Is UAL diluting shareholders?

Read three numbers together: shares outstanding over time (324.6M as of 2026-07-09), warrants that can convert into new shares (3513.71B reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

United Airlines Holdings, Inc. (UAL)

CIK 100517 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGHS-3ASR on file 2023-11-20

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

HIGHwarrants = 1082529% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

LOW-1% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 324.6M shares as of Jul 9, 2026 (10-Q).

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 3513.71B underlying shares, as reported Dec 31, 2024 (10-K).

Reported exercise price: $31.5 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 3514.04B = 324.6M O/S + 3513.71B warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Jul 16, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	324.6M	Jul 9, 2026
+ Warrants (aggregate, as tagged) (if exercised)	3513.71B	Dec 31, 2024
Fully diluted estimate	3514.04B	+1082529.2% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3ASRNov 20, 2023no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 2 executed · 0 registered.

EXECUTEDFeb 5, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

UPDATEFeb 3, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

MARKETINGFeb 3, 2026Free-writing prospectus — offering being marketedFWP →

EXECUTEDJan 28, 2026Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →

MARKETINGJan 27, 2026Free-writing prospectus — offering being marketedFWP →

UPDATEJan 26, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

REGISTEREDNov 20, 2023Automatic shelf registration — effective immediately (large filers)S-3ASR →

EXECUTEDNov 20, 2023Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDJun 30, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDApr 30, 2021Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDMar 31, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDMar 3, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full UAL workspace