Item 1. FINANCIAL STATEMENTS.

UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)

(In millions, except per share amounts)

			Three Months Ended March 31,
			2026						2025
Operating revenue:
Passenger revenue			$	13,166					$	11,860
Cargo revenue			422						429
Other operating revenue			1,020						923
Total operating revenue			14,608						13,213
Operating expense:
Salaries and related costs			4,562						4,155
Aircraft fuel			3,041						2,701
Landing fees and other rent			948						873
Aircraft maintenance materials and outside repairs			854						731
Depreciation and amortization			756						727
Regional capacity purchase			692						650
Distribution expenses			522						496
Aircraft rent			83						51
Special charges (credits)			(389)						(108)
Other operating expenses			2,542						2,326
Total operating expense			13,611						12,605
Operating income			997						607
Nonoperating income (expense):
Interest expense			(327)						(356)
Interest income			135						164
Interest capitalized			54						48
Unrealized losses on investments, net			(13)						(21)
Miscellaneous, net			24						36
Total nonoperating expense, net			(127)						(129)
Income before income taxes			870						478
Income tax expense			172						91
Net income			$	699					$	387
Earnings per share, basic			$	2.16					$	1.18
Earnings per share, diluted			$	2.14					$	1.16

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

			Three Months Ended March 31,
			2026						2025
Net income			$	699					$	387
Other comprehensive income (loss), net of tax:
Employee benefit plans			(14)						(26)
Investments and other			(11)						3
Total other comprehensive loss, net of tax			(25)						(23)
Total comprehensive income, net			$	674					$	364

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except shares)

			March 31, 2026						December 31, 2025
ASSETS
Cash and cash equivalents			$	7,869					$	5,942
Short-term investments			6,298						6,298
Receivables, net			2,660						2,391
Aircraft fuel, spare parts and supplies, net			1,718						1,556
Prepaid expenses and other			847						671
Total current assets			19,392						16,857
Operating property and equipment, net			47,071						46,121
Operating lease right-of-use assets			5,740						4,958
Goodwill			4,527						4,527
Intangible assets, net			2,650						2,655
Investments in affiliates and other, net			1,561						1,330
Total noncurrent assets			61,549						59,591
Total assets			$	80,941					$	76,448
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable			$	5,377					$	4,567
Accrued salaries and benefits			3,071						3,900
Advance ticket sales			11,670						8,131
Frequent flyer deferred revenue			3,832						3,721
Current maturities of long-term debt, finance leases, and other financial liabilities			2,253						4,426
Current maturities of operating leases			748						631
Other			830						757
Total current liabilities			27,781						26,133
Long-term debt, finance leases, and other financial liabilities			21,940						20,562
Long-term obligations under operating leases			6,030						5,417
Frequent flyer deferred revenue			4,103						4,056
Pension and postretirement benefit liability			1,077						1,058
Deferred income taxes			2,617						2,463
Other			1,518						1,478
Total noncurrent liabilities			37,284						35,033
Commitments and contingencies
Stockholders' equity:
Preferred stock			—						—
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 324,603,702 and 323,470,682 shares at March 31, 2026 and December 31, 2025, respectively			4						4
Additional capital invested			8,843						8,911
Stock held in treasury, at cost			(3,724)						(3,773)
Retained earnings			10,730						10,092
Accumulated other comprehensive income			23						48
Total stockholders' equity			15,876						15,282
Total liabilities and stockholders' equity			$	80,941					$	76,448

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES HOLDINGS, INC.

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)

(In millions)

