UAL · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

United Airlines Holdings

39 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

The Boeing Company (Boeing)

depends onnamed as a risk

The Company currently sources substantially all of its aircraft and many related aircraft parts from The Boeing Company ("Boeing") or Airbus S.A.S. ("Airbus").Risk factors (Item 1A)

Also named by ATI, HWM, LMT, LUV, WWD

Airbus S.A.S. (Airbus)

depends onnamed as a risk

For example, due to production delays, deliveries from Boeing and Airbus have been delayed in recent years, which caused the Company to rework its fleet plan, and the Company may experience further delays in the future which may impact our financial position, results of operations and cash flows.Risk factors (Item 1A)

Also named by ATI

Starlink

depends on

•bringing Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our United Express regional aircraft and beginning installation on our mainline aircraft; andBusiness (Item 1)

Also named by ALK, ECHO, VSAT

Partners and platforms

United Express regional carriers (CommuteAir, GoJet, Mesa, Republic, SkyWest)

depends on · approximately 6.1% of the Company's total capacitynamed as a risk

The Company's business and operations are dependent on its regional flight network, with regional capacity accounting for approximately 6.1% of the Company's total capacity for the year ended December 31, 2025.Business (Item 1)

SkyWest Airlines

depends onnamed as a risk

CommuteAir LLC ("CommuteAir"), GoJet Airlines, LLC ("GoJet"), Mesa Airlines, Inc. ("Mesa"), Republic Airways Inc. ("Republic") and SkyWest Airlines, Inc. ("SkyWest") are all regional carriers that operate with capacity contracted to United under capacity purchase agreements ("CPAs").Business (Item 1)

Also named by DAL

Global distribution systems (GDSs) and online travel agencies (OTAs)

depends onnamed as a risk

For example, the number of flight reservations booked through third-party GDSs or OTAs may be adversely affected by disruptions in the business relationships between the Company and these suppliers.Risk factors (Item 1A)

JPMorgan Chase Bank, N.A. (Chase)

earns from

United has an agreement with JPMorgan Chase Bank, N.A. ("Chase"), pursuant to which members of United's MileagePlus loyalty program who are residents of the United States can earn miles for making purchases using a MileagePlus credit card issued by Chase (the "Co-Brand Agreement").Business (Item 1)

Also named by CSW, DDS, LSTR, PAYX

Star Alliance

depends on

United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world.Business (Item 1)

Lufthansa Group

earns from

Separate from the passenger JBAs, United is also a party to a JBA with Lufthansa for transatlantic cargo services.Business (Item 1)

Air Canada

earns from

United also participates in four passenger joint business arrangements ("JBAs"): one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Air Dolomiti, Austrian Airlines, Brussels Airlines, Discover Airlines, Edelweiss, Eurowings, Lufthansa City Airlines and SWISS) covering transatlantic routes, one with ANA covering certain transpacificBusiness (Item 1)

All Nippon Airways (ANA)

earns from

routes, one with Air New Zealand covering certain routes between the United States and New Zealand, and one with Air Canada covering certain United States and Canada transborder routes.Business (Item 1)

Other companies

Association of Flight Attendants (AFA)

28,220named as a risk

On July 29, 2025, the Company's employees represented by the AFA voted against ratification of the TA.Business (Item 1)

International Association of Machinists and Aerospace Workers (IAM)

named as a risk

Further, we participate in the multi-employer benefit plan for employees covered under our collective bargaining agreement with the IAM and have agreed to contribute certain amounts, which could increase in future.Risk factors (Item 1A)

Also named by BA, TEM, UPS

U.S. air traffic control system

depends onnamed as a risk

The Company's operations may also be adversely impacted due to the existing antiquated ATC system utilized by the U.S. government and regulated by the FAA, which may not be able to effectively handle projected future air traffic growth.Risk factors (Item 1A)

Also named by DAL, LUV

Competitors

Middle East government-subsidized carriers

competes withnamed as a risk

For instance, competition is significant from government-subsidized competitors from certain Middle East countries.Risk factors (Item 1A)

