United(UAL) - 2025 Q3 - Quarterly Report

PART I. FINANCIAL INFORMATION This section provides detailed financial statements, management's analysis, market risk disclosures, and internal control information Item 1. Financial Statements This section presents UAL's unaudited condensed consolidated financial statements for Q3 and 9M 2025 and 2024, including notes UAL Statements of Consolidated Operations UAL's Q3 2025 net income slightly decreased despite revenue growth; nine-month net income increased, nonoperating expenses improved UAL Statements of Consolidated Operations (Millions) | Metric | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :----------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Total Operating Revenue | $15,225 | $14,843 | $43,673 | $42,368 | | Total Operating Expense | $13,830 | $13,278 | $40,345 | $38,775 | | Operating Income | $1,395 | $1,565 | $3,328 | $3,593 | | Net Income | $949 | $965 | $2,309 | $2,164 | | EPS, Basic | $2.93 | $2.93 | $7.10 | $6.58 | | EPS, Diluted | $2.90 | $2.90 | $7.02 | $6.49 | - Nonoperating expense, net, significantly decreased by $138 million (49.6%) for the three months and $386 million (52.7%) for the nine months ended September 30, 2025, primarily due to lower interest expense and reduced unrealized losses on investments[9] UAL Statements of Consolidated Comprehensive Income (Loss) UAL's total comprehensive income slightly decreased in Q3 2025 but increased for the nine months ended September 30, 2025 UAL Statements of Consolidated Comprehensive Income (Loss) (Millions) | Metric | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Net Income | $949 | $965 | $2,309 | $2,164 | | Total Other Comprehensive Loss | $(19) | $(12) | $(64) | $(47) | | Total Comprehensive Income, Net | $930 | $953 | $2,245 | $2,117 | UAL Consolidated Balance Sheets UAL's total assets increased to $76,313 million at September 30, 2025, driven by operating property and lease assets UAL Consolidated Balance Sheets (Millions) | Asset/Liability Category | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :--------------------------------------- | :---------------------- | :---------------------- | | Total Assets | $76,313 | $74,083 | | Total Current Assets | $18,094 | $18,883 | | Total Current Liabilities | $27,119 | $23,314 | | Total Stockholders' Equity | $14,309 | $12,675 | - Advance ticket sales increased significantly to $9,338 million at September 30, 2025, from $7,561 million at December 31, 2024, indicating strong future revenue bookings[13] - Long-term debt, finance leases, and other financial liabilities decreased to $20,807 million from $25,203 million, reflecting debt prepayments and scheduled amortization[13] UAL Condensed Statements of Consolidated Cash Flows UAL's operating cash flow slightly decreased; investing and financing cash usage significantly increased, leading to a net cash decrease UAL Condensed Statements of Consolidated Cash Flows (Millions) | Cash Flow Activity | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net cash provided by operating activities | $7,145 | $7,221 | | Net cash used in investing activities | $(4,785) | $(936) | | Net cash used in financing activities | $(4,436) | $(3,591) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(2,075) | $2,694 | - Investing activities saw a substantial increase in cash usage, primarily due to purchases of short-term and other investments ($6,454 million in 2025 vs. $4,057 million in 2024) and a decrease in proceeds from sales of such investments[14] - Financing activities included $4.2 billion in payments for debt, finance leases, and other financial liabilities, and $610 million for common stock repurchases during the nine months ended September 30, 2025[14] UAL Statement of Consolidated Stockholders' Equity UAL's total stockholders' equity increased to $14,309 million at September 30, 2025, driven by net income and stock-settled compensation UAL Statement of Consolidated Stockholders' Equity (Millions) | Equity Component | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :----------------------------- | :---------------------- | :---------------------- | | Additional Capital Invested | $8,878 | $8,980 | | Stock Held in Treasury | $(3,745) | $(3,377) | | Retained Earnings | $9,049 | $6,880 | | Accumulated Other Comprehensive Income | $123 | $188 | | Total Stockholders' Equity | $14,309 | $12,675 | - Retained earnings increased significantly from $6,880 million at December 31, 2024, to $9,049 million at September 30, 2025, primarily due to net income[15] - The company repurchased 7.8 million shares of common stock for $612 million during the nine months ended September 30, 2025[15] United Airlines, Inc. Statements of Consolidated Operations United Airlines, Inc. reported increased operating revenue for both periods, with Q3 net income slightly down and nine-month net income up United Airlines, Inc. Statements of Consolidated Operations (Millions) | Metric | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :----------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Total Operating