United Airlines Holdings, Inc. (UAL)财务
NASDAQ · Industrials · Airlines, Airports & Air Services · 员工117,900人 · CEO J. Scott Kirby
- 股价
- $104.24 -0.92%
- 市值
- $339亿
- 企业价值
- $615亿
- 最近财报
- Q3 '26 2026-10-21提交
- 下次财报
- 2027-01-19 EPS预期 $1.32
营收(TTM)$656亿+12.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)7.5%-0.8 百分点 对比去年同期营业利润 $49.3亿
净利润(TTM)$35.8亿+8.6% 对比去年同期税后,含营业外收益
自由现金流(TTM)$11.2亿-69.9% 对比去年同期资本支出 $70.4亿
稀释EPS(TTM)$10.93+9.6% 对比去年同期最近4个季度之和
净现金-$196亿+15.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $339亿 EV $615亿
- 营收
- $656亿 过去12个月
- 营收增速
- +16% FY2026年一致预期
- 净利润率
- 5.5% 净利润 / 营收,TTM
- P/E
- 9.5× 预期 14.6×(FY2026)
- P/S
- 0.5× 股价 / 营收,TTM
- EV / EBITDA
- 7.2× TTM
- 自由现金流
- $11.2亿 过去12个月
- 净利润
- $35.8亿 过去12个月
- 营收预期
- $688亿 FY2026年一致预期
- 盈利
- 2027-01-19 营收预期 $186亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-20):营收符合预期,EPS 低于预期1.2%营收$179亿,预期$179亿(0.0%);EPS $2.54,预期$2.57(-1.2%)。
- 营收增长加速:同比17.4%Q3 '26营收$179亿,此前四个季度的平均值为8.5%。
- 营业利润率7.5%(TTM),较去年同期-0.8 百分点营收增长12.3%,营业利润增长2.0%。
- 资本支出占营收的10.7%(去年为9.7%)最近4个季度投入$70.4亿(同比+24.5%)。自由现金流$11.2亿,相当于净利润的31.2%。
- 股东回报$5400万 = 自由现金流的4.8%回购$5400万(去年为$6.9亿),股息$0,股权激励$0(TTM)。
- 稀释股数一年内增加0.2%Q3 '26稀释股数3.27亿,一年前为3.27亿。
- 净债务 $196亿现金 + 短期投资 $147亿,含租赁债务 $343亿;一年前净债务 $233亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $179亿 | $152亿 | +17.4% |
| 毛利率 | 67.1% | 64.6% | +2.5 百分点 |
| 营业利润 | $14.5亿 | $14亿 | +3.7% |
| 营业利润率 | 8.1% | 9.2% | -1.1 百分点 |
| 净利润 | $10.3亿 | $9.49亿 | +8.4% |
| 稀释EPS | $3.14 | $2.90 | +8.3% |
| 经营现金流 | $4.65亿 | $12.2亿 | -61.8% |
| 资本支出 | $21.4亿 | $14.6亿 | +46.1% |
| 自由现金流 | -$16.7亿 | -$2.46亿 | -580.5% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-20| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $179亿 | $179亿 | 0.0% |
| EPS(一致预期口径) | $2.54 | $2.57 | -1.2% |
来自2026-10-20发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Passenger | $162亿 | +17.6% | 96.8% | $594亿 | +12.6% | |
| Cargo and Freight | $5.29亿 | +22.7% | 3.2% | $19.7亿 | +8.6% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| International | $107亿 | +19.3% | 60.0% | $393亿 | +12.8% | |
| Atlantic Destination | $38.5亿 | +10.5% | 21.6% | $126亿 | +11.6% | |
| Pacific Destination | $18.4亿 | +17.6% | 10.3% | $77.3亿 | +14.4% | |
| Latin America Destination | $14.5亿 | +23.1% | 8.1% | $59.5亿 | +7.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $81.6亿
- 资本支出
- -$70.4亿
- 股票回购
- -$5400万
- 股息
- $0
- 收购
- $0
- 债务净发行
- $6.75亿
- 股权激励费用
- $0
- 自由现金流
- $11.2亿
- 股东回报 / FCF
- 4.8%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 9.5× | 10.7× 5年中的4年 | 5.2× – 16.7× |
| EV / EBITDA | 7.2× | 10.4× | 5.7× – 23.4× |
| EV / 营收 | 0.9× | 1.0× | 0.8× – 1.4× |
| 股价 / FCF | 30.3× | 10.9× 5年中的3年 | 8.4× – 14.3× |
| 股价 / 净资产 | 1.9× | 2.2× | 1.5× – 2.8× |
| FCF收益率 | 3.3% | 5.3% | -1.9% – 11.8% |
| 投入资本回报率 | 6.3% | 4.3% | -1.5% – 7.0% |
| 净资产收益率 | 21.8% | 9.3% | -39.1% – 28.1% |
分析师
一致目标价 $154.58 (+48.3%)
区间 $125.00 – $190.00 · 评级 Buy
强烈买入0
买入31
持有16
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $688亿 | +16.4% | $7.13 | -30.2% | 14.6× | 13 |