			Three Months Ended March 31,
			2026						2025
Operating Activities:
Net cash provided by operating activities			$	4,799					$	3,710
Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns			(1,672)						(1,233)
Purchases of short-term and other investments			(2,356)						(2,246)
Proceeds from sale of short-term and other investments			2,269						2,023
Proceeds from sale of property and equipment			9						29
Other, net			(144)						(35)
Net cash used in investing activities			(1,894)						(1,462)
Financing Activities:
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees			2,233						(3)
Payments of long-term debt, finance leases and other financial liabilities			(3,092)						(1,011)
Repurchases of common stock			(27)						(349)
Other, net			(90)						(94)
Net cash used in financing activities			(976)						(1,457)
Net increase in cash, cash equivalents and restricted cash			1,929						791
Cash, cash equivalents and restricted cash at beginning of the period			6,081						8,946
Cash, cash equivalents and restricted cash at end of the period (a)			$	8,011					$	9,737
Investing and Financing Activities Not Affecting Cash:
Right-of-use assets acquired or modified through operating leases			$	902					$	419
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities			23						(1)
Operating leases converted to finance leases			24						—
Investment interests received in exchange for loans, goods and services			50						—

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:

Cash and cash equivalents			$	7,869					$	9,370
Restricted cash in Prepaid expenses and other			—						200
Restricted cash in Investments in affiliates and other, net			142						167
Total cash, cash equivalents and restricted cash			$	8,011					$	9,737

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (UNAUDITED)

(In millions)

			Common Stock												Additional Capital Invested						Treasury Stock						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total
			Shares						Amount
Balance at December 31, 2025			323.5						$	4					$	8,911					$	(3,773)					$	10,092					$	48					$	15,282
Net income			—						—						—						—						699						—						699
Other comprehensive loss			—						—						—						—						—						(25)						(25)
Stock-settled share-based compensation			—						—						36						—						—						—						36
Repurchases of common stock			(0.3)						—						—						(27)						—						—						(27)
Stock issued for share-based awards, net of shares withheld for tax			1.4						—						(104)						76						(60)						—						(88)
Balance at March 31, 2026			324.6						$	4					$	8,843					$	(3,724)					$	10,730					$	23					$	15,876
Balance at December 31, 2024			327.9						$	4					$	8,980					$	(3,377)					$	6,880					$	188					$	12,675
Net income			—						—						—						—						387						—						387
Other comprehensive loss			—						—						—						—						—						(23)						(23)
Stock-settled share-based compensation			—						—						28						—						—						—						28
Repurchases of common stock			(3.8)						—						—						(356)						—						—						(356)
Share issued for settlement of warrants			1.8						—						(99)						133						(34)						—						—
Stock issued for share-based awards, net of shares withheld for tax			1.6						—						(96)						98						(96)						—						(94)
Balance at March 31, 2025			327.5						$	4					$	8,813					$	(3,502)					$	7,137					$	164					$	12,616

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES, INC.

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)

(In millions)

			Three Months Ended March 31,
			2026						2025
Operating revenue:
Passenger revenue			$	13,166					$	11,860
Cargo revenue			422						429
Other operating revenue			1,020						923
Total operating revenue			14,608						13,213
Operating expense:
Salaries and related costs			4,562						4,155
Aircraft fuel			3,041						2,701
Landing fees and other rent			948						873
Aircraft maintenance materials and outside repairs			854						731
Depreciation and amortization			756						727
Regional capacity purchase			692						650
Distribution expenses			522						496
Aircraft rent			83						51
Special charges (credits)			(389)						(108)
Other operating expenses			2,542						2,326
Total operating expense			13,611						12,605
Operating income			998						608
Nonoperating income (expense):
Interest expense			(327)						(356)
Interest income			135						164
Interest capitalized			54						48
Unrealized losses on investments, net			(13)						(21)
Miscellaneous, net			24						36
Total nonoperating expense, net			(127)						(129)
Income before income taxes			871						479
Income tax expense			172						91
Net income			$	699					$	388

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES, INC.

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In millions)

			Three Months Ended March 31,
			2026						2025
Net income			$	699					$	388
Other comprehensive income (loss), net of tax:
Employee benefit plans			(14)						(26)
Investments and other			(11)						3
Total other comprehensive loss, net of tax			(25)						(23)
Total comprehensive income, net			$	674					$	365

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions, except shares)

