How United Airlines Holdings Makes Money (2026)
United Airlines Holdings makes money mainly from Passenger. Its FY2025 total revenue was $59,070 million ($59.1 billion), with Passenger the biggest disclosed revenue line at $53,438 million ($53.4 billion) and 90.5% of total revenue (computed from the 10-K FY2025). United’s loyalty program connects airline customers with purchases from non-airline partners.
Last checked 2026-10-18 on the official pages.
Revenue breakdown
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Passenger | $53,438 million ($53.4 billion) | 90.5% | 10-K FY2025 ↗ |
| Cargo | $1,779 million ($1.8 billion) | 3.0% | 10-K FY2025 ↗ |
| Other revenue | $3,853 million ($3.9 billion) | 6.5% | 10-K FY2025 ↗ |
| Total revenue | $59,070 million ($59.1 billion) | — | 10-K FY2025 ↗ |
The hidden model
United’s loyalty program connects airline customers with purchases from non-airline partners.
United’s loyalty program connects airline customers with purchases from non-airline partners. verified
Members can also earn miles by purchasing goods and services from our network of non-airline partners, such as domestic and international credit card issuers, retail merchants, hotels and car rental companies.
United presented its own MileagePlus valuation using an EBITDA multiple. verified
Multiplying MPH 2019 EBITDA by a factor of 12 equates to a MileagePlus valuation of approximately $21.9 billion.
The proposed financing involved contributing program brands and member data. verified
United and MPH will contribute to MIPA their respective rights to certain MileagePlus intellectual property, including brands and member data.
Business models
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Frequently asked questions
How does United Airlines Holdings make money?
United Airlines Holdings makes money mainly from Passenger. Its FY2025 total revenue was $59,070 million ($59.1 billion), with Passenger the biggest disclosed revenue line at $53,438 million ($53.4 billion) and 90.5% of total revenue (computed from the 10-K FY2025). United’s loyalty program connects airline customers with purchases from non-airline partners.
What is United Airlines Holdings’ business model?
United Airlines Holdings’ business model is Loyalty and Stored Value. A business sells rewards to partners or collects customer cash before redemption. Deferred obligations and repeat engagement become part of its economics; redemption terms determine the eventual cost. United’s loyalty program connects airline customers with purchases from non-airline partners.
What is United Airlines Holdings’ hidden model?
United’s loyalty program connects airline customers with purchases from non-airline partners.