United Airlines Holdings Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	55,217	53,572	50,541	42,203	22,546
Other Revenue	3,853	3,491	3,176	2,752	2,088
Revenue	59,070	57,063	53,717	44,955	24,634
Revenue Growth (YoY)	3.52%	6.23%	19.49%	82.49%	60.43%
Cost of Revenue	39,131	37,534	35,716	31,769	21,369
Gross Profit	19,939	19,529	18,001	13,186	3,265
Selling, General & Admin	2,109	2,466	2,198	1,700	776
Other Operating Expenses	9,919	8,818	7,841	6,463	4,334
Operating Expenses	14,967	14,212	12,710	10,619	7,595
Operating Income	4,972	5,317	5,291	2,567	-4,330
Interest Expense	-1,167	-1,402	-1,774	-1,673	-1,577
Interest & Investment Income	611	726	827	298	36
Other Non Operating Income (Expenses)	165	-34	-24	-75	62
EBT Excluding Unusual Items	4,581	4,607	4,320	1,117	-5,809
Merger & Restructuring Charges	-	-	-	-	-469
Gain (Loss) on Sale of Investments	4	-199	27	20	-34
Asset Writedown	-	-	-	-	-97
Other Unusual Items	-279	-240	-960	-147	3,852
Pretax Income	4,306	4,168	3,387	990	-2,557
Income Tax Expense	953	1,019	769	253	-593
Net Income	3,353	3,149	2,618	737	-1,964
Net Income to Common	3,353	3,149	2,618	737	-1,964
Net Income Growth	6.48%	20.28%	255.22%	-	-
Shares Outstanding (Basic)	329	329	328	326	322
Shares Outstanding (Diluted)	329	333	332	330	322
Shares Change (YoY)	-1.41%	0.39%	0.55%	2.55%	15.21%
EPS (Basic)	10.21	9.58	7.99	2.26	-6.10
EPS (Diluted)	10.20	9.45	7.89	2.23	-6.10
EPS Growth	7.94%	19.77%	253.81%	-	-
Free Cash Flow	2,557	3,830	-260	1,247	-40
Free Cash Flow Per Share	7.78	11.49	-0.78	3.78	-0.12
Gross Margin	33.76%	34.22%	33.51%	29.33%	13.25%
Operating Margin	8.42%	9.32%	9.85%	5.71%	-17.58%
Profit Margin	5.68%	5.52%	4.87%	1.64%	-7.97%
Free Cash Flow Margin	4.33%	6.71%	-0.48%	2.77%	-0.16%
EBITDA	7,911	8,090	7,794	4,857	-2,027
EBITDA Margin	13.39%	14.18%	14.51%	10.80%	-8.23%
D&A For EBITDA	2,939	2,773	2,503	2,290	2,303
EBIT	4,972	5,317	5,291	2,567	-4,330
EBIT Margin	8.42%	9.32%	9.85%	5.71%	-17.58%
Effective Tax Rate	22.13%	24.45%	22.70%	25.55%	-
Revenue as Reported	59,070	57,063	53,717	44,955	24,634
Advertising Expenses	-	235	221	165	99

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.