United Airlines Holdings (UAL) Operating Leases (2018 - 2026)
United Airlines Holdings (UAL) recorded Operating Leases of $6.96 billion in Q3 2026, up 30.6% from $5.33 billion a year earlier and up 9.0% from the prior quarter.
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Analysis
United Airlines Holdings (UAL) Operating Leases (2018 - 2026) Analysis & Trends
At the end of FY2025, United Airlines Holdings reported Operating Leases of $5.42 billion, up 20.1% from FY2024.
- Annual Operating Leases has increased for three straight years, with a five-year compound annual growth rate of 1.7% (FY2020 to FY2025).
- Across earlier years, Operating Leases came in at $4.51 billion in FY2024 (+0.2%), $4.5 billion in FY2023 (+1.0%), $4.46 billion in FY2022 (-13.5%) and $5.15 billion in FY2021 (+3.3%).
- The Q3 2026 figure is the highest quarterly Operating Leases in data going back to Q4 2018.
- On a year-over-year basis, Operating Leases has increased for eight consecutive quarters, with growth averaging 17.9% over the last eight quarters.
- Peak year-over-year performance for Operating Leases in the last five years was growth of 30.6% in Q3 2026, against a decline of 13.5% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $6.39 billion (Q2 2026), $6.03 billion (Q1 2026) and $5.42 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Union Pacific | 177.13 Bn | 169.38 Bn | - |
| 2 | Csx | 95.25 Bn | 90.48 Bn | - |
| 3 | Canadian Pacific Kansas City | 79.66 Bn | 79.37 Bn | - |
| 4 | United Parcel Service | 76.08 Bn | 53.01 Bn | - |
| 5 | Norfolk Southern | 75.89 Bn | 70.35 Bn | - |
| 6 | Fedex | 71.92 Bn | 37.86 Bn | - |
| 7 | Delta Air Lines | 52.14 Bn | 34.32 Bn | - |
| 8 | Old Dominion Freight Line | 39.40 Bn | 38.66 Bn | - |
| 9 | United Airlines Holdings | 33.14 Bn | -24.56 Bn | - |
| 10 | Ryanair Holdings | 28.01 Bn | 11.66 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 6.96 Bn |
| Jun 30, 2026 | 6.39 Bn |
| Mar 31, 2026 | 6.03 Bn |
| Dec 31, 2025 | 5.42 Bn |
| Sep 30, 2025 | 5.33 Bn |
| Jun 30, 2025 | 5.17 Bn |
| Mar 31, 2025 | 4.76 Bn |
| Dec 31, 2024 | 4.51 Bn |
| Sep 30, 2024 | 4.43 Bn |
| Jun 30, 2024 | 4.44 Bn |
| Mar 31, 2024 | 4.52 Bn |
| Dec 31, 2023 | 4.50 Bn |
| Sep 30, 2023 | 4.49 Bn |
| Jun 30, 2023 | 4.61 Bn |
| Mar 31, 2023 | 4.57 Bn |
| Dec 31, 2022 | 4.46 Bn |
| Sep 30, 2022 | 4.80 Bn |
| Jun 30, 2022 | 5.00 Bn |
| Mar 31, 2022 | 5.14 Bn |
| Dec 31, 2021 | 5.15 Bn |
API Access
United Airlines Holdings Operating Leases 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=operating-leases&ticker=UAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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=operating-leases&ticker=UAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();