			March 31, 2026						December 31, 2025
ASSETS
Cash and cash equivalents			$	7,869					$	5,942
Short-term investments			6,298						6,298
Receivables, net			2,660						2,391
Aircraft fuel, spare parts and supplies, net			1,718						1,556
Prepaid expenses and other			847						671
Total current assets			19,392						16,857
Operating property and equipment, net			47,071						46,121
Operating lease right-of-use assets			5,740						4,958
Goodwill			4,527						4,527
Intangible assets, net			2,650						2,655
Investments in affiliates and other, net			1,561						1,330
Total noncurrent assets			61,549						59,591
Total assets			$	80,941					$	76,448
LIABILITIES AND STOCKHOLDER'S EQUITY
Accounts payable			$	5,377					$	4,567
Accrued salaries and benefits			3,071						3,900
Advance ticket sales			11,670						8,131
Frequent flyer deferred revenue			3,832						3,721
Current maturities of long-term debt, finance leases, and other financial liabilities			2,253						4,426
Current maturities of operating leases			748						631
Other			828						754
Total current liabilities			27,778						26,130
Long-term debt, finance leases, and other financial liabilities			21,940						20,562
Long-term obligations under operating leases			6,030						5,417
Frequent flyer deferred revenue			4,103						4,056
Pension and postretirement benefit liability			1,077						1,058
Deferred income taxes			2,647						2,493
Other			1,518						1,478
Total noncurrent liabilities			37,315						35,064
Commitments and contingencies
Stockholder's equity:
Common stock at par, $0.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at both March 31, 2026 and December 31, 2025			—						—
Additional capital invested			794						760
Retained earnings			13,541						12,842
Accumulated other comprehensive income			23						48
Payable to parent			1,489						1,604
Total stockholder's equity			15,848						15,254
Total liabilities and stockholder's equity			$	80,941					$	76,448

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES, INC.

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)

(In millions)

			Three Months Ended March 31,
			2026						2025
Operating Activities:
Net cash provided by operating activities			$	4,684					$	3,267
Investing Activities:
Capital expenditures, net of flight equipment purchase deposit returns			(1,672)						(1,233)
Purchases of short-term and other investments			(2,356)						(2,246)
Proceeds from sale of short-term and other investments			2,269						2,023
Proceeds from sale of property and equipment			9						29
Other, net			(144)						(35)
Net cash used in investing activities			(1,894)						(1,462)
Financing Activities:
Proceeds from issuance of debt and other financial liabilities, net of discounts and fees			2,233						(3)
Payments of long-term debt, finance leases and other financial liabilities			(3,092)						(1,011)
Other, net			(2)						—
Net cash used in financing activities			(860)						(1,014)
Net increase in cash, cash equivalents and restricted cash			1,929						791
Cash, cash equivalents and restricted cash at beginning of the period			6,081						8,946
Cash, cash equivalents and restricted cash at end of the period (a)			$	8,011					$	9,737
Investing and Financing Activities Not Affecting Cash:
Right-of-use assets acquired or modified through operating leases			$	902					$	419
Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities			23						(1)
Operating leases converted to finance leases			24						—
Investment interests received in exchange for loans, goods and services			50						—

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:

Cash and cash equivalents			$	7,869					$	9,370
Restricted cash in Prepaid expenses and other			—						200
Restricted cash in Investments in affiliates and other, net			142						167
Total cash, cash equivalents and restricted cash			$	8,011					$	9,737

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES, INC.

STATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY (UNAUDITED)

(In millions)

			Additional Capital Invested						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						(Receivable from) Payable to Related Parties, Net						Total
Balance at December 31, 2025			$	760					$	12,842					$	48					$	1,604					$	15,254
Net income			—						699						—						—						699
Other comprehensive loss			—						—						(25)						—						(25)
Stock-settled share-based compensation			36						—						—						—						36
Impact of UAL share repurchase			—						—						—						(27)						(27)
Other			(1)						—						—						(89)						(90)
Balance at March 31, 2026			$	794					$	13,541					$	23					$	1,489					$	15,848
Balance at December 31, 2024			$	617					$	9,487					$	188					$	2,352					$	12,644
Net income			—						388						—						—						388
Other comprehensive loss			—						—						(23)						—						(23)
Stock-settled share-based compensation			28						—						—						—						28
Impact of UAL share repurchase			—						—						—						(349)						(349)
Other			—						—						—						(94)						(94)
Balance at March 31, 2025			$	645					$	9,875					$	164					$	1,909					$	12,593

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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UNITED AIRLINES HOLDINGS, INC.

