United Airlines Holdings, Inc. (UAL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that United Airlines Holdings, Inc. surfaced in its latest filing.

• United's Next plan includes firm orders for over 630 narrow- and widebody aircraft, with retrofitting and expansion of mainline departures and seats across North America.
• In 2024, the FAA conducted a review of United's safety and compliance oversight, finding no significant safety or compliance issues.2024
• In late 2025, during the U.S. federal government shutdown, the FAA directed temporary schedule reductions across approximately 40 domestic airports.late 2025
• In spring 2025, United's Newark (EWR) hub experienced delays and cancellations due to air traffic control staffing shortages, technology outages, and runway construction.spring 2025
• The FAA issued an order capping operations at Newark (EWR) through October 2026.October 2026
• United is involved in a certified class action lawsuit relating to its employee vaccination requirements.
• United has a tax benefits preservation plan expiring December 4, 2026, designed to deter acquisitions by triggering dilution for any non-exempt third party acquiring 4.9% or more of outstanding common stock.December 4, 2026
• In the fourth quarter of 2024, United's Board authorized a share repurchase program.fourth quarter of 2024
• United suspended overflights in Russian airspace due to the Russia-Ukraine military conflict.
• United has conditional SAF purchase agreements with start-up companies for future supply from unproven facilities.
• As of December 31, 2025, UAL reported consolidated U.S. federal net operating loss carryforwards of approximately $10.6 billion.December 31, 2025
• United's fuel expense was approximately $11.4 billion in 2025.2025
• United's stock price ranged from $56.15 to $116.02 in 2025.2025