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 ($66.7m this quarter). Holder counts are more reliable. Shares outstanding: 323.4m as of 2026-02-05, 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 ≈ $111.72. Options: 46 managers hold calls ($1.8bn notional), 44 hold puts ($2.6bn).
Trends to Q4 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 |
| Q3 2025 | 914 |
| Q4 2025 | 1,020 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 304 | 286 |
| Q2 2024 | 300 | 284 |
| Q3 2024 | 281 | 335 |
| Q4 2024 | 466 | 289 |
| Q1 2025 | 479 | 402 |
| Q2 2025 | 463 | 376 |
| Q3 2025 | 478 | 380 |
| Q4 2025 | 530 | 378 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $1.9bn | $2.2bn | 1.20 |
| Q2 2025 | $1.8bn | $2.2bn | 1.23 |
| Q3 2025 | $2.0bn | $2.3bn | 1.11 |
| Q4 2025 | $1.8bn | $2.6bn | 1.39 |
Biggest buyers
| FMR LLC | Added | +1.9m |
| TWO SIGMA INVESTMENTS, LP | Added | +1.3m |
| Point72 Asset Management, L.P. | Added | +1.2m |
| AQR CAPITAL MANAGEMENT LLC | Added | +1.1m |
| JANE STREET GROUP, LLC | Added | +1.1m |
| BlackRock, Inc. | Added | +972.4k |
| TWO SIGMA ADVISERS, LP | New | +748.6k |
| Slate Path Capital LP | Added | +731.8k |
| Nuveen, LLC | Added | +726.0k |
| Interval Partners, LP | Added | +713.2k |
Biggest sellers
| Capital International Investors | Reduced | -3.8m |
| Balyasny Asset Management L.P. | Reduced | -2.6m |
| Candlestick Capital Management LP | Sold out | -2.2m |
| PRIMECAP MANAGEMENT CO/CA/ | Reduced | -2.0m |
| JPMORGAN CHASE & CO | Reduced | -1.5m |
| Holocene Advisors, LP | Sold out | -1.5m |
| UBS Group AG | Reduced | -1.1m |
| Castle Hook Partners LP | Sold out | -819.0k |
| Freestone Grove Partners LP | Reduced | -698.5k |
| Pacer Advisors, Inc. | Reduced | -622.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $425.1m3.8m shares |
| CITADEL ADVISORS LLC | Reduced | $326.6m2.9m shares |
| JANE STREET GROUP, LLC | Added | $139.3m1.2m shares |
| IMC-Chicago, LLC | Reduced | $116.2m1.0m shares |
| BARCLAYS PLC | Added | $75.9m678.7k shares |
| PEAK6 LLC | Added | $66.7m596.2k shares |
| Capital Markets Trading UK LLP | Added | $64.0m572.0k shares |
| Walleye Trading LLC | Added | $59.0m527.6k shares |
| D. E. Shaw & Co., Inc. | Reduced | $51.2m457.5k shares |
| JPMORGAN CHASE & CO | Reduced | $47.9m428.8k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $426.0m3.8m shares |
| CITADEL ADVISORS LLC | Added | $392.7m3.5m shares |
| BARCLAYS PLC | Added | $190.5m1.7m shares |
| D. E. Shaw & Co., Inc. | Reduced | $157.6m1.4m shares |
| JANE STREET GROUP, LLC | Added | $149.8m1.3m shares |
| Encompass Capital Advisors LLC | New | $130.5m1.2m shares |
| IMC-Chicago, LLC | Reduced | $126.6m1.1m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $120.4m1.1m shares |
| Walleye Trading LLC | Added | $99.5m890.1k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $88.5m7.9k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2025 | 0 | — | 6 | $12.1m | — |
| Q4 2025 | 0 | — | 1 | $12.9m | $12.9m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-03 | KIRBY J SCOTT Chief Executive Officer, director | Sold plan | $12.9m120.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 37.4m $4.2bn | Added +55.2k |
| BlackRock, Inc. 0.04% of their portfolio | 21.4m $2.4bn | Added +972.4k |
| Capital International Investors 0.32% of their portfolio | 18.2m $2.0bn | Reduced -3.8m |
| FMR LLC 0.09% of their portfolio | 16.4m $1.8bn | Added +1.9m |
| PRIMECAP MANAGEMENT CO/CA/ 1.35% of their portfolio | 16.0m $1.8bn | Reduced -2.0m |
| Sanders Capital, LLC 1.96% of their portfolio | 15.2m $1.7bn | Added +409.2k |
| STATE STREET CORP 0.04% of their portfolio | 11.5m $1.3bn | Added +53.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 9.0m $1.0bn | Added +68.6k |
| Capital World Investors 0.11% of their portfolio | 7.3m $812.4m | Added +22.5k |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 5.5m $612.1m | Added +13.6k |
