Holm claims to hold the world record for combat flight hours: 1,172. He retired from the U.S. Air Force Reserve in 1992, with the rank of Lieutenant Colonel. He logged his combat hours flying F-105s and F-4s in the Vietnam War. After three tours of duty in Vietnam, he joined Lockheed Skunk Works and test piloted the experimental and production F-117s. Holm participated in the Reno Air Races since 1981. He has won in the Unlimited class of piston-engined aircraft in 1984, 2000, 2002 and 2003. Holm performed as stand-in pilot in The Right Stuff and Hot Shots!.