United Airlines Holdings annual debt-to-ebitda ratio
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2025
United Airlines Holdings Debt-to-EBITDA Ratio Growth & History (UAL)
United Airlines Holdings's debt-to-ebitda ratio was 3.63 for fiscal 2025.
View full United Airlines Holdings company overviewUnited Airlines Holdings annual debt-to-ebitda ratio history
| Fiscal year | Period ended | Debt-to-EBITDA ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 3.63 | −0.10 | −2.61% |
| 2024 | 2024-12-31 | 3.73 | −1.28 | −25.56% |
| 2023 | 2023-12-31 | 5.01 | −2.59 | −34.10% |
| 2022 | 2022-12-31 | 7.60 | −19.31 | −71.75% |
| 2021 | 2021-12-31 | 26.91 | — | — |
| 2019 | 2019-12-31 | 3.10 | −0.56 | −15.39% |
| 2018 | 2018-12-31 | 3.67 | 1.15 | +45.64% |
| 2017 | 2017-12-31 | 2.52 | 0.67 | +36.02% |
| 2016 | 2016-12-31 | 1.85 | 0.17 | +10.00% |
| 2015 | 2015-12-31 | 1.68 | −1.26 | −42.90% |
| 2014 | 2014-12-31 | 2.95 | −1.28 | −30.19% |
| 2013 | 2013-12-31 | 4.22 | −4.21 | −49.92% |
| 2012 | 2012-12-31 | 8.43 | 4.65 | +123.13% |
| 2011 | 2011-12-31 | 3.78 | −3.58 | −48.67% |
| 2010 | 2010-12-31 | 7.36 | −3.94 | −34.83% |
| 2009 | 2009-12-31 | 11.30 | — | — |
United Airlines Holdings quarterly debt-to-ebitda ratio
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Q2.26
| Fiscal quarter | Period ended | Debt-to-EBITDA ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 4.00 | 0.66 | +19.80% |
| Q1 2026 | 2026-03-31 | 3.56 | 0.09 | +2.58% |
| Q4 2025 | 2025-12-31 | 3.63 | −0.10 | −2.61% |
| Q3 2025 | 2025-09-30 | 3.43 | −0.68 | −16.46% |
| Q2 2025 | 2025-06-30 | 3.34 | −0.85 | −20.33% |
| Q1 2025 | 2025-03-31 | 3.47 | −1.09 | −23.97% |
| Q4 2024 | 2024-12-31 | 3.73 | −1.28 | −25.56% |
| Q3 2024 | 2024-09-30 | 4.11 | −0.75 | −15.50% |
| Q2 2024 | 2024-06-30 | 4.19 | −1.03 | −19.67% |
| Q1 2024 | 2024-03-31 | 4.56 | −1.28 | −21.86% |
| Q4 2023 | 2023-12-31 | 5.01 | −2.59 | −34.10% |
| Q3 2023 | 2023-09-30 | 4.86 | −7.45 | −60.51% |
| Q2 2023 | 2023-06-30 | 5.22 | −9.43 | −64.37% |
| Q1 2023 | 2023-03-31 | 5.84 | −20.68 | −77.98% |
| Q4 2022 | 2022-12-31 | 7.60 | −19.31 | −71.75% |
| Q3 2022 | 2022-09-30 | 12.31 | — | — |
| Q2 2022 | 2022-06-30 | 14.65 | — | — |
| Q1 2022 | 2022-03-31 | 26.52 | — | — |
| Q4 2021 | 2021-12-31 | 26.91 | — | — |
| Q2 2020 | 2020-06-30 | 11.64 | 8.27 | +245.89% |
| Q1 2020 | 2020-03-31 | 4.51 | 0.96 | +26.97% |
| Q4 2019 | 2019-12-31 | 3.10 | −0.56 | −15.39% |
| Q3 2019 | 2019-09-30 | 3.19 | 0.53 | +19.98% |
| Q2 2019 | 2019-06-30 | 3.36 | 0.66 | +24.62% |
