What changed in this filing

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Item 1. Business

2026-02-12 compared with 2025-02-27 · 162 added, 168 removed, 365 unchanged (47% of the section changed)

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• surpassing 530 new and retrofit aircraft featuring United's signature interior with bigger bins, seatback screens at every seat and Bluetooth connectivity;

• expanding the Company's leading global network to destinations like Ulaanbaatar, Mongolia;

• expanding the Company's leading global network to destinations like Bangkok, Thailand;

Ho Chi Minh City, Vietnam;

and Adelaide, Australia.

• inaugurating service to eight new destinations:

Nuuk, Greenland;

Kaohsiung, Taiwan;

Palermo, Italy;

Bilbao, Spain;

Ulaanbaatar, Mongolia;

Faro, Portugal;

Madeira Island, Portugal;

Puerto Escondido, Mexico;

and Dakar, Senegal;

Palermo, Italy;

Bilbao, Spain;

and Madeira Island, Portugal.

• launching Kinective Media SM – the first media network that uses insights from travel behaviors to connect customers to personalized advertising, experiences and offers from leading brands;

• announcing an industry-leading agreement with SpaceX to bring Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our aircraft;

• 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;

• making significant technology changes that empower the Company's employees and improve the customer experience.

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Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these flights plus a variable rate adjustment based on agreed performance metrics, subject to annual adjustments.

The fees are based on specific rates multiplied by specific operating statistics (e.g., block hours, departures), as well as fixed monthly amounts.

The fees are based on rates multiplied by specific operating statistics (e.g., block hours, departures), as well as fixed monthly amounts.

Under these CPAs, the Company is also responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company.

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

In 2024, Star Alliance carriers continued to serve more than 1,200 airports in 195 countries and territories with over 17,000 average daily departures.

In 2025, Star Alliance member carriers continued to serve more than 1,150 airports in more than 190 countries and territories with 17,500 average daily departures.

Star Alliance members, in addition to United, are Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, All Nippon Airways ("ANA"), Asiana Airlines, Austrian Airlines, Aerovías del Continente Americano (Avianca), Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines.

In addition to its members, Star Alliance includes Shanghai-based Juneyao Airlines as a connecting partner and Germany-based Deutsche Bahn, a rail company, as an intermodal partner.

In addition to its members, Star Alliance includes Shanghai-based Juneyao Airlines as a connecting partner and Germany-based Deutsche Bahn and Austria-based ÖBB – Austrian Federal Railways as railway intermodal partners.

Lufthansa City Airlines joined Star Alliance as part of Lufthansa.

United has a variety of bilateral commercial alliance agreements and obligations with Star Alliance members, addressing, among other things, reciprocal earning and redemption of frequent flyer miles, access to airport lounges and, with certain Star Alliance members, codesharing of flight operations (whereby one carrier's selected flights can be marketed under the brand name of another carrier).

In addition to the alliance agreements with Star Alliance members, United currently maintains independent alliance agreements with other air carriers, including Aer Lingus, Air Dolomiti, Airlink, Azul Linhas Aéreas Brasileiras, Cape Air, Discover Airlines, Emirates, Eurowings, flydubai, Hawaiian Airlines, JetSuiteX, Olympic Air, Silver Airways and Virgin Australia Airlines.

In addition to the alliance agreements with Star Alliance members, United currently maintains independent alliance agreements with other air carriers, including Aer Lingus, Air Dolomiti, Airlink, Azul Linhas Aéreas Brasileiras, Cape Air, Discover Airlines, Edelweiss Air, Emirates, Eurowings, flydubai, Hawaiian Airlines, ITA Airways, JetBlue, JetSuiteX, Olympic Air and Virgin Australia Airlines.

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 and SWISS) covering transatlantic routes, one with ANA covering certain transpacific 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.

These passenger JBAs enable the participating carriers to integrate the services they

provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services.

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.

These passenger JBAs enable the participating carriers to integrate the services they provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services.

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

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Distribution Channels.

The Company's airline seat inventory and fares are distributed through the Company's direct channels, traditional travel agencies and online travel agencies ("OTA").

The use of the Company's direct sales website, www.united.com, the Company's mobile applications and alternative distribution systems provides the Company with an opportunity to de-commoditize its services, better present its content, make more targeted offerings, better retain its customers, enhance its brand and lower its ticket distribution costs.

Agency sales are primarily sold using global distribution systems ("GDS").

United has developed and expects to continue to develop capabilities to sell certain ancillary products through the GDS channel to provide an enhanced buying experience for customers who purchase in that channel.

The Company sells airline tickets and ancillary products through a wide range of distribution channels, including direct channels such as the Company's website at www.united.com and the Company's mobile app, as well as traditional travel agencies, online travel agencies ("OTAs") and other intermediaries.

The Company seeks to make its products available across these channels to support customer choice, subject to the technological capabilities and commercial arrangements applicable to each channel.

The Company continues to invest in modernizing its distribution systems, including enhancements to its direct channels and implementing New Distribution Capability ("NDC"), to support the marketing and sale of its products.

Direct channels, including the Company's website, the Company's mobile app and NDC-enabled channels, provide opportunities to better differentiate the Company's offerings, present richer content, deliver more relevant offers, strengthen customer relationships, improve customer service, enhance brand engagement and reduce ticket distribution costs.

However, a portion of the Company's ticket sales continues to be distributed through legacy distribution technology, which may involve higher costs and more limited functionality compared to the Company's direct and NDC channels.

Third-Party Business.

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Our operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel.