| PAR CAPITAL MANAGEMENT INC 14.52% of their portfolio | 4.9m $547.3m | Reduced -74.0k |
| CITADEL ADVISORS LLC 0.33% of their portfolio | 4.4m $492.2m | Added +62.0k |
| Invesco Ltd. 0.04% of their portfolio | 3.8m $430.2m | Reduced -142.7k |
| MORGAN STANLEY 0.02% of their portfolio | 3.6m $400.3m | Reduced -60.2k |
| Newport Trust Company, LLC 0.87% of their portfolio | 3.3m $365.3m | Reduced -64.2k |
| Senator Investment Group LP 14.03% of their portfolio | 3.1m $349.8m | Added +34.0k |
| BARCLAYS PLC 0.14% of their portfolio | 3.1m $345.2m | Added +626.8k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 3.0m $331.6m | Reduced -570.8k |
| AQR CAPITAL MANAGEMENT LLC 0.17% of their portfolio | 2.9m $325.5m | Added +1.1m |
| SRS Investment Management, LLC 3.42% of their portfolio | 2.9m $324.7m | Added +2.6k |
| UBS Group AG 0.06% of their portfolio | 2.9m $320.5m | Reduced -1.1m |
| Pacer Advisors, Inc. 0.79% of their portfolio | 2.7m $305.3m | Reduced -622.3k |
| LSV ASSET MANAGEMENT 0.61% of their portfolio | 2.5m $281.2m | Reduced -42.6k |
| NORTHERN TRUST CORP 0.04% of their portfolio | 2.5m $275.2m | Reduced -76.0k |
| Boston Partners 0.27% of their portfolio | 2.3m $262.5m | Reduced -90.3k |
| NORGES BANK 0.03% of their portfolio | 2.1m $234.2m | Not comparable |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 2.1m $230.8m | Reduced -2.6k |
| Allianz Asset Management GmbH 0.25% of their portfolio | 2.0m $219.0m | Added +497.3k |
| Slate Path Capital LP 2.85% of their portfolio | 1.9m $211.3m | Added +731.8k |
| Point72 Asset Management, L.P. 0.31% of their portfolio | 1.8m $200.3m | Added +1.2m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.7m $194.5m | Reduced -1.5m |
| JANE STREET GROUP, LLC 0.23% of their portfolio | 1.7m $193.0m | Added +1.1m |
| AMERIPRISE FINANCIAL INC 0.04% of their portfolio | 1.6m $184.2m | Reduced -62.3k |
| Qube Research & Technologies Ltd 0.26% of their portfolio | 1.6m $178.4m | Added +471.6k |
| ASSETMARK, INC 0.36% of their portfolio | 1.6m $178.3m | Reduced -59.7k |
| HSBC HOLDINGS PLC 0.05% of their portfolio | 1.5m $171.3m | Added +534.2k |
| Nuveen, LLC 0.04% of their portfolio | 1.5m $170.9m | Added +726.0k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.5m $164.6m | Added +90.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 1.4m $158.8m | Reduced -12.7k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 1.4m $153.3m | Reduced -45.3k |
| TWO SIGMA INVESTMENTS, LP 0.22% of their portfolio | 1.3m $150.0m | Added +1.3m |
| TOMS Capital Investment Management LP 10.13% of their portfolio | 1.3m $145.4m | Added +540.6k |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 1.3m $141.4m | Added +409.9k |
| LANSDOWNE PARTNERS (UK) LLP 10.09% of their portfolio | 1.2m $137.5m | Added +129.8k |
| ALLIANCEBERNSTEIN L.P. 0.04% of their portfolio | 1.1m $126.7m | Added +637.3k |
| Interval Partners, LP 2.90% of their portfolio | 1.1m $124.1m | Added +713.2k |
| AMERICAN CENTURY COMPANIES INC 0.06% of their portfolio | 1.1m $123.7m | Added +57.8k |
| Avala Global LP 5.77% of their portfolio | 1.1m $120.5m | Added +307.7k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.33% of their portfolio | 1.0m $97.6m | Added +338.2k |
| Anomaly Capital Management, LP 4.11% of their portfolio | 1.0m $114.5m | Reduced -90.9k |
| Russell Investments Group, Ltd. 0.12% of their portfolio | 992.5k $111.0m | Added +83.2k |
| GMT Capital Corp 5.37% of their portfolio | 920.9k $103.0m | Reduced -171.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.12% of their portfolio | 920.8k $103.0m | Added +302.8k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 816.3k $91.3m | Added +200.9k |
| MARSHALL WACE, LLP 0.09% of their portfolio | 811.3k $90.7m | Reduced -148.8k |
