United Airlines is one of the two largest U.S. network carriers, flying passengers and cargo across a global hub-and-spoke system. United operates from seven domestic hubs — Chicago O'Hare, Denver, Houston Intercontinental, Los Angeles, Newark, San Francisco, and Washington Dulles — connecting hundreds of destinations across North America, Europe, Asia-Pacific, Latin America, Africa, and the Middle East. United's core revenue is driven by ticket sales across a segmented fare structure, ranging from Basic Economy to premium Polaris business class, with premium cabin revenues growing faster than main cabin as United shifts capacity toward higher-yielding seats. Beyond tickets, United runs MileagePlus, a frequent flyer program that generates significant recurring revenue through a co-brand credit card partnership with JPMorgan Chase — United views loyalty as a high-margin, low-churn business and is targeting a doubling of loyalty EBITDA by end of decade. United also carries belly cargo on passenger flights, generating $1.8B in cargo revenue in FY25. Fuel and labor are the two dominant costs; United does not hedge fuel. United's growth strategy, called United Next, centers on fleet upgauging to larger narrow-bodies, premiumization of cabin product, expanding international routes via the 787 and the upcoming A321XLR, and growing MileagePlus. United is also actively deleveraging toward investment-grade credit ratings and targeting free cash flow conversion of ~75% by end of decade as capital expenditures normalize.