United Airlines Holdings, Inc. (UAL)

Nasdaq · Air Transportation, Scheduled

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

35 entities across 7 jurisdictions, 10 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-12 — see the exhibit.

Which other public companies file entities in the same places:

Delaware19 Cayman Islands7 Luxembourg3 Wisconsin2 Mexico2 Vermont1 India1

Subsidiaries of United Airlines Holdings, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
United Airlines Holdings, Inc.	Delaware
United Airlines, Inc.	Delaware
● Air Wis Services, Inc.	Wisconsin
● Air Wisconsin, Inc.	Wisconsin
● Domicile Management Services, Inc. **	Delaware
● CAL Cargo, S.A. de C.V.**	Mexico
● CALFINCO Inc.	Delaware
● CALFINCO Caymans Ltd.	Cayman Islands	offshore centre
● Century Casualty Company	Vermont
● Continental Airlines de Mexico, S.A.**	Mexico
● Continental Airlines, Inc. Supplemental Retirement Plan for Pilots Trust Agreement	Delaware
● Covia LLC	Delaware
● Mileage Plus Holdings, LLC	Delaware
● MPH I, LLC	Delaware
● Mileage Plus Marketing, Inc.	Delaware
● Mileage Plus, LLC	Delaware
● Mileage Plus Intellectual Property Assets, Ltd. ***	Cayman Islands	offshore centre
● Mileage Plus Intellectual Property Assets Aggregator, Ltd.******	Cayman Islands	offshore centre
● Mileage Plus Intellectual Property Assets Holdings UIP, Ltd.	Cayman Islands	offshore centre
● Mileage Plus Intellectual Property Assets Holdings MIP, Ltd.	Cayman Islands	offshore centre
● Mileage Plus Intellectual Property Assets SPV Partner, Ltd.****	Cayman Islands	offshore centre
● Mileage Plus Intellectual Property Assets GP S.à r.l.*****	Luxembourg	offshore centre
● Mileage Plus Intellectual Property Assets Lux 1 SCS*****	Luxembourg	offshore centre
● Mileage Plus Intellectual Property Assets Lux 2 SCS*****	Luxembourg	offshore centre
● Presidents Club of Guam, Inc.	Delaware
● UABSPL Holdings, Inc.	Delaware
● UAL Benefits Management, Inc.**	Delaware
● United Aviation Fuels Corporation	Delaware
● United Airlines Ventures, Ltd.	Cayman Islands	offshore centre
● United Airlines Ventures Management LLC	Delaware
● United Airlines Business Services Private Limited**	India
● United Ground Express, Inc.	Delaware
● United Travel Services, LLC	Delaware
● United Vacations, Inc.	Delaware
● Westwind School of Aeronautics, Phoenix, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

7 / 8

PASSReturn on assets positiveROA 4.4%
PASSOperating cash flow positiveOCF 8.4B
PASSReturn on assets improving4.3% → 4.4%
PASSCash flow exceeds earningsOCF 8.4B vs NI 3.4B
PASSLong-term debt ratio falling29.3% → 22.5% of assets
FAILCurrent ratio improving0.81 → 0.65
PASSNo share dilution333M → 329M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.77× → 0.77×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$15.4B	−$7.1B	−$5.9B	—	279,400,000
FY2021	$24.6B	−$2.0B	−$40.0M	—	321,900,000
FY2022	$45.0B	$737.0M	$1.2B	—	330,100,000
FY2023	$53.7B	$2.6B	−$260.0M	—	331,900,000
FY2024	$57.1B	$3.1B	$3.8B	—	333,200,000
FY2025	$59.1B	$3.4B	$2.6B	—	328,500,000

Ownership flow

1 institutions tracked — 1 added, 0 reduced.

Institutional holders of United Airlines Holdings, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	9,536,361	+232,232	$1.3B

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2026Q1: $27.0M
2025Q1: $349.0M
2024Q1: $0
2021Q1: $0
2020Q1: $353.0M
2019Q1: $513.0M

Identity

CIK: 0000100517
SIC: 4512 · Air Transportation, Scheduled
Incorporated: DE
Headquarters: CHICAGO, IL

Ownership

Institutional: 90.7%
Institutions: 1,434
Insiders: 0.6%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other air transportation, scheduled companies

United Airlines Holdings, Inc. files under SIC 4512 — all 6 air transportation, scheduled companies compared on assets and F-score.