The Company routinely enters into purchase contracts based on expected fuel requirements for UAL aircraft (including regional carriers operating under CPAs) that are generally indexed to various market price benchmarks for aircraft fuel.

These contracts customarily do not provide material protection against changes in market prices or guarantee the uninterrupted availability of adequate quantities of aircraft fuel.

The price of aircraft fuel used by our operations has fluctuated substantially in the past

several years.

The Company routinely enters into purchase contracts based on expected fuel requirements primarily for UAL aircraft (including regional carriers operating under CPAs) that are generally indexed to various market price benchmarks for aircraft fuel.

contracts customarily do not provide material protection against changes in market prices or guarantee the uninterrupted availability of adequate quantities of aircraft fuel.

The price of aircraft fuel used by our operations has fluctuated in the past and is expected to remain volatile due to numerous factors including the increasing adoption of mandated SAF across certain markets.

The Company's current strategy is to not enter into financial transactions to hedge the market price exposure of its expected fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors.

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The air travel business is subject to seasonal fluctuations.

Historically, demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand.

Although the Company's fourth quarter revenue exceeded each of the second quarter and third quarter in 2025, historically, demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand.

Our Approach to Corporate Citizenship and Value Creation

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Safety Culture

At United, safety is first in everything we do and is our first service standard of Core4 (we are safe, then caring, dependable and efficient).

We are focused on promoting our safety culture to help ensure that every employee across United holds each other to the highest safety standards.

Our "No Small Roles in Safety" strategy as part of our Safety Management System ("SMS") is designed to imbue every employee with an understanding of his or her significant responsibility in our collective ambition to ensure the highest level of safety performance for our customers and employees.

Our laser focus on safety is not only essential to our success but also foundational to our culture.

We continue to evaluate and expand our SMS to incorporate new areas of the business to manage risk as we navigate this exciting time at United with the growth in our aircraft fleet and the increasing number of destinations that we plan to serve.

Our continuously evolving SMS allows us to proactively identify hazards and mitigate risks to help ensure the safety of our customers and our employees as we grow.

In addition, just as we have invested in infrastructure, technology and tools, we are also investing in the training and development of our employees, especially those who are new to United, to help ensure they gain proficiency in their roles and stay safe in the workplace.

Our approach to safety is centered around three components:

Continuously investing in infrastructure, technology, tools, voluntary safety reporting and training that are built among the key components of our safety policy, safety risk management, safety assurance and safety promotion.

Safety in Action :

Improving safety through development of robust, proactive safety programs and standards.

Safety Data and Innovation :

Identifying and mitigating safety hazards through strong data analytics and new technologies and processes.

At United, safety is first in everything that the Company does and is its first service standard of Core4 (the Company is safe, then caring, dependable and efficient).

Guided by the overarching message that there are "No Small Roles in Safety," the Company is concentrated on promoting a strong safety culture to help ensure that every employee across United holds

themselves and each other to the highest safety standards.

The Company's laser focus on the health, safety and security of its employees and customers is not only essential to its operational and financial success but also defines the Company as an organization—making safety accountability a non-negotiable aspect of its culture.

The Company's FAA-approved Safety Management System ("SMS") is a cornerstone component that helps enable the Company to uphold regulatory compliance safety standards, proactively identify hazards, mitigate risks and elevate corrective actions to help ensure the safety of its customers and employees.

The Company continues to evaluate, expand and shape its SMS to incorporate new areas of the business to help reduce risk as the Company grows its aircraft fleet and expands the destinations that it serves.

In addition, just as the Company has invested in infrastructure, technology and tools, the Company is also investing in the training and development of its employees—especially those who are new to United—to help ensure they gain proficiency in their roles and stay safe in the workplace.

The Company's approach to safety entails four overarching objectives:

A just culture.

The Company focuses on fostering an engaged, proactive and just safety culture that prioritizes and protects the well-being and safety of all employees.

Regulatory compliance.

Maintaining a culture whereby the Company's employees are required to consistently follow and adhere to policies and regulatory requirements is one of the Company's pillars.

Flight safety.

Reducing flight safety and operational risks by keeping the Company's aircraft safe and airworthy is a cornerstone of the Company's safety objectives.

Standard operating procedure.

The Company drives adherence to its standard operating procedures to help ensure an accountable, consistent and safe operation.

The Company's Board provides significant oversight of its safety processes and procedures, which includes a review of management's development, implementation and maintenance of the Company's safety management system, objectives, culture, training and reporting.

Board meeting sessions typically start with a presentation on current and potential future safety considerations affecting the Company—both in the air and on the ground.

Environmental Sustainability Strategy

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At the end of 2020, the Company pledged a net zero goal to reduce its greenhouse gas ("GHG") emissions by 100% by 2050 without relying on the use of voluntary, traditional carbon offsets 1 .

The Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035.

This intensity target is intended to align to the Company's net zero goal.

The Company believes that innovative technologies can assist the Company with achieving its climate goals, enhance the customer experience and improve its operations.

Our second largest operating expense, conventional jet fuel, is subject to volatile global prices.

Reducing our fuel consumption while diversifying our fuel supply with sustainable aviation fuel ("SAF") can enhance our resiliency in the face of conventional jet fuel price spikes.

The Company's sustainability strategy is centered around four key pathways, each of which is described in further detail below:

(i) emitting less GHGs;

(ii) adopting more sustainable alternatives to conventional jet fuel;

(iii) making improvements to its operations beyond its flights;

and (iv) collaborating with employees, customers, airports, suppliers, cross-industry partners and policymakers to facilitate faster action and commercializing relevant technology.

