Common-Size Income Statement
Quarterly Data
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United Airlines Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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United Airlines Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The financial trajectory reflects a transition from a period of severe operational distress to a state of relative stability and consistent profitability. A structural shift in revenue composition and a significant reduction in the proportional impact of operating expenses have been the primary drivers of this recovery.
- Revenue Composition Trends
- Passenger revenue has evolved from 71.90% of total operating revenue to a dominant share, consistently exceeding 90% from mid-2022 onwards. Conversely, cargo revenue, which peaked early in the period at 15.43%, has experienced a sharp and sustained decline, stabilizing between 2.30% and 3.55% in later quarters. Other operating revenue has also diminished from an initial 12.67% to a range of approximately 6%.
- Operating Expense Management
- A substantial reduction in the cost-to-revenue ratio is observed across several key line items. Salaries and related costs decreased from a peak of -69.05% to a stabilized range between -26% and -31%. Depreciation and amortization costs similarly fell from -19.34% to approximately -5%. Regional capacity purchase expenses followed a similar downward trend, moving from -14.87% to around -4%.
- Fuel Cost Volatility
- Aircraft fuel remains a volatile expense, fluctuating between -18.21% and -31.46%. A peak in fuel intensity occurred in June 2022 at -31.46%, followed by a period of relative moderation, though costs remain a significant variable impact on the operating margin.
- Operating Profitability
- Operating income has shifted from a deep deficit of -42.87% to a consistently positive margin. Since late 2022, operating margins have generally fluctuated between 6.20% and 12.87%, indicating a successful restoration of core operational viability.
- Non-Operating and Net Results
- The burden of net interest expense has diminished significantly, falling from -10.43% of revenue to -1.61% by the end of the period. This reduction in financial leverage costs, combined with stabilized operating margins, has resulted in a transition from a net loss of -42.13% to a consistent net income range of 4% to 8% of operating revenue.