Revenue growth reached 10.6% in 2026Q1, yet operating margins have compressed from a 12.9% peak in 2024Q2 to 6.8% due to rising cost pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 60.47B | 59.07B | 57.06B | 53.72B | 44.95B | 24.63B | 15.36B | 43.26B | 41.3B | 37.78B | 36.56B | 37.86B | 38.9B | 38.28B | 37.15B | 37.11B | 23.23B | 16.34B | 20.19B | 20.14B | 19.34B | 17.38B | 16.39B | 13.72B | 14.29B | 17.4B | 19.35B | 18.03B | 17.56B | 17.38B | 16.36B |
| Revenue Growth % | 4.73% | 3.52% | 6.23% | 19.49% | 82.49% | 60.43% | -64.5% | 4.74% | 9.31% | 3.36% | -3.45% | -2.67% | 1.62% | 3.03% | 0.11% | 59.76% | 42.2% | -19.11% | 0.25% | 4.15% | 11.28% | 6.03% | 19.43% | -3.93% | -17.88% | -10.11% | 7.35% | 2.65% | 1.05% | 6.21% | 9.5% |
| Cost of Goods Sold | 21.62B | 21.19B | 37.64B | 38.52B | 34.31B | 23.91B | 20.39B | 30.79B | 30.23B | 27B | 24.86B | 25.95B | 29.57B | 29.93B | 29.76B | 28.66B | 17.5B | 5.33B | 12.44B | 6.55B | 679M | 10.78B | 9.25B | 1B | 1.24B | 4.27B | 1.04B | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 35.88% | 65.97% | 71.71% | 76.33% | 97.07% | 132.76% | 71.17% | 73.19% | 71.47% | 67.99% | 68.54% | 76.01% | 78.18% | 80.1% | 77.22% | 75.35% | 32.66% | 61.61% | 32.51% | 3.51% | 62.05% | 56.43% | 7.31% | 8.68% | 24.55% | 5.36% | - | - | - | - |
| Gross Profit | 38.85B | 37.88B | 19.42B | 15.2B | 10.64B | 721M | -5.03B | 12.47B | 11.07B | 10.78B | 11.7B | 11.91B | 9.33B | 8.35B | 7.39B | 8.45B | 5.73B | 11B | 7.75B | 13.59B | 18.66B | 6.6B | 7.14B | 12.72B | 13.05B | 13.13B | 18.31B | 18.03B | 17.56B | 17.38B | 16.36B |
| Gross Margin % | 64.24% | 64.12% | 34.03% | 28.29% | 23.67% | 2.93% | -32.76% | 28.83% | 26.81% | 28.53% | 32.01% | 31.46% | 23.99% | 21.82% | 19.9% | 22.78% | 24.65% | 67.34% | 38.39% | 67.49% | 96.49% | 37.95% | 43.57% | 92.69% | 91.32% | 75.45% | 94.64% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 95.05% | 27.77% | 42.85% | 1375.73% | 114.33% | -140.33% | 12.62% | 2.75% | -7.87% | -1.78% | 27.65% | 11.71% | 12.97% | -12.51% | 47.58% | -47.94% | 41.9% | -42.97% | -27.15% | 182.91% | -7.63% | -43.86% | -2.49% | -0.6% | -28.33% | 1.59% | 2.65% | 1.05% | 6.21% | 9.5% |
| Operating Expenses | 33.74B | 33.16B | 14.32B | 10.99B | 8.3B | 1.74B | 1.33B | 8.17B | 7.85B | 7.16B | 7.46B | 6.75B | 6.96B | 7.11B | 8.87B | 6.63B | 4.85B | 9.1B | 12.19B | 12.56B | 18.21B | 6.82B | 8B | 14.08B | 15.88B | 10.54B | 17.66B | 16.64B | 16.08B | 16.12B | 15.24B |
| OpEx % of Revenue | - | 56.15% | 25.1% | 20.46% | 18.47% | 7.08% | 8.66% | 18.89% | 19% | 18.95% | 20.4% | 17.82% | 17.89% | 18.56% | 23.86% | 17.87% | 20.87% | 55.73% | 60.36% | 62.34% | 94.18% | 39.21% | 48.78% | 102.6% | 111.18% | 60.58% | 91.26% | 92.28% | 91.58% | 92.76% | 93.14% |
