{"slug":"united-airlines-holdings","name":"유나이티드항공","name_en":"United Airlines Holdings, Inc.","ticker":"UAL","updated_at":"2026-09-23T08:29:48.072124+00:00","canonical":"https://valuechain.wiki/united-airlines-holdings","citable":"밸류체인 그래프 기준 유나이티드항공의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 19곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, United Airlines Holdings, Inc. is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 19 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-23).","kicker":"글로벌 네트워크 항공사","kicker_en":"Global network airline","lead":"유나이티드항공은 국내선과 국제선 여객 운송을 중심으로 화물 운송과 MileagePlus 제휴에서 매출을 올린다. 항공기 확보를 위해 보잉과 에어버스에 대규모 구매 약정을 두고 있으며, 미래 항공 모빌리티 기업에도 지분 투자를 한다.","lead_en":"United Airlines generates most of its revenue from domestic and international passenger transportation, supplemented by cargo and MileagePlus partnerships. It maintains large aircraft purchase commitments with Boeing and Airbus and also holds equity investments in future air-mobility companies.","categories":[{"key":"airline-operators","ko":"항공 운송","en":"Airline Operators","theme":"industrial-infrastructure","theme_ko":"산업 인프라·중공업","theme_en":"Industrial Infrastructure & Heavy Industry","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"여객","note":"FY2025 매출 534억3800만달러"},{"name":"화물","note":"FY2025 매출 17억7900만달러"},{"name":"기타 영업","note":"FY2025 매출 38억5300만달러. MileagePlus 제휴 수익 등을 포함한다."}],"total":"FY2025 총매출 590억7000만달러","track":"C"},"segments_en":{"parts":[{"name":"Passenger","note":"FY2025 revenue of $53.438 billion"},{"name":"Cargo","note":"FY2025 revenue of $1.779 billion"},{"name":"Other operating","note":"FY2025 revenue of $3.853 billion, including MileagePlus partner revenue"}],"total":"FY2025 total revenue of $59.07 billion"},"returns_yearly":{"2021":1.2,"2022":-13.9,"2023":9.4,"2024":135.3,"2025":15.2,"2026":-3.9},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"doordash","name":"도어대시","name_en":"DoorDash, Inc.","tier":3,"returns_yearly":{"2022":-67.2,"2023":102.6,"2024":69.6,"2025":35,"2026":-6.5}},{"slug":"eog-resources","name":"EOG 리소스","name_en":"EOG Resources, Inc.","tier":2,"returns_yearly":{"2021":88.6,"2022":56.9,"2023":-2,"2024":4.3,"2025":-11.4,"2026":44.6}},{"slug":"chipotle-mexican-grill","name":"치폴레 멕시칸 그릴","name_en":"Chipotle Mexican Grill","tier":2,"returns_yearly":{"2021":26.1,"2022":-20.6,"2023":64.8,"2024":31.8,"2025":-38.6,"2026":-0.1}},{"slug":"jpmorgan-chase","name":"JPMorgan Chase","name_en":"JPMorgan Chase","tier":1,"returns_yearly":{"2021":27.7,"2022":-12.6,"2023":30.6,"2024":44.3,"2025":37.3,"2026":12.9}}],"benefiting":[{"slug":"phillips-66","name":"필립스 66","name_en":"Phillips 66","tier":1,"returns_yearly":{"2021":8.5,"2022":49.6,"2023":33.1,"2024":-11.6,"2025":17.5,"2026":101.8}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":-2.2}},{"slug":"moog","name":"무그","name_en":"Moog","tier":2,"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":53}},{"slug":"korean-airlines","name":"대한항공","name_en":"Korean Airlines","tier":2,"returns_yearly":{"2021":-7.1,"2022":-6.1,"2023":-4.2,"2024":13.8,"2025":-6,"2026":35.8}},{"slug":"kinder-morgan","name":"킨더 모건","name_en":"Kinder Morgan, Inc.","tier":2,"returns_yearly":{"2021":23.8,"2022":21.2,"2023":4.1,"2024":64.4,"2025":4.8,"2026":17.5}},{"slug":"ametek","name":"아메텍","name_en":"AMETEK, Inc.","tier":2,"returns_yearly":{"2021":22.3,"2022":-4.3,"2023":18.8,"2024":10,"2025":14.7,"2026":16.1}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":2,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":10.5}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":2,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":9.7}},{"slug":"ppg-industries","name":"PPG 인더스트리스","name_en":"PPG Industries","tier":2,"returns_yearly":{"2021":21.3,"2022":-25.7,"2023":21.2,"2024":-18.5,"2025":-12,"2026":3.4}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":2.5}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":2,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-7.5}},{"slug":"mitsubishi-heavy-industries","name":"미쓰비시중공업","name_en":"Mitsubishi