | 827 | | |

| Interest capitalized | | | 206 | | | | | | 227 | | | | | | 182 | | |

| Unrealized gains (losses) on investments, net | | | 4 | | | | | | (199) | | | | | | 27 | | |

| Miscellaneous, net | | | 144 | | | | | | (53) | | | | | | 96 | | |

| Total nonoperating expense, net | | | (408) | | | | | | (928) | | | | | | (824) | | |

| Net income | | | $ | 3,355 | | | | | $ | 3,151 | | | | | $ | 2,620 | |

| Employee benefit plans | | | (148) | | | | | | 247 | | | | | | (261) | | |

| Investments and other | | | 8 | | | | | | 3 | | | | | | 24 | | |

| Total other comprehensive income (loss), net of tax | | | (140) | | | | | | 250 | | | | | | (237) | | |

| ASSETS | | | 2025 | | | | | | 2024 | | |

| Short-term investments | | | 6,298 | | | | | | 5,706 | | |

| Receivables, net | | | 2,391 | | | | | | 2,163 | | |

| [Note 10 - Debt](#iafb0f4a3798e4b22a55b9fa82e332119_1819) | | | [83](#iafb0f4a3798e4b22a55b9fa82e332119_1819) | | |

| [Note 11 - Leases](#iafb0f4a3798e4b22a55b9fa82e332119_154) | | | [84](#iafb0f4a3798e4b22a55b9fa82e332119_154) | | |

| February 27, 2025 | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | |

| Lease modifications and lease conversions | | | 290 | | | | | | 546 | | | | | | (84) | | |

| Balance at December 31, 2021 | | | 323.8 | | | | | | $ | 4 | | | | | $ | 9,156 | | | | | $ | (3,814) | | | | | $ | 625 | | | | | $ | (942) | | | | | $ | 5,029 | |

| Increase in intercompany receivables | | | (186) | | | | | | (33) | | | | | | (76) | | |

| Balance at December 31, 2021 | | | $ | 317 | | | | | $ | 2,977 | | | | | $ | (942) | | | | | $ | 2,646 | | | | | $ | 4,998 | |

| Other comprehensive income | | | — | | | | | | — | | | | | | 1,117 | | | | | | — | | | | | | 1,117 | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Non-travel mileage redemption expenses are recorded to Other operating revenue.

availability of new information, the lapsing of applicable statutes of limitation, the conclusion of tax audits, the measurement of additional estimated liability, the identification of new tax matters, the release of administrative tax guidance affecting its estimates of tax liabilities, or the rendering of relevant court decisions.

This ASU becomes effective for us on January 1, 2025.

To determine ticket breakage, the Company uses its historical experience with expired tickets and certificates and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns.

changes to the deferred revenue balance as well as recognized revenues from the program.

As of December 31, 2024, the Company had the below Warrants outstanding:

| Warrant Description | | | | | | | | | Number of Shares of UAL Common Stock | | | | | | Exercise Price | | | | | | Expiration Dates | | | | | | | | |

| PSP2 Warrants | | | | | | | | | 2,011,924 | | | | | | $ | 43.26 | | | | | 1/15/2026 | | | — | | | 4/29/2026 | | |

| PSP3 Warrants | | | | | | | | | 1,501,790 | | | | | | 53.92 | | | | | | 4/29/2026 | | | — | | | 6/10/2026 | | |

| RSUs | | | | | | $ | 110 | | | | | 1.5 | | |

| Outstanding at December 31, 2021 | | | | | | 0.2 | | | | | | 4.4 | | | | | | $ | 53.63 | |

| Granted | | | | | | 0.1 | | | | | | 2.3 | | | | | | 31.96 | | |

| Additional issuance due to achievement of performance metrics | | | | | | — | | | | | | 1.6 | | | | | | 58.17 | | |

| Vested | | | | | | (0.2) | | | | | | (4.8) | | | | | | 56.00 | | |

| Forfeited | | | | | | — | | | | | | (0.2) | | | | | | 53.03 | | |

| Balance at December 31, 2021 | | | | | | $ | (847) | | | | | $ | — | | | | | $ | (95) | | | | | $ | (942) | |

| Nondeductible employee meals | | | | | | 16 | | | | | | 15 | | | | | | 12 | | |

| Nondeductible transportation fringe benefit | | | | | | 16 | | | | | | 13 | | | | | | 10 | | |

| Less: Valuation allowance | | | | | | (208) | | | | | | (179) | | | | | | (208) | | | | | | (179) | | |

| Intangibles | | | | | | (619) | | | | | | (632) | | | | | | (619) | | | | | | (632) | | |

