United Airlines Holdings, Inc.
IndustrialsNASDAQ:UAL · NASDAQ Global Select
+$2.91 today
Vol 5.33M · Avg 7.03M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$60.5B of revenue converted into $3.7B of net income for the selected period. Gross margin is 64.2% and net margin is 6.0%, showing how much revenue survives after costs and taxes. EPS is $11.20, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $59.1B +3.5% | $57.1B +6.2% | $53.7B +19.5% | $45.0B +82.5% | $24.6B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $21.2B -43.7% | $37.6B -2.3% | $38.5B +12.2% | $34.3B +43.5% | $23.9B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $37.9B +95.0% | $19.4B +27.8% | $15.2B +42.8% | $10.6B +1375.7% | $721.0M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 64.1% +30.1pp | 34.0% +5.7pp | 28.3% +4.6pp | 23.7% +20.7pp | 2.9% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $2.1B -5.5% | $2.2B +12.8% | $2.0B +28.8% | $1.5B +126.7% | $677.0M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $33.2B +131.5% | $14.3B +30.4% | $11.0B +32.3% | $8.3B +376.4% | $1.7B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $2.9B +0.3% | $2.9B +9.6% | $2.7B +8.8% | $2.5B -1.2% | $2.5B | $374.2M | $1.2B | $631.8M |
| EBITDA | $7.5B -11.3% | $8.5B +8.5% | $7.8B +53.0% | $5.1B +240.1% | $1.5B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 12.8% -2.1pp | 14.9% +0.3pp | 14.6% +3.2pp | 11.4% +5.3pp | 6.1% | 5.6% | 46.3% | 42.0% |
| Operating Income | $4.7B -7.5% | $5.1B +21.0% | $4.2B +80.2% | $2.3B +328.7% | -$1.0B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 8.0% -1.0pp | 8.9% +1.1pp | 7.8% +2.6pp | 5.2% +9.3pp | -4.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $610.0M -16.0% | $726.0M -12.2% | $827.0M +177.5% | $298.0M +727.8% | $36.0M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $1.2B -13.0% | $1.4B -21.0% | $1.8B +6.0% | $1.7B +6.1% | $1.6B | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$407.0M +56.1% | -$928.0M -12.6% | -$824.0M +38.8% | -$1.3B +12.2% | -$1.5B | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $4.3B +3.3% | $4.2B +23.1% | $3.4B +242.1% | $990.0M +138.7% | -$2.6B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 7.3% -0.0pp | 7.3% +1.0pp | 6.3% +4.1pp | 2.2% +12.6pp | -10.4% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $953.0M -6.5% | $1.0B +32.5% | $769.0M +204.0% | $253.0M +142.7% | -$593.0M | $1.3B | -$1.6B | $745.2M |
| Net Income | $3.4B +6.5% | $3.1B +20.3% | $2.6B +255.2% | $737.0M +137.5% | -$2.0B | $4.9B | $4.8B | $4.7B |
| Net Margin | 5.7% +0.2pp | 5.5% +0.6pp | 4.9% +3.2pp | 1.6% +9.6pp | -8.0% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $10 +6.6% | $10 +19.9% | $8 +253.5% | $2 +137.0% | -$6 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $10 +8.1% | $9 +19.8% | $8 +253.8% | $2 +136.6% | -$6 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $327.0M -1.9% | $333.2M +0.4% | $331.8M +0.5% | $330.1M +2.5% | $321.9M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $327.0M -1.9% | $333.2M +0.4% | $331.9M +0.5% | $330.1M +2.5% | $321.9M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Comfort Systems USA, Inc.
NYSE:FIX
$66.10B
Rocket Lab USA, Inc.
NASDAQ:RKLB
$59.27B
Delta Air Lines, Inc.
NYSE:DAL
$54.57B
Westinghouse Air Brake Technologies Corporation
NYSE:WAB
$45.00B
EMCOR Group, Inc.
NYSE:EME
$36.65B
Ingersoll Rand Inc.
NYSE:IR
$28.96B
Otis Worldwide Corporation
NYSE:OTIS
$27.15B
Xylem Inc.
NYSE:XYL
$26.17B
Verisk Analytics, Inc.
NASDAQ:VRSK
$24.08B
LATAM Airlines Group S.A.
NYSE:LTM
$15.59B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does UAL generate?
United Airlines Holdings, Inc. (UAL) reported $59.07B of revenue in fiscal 2025.
Is UAL profitable?
United Airlines Holdings, Inc. (UAL) reported $3.35B of net income, with a net margin of 5.7%.
Explore More
Continue the stock analysis
Jump to another research area for this company.