Common-Size Income Statement
Quarterly Data

United Airlines Holdings Inc., common-size consolidated income statement (quarterly data)

3 months ended:	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Passenger revenue	90.13%	90.45%	90.74%	90.81%	89.77%	90.34%	91.36%	91.29%	90.22%	91.16%	92.16%	91.71%	89.89%	90.34%	90.49%	89.41%	83.90%	83.96%	85.64%	79.80%	71.90%
Cargo revenue	2.89%	3.18%	2.83%	2.82%	3.25%	3.55%	2.81%	2.76%	3.12%	2.95%	2.30%	2.55%	3.48%	3.81%	3.87%	4.74%	8.29%	8.87%	6.70%	11.08%	15.43%
Other operating revenue	6.98%	6.37%	6.43%	6.37%	6.99%	6.12%	5.83%	5.95%	6.66%	5.89%	5.54%	5.74%	6.62%	5.85%	5.64%	5.85%	7.81%	7.17%	7.66%	9.12%	12.67%
Operating revenue	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Salaries and related costs	-31.23%	-29.38%	-29.92%	-28.96%	-31.45%	-29.43%	-29.12%	-27.35%	-31.36%	-28.19%	-27.02%	-26.17%	-29.07%	-24.19%	-22.08%	-23.41%	-36.84%	-31.48%	-32.09%	-41.60%	-69.05%
Aircraft fuel	-20.82%	-18.99%	-19.68%	-18.21%	-20.44%	-18.21%	-20.16%	-20.91%	-23.56%	-24.33%	-23.07%	-19.89%	-27.77%	-26.75%	-29.16%	-31.46%	-29.47%	-23.95%	-22.06%	-22.52%	-26.42%
Landing fees and other rent	-6.49%	-6.58%	-6.58%	-6.31%	-6.61%	-6.13%	-5.83%	-5.78%	-6.41%	-5.82%	-5.53%	-5.40%	-6.27%	-5.30%	-4.96%	-5.52%	-8.09%	-8.31%	-8.41%	-10.31%	-16.11%
Aircraft maintenance materials and outside repairs	-5.85%	-5.97%	-5.12%	-5.68%	-5.53%	-5.51%	-5.15%	-4.78%	-6.16%	-4.87%	-4.72%	-4.84%	-6.14%	-4.84%	-4.81%	-4.35%	-5.38%	-4.87%	-4.46%	-5.52%	-8.35%
Depreciation and amortization	-5.18%	-4.86%	-4.79%	-4.81%	-5.50%	-5.17%	-5.00%	-4.80%	-5.65%	-5.02%	-4.58%	-4.72%	-5.73%	-5.03%	-4.74%	-5.04%	-8.08%	-7.56%	-8.04%	-11.33%	-19.34%
Regional capacity purchase	-4.74%	-4.42%	-4.51%	-4.44%	-4.92%	-4.55%	-4.39%	-4.08%	-4.67%	-4.36%	-4.09%	-4.22%	-5.38%	-4.60%	-4.63%	-4.68%	-7.47%	-7.34%	-6.71%	-10.00%	-14.87%
Distribution expenses	-3.57%	-3.71%	-3.65%	-3.20%	-3.75%	-3.75%	-3.87%	-4.18%	-3.83%	-4.19%	-3.56%	-3.43%	-3.53%	-3.50%	-3.74%	-3.24%	-2.99%	-2.87%	-2.81%	-2.54%	-2.64%
Aircraft rent	-0.57%	-0.52%	-0.35%	-0.44%	-0.39%	-0.31%	-0.44%	-0.27%	-0.34%	-0.34%	-0.32%	-0.35%	-0.49%	-0.48%	-0.50%	-0.55%	-0.81%	-0.77%	-0.75%	-0.95%	-1.71%