Revenue | $15,225 | $14,843 | $43,673 | $42,368 | | Total Operating Expense | $13,829 | $13,278 | $40,344 | $38,774 | | Operating Income | $1,396 | $1,565 | $3,329 | $3,594 | | Net Income | $949 | $965 | $2,310 | $2,165 | United Airlines, Inc. Statements of Consolidated Comprehensive Income (Loss) United's total comprehensive income slightly decreased in Q3 2025 but increased for the nine months ended September 30, 2025 United Airlines, Inc. Statements of Consolidated Comprehensive Income (Loss) (Millions) | Metric | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Net Income | $949 | $965 | $2,310 | $2,165 | | Total Other Comprehensive Loss | $(19) | $(12) | $(64) | $(47) | | Total Comprehensive Income, Net | $930 | $953 | $2,246 | $2,118 | United Airlines, Inc. Consolidated Balance Sheets United's total assets increased to $76,313 million at September 30, 2025, consistent with UAL's consolidated balance sheet United Airlines, Inc. Consolidated Balance Sheets (Millions) | Asset/Liability Category | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :--------------------------------------- | :---------------------- | :---------------------- | | Total Assets | $76,313 | $74,083 | | Total Current Assets | $18,094 | $18,883 | | Total Current Liabilities | $27,116 | $23,315 | | Total Stockholder's Equity | $14,281 | $12,644 | - A key difference from UAL's balance sheet is the 'Payable to parent' liability, which was $1,633 million at September 30, 2025, reflecting intercompany balances[23] United Airlines, Inc. Condensed Statements of Consolidated Cash Flows United's operating cash flows decreased, while investing and financing cash usage increased, mirroring UAL's consolidated figures United Airlines, Inc. Condensed Statements of Consolidated Cash Flows (Millions) | Cash Flow Activity | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net cash provided by operating activities | $6,428 | $7,120 | | Net cash used in investing activities | $(4,785) | $(936) | | Net cash used in financing activities | $(3,718) | $(3,490) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(2,075) | $2,694 | United Airlines, Inc. Statement of Consolidated Stockholder's Equity United's total stockholder's equity increased to $14,281 million at September 30, 2025, driven by net income and capital invested United Airlines, Inc. Statement of Consolidated Stockholder's Equity (Millions) | Equity Component | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :----------------------------- | :---------------------- | :---------------------- | | Additional Capital Invested | $727 | $617 | | Retained Earnings | $11,798 | $9,487 | | Accumulated Other Comprehensive Income | $123 | $188 | | Payable to Related Parties, Net | $1,633 | $2,352 | | Total Stockholder's Equity | $14,281 | $12,644 | - The 'Payable to Related Parties, Net' decreased from $2,352 million to $1,633 million, indicating a reduction in intercompany liabilities[25] Combined Notes to Condensed Consolidated Financial Statements These notes provide detailed explanations for UAL and United's financial statements, covering accounting policies, revenue, EPS, and debt Note 1 - Basis of Presentation UAL is a holding company, with United Airlines, Inc. comprising substantially all operations, managed as a single segment - United Airlines Holdings, Inc. (UAL) is a holding company, and United Airlines, Inc. (United) is its wholly-owned subsidiary, comprising substantially all of UAL's operating revenues, expenses, assets, liabilities, and cash flows[26] - The company manages its operations as a single segment, with performance assessed and resource allocation decisions made based on Net income[31] - Quarterly financial data is subject to seasonal fluctuations, with higher travel demand historically reflected in the second and third quarters[29] Note 2 - Revenue Recognition Operating revenue increased across Domestic, Atlantic, Pacific regions, with contributions from ancillary services and frequent flyer programs Operating Revenue by Geographic Region (Millions) | Geographic Region | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Domestic | $8,990 | $8,648 | $25,808 | $25,082 | | Atlantic | $3,486 | $3,432 | $8,755 | $8,542 | | Pacific | $1,568 | $1,531 | $5,009 | $4,721 | | Latin America | $1,181 | $1,232 | $4,100 | $4,023 | | Total | $15,225 | $14,843 | $43,673 | $42,368 | - Ancillary fees within passenger revenue were approximately $1.3 billion for the three months and $3.5 billion for the nine months ended September 30, 2025, showing an increase from the prior year[34] - Frequent flyer deferred revenue ending balance increased to $7,702 million at September 30, 2025, from $7,371 million at September 30, 2024, with $2.4 billion recognized in Other operating revenue for the nine months ended September 30, 2025[34] Note 3 - Earnings Per Share UAL's basic and diluted EPS remained stable in Q3 2025 but increased for the nine months, with 7.8 million shares repurchased Earnings Per Share | Metric | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Earnings per