United Airlines Files Q3 2024 10-Q

TL;DR

UAL's Q3 10-Q is in. Check financials for latest performance.

AI Summary

United Airlines Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational status. Key financial figures and operational metrics are presented, reflecting the company's position in the air transportation industry.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for United Airlines, crucial for understanding the company's current health and future prospects in the airline industry.

Risk Assessment

Risk Level: medium — Airline industry is subject to significant economic and geopolitical risks, and this filing reflects the company's performance within that volatile sector.

Key Players & Entities

• United Airlines Holdings, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 233 SOUTH WACKER DRIVE (location) — Company's business and mailing address
• CHICAGO (location) — Company's city
• IL (location) — Company's state
• 60606 (location) — Company's zip code
• 872-825-4000 (phone_number) — Company's business phone number
• United Continental Holdings, Inc. (company) — Former company name
• UAL CORP /DE/ (company) — Former company name
• ALLEGIS CORP (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — d Airlines Holdings, Inc. Common Stock, $0.01 par value UAL The Nasdaq Stock Market L

Filing Documents

• ual-20240930.htm (10-Q) — 1729KB
• ual_2024093010qex101.htm (EX-10.1) — 105KB
• ual_2024093010qex311.htm (EX-31.1) — 8KB
• ual_2024093010qex312.htm (EX-31.2) — 9KB
• ual_2024093010qex313.htm (EX-31.3) — 9KB
• ual_2024093010qex314.htm (EX-31.4) — 9KB
• ual_2024093010qex321.htm (EX-32.1) — 5KB
• ual_2024093010qex322.htm (EX-32.2) — 5KB
• ual-20240930_g1.jpg (GRAPHIC) — 22KB
• 0000100517-24-000136.txt ( ) — 8110KB
• ual-20240930.xsd (EX-101.SCH) — 48KB
• ual-20240930_cal.xml (EX-101.CAL) — 82KB
• ual-20240930_def.xml (EX-101.DEF) — 327KB
• ual-20240930_lab.xml (EX-101.LAB) — 608KB
• ual-20240930_pre.xml (EX-101.PRE) — 500KB
• ual-20240930_htm.xml (XML) — 1049KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements United Airlines Holdings, Inc.: 3 4 Consolidated Balance Sheets 5 Condensed Statements of Consolidated Cash Flows 7 8 United Airlines, Inc.: 9 10 Consolidated Balance Sheets 11 Condensed Statements of Consolidated Cash Flows 13 14 Combined Notes to Condensed Consolidated Financial Statements (United Airlines Holdings, Inc. and United Airlines, Inc.) 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40 Exhibit Index 40

Signatures

Signatures 41 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. UNITED AIRLINES HOLDINGS, INC. (In millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating revenue: Passenger $ 13,561 $ 13,349 $ 38,554 $ 36,625 Cargo 417 333 1,222 1,093 Other 865 802 2,592 2,373 Total operating revenue 14,843 14,484 42,368 40,091 Operating expense: Salaries and related costs 4,323 3,914 12,353 10,946 Aircraft fuel 2,993 3,342 9,080 9,336 Landing fees and other rent 866 801 2,536 2,283 Aircraft maintenance materials and outside repairs 765 684 2,254 2,072 Depreciation and amortization 742 663 2,169 1,987 Regional capacity purchase 651 592 1,848 1,806 Distribution expenses 574 516 1,680 1,406 Aircraft rent 65 46 148 151 Special charges ( 5 ) 29 44 902 Other 2,304 2,158 6,663 5,989 Total operating expense 13,278 12,745 38,775 36,878 Operating income 1,565 1,739 3,593 3,213 Nonoperating income (expense): Interest expense ( 379 ) ( 493 ) ( 1,260 ) ( 1,472 ) Interest income 187 234 554 620 Interest capitalized 53 48 174 128 Unrealized gains (losses) on investments, net ( 90 ) ( 54 ) ( 160 ) 54 Miscellaneous, net ( 50 ) 11 ( 40 ) 73 Total nonoperating expense, net ( 279 ) ( 254 ) ( 732 ) ( 597 ) Income before income tax expense 1,286 1,485 2,861 2,616 Income tax expense 321 348 697 598 Net income $ 965 $ 1,137 $ 2,164 $ 2,018 Earnings per share, basic $ 2.93 $ 3.47 $ 6.58 $ 6.16 Earnings per share, diluted $ 2.90 $ 3.42 $ 6.49 $ 6.08 The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements. 3 Table of Contents UNITED AIRLINES HOLDINGS, INC. (In millions) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 965 $ 1,137 $ 2,164 $ 2,018 Other comprehensive income (loss), net o

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