United Airlines Holdings, Inc. (UAL)

United Airlines Holdings Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	54,598	53,572	50,541	42,203	22,546	13,453
Other Revenue	3,771	3,491	3,176	2,752	2,088	1,902
Revenue	58,369	57,063	53,717	44,955	24,634	15,355
Revenue Growth (YoY)	4.24%	6.23%	19.49%	82.49%	60.43%	-64.50%
Cost of Revenue	38,296	37,534	35,716	31,769	21,369	17,826
Gross Profit	20,073	19,529	18,001	13,186	3,265	-2,471
Selling, General & Admin	2,324	2,466	2,198	1,700	776	546
Other Operating Expenses	9,514	8,818	7,841	6,463	4,334	3,399
Operating Expenses	14,788	14,212	12,710	10,619	7,595	6,433
Operating Income	5,285	5,317	5,291	2,567	-4,330	-8,904
Interest Expense	-1,212	-1,402	-1,774	-1,673	-1,577	-992
Interest & Investment Income	645	726	827	298	36	50
Other Non Operating Income (Expenses)	-11	-34	-24	-75	62	-14
EBT Excluding Unusual Items	4,707	4,607	4,320	1,117	-5,809	-9,860
Merger & Restructuring Charges	-	-	-	-	-469	-1,222
Gain (Loss) on Sale of Investments	-47	-199	27	20	-34	-194
Asset Writedown	-	-	-	-	-97	-318
Other Unusual Items	-372	-240	-960	-147	3,852	2,772
Pretax Income	4,288	4,168	3,387	990	-2,557	-8,822
Income Tax Expense	994	1,019	769	253	-593	-1,753
Net Income	3,294	3,149	2,618	737	-1,964	-7,069
Net Income to Common	3,294	3,149	2,618	737	-1,964	-7,069
Net Income Growth	19.18%	20.28%	255.22%	-	-	-
Shares Outstanding (Basic)	326	329	328	326	322	279
Shares Outstanding (Diluted)	330	333	332	330	322	279
Shares Change (YoY)	-0.92%	0.39%	0.55%	2.55%	15.21%	7.50%
EPS (Basic)	10.10	9.58	7.99	2.26	-6.10	-25.30
EPS (Diluted)	9.99	9.45	7.89	2.23	-6.10	-25.30
EPS Growth	20.30%	19.77%	253.81%	-	-	-
Free Cash Flow	3,710	3,830	-260	1,247	-40	-5,860
Free Cash Flow Per Share	11.24	11.49	-0.78	3.78	-0.12	-20.97
Gross Margin	34.39%	34.22%	33.51%	29.33%	13.25%	-16.09%
Operating Margin	9.05%	9.32%	9.85%	5.71%	-17.58%	-57.99%
Profit Margin	5.64%	5.52%	4.87%	1.64%	-7.97%	-46.04%
Free Cash Flow Margin	6.36%	6.71%	-0.48%	2.77%	-0.16%	-38.16%
EBITDA	8,080	8,090	7,794	4,857	-2,027	-6,588
EBITDA Margin	13.84%	14.18%	14.51%	10.80%	-8.23%	-42.90%
D&A For EBITDA	2,795	2,773	2,503	2,290	2,303	2,316
EBIT	5,285	5,317	5,291	2,567	-4,330	-8,904
EBIT Margin	9.05%	9.32%	9.85%	5.71%	-17.58%	-57.99%
Effective Tax Rate	23.18%	24.45%	22.70%	25.55%	-	-
Revenue as Reported	58,368	57,063	53,717	44,955	24,634	15,355
Advertising Expenses	-	235	221	165	99	87

Updated Oct 15, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q