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United Airlines Holdings UAL Frequent Flyer Program — Miles earned

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Other financials

Income statement

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Revenue$17.7B+16.0%
Operating income$1.1B-17.3%
Net income$805.0M-17.3%
EPS (diluted)$2.46-17.2%

Balance sheet

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Cash & equivalents$10.2B+6.7%
Total debt$33.7B+2.7%
Total equity$16.7B+24.9%
Total assets$84.6B+9.6%

Cash flow

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Operating cash flow$1.6B-27.4%
CapEx-$4.7B-464%
Free cash flow-$3.1B-431%

Valuation

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Market cap$40.1B+40.3%
Enterprise value$63.61B+22.7%
P/E11.5×+2.8×
P/S0.6×+0.1×

Profitability

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Operating margin7.7%-0.9pp
Net margin5.6%-0.1pp
FCF margin7%+6.0pp

Returns & leverage

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Return on equity23.3%-4.4pp
Debt / equity2×-0.4×
Current ratio0.8×+0.1×

Where this comes from

Reported directly by United Airlines Holdings in its filing.

Tagged under the XBRL concept ual:FrequentFlyerMileageMilesAwardedInPeriod.

The official record: United Airlines Holdings’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is United Airlines Holdings's frequent flyer program — miles earned?
United Airlines Holdings (UAL) reported frequent flyer program — miles earned of $1.03B in Q1 2026.
How has United Airlines Holdings's frequent flyer program — miles earned changed year-over-year?
United Airlines Holdings's frequent flyer program — miles earned increased by 12.5% year-over-year, from $919M to $1.03B.
What is the long-term trend for United Airlines Holdings's frequent flyer program — miles earned?
Over 4 years (2021 to 2025), United Airlines Holdings's frequent flyer program — miles earned has grown at a 25.9% compound annual growth rate (CAGR), from $1.55B to $3.88B.
What does frequent flyer program — miles earned mean?
This metric tracks the total volume of loyalty program miles issued to customers through flight activity, credit card partnerships, and other commercial agreements. It serves as a primary indicator of program participation and the accumulation of future redemption liabilities.