share, basic | $2.93 | $2.93 | $7.10 | $6.58 | | Earnings per share, diluted | $2.90 | $2.90 | $7.02 | $6.49 | | Basic weighted-average shares outstanding (millions) | 323.7 | 329.0 | 325.3 | 328.7 | | Diluted weighted-average shares outstanding (millions) | 326.9 | 332.7 | 329.0 | 333.3 | - The company repurchased approximately 7.8 million shares of UAL common stock for $612 million during the nine months ended September 30, 2025, with approximately $0.8 billion remaining under the program as of October 9, 2025[39][127] - All outstanding warrants to purchase UAL common stock were exercised in net share settlements by March 2025[38] Note 4 - Accumulated Other Comprehensive Income (Loss) UAL's AOCI decreased to $123 million at September 30, 2025, primarily due to reclassifications related to pension liabilities Accumulated Other Comprehensive Income (Loss) (Millions) | AOCI Component | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :-------------------------------- | :---------------------- | :---------------------- | | Pension and Other Postretirement Liabilities | $514 | $607 | | Investments and Other | $10 | $0 | | Deferred Taxes | $(401) | $(419) | | Total | $123 | $188 | - Amounts reclassified to earnings from AOCI totaled $(73) million for the nine months ended September 30, 2025, primarily from pension and other postretirement liabilities[40] Note 5 - Income Taxes UAL's effective tax rate decreased for both the three and nine months ended September 30, 2025, due to a valuation allowance release Effective Tax Rate | Period | Effective Tax Rate 2025 | Effective Tax Rate 2024 | | :---------------------- | :---------------------- | :---------------------- | | 3 Months Ended Sep 30 | 24.4% | 25.0% | | 9 Months Ended Sep 30 | 22.5% | 24.4% | - The decrease in the effective tax rate was primarily attributed to a release of valuation allowance related to realized capital gains[42] Note 6 - Pension and Other Postretirement Benefit Plans Net periodic pension benefit cost decreased, while other postretirement benefits showed a net credit, with $289 million in pension contributions Benefit Cost Component (Millions) | Benefit Cost Component | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Total Pension Benefits | $23 | $26 | $68 | $81 | | Total Other Postretirement Benefits | $(20) | $(20) | $(61) | $(59) | - The company contributed $289 million to its U.S. domestic tax-qualified defined benefit pension plans during the nine months ended September 30, 2025[43] Note 7 - Fair Value Measurements, Investments and Notes Receivable The company holds various financial assets at fair value, including cash, short-term investments, and equity securities Asset Category (Millions) | Asset Category | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :--------------------------------------- | :---------------------- | :---------------------- | | Cash and cash equivalents | $6,730 | $8,769 | | Short-term investments | $6,599 | $5,706 | | Long-term investments: Equity securities | $50 | $71 | - United holds equity investments in Azul Linhas Aéreas Brasileiras S.A., Archer Aviation Inc., Eve Holding, Inc., and Mesa Air Group, Inc.; Azul is undergoing a reorganization, with United potentially providing up to $300 million in equity investment[46][47] - Equity method investments include a 19% minority interest in Republic Airways and a 40% minority ownership stake in CommuteAir LLC; United also has a 33% ownership interest in the United Airlines Ventures Sustainable Flight Fund[51] Note 8 - Debt UAL had $3.0 billion available under its revolving credit facility, with $21.664 billion in contractual principal payments for long-term debt - The company had $3.0 billion undrawn and available under its revolving credit facility as of September 30, 2025, with no outstanding borrowings[54] Contractual Principal Payments (Millions) | Year | Contractual Principal Payments (Millions) | | :--- | :---------------------------------------- | | Last Three Months of 2025 | $397 | | 2026 | $4,092 | | 2027 | $2,008 | | 2028 | $1,835 | | 2029 | $2,928 | | After 2029 | $10,403 | | Total | $21,664 | - Mileage Plus Holdings, LLC fully redeemed $1.52 billion aggregate principal amount of its outstanding MileagePlus 6.5% senior secured notes due 2027 on July 7, 2025, fully repaying all indebtedness secured by MileagePlus assets[55] Note 9 - Commitments, Contingencies and Guarantees United has $54.3 billion in aircraft commitments, guarantees $2.9 billion in bonds, and incurred a $561 million special charge Purchase Commitments (Billions) | Commitment Period | Purchase Commitments (Billions) | | :------------------ | :------------------------------ | | Last Three Months of 2025 | $4.6 | | 2026 | $7.8 | | 2027 | $5.1 | | 2028 | $6.4 | | 2029 | $8.1 | | After 2029 | $22.4 | | Total | $54.3 | - United guarantees approximately $2.9 billion in aggregate principal amount of tax-exempt special facility revenue bonds, due between 2027 and 2041[58] - A tentative agreement with the Association of Flight Attendants, which included a one-time ratification