UNITED AIRLINES, INC.

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION

United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company incorporated in Delaware and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United comprises substantially all of UAL's operating revenues, operating expenses, assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures, and any significant differences between the operations and results of UAL and United are separately disclosed and explained.

The Company's consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Some information and footnote disclosures normally included in financial statements have been condensed or omitted as permitted by the U.S. Securities and Exchange Commission (the "SEC"). The UAL and United financial statements should be read in conjunction with the information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K"). The financial statements include all adjustments, including normal recurring adjustments and other adjustments, which are considered necessary for a fair presentation of the Company's financial position and results of operations for the interim periods presented. The Company's quarterly financial data is subject to seasonal fluctuations, and its second and third quarter financial results have historically reflected higher travel demand than its first and fourth quarter financial results. Due to these fluctuations, quarterly financial results are not necessarily indicative of financial results for the entire year.

The Company consolidates variable interest entities when it determines that it is the primary beneficiary of those entities' operations. All material intercompany accounts and transactions have been eliminated in consolidation. Certain columns and rows within the financial statements and tables presented may not sum due to rounding. Per unit amounts have been calculated from the underlying whole-dollar amounts.

Segments. The Company manages its operations as one segment. The Company's chief executive officer is its chief operating decision maker ("CODM"). The CODM assesses performance of the Company and makes resource allocation decisions based on Net income as reported in the Company's statement of consolidated operations. The measure of segment assets is reported on the Company's consolidated balance sheets as Total assets.

NOTE 2 - REVENUE RECOGNITION

Revenue by Geography. The table below presents the Company's operating revenue by principal geographic region (in millions):

			Three Months Ended March 31,
			2026						2025
Domestic (U.S. and Canada)			$	8,848					$	8,034
Atlantic			2,241						1,899
Pacific			1,945						1,722
Latin America			1,575						1,557
Total			$	14,608					$	13,213

Advance ticket sales. In the three months ended March 31, 2026 and 2025, the Company recognized approximately $4.6 billion and $4.3 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods.

Ancillary services. The Company recognized approximately $1.2 billion and $1.0 billion of ancillary fees within passenger revenue in the three months ended March 31, 2026 and 2025, respectively.

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Frequent flyer deferred revenue. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):

						Three Months Ended March 31,
						2026						2025
Beginning Balance						$	7,777					$	7,441
Miles earned						1,034						919
Travel miles redeemed						(835)						(730)
Non-travel miles redeemed						(42)						(38)
Ending Balance						$	7,934					$	7,591

In the three months ended March 31, 2026 and 2025, the Company recognized, in Other operating revenue, $870 million and $774 million, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our MileagePlus co-brand agreement with JPMorgan Chase Bank, N.A. The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to Frequent flyer deferred revenue.

NOTE 3 - EARNINGS PER SHARE

The following table shows the computation of UAL's basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):

			Three Months Ended March 31,
			2026						2025
Earnings available to common stockholders			$	699					$	387
Basic weighted-average shares outstanding			323.9						327.7
Dilutive effect of stock Warrants			—						1.2
Dilutive effect of employee stock awards			2.9						4.1
Diluted weighted-average shares outstanding			326.8						333.0
Earnings per share, basic			$	2.16					$	1.18
Earnings per share, diluted			$	2.14					$	1.16

Anti-dilutive stock-based awards that were excluded from the calculations of diluted earnings per share were immaterial during the periods presented.

In 2020 and 2021, the Company issued to the United States Department of the Treasury (the "U.S. Treasury") warrants (the "Warrants") to purchase 9,928,349 shares of UAL common stock in connection with the Payroll Support Program established under Division A, Title IV, Subtitle B of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Payroll Support Program Extension established under Division N, Title IV, Subtitle A of the Consolidated Appropriations Act, 2021, the Payroll Support Program 3 established under Title VII, Subtitle C of the American Rescue Plan Act of 2021, and the Airline Loan Program established under Division A, Title IV, Subtitle A of the CARES Act. In 2024, the holder of the Warrants exercised 6,414,635 of the Warrants in a net share settlement for 2,043,906 shares of UAL common stock. In March 2025, the remaining 3,513,714 Warrants were exercised in a net share settlement for 1,801,430 shares of UAL common stock.