| Selling, General & Admin | 9.49B | 2.11B | 2.23B | 1.98B | 1.53B | 677M | 459M | 1.65B | 1.56B | 1.35B | 1.3B | 1.34B | 1.37B | 1.39B | 1.35B | 1.44B | 912M | 4.59B | 5.02B | 5.54B | 4.27B | 4.75B | 5.84B | 0 | 0 | 9.51B | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 3.57% | 3.91% | 3.68% | 3.41% | 2.75% | 2.99% | 3.82% | 3.77% | 3.57% | 3.56% | 3.54% | 3.53% | 3.63% | 3.64% | 3.87% | 3.93% | 28.09% | 24.86% | 27.52% | 22.06% | 27.34% | 35.65% | - | - | 54.68% | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 31.06B | 12.09B | 9.01B | 6.77B | 1.07B | 870M | 6.52B | 6.29B | 5.81B | 6.06B | 5.4B | 5.59B | 5.71B | 0 | 0 | 3.94B | 1.86B | 7.17B | 0 | 13.95B | 2.06B | 2.15B | 14.08B | 15.88B | 7.38B | 17.66B | 16.64B | 16.08B | 16.12B | 15.24B |
| Operating Income | 5.1B | 4.71B | 5.1B | 4.21B | 2.34B | -1.02B | -6.36B | 4.3B | 3.23B | 3.62B | 4.34B | 5.17B | 2.37B | 1.25B | 39M | 1.82B | 976M | -161M | -4.44B | 1.04B | 447M | -219M | -854M | -1.36B | -2.84B | -3.77B | 654M | 1.39B | 1.48B | 1.26B | 1.12B |
| Operating Margin % | 8.44% | 7.98% | 8.93% | 7.84% | 5.2% | -4.15% | -41.41% | 9.94% | 7.82% | 9.58% | 11.88% | 13.64% | 6.1% | 3.26% | 0.1% | 4.91% | 4.2% | -0.99% | -21.98% | 5.15% | 2.31% | -1.26% | -5.21% | -9.91% | -19.86% | -21.68% | 3.38% | 7.72% | 8.42% | 7.24% | 6.86% |
| Operating Income Growth % | - | -7.52% | 21.02% | 80.19% | 328.67% | 83.93% | -247.85% | 33.2% | -10.75% | -16.71% | -15.91% | 117.7% | 89.99% | 3102.56% | -97.86% | 86.68% | 706.21% | 96.37% | -527.97% | 131.99% | 304.11% | 74.36% | 37.21% | 52.06% | 24.77% | -676.61% | -52.98% | -5.89% | 17.39% | 12.11% | 35.46% |
| EBITDA | 8.07B | 7.65B | 8.02B | 6.88B | 4.79B | 1.46B | -3.87B | 6.59B | 5.39B | 5.77B | 6.32B | 6.99B | 4.05B | 2.94B | 1.56B | 3.37B | 2.06B | 693M | -3.51B | 1.96B | 1.33B | 654M | 20M | -392M | -1.87B | -1.84B | 1.71B | 2.26B | 2.27B | 1.98B | 1.88B |
| EBITDA Margin % | 13.35% | 12.95% | 14.06% | 12.81% | 10.66% | 5.94% | -25.21% | 15.23% | 13.06% | 15.26% | 17.29% | 18.45% | 10.42% | 7.68% | 4.2% | 9.08% | 8.85% | 4.24% | -17.36% | 9.74% | 6.9% | 3.76% | 0.12% | -2.86% | -13.07% | -10.57% | 8.85% | 12.53% | 12.93% | 11.41% | 11.5% |
| EBITDA Growth % | 2.01% | -4.65% | 16.59% | 43.58% | 227.61% | 137.79% | -158.75% | 22.15% | -6.47% | -8.76% | -9.51% | 72.38% | 37.92% | 88.21% | -53.67% | 63.94% | 196.54% | 119.77% | -278.7% | 46.97% | 104.13% | 3170% | 105.1% | 79% | -1.52% | -207.42% | -24.18% | -0.57% | 14.52% | 5.37% | 21.18% |
| D&A (Non-Cash Add-back) | 2.97B | 2.94B | 2.93B | 2.67B | 2.46B | 2.48B | 2.49B | 2.29B | 2.17B | 2.15B | 1.98B | 1.82B | 1.68B | 1.69B | 1.52B | 1.55B | 1.08B | 854M | 932M | 925M | 888M | 873M | 874M | 968M | 970M | 1.93B | 1.06B | 867M | 793M | 724M | 759M |
| EBIT | 5.46B | 4.6B | 5.57B | 5.16B | 2.66B | -980M | -7.83B | 4.56B | 3.25B | 3.58B | 4.38B | 4.84B | 1.81B | 1.27B | 74M | 1.76B | 1.04B | -95M | -4.86B | 1.34B | 447M | -20.7B | -1.28B | -1.36B | -2.84B | 17.4B | 20.02B | 1.39B | 1.48B | 1.26B | 1.12B |
