UNITED AIRLS HLDGS INC UAL
COM · Common Stock · CUSIP 910047109 · ISIN US9100471096
- SectorIndustrials
- IndustryAir Transportation, Scheduled
- HeadquartersChicago, IL
- Founded1968
- Websiteir.united.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($56.3m this quarter). Holder counts are more reliable. Shares outstanding: 323.7m as of 2025-07-10, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $79.64. Options: 47 managers hold calls ($1.8bn notional), 48 hold puts ($2.2bn).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 508 |
| Q4 2022 | 578 |
| Q1 2023 | 603 |
| Q2 2023 | 647 |
| Q3 2023 | 624 |
| Q4 2023 | 631 |
| Q1 2024 | 636 |
| Q2 2024 | 671 |
| Q3 2024 | 654 |
| Q4 2024 | 858 |
| Q1 2025 | 849 |
| Q2 2025 | 867 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 256 | 305 |
| Q4 2023 | 241 | 309 |
| Q1 2024 | 304 | 286 |
| Q2 2024 | 300 | 284 |
| Q3 2024 | 281 | 335 |
| Q4 2024 | 466 | 289 |
| Q1 2025 | 479 | 402 |
| Q2 2025 | 463 | 376 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $1.9bn | $2.2bn | 1.15 |
| Q4 2024 | $3.4bn | $3.9bn | 1.15 |
| Q1 2025 | $1.9bn | $2.2bn | 1.20 |
| Q2 2025 | $1.8bn | $2.2bn | 1.23 |
Biggest buyers
| FMR LLC | Added | +3.6m |
| Capital International Investors | Added | +2.0m |
| Anomaly Capital Management, LP | New | +1.2m |
| ROYAL BANK OF CANADA | Added | +1.2m |
| ASSETMARK, INC | Added | +1.1m |
| BlackRock, Inc. | Added | +1.1m |
| Holocene Advisors, LP | New | +1.1m |
| LANSDOWNE PARTNERS (UK) LLP | New | +856.2k |
| AustralianSuper Pty Ltd | New | +564.9k |
| APPALOOSA LP | New | +550.0k |
Biggest sellers
| Alyeska Investment Group, L.P. | Reduced | -3.6m |
| Qube Research & Technologies Ltd | Reduced | -3.3m |
| PRIMECAP MANAGEMENT CO/CA/ | Reduced | -3.0m |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -2.2m |
| Assenagon Asset Management S.A. | Reduced | -1.3m |
| Bridgewater Associates, LP | Reduced | -1.2m |
| Capital World Investors | Reduced | -1.2m |
| PRUDENTIAL FINANCIAL INC | Reduced | -1.2m |
| SG Americas Securities, LLC | Reduced | -890.8k |
| Caisse de depot et placement du Quebec | Reduced | -838.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $414.9m5.2m shares |
| CITADEL ADVISORS LLC | Reduced | $263.6m3.3m shares |
| IMC-Chicago, LLC | Added | $104.8m1.3m shares |
| GOLDMAN SACHS GROUP INC | Reduced | $89.9m1.1m shares |
| MASTERS CAPITAL MANAGEMENT LLC | New | $79.6m1.0m shares |
| JANE STREET GROUP, LLC | Added | $77.7m976.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $69.3m870.9k shares |
| PEAK6 LLC | Added | $68.7m862.4k shares |
| WOLVERINE TRADING, LLC | Added | $67.7m854.8k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $65.3m819.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $464.7m5.8m shares |
| CITADEL ADVISORS LLC | Reduced | $323.8m4.1m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $160.1m2.0m shares |
| GOLDMAN SACHS GROUP INC | Added | $123.3m1.5m shares |
| JANE STREET GROUP, LLC | Added | $122.9m1.5m shares |
| D. E. Shaw & Co., Inc. | Added | $102.4m1.3m shares |
| IMC-Chicago, LLC | Reduced | $96.7m1.2m shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $94.3m1.2m shares |
| JPMORGAN CHASE & CO | Reduced | $77.1m968.5k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $70.8m8.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.3% |
Fell to 5% or below in the last year: Capital International Investors (2.0%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC), PRIMECAP MANAGEMENT CO/CA/ (4.9%, 2026-02-11), FMR LLC (5.0%, 2026-02-05)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 1 | $256.2k | — |
| Q4 2023 | 1 | $218.9k | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $1.5m | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 3 | $9.6m | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.05% of their portfolio | 37.3m $3.0bn | Added +368.4k |
| Capital International Investors 0.30% of their portfolio | 22.0m $1.8bn | Added +2.0m |
| BlackRock, Inc. 0.03% of their portfolio | 21.1m $1.7bn | Added +1.1m |
| PRIMECAP MANAGEMENT CO/CA/ 1.19% of their portfolio | 18.8m $1.5bn | Reduced -3.0m |
