Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is United Airlines Holdings, Inc. (UAL) Halal?

FAIL

United Airlines Holdings, Inc. · NASDAQ: UAL · Industrials

The short answer

No - United Airlines Holdings, Inc. (UAL) fails this Shariah stock screen at the debt gate. The business is scheduled passenger air transportation and air cargo (plus ground handling, a flight academy, MileagePlus, and third-party maintenance), with no haram revenue segments disclosed in its Q2 2026 10-Q (filed July 16, 2026). Interest-bearing debt of $26,464M is about 72.4% of its ~$36.6B market cap ($111.78 latest quote, October 2, 2026) - far above the ~33% ceiling. Interest income of $284M - separately disclosed - is about 0.88% of total operating revenue ($32,280M, six months ended June 30, 2026), below the 5% ceiling. Note: Zoya rates UAL not Shariah-compliant (September 2026); no Musaffa or ShariaPortfolio rating was found.

Gate 1 — Business activity: PASS

United Airlines Holdings, Inc. (NASDAQ: UAL) is a holding company whose wholly owned subsidiary is United Airlines, Inc. - per the Q2 2026 10-Q. It provides scheduled passenger air transportation and air cargo through mainline and regional fleets across the US, Canada, the Atlantic, the Pacific, and Latin America, with principal hubs in Chicago, Denver, Houston, Los Angeles, Newark, San Francisco, and Washington, DC, plus ground handling, a flight academy, frequent-flyer award redemptions, and third-party maintenance. Haram flags checked (factual, from the filings): the 10-Q discloses no alcohol, gambling, finance/insurance, pork, tobacco, or weapons revenue segments - alcohol served on board is an ancillary service, not a disclosed segment. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per United Airlines' 10-Q for the quarter ended June 30, 2026 (filed July 16, 2026), interest-bearing debt was $26,464M - current maturities of long-term debt, finance leases, and other financial liabilities $2,170M plus long-term debt, finance leases, and other financial liabilities $24,294M. Against a market cap of about $36.6B ($111.78 latest quote, October 2, 2026), debt / market cap is about 72.4% - more than double the ~33% ceiling. Cash and cash equivalents of $10,166M plus short-term investments of $6,471M ($16,637M combined) are about 45.5% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

United Airlines' Q2 2026 10-Q discloses interest income of $284M as a separate line for the six months ended June 30, 2026, against total operating revenue of $32,280M - about 0.88% of revenue, well below the 5% ceiling (full-year FY2025: ~$610M vs $59,070M, about 1.03%). Gate 3 passes on a directly disclosed figure. Facts only.

Key figures used

Frequently asked questions

What does United Airlines do?

United Airlines Holdings, Inc. (NASDAQ: UAL) is a holding company whose wholly owned subsidiary is United Airlines, Inc. It provides scheduled passenger air transportation and air cargo through mainline and regional fleets across the US, Canada, the Atlantic, the Pacific, and Latin America, with principal hubs in Chicago, Denver, Houston, Los Angeles, Newark, San Francisco, and Washington, DC. It also offers ground handling, a flight academy, frequent-flyer award redemptions, and third-party maintenance. The filings disclose no alcohol, gambling, finance/insurance, pork, tobacco, or weapons revenue segments - alcohol served on board is an ancillary service, not a disclosed segment.

Why does United Airlines fail this Shariah stock screen?

United Airlines fails this Shariah stock screen at the debt gate. Gate 1: the business is scheduled passenger air transportation and air cargo - no haram segments are disclosed in the filings. Gate 2: interest-bearing debt of $26,464M (Q2 2026) is about 72.4% of its ~$36.6B market cap ($111.78 latest quote, October 2, 2026), far above the ~33% ceiling - FAIL. Gate 3: separately disclosed interest income of $284M is about 0.88% of total operating revenue ($32,280M, six months ended June 30, 2026), below the 5% ceiling. Result: FAIL. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is United Airlines' interest-bearing debt ratio?

Per United Airlines' 10-Q for the quarter ended June 30, 2026 (filed July 16, 2026), interest-bearing debt was $26,464M - current maturities of long-term debt, finance leases, and other financial liabilities $2,170M plus long-term debt, finance leases, and other financial liabilities $24,294M. Against a market cap of about $36.6B ($111.78 latest quote on October 2, 2026), debt / market cap is about 72.4% - more than double the ~33% ceiling. Cash and cash equivalents of $10,166M plus short-term investments of $6,471M ($16,637M combined) are about 45.5% of market cap. Gate 2 fails decisively.

What is United Airlines' non-compliant income ratio?

United Airlines' Q2 2026 10-Q discloses interest income of $284M as a separate line for the six months ended June 30, 2026, against total operating revenue of $32,280M - about 0.88% of revenue, well below the 5% ceiling (full-year FY2025: ~$610M vs $59,070M, about 1.03%). Gate 3 passes on a directly disclosed figure.

Do Zoya, Musaffa, or ShariaPortfolio cover United Airlines?

Zoya covers UAL and rates it not Shariah-compliant as of September 2026 (zoya.finance/stocks/ual; its disclosed FY2025 interest income $610M / revenue $59.07B matches the filings). No Musaffa stock page or rating for UAL was found - reported as absent, not invented. No ShariaPortfolio screening page or rating for UAL was found - reported as absent, not invented. This page applies the screen directly from United Airlines' own SEC filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).