Special (charges) credits	2.66%	0.05%	0.48%	-2.93%	0.82%	-0.46%	0.03%	-0.24%	-0.10%	-0.34%	-0.20%	-6.06%	-0.12%	-0.13%	-0.16%	-0.92%	0.11%	-0.68%	14.17%	17.33%	42.75%
Other operating expenses	-17.40%	-16.61%	-16.72%	-16.32%	-17.63%	-16.26%	-15.52%	-14.75%	-17.13%	-15.21%	-14.90%	-14.23%	-15.87%	-14.07%	-13.90%	-13.56%	-19.18%	-17.15%	-15.45%	-17.49%	-27.13%
Operating expense	-93.17%	-91.00%	-90.84%	-91.30%	-95.41%	-89.77%	-89.46%	-87.13%	-99.21%	-92.68%	-87.99%	-89.30%	-100.38%	-88.90%	-88.68%	-92.75%	-118.19%	-104.98%	-86.62%	-104.94%	-142.87%
Operating income (loss)	6.83%	9.00%	9.16%	8.70%	4.59%	10.23%	10.54%	12.87%	0.79%	7.32%	12.01%	10.70%	-0.38%	11.10%	11.32%	7.25%	-18.19%	-4.98%	13.38%	-4.94%	-42.87%
Interest expense, net of interest capitalized	-1.87%	-1.76%	-1.83%	-2.03%	-2.33%	-2.15%	-2.20%	-2.45%	-3.13%	-3.16%	-3.07%	-3.18%	-3.92%	-3.60%	-3.32%	-3.29%	-5.29%	-4.96%	-5.56%	-7.38%	-10.43%
Interest income	0.92%	0.90%	0.93%	1.10%	1.24%	1.17%	1.26%	1.27%	1.41%	1.52%	1.62%	1.52%	1.49%	1.26%	0.81%	0.27%	0.07%	0.07%	0.14%	0.22%	0.22%
Unrealized gains (losses) on investments, net	-0.09%	0.08%	-0.09%	0.17%	-0.16%	-0.27%	-0.61%	-0.22%	-0.30%	-0.20%	-0.37%	0.59%	0.21%	0.26%	0.22%	-0.33%	0.00%	-1.53%	-0.44%	2.69%	-0.68%
Miscellaneous, net	0.16%	0.39%	0.06%	0.26%	0.27%	-0.09%	-0.34%	0.13%	-0.08%	0.17%	0.08%	0.15%	0.36%	0.10%	-0.07%	-0.12%	0.25%	1.07%	0.26%	-0.90%	-0.59%
Nonoperating expense, net	-0.87%	-0.40%	-0.92%	-0.51%	-0.98%	-1.33%	-1.88%	-1.27%	-2.10%	-1.67%	-1.75%	-0.92%	-1.86%	-1.99%	-2.37%	-3.46%	-4.97%	-5.33%	-5.60%	-5.37%	-11.49%
Income (loss) before income taxes	5.96%	8.61%	8.24%	8.19%	3.62%	8.89%	8.66%	11.60%	-1.31%	5.66%	10.25%	9.78%	-2.24%	9.11%	8.95%	3.79%	-23.16%	-10.31%	7.78%	-10.31%	-54.36%
Income tax (expense) benefit	-1.17%	-1.83%	-2.01%	-1.80%	-0.69%	-2.19%	-2.16%	-2.78%	0.32%	-1.25%	-2.40%	-2.20%	0.54%	-2.31%	-1.64%	-1.07%	4.96%	2.43%	-1.68%	2.38%	12.23%
Net income (loss)	4.79%	6.78%	6.23%	6.39%	2.93%	6.70%	6.50%	8.83%	-0.99%	4.40%	7.85%	7.58%	-1.70%	6.80%	7.32%	2.72%	-18.20%	-7.89%	6.10%	-7.93%	-42.13%

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.

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United Airlines Holdings Inc. (NASDAQ:UAL)

Common-Size Income Statement Quarterly Data

Common-Size Income Statement
Quarterly Data