Heavy Industries","tier":2,"returns_yearly":{"2021":7.2,"2022":68.3,"2023":100.5,"2024":134.2,"2025":98.3,"2026":-16.7}},{"slug":"transdigm-group","name":"트랜스다임 그룹","name_en":"TransDigm Group Incorporated","tier":2,"returns_yearly":{"2021":2.8,"2022":1.8,"2023":66.6,"2024":32.3,"2025":12.2,"2026":-16.7}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-24.6}},{"slug":"honeywell-aerospace","name":"하니웰 에어로스페이스","name_en":"Honeywell Aerospace Inc.","tier":2,"returns_yearly":null},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":50.8}},{"slug":"bny-mellon","name":"BNY 멜론","name_en":"BNY Mellon","tier":3,"returns_yearly":{"2021":40.6,"2022":-19.1,"2023":18.5,"2024":51.9,"2025":54.4,"2026":24.6}},{"slug":"mitsubishi-chemical-holdings","name":"미쓰비시케미컬그룹","name_en":"Mitsubishi Chemical Holdings","tier":3,"returns_yearly":{"2021":29,"2022":-15.5,"2023":27.7,"2024":-8.1,"2025":33.5,"2026":23.4}},{"slug":"goldman-sachs","name":"골드만삭스","name_en":"Goldman Sachs","tier":3,"returns_yearly":{"2021":47.6,"2022":-7.9,"2023":15.9,"2024":52,"2025":56.6,"2026":19.9}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":12.9}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":10.6}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":3,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":10}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":4.8}},{"slug":"honeywell-technologies","name":"하니웰 테크놀로지스","name_en":"Honeywell Technologies","tier":3,"returns_yearly":{"2021":-0.3,"2022":4.9,"2023":0,"2024":10,"2025":-6.4,"2026":3.8}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-9.3}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-14.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-18.3}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-18.3}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-18.8}}],"analysis":"글로벌 네트워크 항공사 기업. 2026년 -0.4%다. 공급단(평균 +34.8%)이 본주(-0.4%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 필립스 66(+101.8%), 가장 처진 곳은 보잉(-2.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"United Airlines Holdings, Inc. operates across Global network airline. It is -0.4% in 2026. The supply side (avg +34.8%) has moved harder than the stock (-0.4%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Phillips 66 (+101.8%) and the furthest behind is Boeing (-2.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It maintains large aircraft purchase commitments with Boeing and Airbus and also holds equity investments in future air-mobility companies.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"보잉","counterparty_slug":"boeing","confidence":"high","metric":{"type":"count","unit":"aircraft","as_of":"2026-02-12","basis":"보잉 항공기 확정 구매 약정 수","value":420,"period":"as of 2025-12-31","basis_en":"Firm Boeing aircraft purchase commitments","qualifier":null},"note":"보잉은 유나이티드항공의 핵심 항공기 공급사다. 2025년 말 확정 구매 약정은 787 150대, 737 MAX 9 103대, 737 MAX 10 167대로 합계 420대였다.","note_en":"Boeing is a core aircraft supplier to United. At year-end 2025, firm commitments totaled 420 aircraft: 150 787s, 103 737 MAX 9s and 167 737 MAX 10s.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm","title":"United Airlines Holdings, Inc. 10-K (2026-02-12)","title_en":"United Airlines Holdings, Inc. 10-K (2026-02-12)","excerpt":"2025년 말 보잉 기종 확정 약정은 787 150대, 737 MAX 9 103대, 737 MAX 10 167대였다.","excerpt_en":"At December 31, 2025, firm commitments included 150 Boeing 787s, 103 737 MAX 9s and 167 737 MAX 10s."},{"stance":"mentions","publisher":"CAPA 항공센터","publisher_en":"CAPA Centre for Aviation","kind":"analysis","lang":"en","published_at":"2025-03-05","url":"https://centreforaviation.com/news/insights/united-airlines-receives-1000th-mainline-aircraft-diving-into-the-worlds-largest-airline-fleet-710837","title":"유나이티드항공, 1000번째 본선 항공기 인도","title_en":"United Airlines receives 1000th mainline aircraft: Diving into the world's largest airline fleet","excerpt":"CAPA는 2025년 1월 인도된 유나이티드항공의 1000번째 본선 항공기가 보잉 737 MAX 9였고, 향후 787 대량 인도가 예정돼 있다고 분석했다.","excerpt_en":"In Jan-2025, United Airlines received its 1000th aircraft, a Boeing 737 MAX 9."