| FY2027 | $740亿 | +7.6% | $11.75 | +64.8% | 8.9× | 14 |
| FY2028 | $770亿 | +4.2% | $17.49 | +48.8% | 6.0× | 6 |
| FY2029 | $820亿 | +6.4% | $21.13 | +20.8% | 4.9× | 3 |
| FY2030 | $862亿 | +5.2% | $22.17 | +4.9% | 4.7× | 2 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
United Airlines Holdings, Inc.在近期10-Q / 10-K文件中标记的全部219项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $54亿 | $46.4亿 | +16.5% | $45.7亿 | $41.9亿 | +8.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $275亿2025-12-31 | $251亿 | +9.3% | $275亿 | $251亿 | +9.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2600万 | $1.23亿 | -121.1% | $4800万 | $1.88亿 | -74.5% |
| Additional Paid in Capital, Common Stock | $89.4亿 | $88.8亿 | +0.7% | $89.1亿 | $89.8亿 | -0.8% |
| Advertising Expense | – | – | – | $2.5亿 | $2.35亿 | +6.4% |
| Aircraft Maintenance, Materials, and Repairs | $8.06亿 | $7.79亿 | +3.5% | $32.9亿 | $30.6亿 | +7.5% |
| Aircraft Rental | $1.16亿 | $5400万 | +114.8% | $2.52亿 | $1.93亿 | +30.6% |
| Airline Related Inventory, Net | $19.5亿 | $15.9亿 | +23.0% | $15.6亿 | $15.7亿 | -1.0% |
| Airline Related Inventory, Valuation Reserves | $8.3亿2025-12-31 | $7.39亿 | +12.3% | $8.3亿 | $7.39亿 | +12.3% |
| Airline, Capacity Purchase Arrangements | $7.25亿 | $6.86亿 | +5.7% | $26.9亿 | $25.2亿 | +7.0% |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $7700万 | $1.66亿 | -53.6% |
| Amortization of Intangible Assets | – | – | – | $2800万 | $3200万 | -12.5% |
| AOCI Tax, Attributable to Parent | $3.59亿 | $4.01亿 | -10.5% | $3.79亿 | $4.19亿 | -9.5% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $5900万 | $3800万 | +55.3% | $1.42亿 | $1.35亿 | +5.2% |
| Assets | $851亿 | $763亿 | +11.5% | $764亿 | $741亿 | +3.2% |
| Assets, Current | $200亿 | $181亿 | +10.5% | $169亿 | $189亿 | -10.7% |
| Assets, Noncurrent | $651亿 | $582亿 | +11.9% | $596亿 | $552亿 | +8.0% |
| Capitalized Computer Software, Gross | $4.55亿2025-12-31 | $4.56亿 | -0.2% | $4.55亿 | $4.56亿 | -0.2% |
| Cash and Cash Equivalents, at Carrying Value | $66.5亿 | $67.3亿 | -1.2% | $59.4亿 | $87.7亿 | -32.2% |
| Cash and Cash Equivalents, Fair Value Disclosure | $59.4亿2025-12-31 | $87.7亿 | -32.2% | $59.4亿 | $87.7亿 | -32.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $67.9亿 | $68.7亿 | -1.1% | $60.8亿 | $89.5亿 | -32.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$35.1亿 | -$26.6亿 | -32.1% | -$28.7亿 | $26.1亿 | -209.7% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | – | – | – | $31.502024-08-31 | – | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 370万2025-12-31 | 350万 | +5.7% | 370万 | 350万 | +5.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 10亿 | 10亿 | 0.0% | 10亿 | 10亿 | 0.0% |
| Common Stock, Shares, Issued | 3.25亿 | – | – | 3.23亿 | 3.28亿 | -1.4% |
| Common Stock, Shares, Outstanding | 3.25亿 | 3.24亿 | +0.4% | 3.23亿 | 3.28亿 | -1.4% |
| Common Stock, Value, Issued | $400万 | $400万 | 0.0% | $400万 | $400万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $10亿 | $9.3亿 | +7.6% | $32.1亿 | $34亿 | -5.4% |