In the three months ended March 31, 2026 and 2025, the Company repurchased, through open market purchases, approximately 0.3 million and 4.0 million shares, respectively, of UAL common stock for a total of approximately $27 million and $356 million, respectively, as part of its share repurchase program. As of March 31, 2026, the dollar value of shares that may yet be purchased under the program was approximately $755 million.

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NOTE 4 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The table below presents the components of the Company's accumulated other comprehensive income (loss), net of tax ("AOCI") (in millions):

						Pension and Other Postretirement Liabilities						Investments and Other						Deferred Taxes (a)						Total
Balance at December 31, 2025						$	417					$	10					$	(379)					$	48
Changes in value						—						(12)						3						(9)
Amounts reclassified to earnings						(18)			(b)			(2)						4						(16)
Balance at March 31, 2026						$	399					$	(4)					$	(372)					$	23
Balance at December 31, 2024						$	607					$	—					$	(419)					$	188
Changes in value						(2)						4						—						2
Amounts reclassified to earnings						(31)			(b)			(1)						7						(25)
Balance at March 31, 2025						$	574					$	3					$	(412)					$	164
(a) Includes approximately $285 million of deferred income tax expense that will not be recognized in net income until the related pension and postretirement benefit obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations.
(b) This AOCI component is included in the computation of net periodic pension and other postretirement costs, specifically the following components: amortization of unrecognized (gain) loss, amortization of prior service credit and other. See Note 6 of this report for additional information on pensions and other postretirement liabilities.

NOTE 5 - INCOME TAXES

The Company's effective tax rates for the three months ended March 31, 2026 and 2025 were 19.7% and 19.0%, respectively. The provision for income taxes is based on the estimated annual effective tax rate, which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items.

NOTE 6 - PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The Company's net periodic benefit cost includes the following components for the three months ended March 31 (in millions):

						Pension Benefits												Other Postretirement Benefits												Affected Line Item in the Statements of Consolidated Operations
						2026						2025						2026						2025
Service cost						$	33					$	32					$	2					$	1					Salaries and related costs
Interest cost						64						61						7						8						Miscellaneous, net
Expected return on plan assets						(80)						(68)						—						—						Miscellaneous, net
Amortization of unrecognized (gain) loss						—						(2)						(7)						(8)						Miscellaneous, net
Amortization of prior service credit						—						—						(11)						(22)						Miscellaneous, net
Total						$	17					$	23					$	(9)					$	(21)

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NOTE 7 - FAIR VALUE MEASUREMENTS, INVESTMENTS AND NOTES RECEIVABLE

The table below presents the value of financial assets measured at fair value on a recurring basis in the Company's financial statements (in millions):

			March 31, 2026																								December 31, 2025
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	7,869					$	7,869					$	—					$	—					$	5,942					$	5,942					$	—					$	—
Restricted cash — noncurrent			142						142						—						—						139						139						—						—
Short-term investments:
Corporate debt			3,432						—						3,432						—						3,399						—						3,399						—
U.S. government and agency notes			2,533						—						2,533						—						2,465						—						2,465						—
Other fixed-income securities			333						—						333						—						433						—						433						—
Long-term investments:
Equity securities			123						123						—						—						34						34						—						—

Investments presented in the table above have the same fair value as their carrying amount.

Short-term investments — The short-term investments shown in the table above are classified as available-for-sale and have remaining maturities of less than two years.

Long-term investments: Equity securities — Represents equity and equity-linked securities (such as vested warrants) that comprise United's investments in Azul S.A. ("Azul"), Archer Aviation Inc. and Eve Holding, Inc. On February 17, 2026, United, Azul and certain of Azul's subsidiaries entered into an amended and restated investment agreement pursuant to which United agreed to subscribe for $100 million of American Depositary Shares ("ADS"), with each ADS initially representing 500,000 common shares, no par value, of Azul (and with each ADS representing 2 common shares, after taking into account a reverse stock split and ADS ratio change approved March 25, 2026). On February 20, 2026, Azul completed its reorganization process and consequently sold to United approximately 8.7% of the Azul shares issued and outstanding as of that date.