The changes in unrecognized tax benefits relating to settlements with taxing authorities, unrecognized tax benefits as a result of tax positions taken during a prior period and unrecognized tax benefits relating from a lapse of the statute of limitations were immaterial during 2024, 2023 and 2022.

The Company does not expect significant increases or decreases in their unrecognized tax benefits within the next 12 months.

The 2024 actuarial gains were mainly related to discount rate changes in 2024.

| Other | | | — | | | | | | 6 | | |

| Total liability | | | $ | (714) | | | | | $ | (951) | |

| Plan participants' contributions | | | 65 | | | | | | 67 | | |

| Other | | | 1 | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 5 | | | | | | — | | |

The Company's expected Net periodic benefit cost (credit) for 2025 is as follows (in millions):

Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer of UAL and United have concluded that as of December 31, [removed: 2024,] [added: 2025,] disclosure controls and procedures were effective.

Ernst & Young LLP, an independent registered public accounting firm, has audited the Company's financial statements included in this Form 10-K and issued its report on the effectiveness of the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] which is included herein.

Changes in Internal Control over Financial Reporting during the Quarter Ended December 31, [removed: 2024][added: 2025]

During the three months ended December 31, [removed: 2024,] [added: 2025,] there was no change in UAL's or United's internal control over financial reporting that materially affected, or is reasonably likely to materially affect, their internal control over financial reporting.

We have audited United Airlines Holdings, Inc.'s (the "Company") internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the "COSO criteria").

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the [removed: 2024] [added: 2025] consolidated financial statements and our report dated February [removed: 27, 2025] [added: 12, 2026] expressed an unqualified opinion thereon.

Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the design and operating effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

Under the supervision and with the participation of management, including United's Chief Executive Officer and Chief Financial Officer, United conducted an evaluation of the design and operating effectiveness of its internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this evaluation, United's Chief Executive Officer and Chief Financial Officer concluded that its internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

February 12, 2026

February 12, 2026

February 12, 2026

February 27, 2025

(b)During the three months ended December 31, [removed: 2024,] [added: 2025,] no 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.

Reference is made to the [removed: 2025] [added: 2026] Proxy Statement with respect to information about UAL's directors under the principal heading "Item 1 – Election of Directors", including under the subheadings "Director Biographical information" and "Director Qualifications", and information about UAL's corporate governance under the subheadings "Board Selection and Election" and "How the Board is Organized" under the principal heading "Board and Corporate Governance Matters" in the [removed: 2025] [added: 2026] Proxy Statement, which is incorporated herein by reference and made a part hereof in response to the information required by Item 10 with respect to UAL.

Reference is made to information with respect to UAL's non-compliance with Section 16(a) of the Exchange Act, if applicable, under the subheading "Delinquent Section 16(a) Reports" under the principal heading "Securities Ownership" in the [removed: 2025] [added: 2026] Proxy Statement, which is incorporated herein by reference and made a part hereof in response to the information required by Item 10 with respect to UAL.

A copy of the United Airlines Holdings, Inc. Securities Trading Policy is filed as Exhibit [removed: 19.1] [added: 19] to this report.

Reference is made to the [removed: 2025] [added: 2026] Proxy Statement with respect to information about UAL's executive and director compensation and certain related matters, which is incorporated herein by reference and made a part hereof in response to the information required by Item 11 with respect to UAL.

Reference is made to the [removed: 2025] [added: 2026] Proxy Statement with respect to the security ownership of certain beneficial owners and management and certain equity compensation plan information, which is incorporated herein by reference and made a part hereof in response to the information required by Item 12 with respect to UAL.