Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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United Airlines Holdings Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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United Airlines Holdings Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Trends
- Passenger revenue exhibited a significant decline in early 2020, reaching a low point in the quarter ending June 30, 2020, followed by a steady recovery through 2021 and 2022. Peak levels approached pre-pandemic values by late 2022 and early 2023 but demonstrated some volatility thereafter, with fluctuations seen into early 2025. Cargo revenue showed modest fluctuations with no clear trend but remained relatively stable compared to passenger revenue. Other operating revenue gradually increased over the period, suggesting diversified revenue streams beyond passenger and cargo services. Overall operating revenue closely mirrored the pattern of passenger revenue, with a drastic reduction in early 2020, steady recovery, and some variability in subsequent quarters.
- Expense Patterns
- Salaries and related costs initially declined starting in 2020 but then consistently increased from early 2021 onwards, reaching new highs by 2024, reflecting likely workforce adjustments and inflationary pressures. Aircraft fuel expenses were highly volatile, with a sharp increase starting in late 2021 followed by a reduction and subsequent fluctuations through 2024, likely impacted by oil price dynamics and operational changes. Costs related to landing fees, aircraft maintenance, and regional capacity purchase showed gradual upward trends, indicating expansion or inflation in these areas. Depreciation and amortization remained relatively stable throughout the period, with a slight upward drift. Distribution expenses increased notably post-2020 with significant quarterly variability, likely reflecting changes in sales channels or marketing expenditures. Aircraft rent showed minor fluctuations without a clear trend. Other operating expenses steadily increased, consistent with expansion or inflationary effects.
- Profitability Analysis
- Operating income (loss) displayed a deep loss in early 2020, with some improvement by late 2021 and positive operating income in many quarters of 2022 and 2023. However, profitability remained inconsistent with several quarters showing losses or minimal income through 2024 and early 2025. Nonoperating expenses, including net interest costs, remained substantial but relatively steady, contributing to fluctuations in income before taxes. Interest income increased substantially from 2021 onwards, possibly reflecting investment activities or cash management improvements. Unrealized gains/losses on investments fluctuated without a clear directional trend, introducing volatility to nonoperating results. Net income followed a similar pattern to operating income, with deep losses in 2020, periods of profitability beginning in 2021, but exhibiting inconsistency and negative values in certain quarters up to 2025.
- Tax and Special Items
- Income tax expense showed variability with periods of tax benefits often coinciding with losses, and taxes payable increasing during profitable quarters. Special charges and credits fluctuated widely and without a discernible trend, including some significant positive and negative impacts in various quarters, indicating episodic adjustments likely related to unusual items or accounting changes.
- Overall Insights
- The data indicate a sharp negative impact from external events in early 2020, followed by a gradual recovery in revenues and improvement in profitability metrics. Despite recovery, operating expenses have generally increased over time, pressuring margins. Profitability remains inconsistent, influenced by external economic conditions, fuel prices, and operational adjustments. The presence of volatile special items and investment gains adds complexity to the overall financial performance. Cost control, especially in fuel and labor, alongside revenue growth, appears critical for sustaining profitability going forward.