Common-Size Income Statement
Quarterly Data
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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 (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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).
- Passenger Revenue
- The percentage of passenger revenue relative to operating revenue initially plunged from 88.54% in March 2020 to a low of 46.17% in June 2020, reflecting a sharp decline likely due to external circumstances such as the pandemic’s impact. Subsequently, it exhibited a sustained recovery trend, climbing steadily and stabilizing around 90% from early 2022 through June 2025, indicating a return to pre-crisis levels of passenger income contribution.
- Cargo Revenue
- This component showed a notable spike to 27.25% in June 2020, from only 3.31% in March 2020, likely reflecting a shift in demand or operations during the early pandemic period. Post that peak, cargo revenue gradually decreased, eventually stabilizing below 4% of operating revenue from late 2021 onwards, suggesting normalization of cargo activity in comparison to other revenue streams.
- Other Operating Revenue
- Other operating revenue mirrored cargo revenue’s surge in mid-2020, rising to 26.58% in June 2020 from 8.15% in March 2020, followed by a steady decline. By mid-2022, this revenue category stabilized around 5-7%, indicating a reduced but consistent contribution to overall operating revenue.
- Operating Expenses
- Operating expenses as a percentage of operating revenue were extremely elevated in early 2020, peaking with salaries and related costs at -147.12% in June 2020. Across all expense categories, there was a general trend of high negative percentages during the early pandemic quarters followed by gradual improvement and normalization. For instance, salaries and related costs diminished in negative magnitude but remained significant, fluctuating between approximately -22% and -31% from 2021 onward. Aircraft fuel costs increased in relative terms, peaking around -31.46% in June 2022 before easing to around -18% by the end of 2025. Most other expense categories showed improvement with reduced negative impacts over time but retained a steady burden by 2025.
- Operating Income (Loss)
- Operating income reflected severe losses early in the examined period, with a high loss of -110.98% in June 2020. This improved markedly into positive territory in some quarters from mid-2021 onward, with intermittent negative quarters but a general trend towards profitability. Positive operating income percentages reached above 10% in select quarters, showing recovery and operational leverage enhancement. However, volatility persisted with occasional losses indicating ongoing operational challenges.
- Interest Expense and Income
- Net interest expense decreased consistently from -12.14% in June 2020 to roughly -2% by mid-2025, indicating improved debt management or reduced borrowing costs. Interest income rose from minimal levels to over 1% in recent quarters, adding a small positive impact to nonoperating results.
- Unrealized Gains/Losses on Investments
- This line showed variable, mostly small fluctuations around zero, with no clear long-term trend but occasional negative and positive swings. The effect on overall income was marginal.
- Nonoperating Expense, Net
- Nonoperating expenses declined from -24.81% in June 2020 to under -1% by mid-2025, signifying reduced financial or extraordinary outlays and an enhanced nonoperating cost structure.
- Income Before Taxes and Net Income
- The pre-tax income echoed the trends in operating income, initially very negative with a low of -135.8% in June 2020 but improving to positive territory intermittently after mid-2021. Net income followed a similar trajectory, with heavy losses early in the pandemic and gradual solidification of profitability. Although net income remained volatile, it demonstrated meaningful improvement, reaching positive percentages exceeding 7-8% in some later quarters.
- Income Tax Expense
- Income tax expense fluctuated considerably, with benefits evident during the worst loss periods and positive tax expenses appearing in more profitable quarters. This variability corresponds consistently with the oscillations in pre-tax profitability.