United Airlines Holdings (UAL) financials
United Airlines Holdings revenue and earnings by year
United Airlines Holdings's revenue was $59.1 billion in the fiscal year to December 31, 2025, up 3.5% from the year before. Net income was $3.35 billion, 5.7% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 5.5% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 59.1 | 57.1 | 53.7 | 45.0 | 24.6 | 15.4 | 43.3 | 41.3 | 37.8 | 36.6 |
| Revenue growth | 3.5% | 6.2% | 19.5% | 82.5% | 60.4% | -64.5% | 4.7% | 9.3% | 3.4% | — |
| Gross profit | 37.6 | 36.1 | 32.7 | 24.6 | 12.8 | 7.0 | 26.8 | 24.7 | 23.8 | 24.0 |
| Gross margin | 63.6% | 63.3% | 60.8% | 54.6% | 51.8% | 45.5% | 62.0% | 59.8% | 63.0% | 65.5% |
| Operating income | 4.7 | 5.1 | 4.2 | 2.3 | -1.0 | -6.4 | 4.3 | 3.2 | 3.6 | 4.3 |
| Operating margin | 8.0% | 8.9% | 7.8% | 5.2% | -4.1% | -41.4% | 9.9% | 7.8% | 9.6% | 11.9% |
| Net income | 3.4 | 3.1 | 2.6 | 0.7 | -2.0 | -7.1 | 3.0 | 2.1 | 2.1 | 2.2 |
| Net margin | 5.7% | 5.5% | 4.9% | 1.6% | -8.0% | -46.0% | 7.0% | 5.1% | 5.7% | 6.1% |
| Diluted EPS | $10.20 | $9.45 | $7.89 | $2.23 | -$6.10 | -$25.30 | $11.63 | $7.73 | $7.12 | $6.93 |
| Free cash flow | 2.7 | 3.9 | -0.2 | 1.5 | 0.1 | -5.9 | 2.4 | 2.1 | -0.4 | 2.3 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open UAL in Markets.
How United Airlines Holdings makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Passenger | $16.2B | 90.9% |
| Product & Service Other | $1.11B | 6.2% |
| Cargo & Freight | $529M | 3.0% |
See also: UAL valuation and P/E history · UAL returns
No forecast, no recommendation. This page describes United Airlines Holdings from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.