Item 1A. RISK FACTORS

See Part I, Item 1A. Risk Factors of the 2025 Form 10-K for a discussion of the risk factors affecting UAL and United.


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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 March 31, 2026:


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)
January 1-31	40,320	$	107.90	40,320	$	778
February 1-28	37,376	109.59		37,376	774
March 1-31	208,626	91.29		208,626	755
Total	286,322			286,322

(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.
(b) Average price paid per share is calculated on a settlement basis and excludes commission and taxes.