To support its net zero goal, the Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035, which has been validated by the Science Based Targets initiative (SBTi).

The Company's sustainability strategy continues to be centered around four key pillars, each of which is described in further detail below:

(i) drive fuel efficiencies and innovation in flight;

(ii) adopt more sustainable alternatives to conventional jet fuel;

(iii) integrate sustainability efforts at every altitude;

and (iv) collaborate with partners.

These pillars cover not only long-term actions within the Company's operations but also support the low-carbon transition of the transportation and aviation industry as a whole.

The Company is hopeful that its sustainability strategy will help position it to succeed in an increasingly resource-constrained world.

The Company's Board of Directors (the "Board"), including through its Public Responsibility Committee, provides oversight of its environmental sustainability and climate-related strategic goals and objectives to ensure integration with its core business strategy.

Management periodically updates the Board on the implementation of the Company's climate-related strategic goals and objectives.

Management periodically updates the Board on the implementation of the Company's climate strategic goals and objectives.

The Board, including through its Public Responsibility Committee, also oversees management's identification, evaluation and monitoring of environmental (including climate-related) trends, issues, concerns, risks and opportunities that affect or could affect the Company's reputation, business activities, strategies and performance.

• Emitting Less GHGs :

1 Traditional carbon offsets refer to carbon credits generated through the avoidance and/or reduction of CO 2 emissions that would have otherwise occurred outside a company's value chain.

Traditional carbon offsets do not include certificates conveying the attributes of renewable energy or sustainable aviation fuel, or credits related to the removal of CO 2 from the atmosphere.

• Drive fuel efficiencies and innovation in flight :

As part of this plan, the Company is focused on improving fuel efficiency in its operations.

Its main focus in realizing this objective is reducing its conventional jet fuel consumption, which is both the largest contributor to its environmental footprint and, as noted above, a sizable expense for the Company.

Its main focus in realizing this objective is optimizing its conventional jet fuel consumption, which is both the largest contributor to its environmental footprint and, as noted above, a sizable expense for the Company.

To do so, the Company is prioritizing the introduction of newer, more fuel-efficient aircraft into its fleet as part of its United Next plan, as well as improving the fuel efficiency of its existing fleet.

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The Company has worked collaboratively across its organization and with Air Traffic Control ("ATC") providers to strive to improve fuel efficiency through the implementation of best practices and by training its pilots and dispatchers and supplying them with the necessary tools to execute those strategies.

1 Traditional carbon offsets refer to carbon credits generated through the avoidance and/or reduction of CO2 emissions that would have otherwise occurred outside a company's value chain.

Traditional carbon offsets do not include certificates conveying the attributes of renewable energy or sustainable aviation fuel, or credits related to the removal of CO2 from the atmosphere.

In addition, the Company, through the aerospace-focused investment vertical of its corporate venture capital arm, United Airlines Ventures, Ltd.

("UAV"), has been collaborating with, as well as investing in, early-stage technology companies that focus on lower carbon alternative propulsion technologies.

• Adopting More Sustainable Alternatives to Conventional Jet Fuel :

We believe that large-scale adoption of SAF in our operations is critical to helping mitigate our exposure to volatile fuel prices and achieving our climate goals.

SAF is an alternative to conventional jet fuel and its potential to scale is due to its 'drop-in' readiness, which means it can be used in current operations with existing aircraft and infrastructure with few to no additional alterations required.

The Company is working with strategic partners to scale, employ and commercialize the use of SAF.

• Adopt more sustainable alternatives to jet fuel :

The Company believes that large-scale adoption of sustainable aviation fuel ("SAF") in its operations is critical to helping mitigate its exposure to volatile fuel prices and achieving its environmental goals.

SAF is an alternative to conventional jet fuel that can emit up to 85% less GHG emissions on a lifecycle basis relative to conventional jet fuel and is considered 'drop-in' ready, which means that it can be used in current operations with existing aircraft and infrastructure with few to no additional alterations required.

SAF can help diversify the Company's jet fuel supply, which is its second largest operating expense and is subject to volatile global prices.

Reducing its fuel consumption while diversifying its fuel supply with SAF can enhance the Company's resiliency in the face of conventional jet fuel price spikes.

• The Company is working with strategic partners to scale and commercialize the use of SAF :

While the Company currently is an aviation leader in investing in technologies focused on decarbonizing aviation and its associated energy supply chains, SAF supply in the jet fuel market is constrained and represents, according to industry estimates, less than 1% of global commercial aviation fuel usage.

Additionally, the purchase of SAF today comes with a price premium, compared to conventional jet fuel, to account for the additional costs of scaling and producing this early-stage solution.

As a result, in 2024, the total volume of SAF used in the Company's operations remained less than 0.3% of its total aviation fuel usage.

Additionally, the purchase of SAF today comes with a price premium, compared to conventional jet fuel.

As a result, in 2024, the total volume of SAF used in the Company's operations remained approximately 0.3% of its total aviation fuel usage.

These challenges with present-day SAF have informed the Company's strategy of investing in technology to help scale the SAF market and unlock future supply for the Company.

The Company has an established history in the investment in, and use of, SAF.

The Company has an established history of investment in, and use of, SAF.

Beginning in 2015, the Company made its first investment in a company working to commercialize SAF production.

In 2016, the Company became the first airline globally to start using SAF in its regular operations on an ongoing basis at various airports.

In 2016, the Company became the first airline globally to start using SAF in its regular operations on an ongoing basis.

The Company has progressed its SAF strategy with several notable milestones, including the following:

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The Company also established UAV, a corporate venture capital arm that seeks to invest in promising sustainable aviation technologies and innovation to usher in the future of air travel.