DELTA AIR LINES, INC.DAL American Airlines Group Inc.AAL ALASKA AIR GROUP, INC.ALK JETBLUE AIRWAYS CORPJBLU Allegiant Travel COALGT

Questions about United Airlines Holdings, Inc.

How many subsidiaries does United Airlines Holdings, Inc. file with the SEC?: 35, listed in its most recent exhibit 21. They are incorporated across 7 jurisdictions, led by Delaware, Wisconsin, Mexico. 10 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is United Airlines Holdings, Inc. financially healthy?: United Airlines Holdings, Inc. scores 7 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of United Airlines Holdings, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

Download the terminal See pricing

Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

35 entities across 7 jurisdictions, 10 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-12 — see the exhibit.

Entity

Jurisdiction

Note

United Airlines Holdings, Inc.

Delaware

United Airlines, Inc.

Delaware

● Air Wis Services, Inc.

Wisconsin

● Air Wisconsin, Inc.

Wisconsin

● Domicile Management Services, Inc. **

Delaware

● CAL Cargo, S.A. de C.V.**

Mexico

● CALFINCO Inc.

Delaware

● CALFINCO Caymans Ltd.

Cayman Islands

offshore centre

● Century Casualty Company

Vermont

● Continental Airlines de Mexico, S.A.**

Mexico

● Continental Airlines, Inc. Supplemental Retirement Plan for Pilots Trust Agreement

Delaware

● Covia LLC

Delaware

● Mileage Plus Holdings, LLC

Delaware

● MPH I, LLC

Delaware

● Mileage Plus Marketing, Inc.

Delaware

● Mileage Plus, LLC

Delaware

● Mileage Plus Intellectual Property Assets, Ltd. ***

Cayman Islands

offshore centre

● Mileage Plus Intellectual Property Assets Aggregator, Ltd.******

Cayman Islands

offshore centre

● Mileage Plus Intellectual Property Assets Holdings UIP, Ltd.

Cayman Islands

offshore centre

● Mileage Plus Intellectual Property Assets Holdings MIP, Ltd.

Cayman Islands

offshore centre

● Mileage Plus Intellectual Property Assets SPV Partner, Ltd.****

Cayman Islands

offshore centre

● Mileage Plus Intellectual Property Assets GP S.à r.l.*****

Luxembourg

offshore centre

● Mileage Plus Intellectual Property Assets Lux 1 SCS*****

Luxembourg

offshore centre

● Mileage Plus Intellectual Property Assets Lux 2 SCS*****

Luxembourg

offshore centre

● Presidents Club of Guam, Inc.

Delaware

● UABSPL Holdings, Inc.

Delaware

● UAL Benefits Management, Inc.**

Delaware

● United Aviation Fuels Corporation

Delaware

● United Airlines Ventures, Ltd.

Cayman Islands

offshore centre

● United Airlines Ventures Management LLC

Delaware

● United Airlines Business Services Private Limited**

India

● United Ground Express, Inc.

Delaware

● United Travel Services, LLC

Delaware

● United Vacations, Inc.

Delaware

● Westwind School of Aeronautics, Phoenix, LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

7 / 8

PASSReturn on assets positiveROA 4.4%
PASSOperating cash flow positiveOCF 8.4B
PASSReturn on assets improving4.3% → 4.4%
PASSCash flow exceeds earningsOCF 8.4B vs NI 3.4B
PASSLong-term debt ratio falling29.3% → 22.5% of assets
FAILCurrent ratio improving0.81 → 0.65
PASSNo share dilution333M → 329M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving0.77× → 0.77×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$15.4B

−$7.1B

−$5.9B

—

279,400,000

FY2021

$24.6B

−$2.0B

−$40.0M

—

321,900,000

FY2022

$45.0B

$737.0M

$1.2B

—

330,100,000

FY2023

$53.7B

$2.6B

−$260.0M

—

331,900,000

FY2024

$57.1B

$3.1B

$3.8B

—

333,200,000

FY2025

$59.1B

$3.4B

$2.6B

—

328,500,000

Ownership flow

1 institutions tracked — 1 added, 0 reduced.

Institutional holders of United Airlines Holdings, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	9,536,361	+232,232	$1.3B

Questions about United Airlines Holdings, Inc.

How many subsidiaries does United Airlines Holdings, Inc. file with the SEC?

35, listed in its most recent exhibit 21. They are incorporated across 7 jurisdictions, led by Delaware, Wisconsin, Mexico. 10 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is United Airlines Holdings, Inc. financially healthy?

United Airlines Holdings, Inc. scores 7 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of United Airlines Holdings, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.