| Net Interest Income | -604M | -610M | -676M | -947M | -1.38B | -1.54B | -942M | -513M | -504M | -495M | -560M | -595M | -661M | -713M | -775M | -897M | -768M | -548M | -439M | -385M | 0 | -447M | -423M | 0 | 0 | -341M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 581M | 610M | 726M | 827M | 298M | 36M | 50M | 133M | 101M | 57M | 42M | 25M | 22M | 21M | 23M | 20M | 15M | 29M | 112M | 257M | 0 | 38M | 25M | 0 | 0 | 184M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.19B | 1.22B | 1.4B | 1.77B | 1.67B | 1.58B | 992M | 646M | 605M | 552M | 602M | 620M | 683M | 734M | 798M | 917M | 783M | 577M | 571M | 642M | 0 | 485M | 448M | 0 | 0 | 525M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -405M | -407M | -928M | -824M | -1.35B | -1.53B | -2.46B | -387M | -581M | -595M | -525M | -947M | -1.25B | -710M | -763M | -977M | -726M | -511M | -941M | -342M | 22.44B | -20.96B | -872M | -1.44B | -368M | 414M | -223M | 551M | -222M | 265M | -153M |
| Pretax Income | 4.7B | 4.31B | 4.17B | 3.39B | 990M | -2.56B | -8.82B | 3.91B | 2.65B | 3.02B | 3.82B | 4.22B | 1.13B | 539M | -724M | 845M | 250M | -672M | -5.38B | 695M | 22.89B | -21.18B | -1.73B | -2.8B | -3.21B | -3.36B | 431M | 1.94B | 1.26B | 1.52B | 970M |
| Pretax Margin % | 7.77% | 7.29% | 7.3% | 6.31% | 2.2% | -10.38% | -57.45% | 9.05% | 6.41% | 8% | 10.45% | 11.14% | 2.9% | 1.41% | -1.95% | 2.28% | 1.08% | -4.11% | -26.64% | 3.45% | 118.35% | -121.87% | -10.53% | -20.43% | -22.43% | -19.3% | 2.23% | 10.77% | 7.15% | 8.77% | 5.93% |
| Income Tax | 1.03B | 953M | 1.02B | 769M | 253M | -593M | -1.75B | 905M | 526M | 880M | 1.56B | -3.12B | -4M | -32M | -1M | 5M | -3M | -17M | -25M | 297M | 21M | -4M | -5M | 4M | 0 | -1.23B | 160M | 699M | 429M | 561M | 370M |
| Effective Tax Rate % | 22.01% | 22.13% | 24.45% | 22.7% | 25.56% | 23.19% | 19.87% | 23.12% | 19.86% | 29.11% | 40.74% | -73.97% | -0.35% | -5.94% | 0.14% | 0.59% | -1.2% | 2.53% | 0.46% | 42.73% | 0.09% | 0.02% | 0.29% | -0.14% | 0% | 36.52% | 37.12% | 35.99% | 34.16% | 36.81% | 38.14% |
| Net Income | 3.67B | 3.35B | 3.15B | 2.62B | 737M | -1.96B | -7.07B | 3.01B | 2.12B | 2.14B | 2.26B | 7.34B | 1.13B | 571M | -723M | 840M | 253M | -651M | -5.35B | 403M | 22.88B | -21.18B | -1.72B | -2.81B | -3.21B | -2.15B | 50M | 1.24B | 821M | 949M | 533M |
| Net Margin % | 6.06% | 5.68% | 5.52% | 4.87% | 1.64% | -7.97% | -46.04% | 6.96% | 5.14% | 5.67% | 6.19% | 19.39% | 2.91% | 1.49% | -1.95% | 2.26% | 1.09% | -3.99% | -26.48% | 2% | 118.28% | -121.85% | -10.5% | -20.46% | -22.48% | -12.33% | 0.26% | 6.85% | 4.68% | 5.46% | 3.26% |
