United Airlines Holdings (UAL) Invested Capital (2009 - 2026)
United Airlines Holdings' Invested Capital was $44.15 billion in Q3 2026, up 11.1% from $39.74 billion a year earlier and up 2.3% from the prior quarter.
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Analysis
United Airlines Holdings (UAL) Invested Capital (2009 - 2026) Analysis & Trends
For FY2025, Invested Capital at United Airlines Holdings came in at $40.27 billion, down 2.6% from FY2024.
- Invested Capital shows a five-year compound annual growth rate of 4.2% (FY2020 to FY2025).
- In earlier years, Invested Capital was $41.33 billion in FY2024 (+0.8%), $40.98 billion in FY2023 (+7.6%), $38.09 billion in FY2022 (-0.8%) and $38.39 billion in FY2021 (+17.4%).
- The Q3 2026 figure marks the highest quarterly Invested Capital in data going back to Q4 2009.
- Compared with a year earlier, Invested Capital was higher in six of the last eight quarters, with growth averaging 5.5%.
- The best year-over-year quarter for Invested Capital over five years was Q4 2021 (growth of 17.4%); the worst was Q2 2022 (a decline of 7.5%).
- Per Business Quant data, UAL's Invested Capital in the three quarters before Q3 2026 was $43.16 billion (Q2 2026), $40.07 billion (Q1 2026) and $40.27 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 179.72 Bn | 171.97 Bn | - | 52.34 Bn |
| 2 | Csx | 95.95 Bn | 91.18 Bn | - | 33.19 Bn |
| 3 | United Parcel Service | 84.51 Bn | 61.36 Bn | 22.04 Bn | 41.10 Bn |
| 4 | Canadian Pacific Kansas City | 81.84 Bn | 81.57 Bn | 57.15 Mn | 51.16 Bn |
| 5 | Fedex | 76.69 Bn | 42.88 Bn | 18.84 Bn | 56.62 Bn |
| 6 | Norfolk Southern | 73.66 Bn | 68.13 Bn | - | 33.34 Bn |
| 7 | Delta Air Lines | 56.72 Bn | 38.90 Bn | - | 36.46 Bn |
| 8 | Old Dominion Freight Line | 36.07 Bn | 34.91 Bn | 1.56 Bn | 4.69 Bn |
| 9 | United Airlines Holdings | 35.51 Bn | -22.18 Bn | - | 44.15 Bn |
| 10 | Ryanair Holdings | 30.13 Bn | 14.39 Bn | - | 13.67 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 44.15 Bn |
| Jun 30, 2026 | 43.16 Bn |
| Mar 31, 2026 | 40.07 Bn |
| Dec 31, 2025 | 40.27 Bn |
| Sep 30, 2025 | 39.74 Bn |
| Jun 30, 2025 | 40.45 Bn |
| Mar 31, 2025 | 40.28 Bn |
| Dec 31, 2024 | 41.33 Bn |
| Sep 30, 2024 | 36.92 Bn |
| Jun 30, 2024 | 36.97 Bn |
| Mar 31, 2024 | 36.21 Bn |
| Dec 31, 2023 | 40.98 Bn |
| Sep 30, 2023 | 38.43 Bn |
| Jun 30, 2023 | 38.00 Bn |
| Mar 31, 2023 | 37.33 Bn |
| Dec 31, 2022 | 38.09 Bn |
| Sep 30, 2022 | 36.34 Bn |
| Jun 30, 2022 | 36.15 Bn |
| Mar 31, 2022 | 36.28 Bn |
| Dec 31, 2021 | 38.39 Bn |
API Access
United Airlines Holdings Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=UAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "UAL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=UAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();