---
title: "United Airlines Holdings: Business Model"
description: "United Airlines Holdings revenue by product line from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/united-airlines-holdings/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# United Airlines Holdings: Business Model & Revenue Engine

## Direct Answer

United Airlines Holdings reports revenue across 4 product and service lines in its fiscal 2025 Form 10-K. Passenger is the largest, with $53.4 billion of revenue (90% of the total), followed by Passenger Ancillary Fees at $4.8 billion (8%).

## How Does United Airlines Holdings Make Money?

Passenger supplies 90% of revenue, so United Airlines Holdings's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Product and Service Other grew fastest (+10.4%) and Cargo and Freight slowest (+2.1%), so the revenue mix tilts toward Product and Service Other while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Passenger | $53.4 billion | $51.8 billion | 90.5% | 3.1% |
| Passenger Ancillary Fees | $4.8 billion | $4.5 billion | 8.1% | 6.7% |
| Product and Service Other | $3.9 billion | $3.5 billion | 6.5% | 10.4% |
| Cargo and Freight | $1.8 billion | $1.7 billion | 3.0% | 2.1% |

![Bar chart of United Airlines Holdings revenue by product line for fiscal 2025: Passenger 90.5%, Passenger Ancillary Fees 8.1%, Product and Service Other 6.5%, Cargo and Freight 3.0%.](https://www.getswoopr.com/images/charts/united-airlines-holdings-business-model-segment-mix.webp)
*United Airlines Holdings revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 108% of United Airlines Holdings's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value United Airlines Holdings reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0000100517-26-000023), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are United Airlines Holdings's main products and services?

In its fiscal 2025 Form 10-K, United Airlines Holdings reports revenue for Passenger, Passenger Ancillary Fees, Product and Service Other and Cargo and Freight.

### Which part of United Airlines Holdings brings in the most revenue?

Passenger, with $53.4 billion of revenue in fiscal 2025, or 90% of the total.

### Where does United Airlines Holdings report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 12, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: United Airlines Holdings, Inc. Form 10-K filed February 12, 2026](https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm)
- [SEC EDGAR: United Airlines Holdings, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=100517&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [United Airlines Holdings company dossier](https://www.getswoopr.com/stocks/companies/united-airlines-holdings/)
- [United Airlines Holdings financial metrics](https://www.getswoopr.com/stocks/companies/united-airlines-holdings/metrics/)
- [United Airlines Holdings financial risk indicators](https://www.getswoopr.com/stocks/companies/united-airlines-holdings/risks/)
- [United Airlines Holdings peer comparison](https://www.getswoopr.com/stocks/companies/united-airlines-holdings/competitors/)
- [United Airlines Holdings business model and revenue mix](https://www.getswoopr.com/stocks/companies/united-airlines-holdings/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).