As of early 2026, United Airlines Holdings (UAL) manages a significant debt load, a legacy of both the COVID-19 pandemic's impact and an aggressive post-pandemic fleet modernization strategy. Following their 2025 financial reports, United's total debt and finance lease obligations are estimated to be in the range of $28 billion to $30 billion. While this figure sounds staggering, credit rating agencies like S&P Global have recently moved to a "Positive" outlook for the carrier because United is generating strong cash flow from its international and premium cabins. The airline's "Funds from Operations" (FFO) to debt ratio is currently hovering around 35%, and their adjusted debt-to-EBITDA ratio is a healthy 2x, which is considered stable for a major capital-intensive airline. United is currently in a "reinvestment phase," spending nearly $8 billion annually on capital expenditures—primarily for new Boeing and Airbus aircraft—while simultaneously working to pay down approximately $4.4 billion in debt maturities throughout 2026. This balance of debt management and growth reflects a broader industry trend of "leveraged expansion" as airlines rush to retire older, less fuel-efficient jets.