Other fair value information. The table below presents the carrying amounts and estimated fair values of financial instruments not presented in the table above (in millions). Carrying amounts include any related discounts, premiums and issuance costs.

			March 31, 2026																														December 31, 2025
			Carrying Amount						Fair Value																								Carrying Amount						Fair Value
									Total						Level 1						Level 2						Level 3												Total						Level 1						Level 2						Level 3
Long-term debt			$	20,627					$	20,781					$	—					$	13,388					$	7,393					$	21,266					$	21,489					$	—					$	14,030					$	7,458

Fair value of the financial instruments included in the tables above was determined as follows:

Description			Fair Value Methodology
Cash and cash equivalents and Restricted cash (current and non-current)			The carrying amounts of these assets approximate fair value.
Short-term and Long-term investments			Fair values are based on (a) the trading prices of the investment or similar instruments or (b) broker quotes obtained by third-party valuation services.
Long-term debt			Fair values are based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities.

Equity Method Investments. As of March 31, 2026, United holds investments, accounted for using the equity method, with a combined carrying amount of approximately $324 million, including the following:

• Republic Airways Holdings Inc. ("Republic Airways"). United holds an approximately 22% minority interest in Republic Airways, which is the parent company of Republic Airways Inc. ("Republic") and Mesa Airlines, Inc. ("Mesa"). In consideration for United's commitment to facilitate transactions related to the merger between Republic and Mesa on November 25, 2025, the Company received an additional 2,744,348 shares on February 3, 2026, or approximately 5.8% of Republic, for a total ownership interest of approximately 22% of the issued and outstanding common stock of Republic. This investment is subject to contractual transfer restrictions until May 2026. Republic

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currently operates 66 regional aircraft under capacity purchase agreements ("CPAs") with United that have terms through 2038 and Mesa operates 60 regional aircraft under a CPA with a term through 2036.

• CommuteAir LLC ("CommuteAir"). United owns a 40% minority ownership stake in CommuteAir. CommuteAir currently operates 57 regional aircraft under a CPA with United that has a term through 2028.

• United Airlines Ventures Sustainable Flight Fund (the "Fund"). United holds, through its corporate venture capital arm, United Airlines Ventures, Ltd., a 33% ownership interest in the Fund. The Fund is an investment vehicle designed to invest in start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with sustainable aviation fuel (SAF).

Other Investments. As of March 31, 2026, United has equity investments in a number of companies including a multinational airline holding company, an independent air carrier and others with emerging technologies and sustainable solutions. None of these investments have readily determinable fair values. These investments are recorded at cost less any impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of March 31, 2026, the carrying amount of these investments was $331 million.

Notes Receivable. As of March 31, 2026, the Company has $54 million of notes receivable, net of allowance for credit losses, the majority of which is from certain of its regional carriers. The current portions of the notes receivable are recorded in Receivables, net and the long-term portions are recorded in Investments in affiliates and other, net on the Company's consolidated balance sheets.

NOTE 8 - DEBT

As of March 31, 2026, the Company had $3.0 billion undrawn and available under its revolving credit facility.

The table below presents the Company's contractual principal payments (not including $131 million of unamortized debt discount, premiums and debt issuance costs) as of March 31, 2026 under then-outstanding long-term debt agreements (in millions):

						Last Nine Months of 2026						2027						2028						2029						2030						After 2030						Total
Contractual principal payments						$	1,370					$	1,910					$	1,814					$	3,949					$	2,486					$	9,229					$	20,758

Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, limit the ability of the Company and its subsidiaries, under certain circumstances, to incur additional indebtedness and pay dividends or repurchase stock. As of March 31, 2026, the Company was in compliance with its covenants under these debt agreements.

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 (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,

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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.