| Contractual Obligation | $43.7亿2025-12-31 | $51.8亿 | -15.6% | $43.7亿 | $51.8亿 | -15.6% |
| Contractual Obligation, to be Paid, after Year Five | $27亿2025-12-31 | $32.3亿 | -16.3% | $27亿 | $32.3亿 | -16.3% |
| Contractual Obligation, to be Paid, Year Five | $2.32亿2025-12-31 | $2.8亿 | -17.1% | $2.32亿 | $2.8亿 | -17.1% |
| Contractual Obligation, to be Paid, Year Four | $2.35亿2025-12-31 | $2.83亿 | -17.0% | $2.35亿 | $2.83亿 | -17.0% |
| Contractual Obligation, to be Paid, Year One | $3.98亿2025-12-31 | $4.53亿 | -12.1% | $3.98亿 | $4.53亿 | -12.1% |
| Contractual Obligation, to be Paid, Year Three | $2.36亿2025-12-31 | $6.1亿 | -61.3% | $2.36亿 | $6.1亿 | -61.3% |
| Contractual Obligation, to be Paid, Year Two | $5.63亿2025-12-31 | $3.2亿 | +75.9% | $5.63亿 | $3.2亿 | +75.9% |
| Costs and Expenses | $164亿 | $138亿 | +18.8% | $544亿 | $520亿 | +4.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$400万 | $5000万 | -108.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1200万 | $600万 | +100.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $2800万 | $8400万 | -66.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2000万 | $2800万 | -28.6% |
| Debt Instrument, Unamortized Discount | $1.3亿2025-09-30 | $2.12亿 | -38.7% | – | – | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.52亿 | – | – | -$1.17亿 | -$1.84亿 | +36.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $8.66亿 | $8.98亿 | -3.6% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $9.25亿 | $9.35亿 | -1.1% |
| Deferred Income Tax Liabilities, Net | $30.9亿 | $22.1亿 | +40.2% | $24.6亿 | $15.8亿 | +55.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $5800万 | $3700万 | +56.8% |
| Deferred Tax Asset, Interest Carryforward | $1.09亿2025-12-31 | $4.67亿 | -76.7% | $1.09亿 | $4.67亿 | -76.7% |
| Deferred Tax Assets, Deferred Income | $18.9亿2025-12-31 | $18.7亿 | +1.6% | $18.9亿 | $18.7亿 | +1.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $70.8亿2025-12-31 | $70.7亿 | +0.1% | $70.8亿 | $70.7亿 | +0.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $23.3亿2025-12-31 | $21.5亿 | +8.2% | $23.3亿 | $21.5亿 | +8.2% |
| Deferred Tax Assets, Other | $3.77亿2025-12-31 | $5.65亿 | -33.3% | $3.77亿 | $5.65亿 | -33.3% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $7.01亿2025-12-31 | $6.08亿 | +15.3% | $7.01亿 | $6.08亿 | +15.3% |
| Deferred Tax Assets, Valuation Allowance | $1.51亿2025-12-31 | $2.08亿 | -27.4% | $1.51亿 | $2.08亿 | -27.4% |
| Deferred Tax Liabilities, Gross | $95.5亿2025-12-31 | $86.5亿 | +10.3% | $95.5亿 | $86.5亿 | +10.3% |
| Deferred Tax Liabilities, Intangible Assets | $6.16亿2025-12-31 | $6.19亿 | -0.5% | $6.16亿 | $6.19亿 | -0.5% |
| Deferred Tax Liabilities, Leasing Arrangements | $11.2亿2025-12-31 | $8.63亿 | +29.3% | $11.2亿 | $8.63亿 | +29.3% |
| Deferred Tax Liabilities, Net | $24.6亿2025-12-31 | $15.8亿 | +55.9% | $24.6亿 | $15.8亿 | +55.9% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $78.1亿2025-12-31 | $71.7亿 | +9.0% | $78.1亿 | $71.7亿 | +9.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02