Common-Size Income Statement
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United Airlines Holdings Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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United Airlines Holdings Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-12-31).
- Revenue Composition
- Passenger revenue as a percentage of operating revenue exhibited a marked upward trend, increasing from 76.88% in 2020 to a peak of 91.3% in 2023, with a minor decline to 90.83% in 2024. Conversely, cargo revenue declined significantly from 10.73% in 2020 to 2.78% in 2023, with a modest increase to 3.05% in 2024. Other operating revenue consistently decreased over the period, moving from 12.39% in 2020 to approximately 6.12% by 2024.
- Operating Expenses
- Salaries and related costs as a percentage of operating revenue decreased sharply from -62.01% in 2020 to a low of -25.51% in 2022, then showed a slight upward movement to -29.23% by 2024. Aircraft fuel expenses increased initially from -20.53% in 2020 to -29.17% in 2022, before declining to -20.6% by 2024. Landing fees and rents dropped from -13.85% in 2020 to below -6.0% in 2024. Aircraft maintenance and related repairs maintained relative stability, fluctuating narrowly around -5% across the years. Depreciation and amortization expenses experienced a notable decrease from -16.2% in 2020 down to approximately -5% by 2024. Regional capacity purchase expenses also declined steadily from -13.28% to -4.41%. Distribution expenses trended slightly upwards in percentage terms, rising from -2.99% to -3.91%. Aircraft rent costs decreased from -1.29% to -0.34% over the period.
- Special Charges and Grants
- The CARES Act grant had a significant impact in 2020 and 2021, comprising 23.03% and 16.32% of operating revenue respectively, but was absent thereafter. Severance and benefit costs and impairment of assets appeared only in 2020 and 2021, decreasing sharply. Special charges and credits shifted from positive impacts in 2020 and 2021 to negative or near-neutral effects in subsequent years. Labor contract ratification bonuses appeared as a negative expense only in 2023.
- Other Operating Expenses and Total Operating Expense
- Other operating expenses decreased consistently from -22.7% in 2020 to around -15.86% in 2024. Total operating expense declined from an exceptionally high negative level of -141.41% in 2020 toward -91.07% in 2024, indicating overall improved expense management but remaining high relative to revenue, reflecting the challenging operational environment.
- Operating Income and Profitability
- Operating income showed a strong recovery, moving from a substantial loss of -41.41% of operating revenue in 2020 to positive territory by 2022, continuing to improve to 8.93% in 2024. This trend suggests a significant turnaround in operational efficiency and profitability.
- Net Interest and Nonoperating Items
- Interest expense decreased steadily as a percentage of operating revenue, from -6.46% in 2020 to -2.46% in 2024, while interest income increased moderately, reaching a peak of 1.54% in 2023. Unrealized gains or losses on investments were negative in 2020 but remained marginally positive or neutral in the following years. Miscellaneous net items fluctuated near zero after a large negative impact in 2020. Overall, nonoperating expenses diminished notably from -16.04% in 2020 to below -2% from 2022 onwards.
- Income Before Taxes and Net Income
- Income before income taxes improved markedly, shifting from a significant loss of -57.45% in 2020 to a positive 7.3% by 2024. Income tax expense shifted from a benefit position in 2020 and 2021 to a pragmatic expense from 2022 onward, aligning with positive pre-tax earnings. Net income followed the overall improvement trend, moving from a large loss of -46.04% in 2020 to steady gains, reaching 5.52% of operating revenue in 2024.