| Sanders Capital, LLC 1.55% of their portfolio | 14.5m $1.2bn | Reduced -39.1k |
| STATE STREET CORP 0.03% of their portfolio | 11.6m $921.4m | Added +489.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 8.8m $705.0m | Added +90.3k |
| FMR LLC 0.04% of their portfolio | 8.8m $700.0m | Added +3.6m |
| Capital World Investors 0.07% of their portfolio | 6.5m $514.4m | Reduced -1.2m |
| DIMENSIONAL FUND ADVISORS LP 0.11% of their portfolio | 6.0m $477.3m | Reduced -17.0k |
| Pacer Advisors, Inc. 1.06% of their portfolio | 5.3m $420.5m | Added +212.7k |
| PAR CAPITAL MANAGEMENT INC 12.94% of their portfolio | 5.0m $395.7m | Added +127.8k |
| Invesco Ltd. 0.06% of their portfolio | 4.8m $382.1m | Added +137.2k |
| MORGAN STANLEY 0.02% of their portfolio | 3.7m $293.0m | Added +1.5k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 3.7m $292.5m | Added +210.7k |
| Newport Trust Company, LLC 0.65% of their portfolio | 3.4m $272.0m | Reduced -40.3k |
| Senator Investment Group LP 9.60% of their portfolio | 3.1m $248.8m | Reduced -48.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 3.0m $240.6m | Reduced -59.7k |
| UBS Group AG 0.05% of their portfolio | 2.9m $233.1m | Added +545.5k |
| SRS Investment Management, LLC 2.39% of their portfolio | 2.9m $231.0m | Unchanged |
| LSV ASSET MANAGEMENT 0.48% of their portfolio | 2.6m $206.2m | Added +6.0k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 2.5m $202.6m | Reduced -5.8k |
| Boston Partners 0.21% of their portfolio | 2.3m $185.5m | Reduced -470.8k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 2.1m $169.7m | Added +1.2m |
| BARCLAYS PLC 0.07% of their portfolio | 2.1m $167.4m | Reduced -343.7k |
| NORGES BANK 0.02% of their portfolio | 1.8m $143.0m | Reduced -197.6k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.7m $135.5m | Added +372.3k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.6m $130.7m | Added +23.9k |
| Candlestick Capital Management LP 4.26% of their portfolio | 1.6m $128.5m | Added +92.6k |
| AQR CAPITAL MANAGEMENT LLC 0.11% of their portfolio | 1.6m $128.2m | Reduced -183.1k |
| ASSETMARK, INC 0.28% of their portfolio | 1.5m $117.0m | Added +1.1m |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 1.5m $116.0m | Reduced -73.4k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.4m $111.5m | Reduced -120.6k |
| Squarepoint Ops LLC 0.24% of their portfolio | 1.4m $110.6m | Added +121.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 1.3m $107.0m | Added +214.4k |
| Anomaly Capital Management, LP 3.08% of their portfolio | 1.2m $97.0m | New |
| GMT Capital Corp 4.00% of their portfolio | 1.2m $95.6m | Added +136.8k |
| Allianz Asset Management GmbH 0.13% of their portfolio | 1.2m $94.5m | Reduced -90.8k |
| VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio | 1.2m $94.0m | Added +28.3k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.34% of their portfolio | 1.2m $92.4m | Reduced -662.0k |
| Slate Path Capital LP 1.58% of their portfolio | 1.2m $91.8m | Added +15.4k |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 1.1m $89.9m | Reduced -267.0k |
| U S GLOBAL INVESTORS INC 10.34% of their portfolio | 1.1m $87.8m | Added +10.4k |
| Avala Global LP 4.56% of their portfolio | 1.1m $87.4m | Reduced -123.9k |
| Khrom Capital Management LLC 9.58% of their portfolio | 1.1m $85.9m | Added +335.8k |
| Holocene Advisors, LP 0.21% of their portfolio | 1.1m $84.8m | New |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 956.8k $76.2m | Added +178.5k |
| Man Group plc 0.16% of their portfolio | 918.6k $73.1m | Added +138.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.11% of their portfolio | 899.1k $71.6m | Reduced -737.2k |
| LANSDOWNE PARTNERS (UK) LLP 8.85% of their portfolio | 856.2k $68.2m | New |
| Russell Investments Group, Ltd. 0.09% of their portfolio | 855.7k $68.1m | Added +46.9k |
| Nuveen, LLC 0.02% of their portfolio | 840.5k $66.9m | Added +23.1k |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 839.4k $66.8m | Reduced -89.1k |
