联合航空 2025年度报告

United Airlines Holdings, Inc.Yes☒No☐United Airlines, Inc. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. United Airlines Holdings, Inc.Yes☐No☒United Airlines, Inc. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. United Airlines Holdings, Inc.Yes☒No☐United Airlines, Inc.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter)during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See thedefinitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. United Airlines Holdings, Inc.Large acceleratedfiler☒Acceleratedfiler☐Non-acceleratedfiler☐Smaller reportingcompany☐Emerging growthcompanyUnited Airlines, Inc.Largeacceleratedfiler☐Acceleratedfiler☐Non-acceleratedfiler☒Smaller reportingcompany☐Emerging growthcompany If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act. United Airlines Holdings, Inc. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error topreviously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officersduring the relevant recovery period pursuant to §240.10D-1(b). United Airlines, Inc. United Airlines Holdings, Inc. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). The aggregate market value of common stock held by non-affiliates of United Airlines Holdings, Inc. was $25.6 billion as of June 30, 2025 based on the closing sale price of $79.63 on that date.There is no market for United Airlines,Inc. common stock.Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of February5, 2026. United Airlines Holdings, Inc.323,430,419shares of common stock ($0.01 par value)UnitedAirlines,Inc.1,000shares of common stock ($0.01 par value) (100% owned by United Airlines Holdings, Inc.) This combined Form 10-K is separately filed by United Airlines Holdings, Inc. and United Airlines, Inc.OMISSION OF CERTAIN INFORMATION United Airlines, Inc. meets the conditions set forth in General Instruction I(1)(a) and (b)of Form 10-K and is therefore filing this form with the reduced disclosure format allowed under that General DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Items10, 11, 12 and 13 of PartIII of this Form10-K is incorporated by reference for United Airlines Holdings, Inc. from its definitive proxy statement for its 2026Annual Meeting of Stockholders. United Airlines Holdings, Inc. and Subsidiary CompaniesUnited Airlines,Inc. and Subsidiary CompaniesAnnual Report on Form10-KFor the Year Ended December 31, 2025 PART I Item1.BusinessInformation about Our Executive OfficersItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures PART II Item5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesItem6.[Reserved]Item7.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem7A.Quantitative and Qualitative Disclosures About Market RiskItem8.Financial Statements and Supplementary DataCombined Notes to Consolidated Financial StatementsItem9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Pre