United orders 100 firm Boeing 787s, options for 100 more; adds 100 737 MAX aircraft

United Airlines Holdings, Inc.

Firm order for 100 Boeing 787 Dreamliners (delivery 2024-2032) plus options for 100 additional 787s, largest widebody order by a U.S. carrier.
Exercised options for 44 737 MAX (2024-2026) and ordered 56 more MAX (2027-2028); total new narrow/widebody ~700 by 2032.
Expects total adjusted capex of ~$9.0B in 2023 and ~$11.0B in 2024; reaffirms 2023 adjusted pre-tax margin ~9% and 2026 ~14%.
Approximately 100 new widebodies will replace older 767/777 fleet, reducing carbon emissions per seat by up to 25%.
Reiterates leverage target of ~1.5x adjusted net debt/EBITDAR by 2026; all 767 aircraft to be retired by 2030.

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

United Airlines Holdings, Inc. amended Purchase Agreement No. 04815 with The Boeing Company (effective 2022-12-12).

Action: amendment
Agreement: asset purchase
Counterparty: The Boeing Company
Effective: 2022-12-12

Exact text from the filing

On December 12, 2022, United Airlines, Inc. ("United") entered into a supplemental agreement to Purchase Agreement No. 04815, dated May 31, 2018 ("Purchase Agreement No. 04815"), with The Boeing Company ("Boeing"), pursuant to which United finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024, with the remaining aircraft to be delivered through 2032.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

United Airlines Holdings, Inc. amended Purchase Agreement No. 04761 with The Boeing Company (effective 2022-12-12).

Action: amendment
Agreement: asset purchase
Counterparty: The Boeing Company
Effective: 2022-12-12

Exact text from the filing

Additionally, on December 12, 2022, United entered into a supplemental agreement to Purchase Agreement No. 04761, dated May 15, 2018, ("Purchase Agreement No. 04761", and together with Purchase Agreement No. 04815, the "Purchase Agreements") with Boeing, pursuant to which United exercised options to purchase 44 Boeing 737 MAX aircraft scheduled for delivery between 2024 and 2026, finalized an order for an additional 56 Boeing 737 MAX aircraft scheduled for delivery in 2027 and 2028, and increased the number of options to purchase Boeing 737 MAX aircraft by an additional 100 (the "Boeing 737 MAX Aircraft Order," and together with the Boeing 787 Aircraft Order, the "Boeing Aircraft Order").

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United Airlines Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000100517-22-000090

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