| Legal & General Group Plc 0.02% of their portfolio | 829.2k $66.0m | Added +128.4k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 749.0k $59.6m | Added +138.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 736.4k $58.6m | Reduced -176.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 731.6k $58.3m | Added +137.9k |
| CITIGROUP INC 0.04% of their portfolio | 730.0k $58.1m | Added +108.5k |
| FEDERATED HERMES, INC. 0.10% of their portfolio | 669.4k $53.3m | Added +268.0k |
| Patient Capital Management, LLC 2.40% of their portfolio | 668.7k $53.2m | Reduced -2.0k |
| California Public Employees Retirement System 0.03% of their portfolio | 658.6k $52.4m | Added +37.0k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 640.6k $51.0m | Reduced -47.7k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 615.5k $49.0m | Reduced -3.3m |
| Amundi 0.02% of their portfolio | 594.0k $48.1m | Added +170.8k |
| GLENVIEW CAPITAL MANAGEMENT, LLC 1.29% of their portfolio | 568.9k $45.3m | Added +247.6k |
| AustralianSuper Pty Ltd 0.23% of their portfolio | 564.9k $45.0m | New |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 561.4k $44.7m | Reduced -2.9k |
| APPALOOSA LP 0.68% of their portfolio | 550.0k $43.8m | New |
| MARSHALL WACE, LLP 0.05% of their portfolio | 530.8k $42.3m | Added +444.0k |
| Trexquant Investment LP 0.46% of their portfolio | 507.3k $40.4m | Added +105.2k |
| Hudson Bay Capital Management LP 0.25% of their portfolio | 475.8k $37.9m | Added +379.4k |
| KBC Group NV 0.10% of their portfolio | 456.5k $36.4m | Added +447.5k |
| Allspring Global Investments Holdings, LLC 0.06% of their portfolio | 450.0k $36.0m | Reduced -12.1k |
| Douglas Lane & Associates, LLC 0.50% of their portfolio | 433.6k $34.5m | Reduced -6.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.08% of their portfolio | 426.3k $33.9m | Reduced -283.9k |
| FRED ALGER MANAGEMENT, LLC 0.15% of their portfolio | 425.5k $33.9m | Reduced -183.8k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.07% of their portfolio | 418.8k $33.4m | Reduced -60.5k |
| Generate Investment Management Ltd 1.83% of their portfolio | 413.3k $32.9m | Added +257.3k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.12% of their portfolio | 407.7k $32.5m | Reduced -178.4k |
| TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.26% of their portfolio | 407.5k $32.4m | Added +382.1k |
| Skye Global Management LP 0.69% of their portfolio | 406.0k $32.3m | Added +48.0k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.16% of their portfolio | 405.2k $32.3m | Added +365.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 403.4k $32.1m | Added +26.4k |
| Alyeska Investment Group, L.P. 0.11% of their portfolio | 393.4k $31.3m | Reduced -3.6m |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 383.9k $30.6m | Reduced -61.3k |
| TODD ASSET MANAGEMENT LLC 0.66% of their portfolio | 383.2k $30.5m | New |
| Duquesne Family Office LLC 0.77% of their portfolio | 377.1k $30.0m | Added +8.4k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 373.9k $29.8m | Reduced -9.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 371.7k $29.6m | Reduced -14.2k |
| BWCP, LP 4.77% of their portfolio | 366.8k $29.2m | Added +10.6k |
| Quantinno Capital Management LP 0.12% of their portfolio | 347.2k $27.6m | Added +199.5k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 329.1k $26.2m | Reduced -37.9k |
| Harel Insurance Investments & Financial Services Ltd. 0.30% of their portfolio | 324.0k $25.8m | Added +105.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 323.0k $25.7m | Added +287 |
| Treasurer of the State of North Carolina 0.08% of their portfolio | 317.5k $25.3m | Added +132.2k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 309.1k $24.6m | Added +35.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio | 299.1k $23.8m | Reduced -1.0k |
| QRG CAPITAL MANAGEMENT, INC. 0.21% of their portfolio | 295.8k $23.6m | Added +215.4k |
| Point72 Asset Management, L.P. 0.06% of their portfolio | 292.7k $23.3m | Reduced -273.4k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 292.6k $23.3m | Added +55.7k |