◦ In 2022 the Company signed a purchase agreement with Neste for up to 52.5 million gallons of SAF at domestic and international stations, becoming the first U.S.

airline to execute an international purchase agreement for SAF.

◦ In 2023 the Company launched, through UAV, the United Airlines Ventures Sustainable Flight Fund (the "Fund") to support start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with SAF.

◦ In 2024, the Company became the first airline to purchase SAF for use at ORD, signing agreements with two suppliers.

• Improving Our Operations Beyond Our Flights :

◦ In 2023 the Company launched the United Airlines Ventures Sustainable Flight Fund (the "Fund")—which is the first-of-its-kind investment vehicle of UAV—to support start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with SAF.

◦ Between 2024-2025, the Company added four new locations to its SAF operational footprint, purchasing blended SAF for use at ORD, IAD, IAH and EWR airports.

• Integrate sustainability efforts at every altitude :

The Company is focused on initiatives intended to drive more sustainable operations while maintaining efficiencies across the business.

For example, United continues to progress its strategic electrification of ground service equipment ("GSE") across its hubs and stations.

For example, the Company continues to progress its strategic electrification of ground service equipment ("GSE") across its hubs and stations.

As of the end of 2025, over 5,800 units of the Company's GSE around the world are electric, representing approximately 41% of its GSE fleet.

• Collaborating with Partners :

• Collaborate with partners :

The Company collaborates with employees, customers, airports, suppliers, cross-industry partners, trade associations and policymakers across its value chain to scale the supply of SAF and invest in decarbonization technology solutions.

Some of the Company's highlights in this area include the following:

◦ The Company worked with federal policymakers to champion passage of new SAF tax incentives in 2022.

These credits create an economic incentive for increased SAF production within the United States.

◦ The Company led a cross-sectoral effort to incentivize SAF in Illinois, lowering the overall cost of SAF consumption at the state level.

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◦ The Company is a founding member of the nonprofit, non-partisan SAF Coalition.

Formed in 2024, the SAF Coalition is an organization looking to bring together all stakeholders of the aviation fuel value chain to advocate for federal policies that support and increase domestic SAF production.

In 2023, the Company evolved its GHG reporting to align with corporate best practices around GHG accounting protocols, including anticipated updates in accounting guidance from the Greenhouse Gas Protocol.

This revised reporting methodology allows us to provide greater transparency around the aircraft's GHG emissions from burning conventional jet fuel and SAF.

Biogenic GHG emissions from SAF are not reported as Scope 1-3 emissions.

The Company believes that its absolute GHG emissions will continue to increase in the immediate future as the Company continues to grow.

The Company has made progress with its environmental sustainability strategy.

However, the Company expects that its absolute GHG emissions will continue to increase in the immediate future as the Company continues to grow.

In addition, even though purchasing voluntary, traditional carbon offsets could present near-term emissions reductions, as outlined above, the Company aims to achieve its mid-term and long-term climate goals without relying on the use of voluntary, traditional carbon offsets.

Such commitment is demonstrated by the end of the Company's customer offset program and elimination of emission reductions realized by carbon offsets as reflected in its GHG inventory.

The Company continues to review and explore the evolving environmental landscape to further understand potential risks and opportunities to enhance its environmental strategy.

Additional quantitative emissions data for fiscal years 2024 and 2023 are as follows:

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Metric tons CO 2 e/1,000 mainline and regional RTKs (e)

Emissions Intensity per ASM

Emissions Intensity per Available Seat Mile ("ASM")

ASMs (millions) (f) 311,185 291,333

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(a) Includes Scope 3 categories 3, 4, 7, 14 and 15.

(b) Excludes biogenic emissions in accordance with the Greenhouse Gas Protocol.

(b) Excludes biogenic CO 2 emissions in accordance with the Greenhouse Gas Protocol.

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(e) Scope 1+2 and Scope 3 (categories 3 and 4) emissions/mainline+regional RTKs;

metric used for tracking progress against the Company's 2035 carbon emissions intensity goal and 2050 carbon emission goal.

metric used for tracking progress against the Company's 2035 carbon emissions intensity and 2050 carbon emission goals.

(f) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.

(g) Scope 1+2 and Scope 3 (categories 3, 4, 7 and 14) emissions/mainline+regional ASMs.

* The calculation has been revised since the publication of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 27, 2025 (the "2024 Annual Report") to incorporate additional SAF volumes for which supporting documentation was received after the initial filing.

The Company aligns its environmental sustainability disclosures through third-party reporting organizations, frameworks and standards—including the recommendations from the Task Force on Climate-related Financial Disclosures—as well as applicable mandatory disclosure requirements.

Additional information on United's commitment to environmental sustainability is available at united.com/sustainability.

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labor organizations.

See our section "The maintenance of our relationships with our labor unions" below for information on the represented employee groups.

See the section "The maintenance of the Company's relationships with its labor unions" below for information on the Company's represented employee groups.

People & Culture :

We believe that our employees represent the brightest and highest-performing people in the aviation industry.

Our continued ability to attract, hire, develop and retain skilled personnel with industry experience and knowledge at all levels of our organization is the foundation of our success, especially in light of our ambitious growth agenda under our United Next plan.

Our human capital management strategy is designed to help us find the best talent who can drive our United Next objectives and provide the tools to prepare them for critical roles and leadership positions in the future.

We are proud of our Company culture and plan to continue to execute our strategy through the following:

Our talent acquisition process and succession planning.

