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United Airlines Holdings logo

United Airlines Holdings Business Segments

Business, geographic, and product segment breakdowns

United Airlines Holdings generates $60.5B in annual revenue across 3 key segments: Ancillary Services ($5.0B), Cargo revenue ($1.8B), and Passenger revenue ($54.7B). The company-wide operating margin is 8.44%. Based on the Q1 2026 filing.

Ancillary Services (TTM)$5.0BCargo revenue (TTM)$1.8BPassenger revenue (TTM)$54.7B
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$37.5B
P/E Ratio10.23
ROE25.73%

Products & Services

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Passenger revenue$13.3B$11.9B$13.8B$13.8B$13.9B$13.2B
Ancillary Services$1.2B$1B$1.2B$1.3B$1.3B$1.2B
Cargo revenue$521M$429M$430M$431M$489M$422M

Contract with Customer, Liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Frequent Flyer Program$7.4B$7.6B$7.7B$7.7B$7.8B$7.9B

Miles earned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Frequent Flyer Program$920M$919M$991M$968M$1B$1B

Non-Travel Miles Redemption, Frequent Flyer Deferred Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Frequent Flyer Program$25M$38M$29M$36M$30M$42M

Travel Miles Redemption, Frequent Flyer Deferred Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Frequent Flyer Program$825M$730M$888M$896M$900M$835M

Revenue recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Passenger, Advance Ticket Sales$1.3B$4.3B———$4.6B