Places

Newark Liberty International Airport (EWR)

operates innamed as a risk

In addition, in the spring of 2025, challenges associated with ATC staffing, technology outages and runway construction led to a concentrated number of delays and cancellations out of our EWR hub.Risk factors (Item 1A)

Hazards

U.S. federal government shutdown

approximately 40 domestic airportsnamed as a risk

For example, during the U.S. federal government shutdown in late 2025, the FAA directed airlines, including the Company, to implement temporary schedule reductions across approximately 40 domestic airports, which required us to modify portions of our regional and domestic mainline flying and resulted in operational disruption and additional costs.Risk factors (Item 1A)

Also named by HII, LUV, OKLO

Russia-Ukraine war

named as a risk

For example, the suspension of the Company's overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of military conflicts across the globe have significantly impacted our financial condition, cash flows and results of operations.Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more

PFAS

subject tonamed as a risk

In addition, we have in the past been identified—and may in the future be identified—as a responsible party for environmental investigation and remediation costs under applicable environmental laws due to the disposal or release of hazardous substances generated by our operations, including PFAS, two of which, PFOA and PFOS, were designated by U.S. EPA as hazardous substances under the CERCLA.Risk factors (Item 1A)

Also named by ACHR, APG, CAG, CAVA, CTVA, DD, ES, FDX and 12 more

Commodities and inputs

Foreign currencies (Canadian dollar, euro, yen, renminbi, real, peso)

exposed to its price · approximately $12 millionnamed as a risk

Some of the Company's more significant foreign currency exposures include the Canadian dollar, European euro, Japanese yen, Chinese renminbi, Brazilian real and Mexican peso.Market risk (Item 7A)

Also named by ADSK, BR, ENTG, EXPE, MGNI, MRNA, ON, SYK and 1 more

Sustainable aviation fuel (SAF)

depends on · approximately 0.3% of its total aviation fuel usagenamed as a risk

The achievement of our goals is therefore largely dependent on the significant development of and maturation in the SAF market.Risk factors (Item 1A)

Also named by ALK, CLMT, DAL, FDX, LUV, UPS

Aircraft fuel (jet fuel)

exposed to its price · approximately $11.4 billionnamed as a risk

During the year ended December 31, 2025, the Company's fuel expense was approximately $11.4 billion.Risk factors (Item 1A)

Also named by VTOL

Aircraft fuel (jet fuel)

exposed to its price · approximately $116 millionnamed as a risk

A one-dollar change in the price of a barrel of aircraft fuel would change the Company's 2026 projected fuel expense by approximately $116 million.Market risk (Item 7A)

Also named by VTOL

Regulators

Federal Aviation Administration (FAA)

subject tonamed as a risk

Similarly, a government or regulatory agency, including the DOT, could choose to impose slot restrictions or cap hourly arrivals and departures at one of our hubs or other airports (as the FAA did at EWR in 2025, when it issued an order capping operations through October 2026) or grant increased access to another carrier and limit or reduce our operations at an airport, whether or not slot-controlled, which could have a significant impact on our operations.Risk factors (Item 1A)

Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more

U.S. Department of Transportation (DOT)

subject tonamed as a risk

If the DOT modified, suspended or revoked these certificates, it could have a material adverse effect on the Company's business.Risk factors (Item 1A)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more

Laws and programs

Railway Labor Act

subject to · approximately 83%named as a risk

Collective bargaining agreements between the Company and its represented employee groups are negotiated under the Railway Labor Act ("RLA").Business (Item 1)

Also named by ALK, CSX, DAL, FDX, LUV, UNP

Section 382 of the Internal Revenue Code

subject to · approximately $10.6 billionnamed as a risk

As of December 31, 2025, UAL reported consolidated U.S. federal net operating loss ("NOL") carryforwards of approximately $10.6 billion.Risk factors (Item 1A)