We developed talent acquisition tools and programs to help us continue to (i) attract the candidates who can deliver the highest levels of service to our customers;

(ii) ensure recruiting, retention and leadership development goals are

systematically executed throughout the Company;

and (iii) broaden and strengthen our talent channels and pipelines so that we can cultivate the next generation of talent that will lead our company into the future.

In 2024, the Company hired approximately 10,270 employees across the globe through the Company's external career site, professional association partnerships, employee referrals, universities and other external sources.

Our human resources programs are designed to facilitate internal talent mobility.

We encourage employees to identify the paths that can build the skills, experience, knowledge and competencies needed for career advancement.

In 2024, about 69% of our senior leader positions filled were internal placements and 606 frontline employees were promoted into management roles, the latter of which was consistent with last year and almost three times as many as in prior years.

The Company's policies strictly prohibit any form of employment discrimination.

To ensure accountability over time, we have committed to sharing our U.S.

workforce self-identified demographic data as well as our Consolidated EEO-1 Report (which includes only the Company's and United Ground Express, Inc.'s U.S.

workforces) on an annual basis on our website.

The information contained on or connected to the Company's website is not incorporated by reference into this Form 10-K and should not be considered part of this or any other report filed with the SEC.

Succession planning provides us the opportunity to evaluate our key successors.

Our executives and senior leaders are engaged in succession planning by regularly evaluating, developing and mentoring our talent.

The Board also engages in annual succession planning and talent development discussions with our Chief Executive Officer, President and Executive Vice President of Human Resources, focusing on our ability to identify, attract, prepare and retain talented employees for future leadership positions.

The development of our Company culture that is centered on safety and promotes the importance of listening and responding to colleague feedback.

As stated above, safety is first in everything we do and is our first Core4 service standard.

We are focused on promoting our safety culture to help ensure that every employee across the Company holds each other to the highest safety standards and strives to protect themselves, their colleagues and our customers.

As we strive to continue to be an employer of choice, we believe it is critical that our workforce is informed, engaged and can provide feedback.

O ur executive team provides several avenues of engagement to inform our employee needs globally.

We routinely conduct employee engagement surveys of our global workforce, which provide feedback on employee satisfaction and cover a variety of topics such as company culture, safety and values, execution of our strategy and individual development, among others.

The Company believes that its employees represent the brightest and highest-performing people in the aviation industry and embody the Company's mission to build the world's biggest and best airline.

The Company's continued

ability to recruit, hire, develop, motivate and retain skilled personnel with industry experience and knowledge at all levels of its organization by being an employer of choice is foundational to its success in the highly competitive aviation industry, especially in light of its ambitious growth agenda under the United Next plan.

The Company's human capital management strategy is designed to help it attract and develop a deep talent base with the skills, experiences, knowledge and backgrounds to drive the United Next objectives as well as thrive in the face of change;

provide them with the tools to prepare them for critical roles and leadership positions in the future;

and reward and retain them with competitive compensation and benefits.

The Company is proud of its unique culture and plans to continue to execute its human capital management strategy through the following:

Talent acquisition and internal talent mobility process and succession planning.

The Company developed talent acquisition tools and programs to help it continue to (i) attract and identify the best-qualified candidates who can deliver the highest levels of service to its customers, which generates the profitability to help fund the Company's future and reward its employees;

(ii) ensure that the Company's recruiting, retention and leadership development goals are systematically executed throughout United;

and (iii) broaden and strengthen its talent channels and pipelines so that the Company can cultivate the next generation of talent that will lead it into the future.

In 2025, the Company hired approximately 13,100 employees across the globe through its external career site, professional association partnerships, employee referrals, universities, the U.S.

Military and other external sources.

In addition to the development of its external talent pipeline, the Company's human resources programs are designed to facilitate internal talent mobility.

The Company encourages its employees to identify the paths that can build the skills, experience, knowledge and competencies needed for career advancement.

In 2025, about 72% of the Company's senior leader positions filled were internal placements and 587 frontline employees were promoted into management roles, the latter of which was consistent with last year.

As stated above, a cornerstone of the Company's talent acquisition and internal talent mobility strategy is cultivating a culture that fosters a workplace in which all employees are safe, have an opportunity to succeed, feel a sense of belonging and are empowered to innovate and collaborate.

The Company is committed to providing opportunities for advancement to help its employees reach their full potential and its policies strictly prohibit any form of employment discrimination.

Succession planning provides the Company with the opportunity to evaluate its key successors.

The Company's executives and senior leaders are engaged in succession planning by regularly evaluating, developing and mentoring its talent.

The Board also engages in annual succession planning and talent development discussions with the Company's Chief Executive Officer, President and Executive Vice President of Human Resources, focusing on the Company's ability to attract, identify, prepare and retain talented employees for future leadership positions.

The development of a Company culture that is centered on safety and promotes the importance of listening and responding to colleague feedback.

As stated above, safety is first in everything that the Company does and is its first Core4 service standard.

The Company is focused on promoting its safety culture to help ensure that every employee across the Company holds each other to the highest safety standards and strives to protect themselves, their colleagues and the Company's customers.

As the Company strives to continue to be an employer of choice, the Company believes that it is critical that its workforce is encouraged to provide feedback and is informed as well as engaged.

The Company utilizes multiple channels for all employees to ask for guidance, report concerns without fear of retaliation (including those related to safety) and provide constructive feedback and recommendations.

The Company's executive team also provides several avenues of engagement to clearly inform its employees of company needs and goals.

The Company routinely conducts employee engagement surveys of its global workforce, which provide feedback on employee satisfaction and cover a variety of topics such as company culture, safety and values, execution of its strategy and individual development, among others.

