Common-Size Income Statement
Quarterly Data
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United Airlines Holdings Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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United Airlines Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 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 performance reflects a transition from extreme operational volatility and significant losses toward a period of stabilization and consistent profitability. Initial periods were characterized by atypical revenue distributions and high cost-to-revenue ratios, which evolved into a more normalized airline operating model by 2022.
- Revenue Mix Evolution
- A significant shift in revenue composition is observed. Passenger revenue rose from 71.90% in March 2021 to a stable plateau between 89% and 92% starting in mid-2022. This growth coincided with a sharp decline in cargo revenue, which peaked at 15.43% in March 2021 before contracting to a range of 2.5% to 3.5% in later periods. Other operating revenue also trended downward from 12.67% to approximately 6%.
- Operating Expense Management
- Operational costs showed a marked improvement in efficiency relative to revenue. Salaries and related costs, which once consumed 69.05% of operating revenue in March 2021, normalized to a range between 26% and 31%. Depreciation and amortization expenses similarly decreased from 19.34% to approximately 5% of revenue. Aircraft fuel costs remained volatile, peaking at 31.46% in June 2022, but eventually trended lower toward 18% to 20% in the most recent quarters.
- Profitability and Margin Trends
- The operating margin transitioned from a severe deficit of 42.87% in March 2021 to consistent positivity, generally fluctuating between 6% and 13% from mid-2022 through 2026. Net income mirrored this recovery, moving from a loss of 42.13% of revenue in early 2021 to a stable positive range of 3% to 8% in subsequent years.
- Non-Operating Expenses and Leverage
- A downward trend is observed in the impact of financing costs. Net interest expense as a percentage of operating revenue fell from 10.43% in March 2021 to below 2.4% in later periods. This reduction in non-operating burdens contributed significantly to the improvement in the conversion of operating income to net income.