},{"stance":"mentions","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2024-04-17","url":"https://www.hankyung.com/article/202404177190i","title":"유나이티드항공, 1분기 순손실에도 주가 훨훨 난 까닭","title_en":"Why United Airlines Shares Rose Despite a First-Quarter Net Loss","excerpt":"유나이티드는 보잉으로부터 받을 여객기 전망을 61대로 낮추고 맥스10 주문 일부를 맥스9로 전환했다고 밝혔다.","excerpt_en":"United lowered its expected Boeing deliveries to 61 aircraft and said it had converted some MAX 10 orders to MAX 9s."}]},{"direction":"cost","counterparty":"에어버스","counterparty_slug":"airbus","confidence":"high","metric":{"type":"count","unit":"aircraft","as_of":"2026-02-12","basis":"에어버스 항공기 확정 구매 약정 수","value":214,"period":"as of 2025-12-31","basis_en":"Firm Airbus aircraft purchase commitments","qualifier":null},"note":"에어버스는 유나이티드항공의 또 다른 핵심 항공기 공급사다. 2025년 말 확정 구매 약정은 A321neo 119대, A321XLR 50대, A350 45대로 합계 214대였다.","note_en":"Airbus is United's other core aircraft supplier. At year-end 2025, firm commitments totaled 214 aircraft: 119 A321neos, 50 A321XLRs and 45 A350s.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm","title":"United Airlines Holdings, Inc. 10-K (2026-02-12)","title_en":"United Airlines Holdings, Inc. 10-K (2026-02-12)","excerpt":"2025년 말 에어버스 기종 확정 약정은 A321neo 119대, A321XLR 50대, A350 45대였다.","excerpt_en":"At December 31, 2025, firm commitments included 119 Airbus A321neos, 50 A321XLRs and 45 A350s."},{"stance":"mentions","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2024-04-17","url":"https://www.hankyung.com/article/202404177190i","title":"유나이티드항공, 1분기 순손실에도 주가 훨훨 난 까닭","title_en":"Why United Airlines Shares Rose Despite a First-Quarter Net Loss","excerpt":"유나이티드항공은 보잉 공급 차질에 대응해 에어버스 A321neo 35대를 임대하기로 발표했다.","excerpt_en":"United announced plans to lease 35 Airbus A321neo aircraft in response to Boeing delivery concerns."}]},{"direction":"cost","counterparty":"필립스 66","counterparty_slug":"phillips-66","confidence":"high","metric":null,"note":"유나이티드항공은 필립스 66으로부터 지속가능항공유를 공급받으며, 2024년 계약은 시카고와 로스앤젤레스 공급을 정했고 2026년 공개된 최근 계약 규모는 1,100만 갤런이다.","note_en":"United Airlines receives sustainable aviation fuel from Phillips 66 under a 2024 agreement covering Chicago and Los Angeles, and the latest deal disclosed in 2026 covers 11 million gallons.","sources":[{"stance":"confirms","publisher":"Phillips 66","publisher_en":"Phillips 66","kind":"ir","lang":"en","published_at":"2026-04-15","url":"https://www.phillips66.com/newsroom/delivering-the-molecule-and-the-math/","title":"분자와 수치를 함께 전달하다","title_en":"Delivering the molecule and the math","excerpt":"필립스 66 Aviation은 최근 유나이티드항공에 지속가능항공유 1,100만 갤런을 공급하기로 했다.","excerpt_en":"Phillips 66 Aviation's recent agreement will supply United Airlines with 11 million gallons of sustainable aviation fuel."},{"stance":"confirms","publisher":"Phillips 66","publisher_en":"Phillips 66","kind":"ir","lang":"en","published_at":"2024-12-05","url":"https://www.phillips66.com/newsroom/phillips-66-united-airlines-saf-supply-agreement/","title":"필립스 66과 유나이티드항공, SAF 공급 계약 체결","title_en":"Phillips 66, United Airlines sign SAF supply agreement","excerpt":"필립스 66은 ORD에서 사용할 SAF 300만 갤런을 유나이티드항공에 공급한다.","excerpt_en":"Phillips 66 will supply United Airlines with 3 million gallons of SAF for use at ORD."}]},{"direction":"revenue","counterparty":"미국 연방총무청(GSA)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-07-08","basis":"GSA FY2026 City Pair Program 계약에서 유나이티드항공에 배정된 금액","value":null,"period":"FY2026","basis_en":"Amount awarded to United Airlines under the GSA FY2026 City Pair Program contract","qualifier":"confirmed_no_disclosed_value"},"note":"미국 연방조달청은 FY2026 City Pair Program의 공식 출장 항공 운송 계약을 유나이티드항공에 수여했다. 