| Net Income Growth % | 0.16% | 6.48% | 20.28% | 255.22% | 137.53% | 72.22% | -334.93% | 41.8% | -0.98% | -5.3% | -69.17% | 548.41% | 98.25% | 178.98% | -186.07% | 232.02% | 138.86% | 87.83% | -1427.05% | -98.24% | 208.03% | -1130.45% | 38.71% | 12.58% | -49.74% | -4390% | -95.95% | 50.43% | -13.49% | 78.05% | 52.72% |
| Net Income (Continuing) | 3.66B | 3.35B | 3.15B | 2.62B | 737M | -1.96B | -7.07B | 3.01B | 2.12B | 2.14B | 2.26B | 7.34B | 1.13B | 571M | -723M | 840M | 253M | -655M | -5.35B | 398M | 22.87B | -21.18B | -1.72B | -2.81B | -3.21B | -2.14B | 265M | 1.24B | 827M | 963M | 600M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31M |
| EPS (Diluted) | 11.21 | 10.22 | 9.45 | 7.89 | 2.23 | -6.10 | -25.30 | 11.58 | 7.70 | 7.02 | 6.85 | 19.47 | 2.93 | 1.53 | -2.18 | 2.26 | 1.08 | -4.32 | -42.21 | 2.79 | 196.84 | -182.29 | -15.25 | -27.36 | -29.32 | -19.58 | 0.46 | 11.28 | 7.79 | 9.01 | 5.06 |
| EPS Growth % | 2.19% | 8.15% | 19.77% | 253.81% | 136.56% | 75.89% | -318.48% | 50.39% | 9.69% | 2.48% | -64.82% | 564.51% | 91.5% | 170.18% | -196.46% | 109.26% | 125% | 89.77% | -1612.9% | -98.58% | 207.98% | -1095.34% | 44.26% | 6.68% | -49.74% | -4356.52% | -95.92% | 44.8% | -13.54% | 78.06% | 52.87% |
| EPS (Basic) | - | 10.21 | 9.58 | 7.99 | 2.26 | -6.10 | -25.30 | 11.63 | 7.89 | 7.43 | 7.19 | 19.52 | 3.05 | 1.64 | -2.18 | 2.54 | 1.22 | -4.32 | -42.21 | 3.34 | 196.84 | -182.29 | -15.25 | -27.36 | -57.18 | -40.13 | 0.94 | 10.96 | 12.71 | 14.83 | 7.57 |
| Diluted Shares Outstanding | 326.8M | 327M | 333.2M | 331.9M | 330.1M | 321.9M | 279.4M | 259.9M | 276.7M | 303.6M | 330.3M | 377M | 390M | 390M | 331M | 383M | 253M | 150.7M | 126.8M | 153.7M | 116.22M | 116.2M | 113.5M | 102.63M | 109.53M | 109.53M | 109.53M | 109.53M | 105.37M | 105.37M | 105.37M |
| Basic Shares Outstanding | 326.8M | 327M | 333.2M | 331.81M | 330.1M | 321.9M | 311.85M | 251.22M | 276.66M | 303.54M | 330.3M | 376M | 371M | 348M | 331M | 329M | 207M | 150.7M | 126.8M | 117.4M | 116.22M | 116.2M | 113.5M | 102.63M | 56.17M | 53.31M | 61.08M | 49.79M | 64.59M | 63.99M | 70.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 236% | 0.81% | 1.22% | 1.05% | 4.13% |
High Fixed Cost Sensitivity
According to recent financial disclosures, United Airlines reported a 10.6% revenue growth in 2026Q1, yet the trajectory remains inconsistent as quarterly year-over-year expansion fluctuated between 1.7% and 10.6% over the last ten periods, reflecting the inherent volatility of the global aviation market's current demand environment.
The revenue growth appears heavily influenced by seasonal demand patterns and the successful capture of premium-cabin yield. However, the deceleration observed in mid-2025 suggests that the post-pandemic surge in travel may be normalizing, requiring investors to monitor whether future growth can be sustained through organic pricing power rather than mere volume recovery.