The Company's managers discuss employee performance and leadership assessments regularly.

In 2023, the Company reintroduced performance ratings and calibration to support career development and employee performance and leadership.

The Company invests in rewarding employee performance and leadership and has established a multi-level recognition program to acknowledge the achievements of excellent individual or team performance and leadership.

Robust professional and leadership development training programs for all career stages.

Our industry and team are experiencing transformation and we have responded by becoming a learning organization, helping to guide our employees in their journey to reach their full potential.

We invest heavily in our training programs, which we believe will better position us to meet our current and future business needs while also driving employee retention.

We offer a broad range of leadership and professional training programs for career growth and advancement, which begins with an introduction to our culture when our employees start and progresses through new people leadership trainings as well as high potential development programs at the manager, senior manager, director and managing director levels.

We provide all management-level employees with the opportunity to develop their skills through our Leadership, Airport Operations and Digital Training Institutes.

With respect to our technical positions, we have developed state-of-the art technical training programs that include immersive training, virtual reality, simulations, on the job training and assessments of proficiency to ensure we operate at the highest level of aviation safety and customer service.

The ability for our employees to qualify for retirement, health and wellness benefits as well as, of course, travel privileges.

While our rewards package for most of our employees is determined by collective bargaining agreements, it includes competitive base pay, travel privileges and other comprehensive benefits, including health, wellness and retirement programs for all our employees, including part-time employees.

We review both industry and local market data at least annually to identify trends and market gaps in order to maintain the competitiveness of our compensation and employee benefit programs.

With respect to executives, a substantial proportion of their total rewards package is variable, at-risk pay that is based on Company performance and delivered in the form of equity, supporting alignment over the long term between our executives and our stockholders.

We align our executives' long-term equity compensation with our stockholders' interests by linking realizable pay with stock performance.

In addition, the

Company has performance-based compensation programs for other management employee leaders, including managers, supervisors and team leads.

The maintenance of our relationships with our labor unions.

We bargain in good faith with the unions that represent our employees and frequently engage with union leaders.

The Company's industry and team are experiencing transformation and the Company has responded by becoming a learning organization, helping to guide its employees in their journey to reach their full potential.

The Company continues to invest heavily in its leadership development-programs, which it believes will better position the Company to meet its current and future business needs while also creating a competitive advantage in accelerating talent, improving performance and mitigating risk.

The Company offers a broad range of best-in-class leadership and professional training programs that provides its employees with opportunities for learning and skill-building.

This starts with an introduction to the Company's culture when its employees start and progresses through new people leadership trainings as well as high potential development programs at the manager, senior manager, director and managing director levels.

The Company provides all management-level employees with the opportunity to develop their skills through the Company's Leadership, Airport Operations and Digital Training Institutes.

With respect to its technical positions, the Company has developed state-of-the-art technical training programs that include immersive training, virtual reality, simulations, on the job training and assessments of proficiency to ensure that it operates at the highest level of aviation safety and customer service.

The ability for the Company's employees to qualify for retirement, health and wellness benefits as well as, of course, travel privileges.

While the Company's rewards package for most of its employees is determined by collective bargaining agreements, it includes competitive base pay, travel privileges and other comprehensive benefits—including health, wellness and retirement programs—for all the Company's full- and part-time employees.

The Company periodically implements enhancements and investments to its compensation and employee benefit programs to help ensure that they support the Company's and its employees' strategic imperatives.

The Company also reviews both industry and local market data at least annually to identify trends and market gaps in order to maintain the competitiveness of its compensation and employee benefit programs and incorporate best practices.

For instance, the Company conducts pay equity analyses annually.

With respect to executives, a substantial portion of their total rewards package is variable, at-risk pay that is based on Company performance and delivered in the form of equity, supporting alignment over the long term between the Company's executives and stockholders.

The Company aligns its executives' long-term equity compensation with its stockholders' interests by linking realizable pay with stock performance.

In addition, the Company has performance-based compensation programs for other management employee leaders, including managers, supervisors and team leads.

The maintenance of the Company's relationships with its labor unions.

The Company bargains in good faith with the unions that represent its employees and frequently engages with union leaders at the national level and at local chapters throughout—and engages with applicable local unions, works councils and associations outside—the United States.

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

Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered "open for amendment." The following table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each employee group, and the amendable date for each employee group's collective bargaining agreement as of December 31, 2024:

Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered "open for amendment."

In May 2025, the Company reached a Tentative Agreement ("TA") with its employees represented by the AFA regarding an agreement that became amendable in August 2021.

The TA included improvements with respect to scheduling, reserve requirements and other quality of life improvements, as well as pay rate increases during its five-year term.

The TA also included a provision for a one-time payment to employees represented by the AFA upon ratification.

On July 29, 2025, the Company's employees represented by the AFA voted against ratification of the TA.

As of the date of this report, the Company and the AFA continue their negotiations for a revised TA.

The below table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each employee group, and the amendable date for each employee group's collective bargaining agreement as of December 31, 2025.

The Company is also in active negotiations with all of its union represented employees with amendable contracts.

Group Number of Employees Union Agreement Open for Amendment

United Airlines, Inc.:

Flight Attendants 26,337 Association of Flight Attendants August 2021

Flight Attendants 28,220 Association of Flight Attendants ("AFA") August 2021

Fleet Service 16,789 International Association of Machinists and Aerospace Workers (the "IAM") May 2025

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Board Oversight :

Our Board, assisted by several of its committees, plays a key role in the strategic oversight of management regarding the development, implementation and effectiveness of the Company's policies and strategies relating to human capital management.

