Analysis of Revenues
Revenues as Reported
United Airlines Holdings Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Operating revenue demonstrated substantial growth over the five-year period. A significant recovery from 2021 levels is evident, with consistent year-over-year increases through 2025. The largest contributor to this growth is domestic revenue, followed by Atlantic revenue. Pacific and Latin America revenues also increased, but at a slower pace.
- Domestic (U.S. and Canada) Revenue
- Domestic revenue experienced a considerable surge, increasing from US$16,845 million in 2021 to US$35,017 million in 2025. The growth rate decelerated somewhat between 2023 and 2025, suggesting a potential stabilization of demand within this market. The largest absolute increase occurred between 2021 and 2022.
- Atlantic Revenue
- Atlantic revenue exhibited strong growth, rising from US$3,414 million in 2021 to US$11,647 million in 2025. This represents a more than threefold increase over the period. Growth was particularly strong between 2021 and 2022, and has since moderated to a more consistent, incremental increase annually.
- Pacific Revenue
- Pacific revenue showed a notable increase, growing from US$1,507 million in 2021 to US$6,878 million in 2025. While the percentage increase is substantial, the absolute growth is less pronounced than that of domestic or Atlantic revenue. The largest single-year increase occurred between 2022 and 2023.
- Latin America Revenue
- Latin America revenue increased from US$2,868 million in 2021 to US$5,528 million in 2025. This represents consistent, though relatively modest, growth compared to other regions. The rate of increase appears to be slowing, with minimal growth observed between 2024 and 2025.
Overall, the revenue performance indicates a strong recovery and expansion, driven primarily by the domestic and Atlantic markets. While all regions contributed to the overall growth in operating revenue, the relative contribution and growth rates varied significantly. The deceleration in growth rates for domestic and Latin America revenue in the later years of the period warrants further investigation.