Based on reported figures, United's gross margin experienced a significant shift from approximately 22% in early 2024 to over 63% by 2026Q1, a trend that warrants further investigation into potential changes in accounting classifications for fuel and labor costs within the company's income statement reporting.
The dramatic expansion in reported gross margins suggests a fundamental change in how operating expenses are categorized, which may obscure the underlying volatility of fuel and labor costs. Analysts should be cautious in interpreting these figures as pure operational efficiency gains, as they may reflect accounting adjustments rather than a permanent improvement in the cost structure.
As reported in financial statements, United's operating margin reached a peak of 12.9% in 2024Q2 before compressing to 6.8% in 2026Q1, indicating that the company's ability to scale operating income is currently constrained by rising labor costs and the ongoing capital-intensive fleet modernization program.
The compression in operating margins suggests that the benefits of the 'United Next' upgauging strategy are being offset by higher-than-anticipated labor expenses and inflationary pressures. This trend implies that the company's operating leverage is currently muted, and sustained margin expansion will likely depend on the successful realization of unit cost efficiencies from larger aircraft.
Data from recent quarterly filings indicates that while premium cabin demand has bolstered yields, the company's reliance on high-end travel segments may leave it vulnerable to economic downturns, as evidenced by the sharp 25% decline in EPS during the 2025Q2 period despite stable revenue performance.
Short-sellers may focus on the potential for a 'premium cliff' if corporate travel budgets tighten in response to broader macroeconomic uncertainty. The sensitivity of earnings to minor revenue fluctuations suggests that the current profitability model lacks the defensive buffer required to withstand a sustained contraction in high-yield international travel.
Quick answers to the most common questions about buying UAL stock.
For fiscal year 2025, United Airlines Holdings, Inc. (UAL) reported total revenue of $59.07B. This represents a 261.0% increase compared to $16.36B in 1996.
United Airlines Holdings, Inc. (UAL) is profitable, generating $3.35B in net income for the fiscal year ending 2025 with a net profit margin of 5.7%.
United Airlines Holdings, Inc. (UAL) reported an operating income of $4.71B, resulting in an operating profit margin of 8.0%. This margin reflects the operational efficiency of the business before interest and taxes.
United Airlines Holdings, Inc. (UAL) generated $37.88B in gross profit for the year, representing a gross profit margin of 64.1%. This demonstrates the company's core pricing power and production efficiency.