The Company's Board, assisted by several of its committees, plays a key role in the strategic oversight of management regarding the development, implementation and effectiveness of the Company's policies and strategies relating to human capital management.

The Board's Executive Committee oversees and reviews significant human capital strategies, including culture and talent management matters, and the Board's Public Responsibility Committee reviews and monitors the development and implementation of the Company's people impact strategic goals and objectives.

Many of our Board members have experience overseeing workforce issues as CEOs and presidents of other companies or organizations.

The Compensation Committee also engages an independent compensation and benefits consulting firm to help evaluate our executive compensation and benefit programs and to provide benchmarking against a group of peer companies, including peers within the airline industry.

Additional Information :

See our report at crreport.united.com, for additional information on our human capital management programs, initiatives and measures.

We are committed to transparency and sharing our U.S.

workforce self-identified demographic data on an annual basis on our website.

Many of the Company's Board members have experience overseeing workforce issues as CEOs and presidents of other companies or organizations.

The Compensation Committee also engages an independent compensation and benefits consulting firm to help evaluate the Company's executive compensation and benefit programs and to provide benchmarking against a group of peer companies, including peers within the airline industry.

Industry Regulation

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The following discussion summarizes the principal elements of the regulatory framework applicable to our business.

Regulatory requirements, including but not limited

to those discussed below, affect our operations and increase our operating costs, and future regulatory developments may continue to do the same.

Regulatory requirements, including but not limited to those discussed below, affect our operations and increase our operating costs, and future regulatory developments may continue to do the same.

In addition, should any of our governmental authorizations or certificates be modified, suspended or revoked, our business and competitive position could be materially adversely affected.

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Airlines are also regulated by the Federal Aviation Administration (the "FAA"), an agency within the DOT, primarily in the areas of flight safety, air carrier operations and aircraft maintenance and airworthiness.

The FAA issues air carrier operating certificates and aircraft airworthiness certificates, prescribes maintenance procedures, oversees airport operations and regulates pilot and other employee training.

The FAA issues air carrier operating certificates and aircraft airworthiness certificates, prescribes maintenance procedures, oversees airport operations and regulates

pilot and other employee training.

From time to time, the FAA issues directives that require air carriers to inspect, modify or ground aircraft and other equipment, potentially causing the Company to incur substantial, unplanned expenses.

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A large number of these slot controls exist due to congestion, environmental and noise protection and reduced capacity due to runway and ATC construction work, among other reasons.

The Company's ability to serve some foreign routes and expand into certain others is limited by the absence of aviation agreements between the U.S.

government and the relevant foreign governments.

Shifts in U.S.

or foreign government aviation policies may lead to the alteration or termination of air service agreements.

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.

Similarly, foreign governments control their airspace and can restrict our ability to overfly their territory, which may enhance or diminish the value of the Company's existing international route authorizations and slot rights.

Epidemics or pandemics, such as the COVID-19 pandemic, may cause governments to restrict entry of passengers and/or to impose health management rules which can include vaccinations, boosters, testing, quarantine upon arrival, health declarations and temperature screens, among others.

Such requirements may result in reduced demand for travel in certain circumstances and may cause the Company to suspend certain international services.

Although certain governments may grant waivers for limited periods that allow the Company to maintain existing slot rights and route authorizations while not operating at a particular foreign point, waivers are not guaranteed.

Environmental Regulation.

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At the same time, efforts to reduce carbon emissions through environmental sustainability legislation and regulation, or non-binding standards or accords, is an increased focus of global, national and regional regulators.

The International Civil Aviation Organization's ("ICAO") Carbon Offsetting and Reduction Scheme for International Aviation ("CORSIA"), adopted in October 2016, is intended to be a single global market-based measure to achieve carbon-neutral growth for international aviation, by requiring airlines to purchase eligible carbon offsets, or lower their carbon offsetting obligations through the use of eligible sustainable fuels.

In October 2022, the ICAO Assembly passed a resolution establishing the baseline for the subsequent phases of CORSIA at 85% of 2019 emissions.

This decision is expected to substantially increase United's anticipated CORSIA compliance costs for the first phase, 2024-2026, as compared to the prior 2019-only baseline.

The International Civil Aviation Organization's ("ICAO") Carbon Offsetting and Reduction Scheme for International Aviation ("CORSIA"), adopted in October 2016, is intended to be a single global market-based measure to achieve carbon-neutral growth for international aviation, by requiring airlines to purchase eligible carbon offsets for emissions through the 2024-2035 compliance periods.

CORSIA also allows airlines to lower their carbon offsetting obligations through the use of eligible sustainable fuels.

Offsetting requirements for a given year are determined by multiplying the operator's annual CO2 emissions by a sectoral growth factor established by the ICAO.

In October 2025, the ICAO issued the 2024 annual sectoral growth factor, which was greater than zero for the first time.

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.

The exact mechanism by which CORSIA will be implemented domestically is currently unknown as the federal government has not enacted legislation or regulations to implement the first phase of CORSIA.

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At the state level, the regulatory approach taken so far has largely been focused on incentivizing the production and use of SAF.

Various states, including California, Washington, and Oregon, have developed low carbon fuel standards that incentivize the use of SAF, while Illinois, Minnesota and Washington have adopted SAF-specific tax credits.

Several countries are considering or finalizing climate-related legislation that impacts aviation.

A number of SAF mandates have recently been finalized in foreign jurisdictions that we expect will increase the Company's operating costs by causing aviation fuel suppliers to increase their prices.