유나이티드항공 몫의 계약 금액은 공개되지 않았다.","note_en":"The U.S. General Services Administration awarded United Airlines an FY2026 City Pair Program contract for official government air travel. United's individual contract value was not disclosed.","sources":[{"stance":"confirms","publisher":"미국 연방총무청","publisher_en":"U.S. General Services Administration","kind":"news","lang":"en","published_at":"2025-07-08","url":"https://www.gsa.gov/about-gsa/newsroom/news-releases/gsas-city-pair-program-announces-awards-07082025","title":"GSA City Pair Program 계약 수여 발표, 납세자에 수십억달러 절감","title_en":"GSA's City Pair Program Announces Awards, Delivers Billions in Savings to Taxpayers","excerpt":"GSA는 FY2026 City Pair Program 계약을 유나이티드항공을 포함한 미국 국적 항공사 7곳에 수여했으며, 계약 항공편은 2025년 10월 1일부터 이용할 수 있다고 밝혔다.","excerpt_en":"Alaska Airlines, American Airlines, Breeze Airways, Delta Air Lines, JetBlue Airways, Southwest Airlines, and United Airlines all received contracts to provide federal travelers with discounted options for official government air travel."}]},{"direction":"revenue","counterparty":"JPMorgan Chase","counterparty_slug":"jpmorgan-chase","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"JPMorgan Chase 공동 브랜드 계약 관련 수취액","value":null,"period":"FY2025","basis_en":"Payments received under the JPMorgan Chase co-brand agreement","qualifier":"confirmed_no_disclosed_value"},"note":"JPMorgan Chase는 MileagePlus 공동 브랜드 카드의 발급사이자 마일 구매 파트너다. 유나이티드항공은 이를 가장 중요한 MileagePlus 마일 판매 계약으로 설명하지만 Chase 단독 지급액은 공개하지 않았다.","note_en":"JPMorgan Chase issues the MileagePlus co-branded card and buys miles from United. United describes it as its most significant contract for selling MileagePlus miles, but does not disclose payments from Chase separately.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm","title":"United Airlines Holdings, Inc. 10-K (2026-02-12)","title_en":"United Airlines Holdings, Inc. 10-K (2026-02-12)","excerpt":"유나이티드항공은 가장 중요한 MileagePlus 마일 판매 계약 상대를 공동 브랜드 카드 파트너인 Chase라고 밝혔다.","excerpt_en":"United's most significant contract to sell MileagePlus miles is with its co-branded credit card partner JPMorgan Chase Bank USA, N.A."}]},{"direction":"revenue","counterparty":"미국 우정청(USPS)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2021-02-25","basis":"USPS ICAIR 국제 우편 운송 계약으로 유나이티드항공이 받은 대금","value":null,"period":"2012-2015","basis_en":"Payments received by United under USPS ICAIR international mail transportation contracts","qualifier":"confirmed_no_disclosed_value"},"note":"미국 우정청은 ICAIR 계약을 통해 유나이티드항공에 국제 우편 운송을 맡기고 운송 실적에 따라 대금을 지급했다. 공개 문서는 수백만달러의 지급이 있었다고 확인하지만 정확한 계약 수취액은 밝히지 않았다.","note_en":"The United States Postal Service contracted with United under the ICAIR program to transport international mail and paid United based on contract performance. The public record confirms millions of dollars in payments but does not disclose the exact contract revenue.","sources":[{"stance":"confirms","publisher":"미국 법무부","publisher_en":"U.S. Department of Justice","kind":"filing","lang":"en","published_at":"2021-02-25","url":"https://www.justice.gov/opa/press-release/file/1370991/dl","title":"유나이티드항공 비기소 합의서 및 사실관계 진술","title_en":"United Airlines Non-Prosecution Agreement and Statement of Facts","excerpt":"유나이티드항공은 USPS와 ICAIR 계약을 맺고 USPS를 위해 국제 우편을 운송했으며, 우편 이동 정보는 USPS가 유나이티드항공에 지급하는 대금의 근거가 됐다.","excerpt_en":"United had ICAIR contracts with the USPS, by which United transported mail internationally for the USPS."}]},{"direction":"investment","counterparty":"Archer Aviation","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"Archer Aviation 지분 및 지분연계증권 투자 장부가액","value":null,"period":"as of 2025-12-31","basis_en":"Carrying value of the investment in Archer Aviation equity and equity-linked securities","qualifier":"confirmed_no_disclosed_value"},"note":"유나이티드항공은 전기 수직이착륙 항공기 개발사 Archer Aviation의 주식과 지분연계증권을 보유한다. Archer 단독 장부가액은 공개하지 않았다.","note_en":"United holds equity and equity-linked securities in electric vertical takeoff and landing aircraft developer Archer Aviation. It does not disclose Archer's carrying value separately.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/100517/000010051726000023/ual-20251231.htm","title":"United Airlines Holdings, Inc. 10-K (2026-02-12)","title_en":"United Airlines Holdings, Inc. 10-K (2026-02-12)","excerpt":"유나이티드항공은 Archer Aviation에 대한 주식과 지분연계증권을 장기 투자자산으로 분류했다.","excerpt_en":"Equity securities represent equity and equity-linked securities that make up United's investments in Azul, Archer Aviation and Eve Holding."}]}]}