Also named by AR, AROC, DX, HASI, LUMN, OKE

ReFuelEU Aviation

exposed to its price · minimum of 2% SAFnamed as a risk

Outside of SAF uplift reporting obligations under ReFuelEU, these mandates do not impose compliance obligations on the Company but have led to significantly higher fuel prices across the EU and UK.Business (Item 1)

Also named by UPS

MileagePlus

earns from · approximately 10.3% of United's total revenue passenger milesnamed as a risk

These awards represented approximately 10.3% of United's total revenue passenger miles.Business (Item 1)

UK Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order

exposed to its price · minimum of 2% SAFnamed as a risk

In 2025, two significant SAF mandate policies went into effect: ReFuelEU and the UK's Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order, both of which require aviation fuel suppliers to supply a minimum of 2% SAF into their jet fuel supply starting in 2025 and increasing in subsequent years.Business (Item 1)

CORSIA

subject tonamed as a risk

United's anticipated CORSIA compliance costs for the first phase, 2024-2026, for which compliance is intended to be demonstrated by 2028, may be substantial.Business (Item 1)

Also named by ALK, DAL, FDX, LUV, UPS, WLFC

EU Emissions Trading System (EU ETS)

subject tonamed as a risk

The extension of the EU ETS to extra-EU flights could still occur in future years, depending on the EU government's assessment of the effectiveness of CORSIA.Business (Item 1)

Also named by DAL, EXPD, IP, WLFC

Executive Order 14117

subject tonamed as a risk

Similarly, Executive Order 14117 (Preventing Access to Americans' Bulk Sensitive Personal Data and US Government Related Data By Countries of Concern), and its implementing regulations, may limit our ability to share information with China and other "Countries of Concern" and certain service providers.Risk factors (Item 1A)

Also named by APP, VNT

Eco-Skies Alliance

depends onnamed as a risk

The Company has been able to increase its purchases of SAF in recent years due to its corporate customers' funding of the price premium for SAF through the Company's Eco-Skies Alliance, but the willingness of corporate customers to assist the Company in covering the price premium for SAF in the future could decrease for a number of reasons, including based on economic factors or concerns regarding the validity of a book-and-claim approach for claiming the emissions reductions from SAF, constraints on supplies of SAF that meet customer requirements, emerging SAF certification or book-and-claim restrictions developed by governments or non-governmental organizations or practices whereby corporate customers purchase the environmental attributes from SAF directly from fuel producers, bypassing the airlines.Risk factors (Item 1A)

Federally-mandated slot restrictions (Reagan National, JFK, LaGuardia)

subject tonamed as a risk

Federally-mandated domestic slot restrictions that limit operations and regulate capacity currently apply at three airports: Reagan National Airport in Washington, D.C., and John F. Kennedy International Airport and LaGuardia Airport in the New York City metropolitan region.Business (Item 1)

Open Skies agreements

subject tonamed as a risk

Applicable arrangements between the U.S. and foreign governments (such as Open Skies) may be amended from time to time, government policies with respect to aviation may be revised or may lead to termination of air service agreements and the availability of appropriate slots or facilities may change.Depending on the nature of any such change, the value of the Company's international route authorities and slot rights may be materially enhanced or diminished.Risk factors (Item 1A)

Tariffs on commercial aircraft, engines and parts

exposed to its pricenamed as a risk

The imposition of new tariffs, any increase in existing tariffs, and retaliatory tariffs implemented by other countries where United operates, on the importation of commercial aircraft, engines or commercial aircraft parts that the Company orders may result in higher costs.Risk factors (Item 1A)

Illinois Sustainable Aviation Fuel Purchase Credit

subject to

The Sustainable Aviation Fuel Purchase Credit was enacted in Illinois in February 2023 and became effective in mid-2023.Business (Item 1)

Technology

5G wireless networks

named as a risk

In addition, disruptions to the Company's business could result from the deployment of new cellular networks (e.g., "5G") by wireless carriers, which, due to potential interference with aircraft systems, could cause flights to be cancelled or diverted, which in turn could affect consumer perceptions of the safety of air travel.Risk factors (Item 1A)