| Q1 2019 | 2019-03-31 | 3.56 | 0.91 | +34.53% |
| Q4 2018 | 2018-12-31 | 3.67 | 1.15 | +45.64% |
| Q3 2018 | 2018-09-30 | 2.66 | 0.34 | +14.76% |
| Q2 2018 | 2018-06-30 | 2.70 | 0.66 | +32.35% |
| Q1 2018 | 2018-03-31 | 2.64 | 0.51 | +24.11% |
| Q4 2017 | 2017-12-31 | 2.52 | 0.67 | +36.02% |
| Q3 2017 | 2017-09-30 | 2.32 | 0.52 | +28.63% |
| Q2 2017 | 2017-06-30 | 2.04 | 0.31 | +18.01% |
| Q1 2017 | 2017-03-31 | 2.13 | 0.46 | +27.39% |
| Q4 2016 | 2016-12-31 | 1.85 | 0.17 | +10.00% |
| Q3 2016 | 2016-09-30 | 1.80 | −0.07 | −3.68% |
| Q2 2016 | 2016-06-30 | 1.73 | −0.31 | −15.07% |
| Q1 2016 | 2016-03-31 | 1.67 | −0.71 | −29.77% |
| Q4 2015 | 2015-12-31 | 1.68 | −1.26 | −42.90% |
| Q3 2015 | 2015-09-30 | 1.87 | −1.44 | −43.55% |
| Q2 2015 | 2015-06-30 | 2.04 | −2.10 | −50.74% |
| Q1 2015 | 2015-03-31 | 2.38 | −1.87 | −43.97% |
| Q4 2014 | 2014-12-31 | 2.95 | −1.28 | −30.19% |
| Q3 2014 | 2014-09-30 | 3.31 | −2.16 | −39.53% |
| Q2 2014 | 2014-06-30 | 4.13 | −2.38 | −36.54% |
| Q1 2014 | 2014-03-31 | 4.25 | −3.36 | −44.18% |
| Q4 2013 | 2013-12-31 | 4.22 | −4.21 | −49.92% |
| Q3 2013 | 2013-09-30 | 5.48 | −0.42 | −7.15% |
| Q2 2013 | 2013-06-30 | 6.51 | 2.09 | +47.29% |
| Q1 2013 | 2013-03-31 | 7.61 | 3.54 | +87.03% |
| Q4 2012 | 2012-12-31 | 8.43 | 4.65 | +123.13% |
| Q3 2012 | 2012-09-30 | 5.90 | 1.86 | +45.91% |
| Q2 2012 | 2012-06-30 | 4.42 | −0.60 | −11.94% |
| Q1 2012 | 2012-03-31 | 4.07 | −2.62 | −39.17% |
| Q4 2011 | 2011-12-31 | 3.78 | −3.58 | −48.67% |
| Q3 2011 | 2011-09-30 | 4.04 | — | — |
| Q2 2011 | 2011-06-30 | 5.02 | — | — |
| Q1 2011 | 2011-03-31 | 6.69 | — | — |
| Q4 2010 | 2010-12-31 | 7.36 | — | — |
United Airlines Holdings debt-to-ebitda ratio trends
Between the periods ended 2009-12-31 and 2025-12-31, United Airlines Holdings's debt-to-ebitda ratio decreased from 11.30 to 3.63, a change of −7.67. The latest reported quarter, Q2 2026, shows 4.00.
About the metric
What the debt-to-EBITDA ratio means
Debt-to-EBITDA compares interest-bearing debt with operating earnings before interest, taxes, depreciation, and amortization. It is commonly used to assess leverage, but it is generally unsuitable for banks and other financial companies.
Calculation and source
How debt-to-EBITDA is calculated
TickerStat divides period-end total debt by annual EBITDA. Quarterly observations use trailing-12-month EBITDA. Periods with zero or negative EBITDA are excluded because the leverage multiple would not be meaningful. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review United Airlines Holdings source filings ↗