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What Changed
Risk factors · Feb 27, 2025 → Feb 12, 2026
79 added · 82 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
(g) Scope 1+2 and Scope 3 (categories 3, 4, 7 and 14) emissions/mainline+regional ASMs. * The calculation has been revised since the publication of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 27, 2025 (the "2024 Annual Report") to incorporate additional SAF volumes for which supporting documentation was received after the initial filing.
The Company developed talent acquisition tools and programs to help it continue to (i) attract and identify the best-qualified candidates who can deliver the highest levels of service to its customers, which generates the profitability to help fund the Company's future and reward its employees;
As stated above, a cornerstone of the Company's talent acquisition and internal talent mobility strategy is cultivating a culture that fosters a workplace in which all employees are safe, have an opportunity to succeed, feel a sense of belonging and are empowered to innovate and collaborate.
The Company utilizes multiple channels for all employees to ask for guidance, report concerns without fear of retaliation (including those related to safety) and provide constructive feedback and recommendations.
The Company also established UAV, a corporate venture capital arm that seeks to invest in promising sustainable aviation technologies and innovation to usher in the future of air travel. ◦ In 2023 the Company launched the United Airlines Ventures Sustainable Flight Fund (the "Fund")—which is the first-of-its-kind investment vehicle of UAV—to support start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with SAF. ◦ Between 2024-2025, the Company added four new locations to its SAF operational footprint, purchasing blended SAF for use at ORD, IAD, IAH and EWR airports. • Integrate sustainability efforts at every altitude : The Company is focused on initiatives intended to drive more sustainable operations while maintaining efficiencies across the business.
Formed in 2024, the SAF Coalition is an organization looking to bring together all stakeholders of the aviation fuel value chain to advocate for federal policies that support and increase domestic SAF supply, including successful advocacy to preserve and extend federal low-carbon fuel tax credits.
Additional quantitative emissions data for fiscal years 2024 and 2023 are as follows: Carbon Emissions 2024 2023 Direct (Scope 1) GHG Emissions in Metric Tons CO 2 e Gross and Net GHG emissions 38,520,027 36,588,996 * Biogenic Emissions in Metric Tons CO 2 e Biogenic (Outside of Scope) Emissions 125,374 68,871 * Indirect Emissions in Metric Tons CO 2 e Indirect (Scope 2) GHG emissions 134,497 144,019 Other indirect (Scope 3) GHG emissions (a) 13,585,207 12,671,510 Total Net GHG Emissions in Metric Tons CO 2 e (b) 52,239,731 49,404,525 * Carbon Emissions Intensity Rates (c) 2024 2023 Emissions Intensity per Revenue ton-kilometer ("RTK") Mainline RTKs (millions) (d) 49,711 46,361 Metric tons CO 2 e/1,000 mainline and regional RTKs (e) 1,042 1,057 Emissions Intensity per Available Seat Mile ("ASM") ASMs (millions) (f) 311,185 291,333 Metric tons CO 2 e/1,000 mainline and regional ASMs (g) 167 169 (a) Includes Scope 3 categories 3, 4, 7, 14 and 15.
Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered "open for amendment." In May 2025, the Company reached a Tentative Agreement ("TA") with its employees represented by the AFA regarding an agreement that became amendable in August 2021.
The below table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each employee group, and the amendable date for each employee group's collective bargaining agreement as of December 31, 2025.
In 2025, two significant SAF mandate policies went into effect: ReFuelEU and the UK's Renewable Transport Fuel Obligations (Sustainable Aviation Fuel) Order, both of which require aviation fuel suppliers to supply a minimum of 2% SAF into their jet fuel supply starting in 2025 and increasing in subsequent years.
To support its net zero goal, the Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035, which has been validated by the Science Based Targets initiative (SBTi).
SAF is an alternative to conventional jet fuel that can emit up to 85% less GHG emissions on a lifecycle basis relative to conventional jet fuel and is considered 'drop-in' ready, which means that it can be used in current operations with existing aircraft and infrastructure with few to no additional alterations required.
No longer disclosed
For example, in January 2024, t he FAA issued an Emergency Airworthiness Directive suspending service of all Boeing 737 MAX 9 aircraft operated by U.S. airlines, resulting in the temporary grounding of all 79 of the Company's Boeing 737 MAX 9 aircraft, which negatively impacted the Company's financial performance in the first quarter of 2024.