On February 24, 2026, United redeemed in full (the "Redemption") all $2.0 billion of aggregate principal amount of its outstanding 4.375% Senior Secured Notes due 2026 (the "Secured Notes"), issued pursuant to an indenture (the "Indenture"), dated as of April 21, 2021, among United, UAL and Wilmington Trust, National Association, as trustee and as collateral trustee. In connection with the Redemption, the Indenture was satisfied and discharged as to the Secured Notes. The Indenture remains in effect as to United's 4.625% Senior Secured Notes due 2029.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

Regional CPAs. During the three months ended March 31, 2026, United amended some of its CPAs with certain of its regional carriers to modify the terms for certain aircraft and amend the contractually agreed fees paid to those carriers. Our future commitments under our CPAs are dependent on numerous variables, and are, therefore, difficult to predict. The most important of these variables is the number of scheduled block hours. Although we are not required to purchase a minimum number of block hours under certain of our CPAs, we do have contractual minimum utilization levels in other CPAs and we have set forth below estimates of our future payments under the CPAs based on our current assumptions. The actual amounts we pay to our regional operators under CPAs could differ materially from these estimates. United's estimates of its future payments under all of the CPAs do not include the portion of the underlying obligation for any aircraft leased to a regional carrier or deemed to be leased from other regional carriers, or facility rent. For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier's operational performance will remain at recent historic levels and (5) an annual projected inflation rate. These amounts exclude certain variable pass-through costs such as fuel and landing fees, among others. Based on these assumptions, as of March 31, 2026, our estimated future payments through the end of the terms of our CPAs are presented in the table below (in billions):

						Last Nine Months of 2026						2027						2028						2029						2030						After 2030						Total
Future commitments under CPAs						$	2.1					$	3.3					$	3.0					$	2.5					$	2.2					$	6.1					$	19.3

Increased Cost Provisions. In United's financing transactions that include loans in which United is the borrower, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans with respect to which the interest rate is based on the Secured Overnight Financing Rate (SOFR), for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs. At March 31, 2026, the Company had $8.5 billion of floating rate debt with remaining terms of up to approximately 12 years that are subject to these increased cost provisions. In several financing transactions with remaining terms of up to approximately 12 years and an aggregate balance of $5.3 billion, the Company bears the risk of any change in tax laws that would subject loan payments thereunder to withholding taxes, subject to customary exclusions.

Labor**.** As of March 31, 2026, the Company had approximately 115,600 employees, of whom approximately 83% were represented by various U.S. labor organizations.

In March 2026, the Company reached a new Tentative Agreement ("TA") with its employees represented by the Association of Flight Attendants ("AFA") regarding an agreement that became amendable in August 2021. The new TA includes improvements with respect to scheduling, reserve requirements and other quality of life improvements, as well as pay rate increases during its five-year term. The new TA also includes a provision for a one-time payment to employees represented by the AFA upon ratification. In 2025, the Company recorded, in Special charges (credits), $561 million of expenses related to this ratification payment. Given the inherent uncertainty of the bargaining process, the Company will record any additional amounts awarded under the one-time payment when they become both probable and estimable. Voting to ratify the new TA is expected to close on May 12, 2026.

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NOTE 10 - SPECIAL CHARGES (CREDITS)

Operating and nonoperating special charges (credits) and unrealized losses on investments in the statements of consolidated operations consisted of the following (in millions):

									Three Months Ended March 31,
															2026						2025
(Gains) losses on sale of assets and other special charges															$	(389)					$	(108)
Total operating special charges (credits)															(389)						(108)
Nonoperating unrealized losses on investments, net															13						21
Nonoperating debt extinguishment and modification fees															4						—
Total nonoperating special charges and unrealized losses on investments, net															18						21
Total operating and nonoperating special charges (credits) and unrealized losses on investments, net															(372)						(87)
Income tax expense, net of valuation allowance															62						2
Total operating and nonoperating special charges (credits) and unrealized losses on investments, net of income taxes															$	(310)					$	(85)

During the three months ended March 31, 2026 and 2025, the Company recorded $389 million and $108 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $444 million and $110 million, respectively, of gains on various aircraft sale-leaseback transactions.

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