In some limited cases, the mandates will require the Company to comply with reporting obligations.

In 2023, the EU finalized its ReFuelEU regulation which requires fuel suppliers in EU states to supply

certain minimum percentages of SAF in the aviation fuel they provide to aircraft operators at covered EU airports, beginning with 2% in 2025 and eventually rising to 70% by 2050.

As of January 1, 2025, United is required to submit verified reports to the European Union Aviation Safety Agency on its purchases of SAF, its actual aviation fuel uplift at the EU covered airports, and tankering practices (if any).

Aviation fuel prices in Europe are anticipated to significantly increase as a result of ReFuelEU.

In November 2024, the UK government adopted a SAF mandate through its Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order 2024.

The UK SAF mandate requires aviation fuel companies to supply at least 2% SAF within the aviation fuel supplied to the UK in 2025, increasing to a minimum of 22% SAF in 2040.

Aviation fuel suppliers must apply for tradeable SAF certificates to meet their obligation or pay a buy-out price.

Although this legislation does not impose any compliance obligations on airlines, the Company believes the UK SAF mandate will similarly lead to higher aviation fuel prices within the UK (as with the EU SAF mandate).

SAF blending mandates have also been introduced or proposed in France, Norway, India, and Japan.

Various states, including California, have developed low carbon fuel standards that incentivize the use of SAF, while others, including Illinois, have adopted SAF-specific tax credits.

Globally, in the past several years, there has been a proliferation of SAF mandates requiring suppliers to blend a certain percentage of SAF into the jet fuel supply.

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.

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.

Other countries are planning to implement similar policies.

Costs from the proliferation of SAF mandates globally are expected to increase as the various mandated SAF blend targets increase each year and additional similar policies are adopted.

Other regulations are also emerging globally that would require companies such as United to increasingly measure, disclose and mitigate environmental sustainability risks both within their operations and their supply chains, such as the EU's Corporate Sustainability Due Diligence Directive and Corporate Sustainability Reporting Directive.

At the state level, in October 2023, California enacted legislation that requires certain companies that do business in California to disclose certain climate-related information.

These laws are currently subject to ongoing legal challenges and it is unclear how the legal challenges will impact the timeline for compliance with the California climate disclosure requirements.

Other Regulations .

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and abroad have passed legislation restricting the use of per- and polyfluoroalkyl substances ("PFAS") which have been used in manufacturing, industrial, and consumer applications, including those related to aviation.

Certain state governments and local municipalities have adopted legislation prohibiting the use of Class B fire-fighting foam agents that contain intentionally added PFAS.

Certain state governments and local municipalities have adopted legislation prohibiting the use of Class B firefighting foam agents that contain intentionally added PFAS.

As a result, the Company continues to incur costs to convert existing fixed foam fire suppression systems to accommodate PFAS-free firefighting foam agents.

In addition, the EPA has developed the PFAS Strategic Roadmap, which includes regulatory actions across a wide spectrum of its statutory authorities, including the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), the Resource Conservation and Recovery Act, the Clean Water Act, the Toxic Substances Control Act and the Safe Drinking Water Act.

In April 2024, the EPA designated two PFAS substances, perfluorooctanoic acid ("PFOA") and perfluorooctanesulfonic acid ("PFOS") as hazardous substances under CERCLA.

The rule authorizes the EPA to order cleanup actions and hold responsible parties liable under CERCLA's joint and several liability scheme.

Additionally, the rule requires the Company to immediately report releases that meet or exceed the reportable quantity of PFOA or PFOS to the EPA and any other applicable state and local agencies.

The Company expects these broad regulatory policies will increase the risk of incurring remediation costs and/or liabilities at current and former locations at which the Company currently or historically used fire-fighting foam agents containing PFOA, PFOS or other PFAS substances.

The Company expects these broad regulatory policies, in addition to lease obligations, will increase the risk of incurring remediation costs and/or liabilities at current and former locations at which the Company currently or historically used fire-fighting foam agents or other

materials containing PFOA, PFOS or other PFAS substances.

To mitigate these risks, the Company is working to remove PFAS-containing fire-fighting foam from its hangars and other assets through a phased retrofit/replacement strategy and is committed to transitioning to PFAS-free materials for fire suppression.

Finally, environmental cleanup laws and lease obligations could require the Company to undertake (or subject the Company to liability for costs associated with) investigation and remediation actions at certain owned or leased locations or third-party disposal locations.

Because PFOA, PFOS and other PFAS substances are regulated under CERCLA and other environmental cleanup laws, the Company may become subject to potential liability for its historic usage of materials containing PFAS, in addition to potential liabilities for other hazardous substances generated by the Company's operations.

Future costs to comply with such regulations will remain uncertain but are likely to increase our operating costs over time.

While the Company is required to comply with numerous applicable environmental regulations, the Company believes that these regulations and programs, including the first phase of CORSIA, EPA regulations regarding PFAS and GHG emissions, and other environmental regulations, are not reasonably likely to have a material effect on the Company's results or competitive position.

However, the precise nature of future requirements and their applicability to the Company are difficult to predict, and the financial impact to the Company and the aviation industry could be significant.

Information about Our Executive Officers

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Leskinen was an executive director at J.P.

Morgan Asset Management from 2013 to 2017, where he led the firm's

investment efforts in aerospace, defense, and airlines.

Morgan Asset Management from 2013 to 2017, where he led the firm's investment efforts in aerospace, defense, and airlines.

From 2009 to 2013, he worked at Oppenheimer Funds focused on the aerospace sector.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business