Formed in 2024, the SAF Coalition is an organization looking to bring together all stakeholders of the aviation fuel value chain to advocate for federal policies that support and increase domestic SAF production. 8 Table of Contents In 2023, the Company evolved its GHG reporting to align with corporate best practices around GHG accounting protocols, including anticipated updates in accounting guidance from the Greenhouse Gas Protocol.
For example, due to the continuing supply chain issues and continuing production delays, the Company currently expects a reduction in deliveries from Boeing during the next couple of years, which has caused the Company to rework its fleet plan and may impact our financial position, results of operations and cash flows.
The Company also established UAV, a corporate venture capital arm that seeks to invest in promising sustainable aviation technologies and innovation to usher in the future of air travel. ◦ In 2022 the Company signed a purchase agreement with Neste for up to 52.5 million gallons of SAF at domestic and international stations, becoming the first U.S. airline to execute an international purchase agreement for SAF. ◦ In 2023 the Company launched, through UAV, the United Airlines Ventures Sustainable Flight Fund (the "Fund") to support start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with SAF. ◦ In 2024, the Company became the first airline to purchase SAF for use at ORD, signing agreements with two suppliers. • Improving Our Operations Beyond Our Flights : The Company is focused on initiatives intended to drive more sustainable operations while maintaining efficiencies across the business.
Additional quantitative emissions data for fiscal years 2023 and 2022 are as follows: Carbon Emissions 2023 2022 Direct (Scope 1) GHG Emissions in Metric Tons CO 2 e Gross and Net GHG emissions 36,590,472 30,400,715 Biogenic Emissions in Metric Tons CO 2 e Biogenic (Outside of Scope) Emissions 67,395 26,806 Indirect Emissions in Metric Tons CO 2 e Indirect (Scope 2) GHG emissions 144,019 149,252 Other indirect (Scope 3) GHG emissions (a) 12,671,510 13,343,676 Total Net GHG Emissions in Metric Tons CO 2 e (b) 49,406,001 43,893,642 Carbon Emissions Intensity Rates (c) 2023 2022 Emissions Intensity per Revenue ton-kilometer ("RTK") Mainline RTKs (millions) (d) 46,361 39,526 Metric tons CO 2 e/1,000 mainline and regional RTKs (e) 1,057 1,098 Emissions Intensity per ASM ASMs (millions) (f) 291,333 247,858 Metric tons CO 2 e/1,000 mainline and regional ASMs (g) 169 176 (a) Includes Scope 3 categories 3, 4, 7, 14 and 15.
In 2023, the EU finalized its ReFuelEU regulation which requires fuel suppliers in EU states to supply 13 Table of Contents certain minimum percentages of SAF in the aviation fuel they provide to aircraft operators at covered EU airports, beginning with 2% in 2025 and eventually rising to 70% by 2050.
Previously, in February 2021, the FAA issued an Emergency Airworthiness Directive regarding certain Boeing 777 Pratt & Whitney powered aircraft, which required the Company to keep more than 50 aircraft out of service until required repairs were made to improve the safety of the engines.
As of January 1, 2025, United is required to submit verified reports to the European Union Aviation Safety Agency on its purchases of SAF, its actual aviation fuel uplift at the EU covered airports, and tankering practices (if any).
We developed talent acquisition tools and programs to help us continue to (i) attract the candidates who can deliver the highest levels of service to our customers;
Therefore, if the Company is unable to acquire additional aircraft at acceptable prices from Boeing or Airbus, or if Boeing or Airbus fails to make timely deliveries of aircraft (whether as a result of increased FAA oversight of the production process, any failure or delay in obtaining regulatory approval or certification for new model aircraft, such as the 737 MAX 10 aircraft, which has not received a type certificate from the FAA, manufacturing delays or otherwise) or to provide adequate support for its products, including with respect to the aircraft subject to firm orders under our United Next plan, the Company's operations could be materially and adversely affected.
The UK SAF mandate requires aviation fuel companies to supply at least 2% SAF within the aviation fuel supplied to the UK in 2025, increasing to a minimum of 22% SAF in 2040.
This decision is expected to substantially increase United's anticipated CORSIA compliance costs for the first phase, 2024-2026, as compared to the prior 2019-only baseline.