payment, was voted against in July 2025, resulting in a $561 million special charge in the second quarter of 2025[61] Note 10 - Special Charges (Credits) Special charges for 9M 2025 included a $561 million labor contract bonus and $295 million net gains on asset sales Special Charge (Credit) Category (Millions) | Special Charge (Credit) Category | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :--------------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Labor contract ratification bonuses | $0 | $0 | $561 | $0 | | (Gains) losses on sale of assets and other special charges | $(73) | $(5) | $(295) | $44 | | Nonoperating debt extinguishment and modification fees | $20 | $75 | $20 | $110 | - Net gains on sale of assets and other special charges were primarily comprised of $75 million and $336 million of gains on various aircraft sale-leaseback transactions for the three and nine months ended September 30, 2025, respectively[62] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section analyzes UAL's financial performance, condition, and cash flows, highlighting economic factors, governmental actions, and liquidity Executive Summary UAL operates a global route network facing intense competition, macroeconomic challenges, and governmental actions impacting operations - UAL and United operate a comprehensive route network among North American carriers, serving major global markets directly or through the Star Alliance[67] - Key economic and market factors impacting the company include intense competition, operational challenges, aircraft delivery delays, rising inflation, labor constraints, volatile fuel prices, and interest rate changes[68] - Governmental actions, such as airspace closures, aircraft certification delays, increased FAA oversight, and proposed DOT regulations, pose significant risks and potential cost increases[69] Results of Operations UAL's Q3 2025 net income slightly decreased despite revenue growth, while nine-month net income increased due to revenue growth and lower fuel costs Results of Operations - 3 Months Ended Sep 30 (Millions) | Metric | 3 Months Ended Sep 30, 2025 (Millions) | 3 Months Ended Sep 30, 2024 (Millions) | % Change | | :----------------------- | :------------------------------------ | :------------------------------------ | :------- | | Operating revenue | $15,225 | $14,843 | 2.6 | | Operating expense | $13,830 | $13,278 | 4.2 | | Operating income | $1,395 | $1,565 | (10.8) | | Net income | $949 | $965 | (1.7) | Results of Operations - 9 Months Ended Sep 30 (Millions) | Metric | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | % Change | | :----------------------- | :------------------------------------ | :------------------------------------ | :------- | | Operating revenue | $43,673 | $42,368 | 3.1 | | Operating expense | $40,345 | $38,775 | 4.1 | | Operating income | $3,328 | $3,593 | (7.4) | | Net income | $2,309 | $2,164 | 6.7 | - Passenger revenue increased by 1.9% in Q3 2025 and 2.5% in the first nine months of 2025, driven by increased capacity (ASMs up 7.2% in Q3, 6.0% in 9M) and passenger volume (up 6.2% in Q3, 4.7% in 9M), partially offset by a decrease in yield[74][87] - Salaries and related costs increased by 5.4% in Q3 and 6.2% in 9M, primarily due to increased flying activity, a 5.1% increase in headcount, and higher pay rates[77][89] - Aircraft fuel expense decreased by 6.7% in the first nine months of 2025, mainly due to a lower average price per gallon of fuel, despite increased consumption[90] Liquidity and Capital Resources UAL had $13.3 billion in unrestricted cash and investments, a $3.0 billion undrawn credit facility, and $31.3 billion in fixed obligations Unrestricted Cash, Cash Equivalents and Short-Term Investments (Millions) | Metric | Sep 30, 2025 (Millions) | Dec 31, 2024 (Millions) | | :--------------------------------------- | :---------------------- | :---------------------- | | Unrestricted cash, cash equivalents and short-term investments | $13,300 | $14,500 | - The company has a $3.0 billion revolving credit facility, which was undrawn as of September 30, 2025[102] - Total fixed obligations, including debt, leases, and other financial liabilities, amounted to approximately $31.3 billion as of September 30, 2025, with $5.2 billion due within the next 12 months[104] Aircraft Firm Commitments | Aircraft Type | Number of Firm Commitments | | :-------------- | :------------------------- | | 787 | 142 | | 737 MAX 9 | 110 | | 737 MAX 10 | 167 | | A321neo | 127 | | A321XLR | 50 | | A350 | 45 | Sources and Uses of Cash Operating cash flow slightly decreased, while investing and financing cash usage significantly increased, resulting in a net cash decrease Cash Flow Activity (Millions) | Cash Flow Activity | 9 Months Ended Sep 30, 2025 (Millions) | 9 Months Ended Sep 30, 2024 (Millions) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Operating activities | $7,145 | $7,221 | | Investing activities | $(4,785) | $(936) | | Financing activities | $(4,436) | $(3,591) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(2,075) | $2,694 | - Cash flows used in investing activities increased by $3.8 billion, primarily due to an increase in the purchase of short-term and other investments and a decrease in proceeds from their sale[109] - Financing activities included $4.2 billion in debt, finance lease, and other financial liability principal payments, and $612 million in common stock repurchases[109][110] Critical Accounting Policies No material changes to critical accounting policies were reported for the current interim period, referring to the 2024 Form 10-K for details - No material changes to critical accounting policies were reported for the current interim period, referring to the 2024 Form 10-K for details[114] Forward-Looking Information This section outlines forward-looking statements and emphasizes that actual results may differ materially due to various risks and uncertainties - Forward-looking statements cover financial position, results of operations, capital allocation, market position, fleet plan strategy, fares, booking trends, product development, and business strategy[115] - Actual results could differ materially due to numerous factors, including execution risks of strategic plans, changes in fleet and network strategy, failure to manage acquisitions, adverse publicity, intense competition, reliance on limited suppliers, disruptions to regional networks, unfavorable economic/political conditions, reliance on third-party service providers, airport disruptions, geopolitical conflicts, technology reliance, cybersecurity risks, labor disputes, regulatory compliance costs, high/volatile fuel prices, financial leverage, and limitations on tax attributes[117][118] - The company does not undertake any obligation to publicly update or revise any forward-looking statement, except as required by applicable law or regulation[116] Item 3. Quantitative and Qualitative Disclosures About Market Risk No material changes in market risk were reported compared to the Company's 2024 Annual Report on Form 10-K - No material changes in market risk were reported compared to the 2024 Form 10-K[121] Item 4. Controls and Procedures UAL and United's disclosure controls and procedures were effective as of September 30, 2025, with no material changes in internal control - UAL's and United's disclosure controls and procedures were evaluated and deemed effective as of September 30, 2025[122] - No material changes in internal control over financial reporting occurred during the three months ended September 30, 2025[123] PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, other information, and exhibits for the reporting period Item 1. Legal Proceedings This section refers to the description of legal proceedings provided in the 2024 Form 10-K, indicating no new material information - For legal proceedings, the report refers to the information provided in the 2024 Form 10-K[124] Item 1A. Risk Factors This section directs readers to the risk factors discussed in the 2024 Form 10-K, implying no new or materially changed risk factors - For risk factors, the report refers to the information provided in the 2024 Form 10-K[125] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company repurchased 221,694 shares of common stock during Q3 2025, with $0.8 billion remaining under the repurchase program Unregistered Sales of Equity Securities and Use of Proceeds (Millions) | Period | Total number of shares (or units) purchased | Average price paid per share (or unit) | Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (in millions) | | :--------------- | :---------------------------------------- | :------------------------------------- | :---------------------------------------------------------------------------------------------------------------------------------- | | July 1-31 | 168,338 | $84.69 | $815 | | August 1-31 | 52,356 | $87.27 | $810 | | September 1-30 | 1,000 | $94.96 | $810 | | Total | 221,694 | | | - As of October 9, 2025, approximately $0.8 billion remains available for repurchase under the $1.5 billion share repurchase program authorized in October 2024[127] Item 5. Other Information CEO J. Scott Kirby adopted a Rule 10b5-1 trading arrangement; no other directors or officers reported similar arrangements - CEO J. Scott Kirby adopted a Rule 10b5-1 trading arrangement on August 29, 2025, to sell up to 220,000 shares and gift 20,000 shares of common stock by December 31, 2026[130] - No other directors or officers reported adopting, modifying, or terminating Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[131] Item 6. Exhibits This section lists exhibits including an aircraft purchase agreement amendment, SOX certifications, and Inline XBRL financial data - Exhibits include Amendment No. 8 to the Amended and Restated A350-900 Purchase Agreement with Airbus S.A.S[134] - Certifications from the Principal Executive Officer and Principal Financial Officer for both UAL and United are included, pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[134] - The financial statements and cover page data are provided in Inline XBRL format[134]