Item 1A. RISK FACTORS

See Part I, Item 1A. Risk Factors of the 2024 Form 10-K for a discussion of the risk factors affecting UAL and United.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) None.

(b) None.

The following table presents information with respect to the Company's repurchases of its UAL common stock during the quarter ended June 30, 2025:


Table of Contents


Period	(a) Total number of shares (or units) purchased	(b) Average price paid per share (or unit)		Total number of shares (or units) purchased as part of publicly announced plans or programs	(a) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (in millions)
April 1-30	2,678,987	$	62.78	2,678,987	$	896
May 1-31	475,951	76.21		475,951	859
June 1-30	388,842	77.87		388,842	829
Total	3,543,780			3,543,780

(a) On October 15, 2024, the Company announced that its Board of Directors 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 certain warrants to purchase UAL common stock. Under the share repurchase program, we have repurchased a total of approximately 8.7 million shares of UAL common stock for a total investment of approximately $0.7 billion as of July 10, 2025. See Note 3 to the financial statements in Part I, Item 1 of this report and Note 3 to the financial statements in Part II, Item 8 of the 2024 Form 10-K for additional information on the share repurchase program.
(b) Average price paid per share is calculated on a settlement basis and excludes commission and taxes.