| U S GLOBAL INVESTORS INC 9.48% of their portfolio | 792.1k $88.6m | Added +11.9k |
| Legal & General Group Plc 0.02% of their portfolio | 782.1k $87.5m | Reduced -59.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 778.0k $87.0m | Added +71.4k |
| TWO SIGMA ADVISERS, LP 0.16% of their portfolio | 748.6k $83.7m | New |
| Amundi 0.02% of their portfolio | 730.0k $81.6m | Reduced -268.3k |
| Alyeska Investment Group, L.P. 0.22% of their portfolio | 701.7k $78.5m | Added +240.4k |
| California Public Employees Retirement System 0.04% of their portfolio | 699.3k $78.2m | Reduced -6.8k |
| Patient Capital Management, LLC 2.82% of their portfolio | 654.1k $73.1m | Reduced -12.4k |
| FEDERATED HERMES, INC. 0.12% of their portfolio | 624.8k $69.9m | Reduced -32.4k |
| Quantinno Capital Management LP 0.14% of their portfolio | 614.4k $68.7m | Added +217.6k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 572.2k $64.0m | Reduced -130.5k |
| Skandinaviska Enskilda Banken AB (publ) 0.25% of their portfolio | 566.5k $63.4m | Added +517.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.09% of their portfolio | 555.0k $62.1m | Reduced -473.8k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 543.0k $60.7m | Added +1.2k |
| GLENVIEW CAPITAL MANAGEMENT, LLC 1.22% of their portfolio | 511.3k $57.2m | Reduced -70.7k |
| KBC Group NV 0.12% of their portfolio | 485.0k $54.2m | Added +2.0k |
| CITIGROUP INC 0.04% of their portfolio | 477.3k $53.4m | Added +48.5k |
| APPALOOSA LP 0.76% of their portfolio | 465.0k $52.0m | Added +2.5k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 461.0k $51.5m | Added +11.4k |
| Schonfeld Strategic Advisors LLC 0.26% of their portfolio | 458.0k $51.2m | Added +399.7k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 447.6k $50.6m | Added +28.9k |
| Squarepoint Ops LLC 0.10% of their portfolio | 430.2k $48.1m | Added +307.8k |
| Allspring Global Investments Holdings, LLC 0.08% of their portfolio | 421.0k $47.6m | Added +14.0k |
| Hudson Bay Capital Management LP 0.27% of their portfolio | 419.2k $46.9m | Reduced -6.5k |
| Khrom Capital Management LLC 4.86% of their portfolio | 418.3k $46.8m | Added +135.5k |
| Palestra Capital Management LLC 1.64% of their portfolio | 412.9k $46.2m | New |
| Electron Capital Partners, LLC 2.03% of their portfolio | 391.3k $43.8m | Reduced -197.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 390.7k $43.7m | Added +141.5k |
| Douglas Lane & Associates, LLC 0.59% of their portfolio | 385.4k $43.1m | Reduced -19.6k |
| BWCP, LP 7.05% of their portfolio | 379.9k $42.5m | Reduced -15.3k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.15% of their portfolio | 379.1k $42.4m | Added +356.0k |
| SEI INVESTMENTS CO 0.04% of their portfolio | 376.6k $42.1m | Reduced -62.5k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 376.5k $42.1m | Reduced -546.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 369.2k $41.3m | Added +58.4k |
| Assenagon Asset Management S.A. 0.06% of their portfolio | 367.1k $41.0m | Reduced -595.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 359.8k $40.2m | Added +8.7k |
| Duquesne Family Office LLC 0.92% of their portfolio | 348.4k $39.0m | New |
| Walleye Capital LLC 0.22% of their portfolio | 342.4k $38.3m | Added +51.4k |
| Engineers Gate Manager LP 0.45% of their portfolio | 336.9k $37.7m | Added +270.2k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.07% of their portfolio | 312.7k $35.0m | Reduced -4.4k |
| Quadrature Capital Ltd 0.35% of their portfolio | 305.4k $34.1m | New |
| Corient Private Wealth LP 0.02% of their portfolio | 302.6k $22.6m | Added +210.2k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 296.6k $33.2m | Added +231.2k |
| MERCER GLOBAL ADVISORS INC /ADV 0.05% of their portfolio | 287.6k $32.2m | Reduced -12.0k |
| Owl Creek Asset Management, L.P. 3.83% of their portfolio | 284.2k $31.8m | Added +44.1k |