Common-Size Income Statement
Quarterly Data
United Airlines Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 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
- Passenger revenue as a percentage of operating revenue exhibited significant volatility in early 2020, dropping sharply in the second quarter, likely influenced by external disruptions. A recovery trend is observed starting from the third quarter of 2020, with continuous gradual improvement through 2021 and maintaining levels above 89% from early 2022 onward, indicating stabilization and dominance in operating revenue composition.
- Cargo Revenue
- The proportion of cargo revenue relative to operating revenue rose notably in the second quarter of 2020, peaking due to the decline in passenger revenue. Subsequent periods show a reversion to lower levels around 3%, signaling a normalization of cargo's contribution within the revenue mix.
- Other Operating Revenue
- Other operating revenue levels fluctuated substantially in early 2020, mirroring the cargo revenue pattern, but subsequently settled around 5-7% of operating revenue. This category represents a relatively stable, yet smaller portion of total operating revenues in later periods.
- Operating Expenses
- Operating expenses as a percentage of revenue decreased sharply in the second quarter of 2020, driven by drastic reductions in salaries and related costs, aircraft fuel, and other expense line items, reflecting operational cutbacks. Over time, there was a consistent but measured increase in these expenses as a percentage of revenue, indicating gradually resumed operations. Notably, salaries and related costs substantially declined in early 2020, recovering steadily but remaining below pre-pandemic levels by the end of the observed periods. Aircraft fuel costs exhibited a similar pattern, sharply dropping initially, then escalating with fluctuations reflective of market conditions.
- Special Charges and Credits
- Special charges and credits showed extreme variability, with large positive spikes in the middle quarters of 2020 and early 2021, followed by diminished and more stable minor fluctuations later. This suggests episodic adjustments impacting the operating margins during volatile periods.
- Operating Income (Loss)
- Operating income demonstrated significant losses in the early quarters of 2020, reaching a nadir in the second quarter. There was a gradual progression toward profitability starting in mid-2021, with positive operating income percentages recorded in multiple subsequent quarters. Nonetheless, the margins fluctuated and remained moderate, reflecting ongoing challenges in fully restoring operating efficiency.
- Interest and Nonoperating Expenses
- Interest expense relative to revenue decreased steadily over time, suggesting improved debt service or capital structure effects. Interest income increased modestly across the timeline, contributing positively though minimally. Nonoperating expense showed a decreasing trend, implying reduction of financial costs or other non-core expenses.
- Income Before Taxes and Net Income
- The company reported large losses prior to income taxes during the height of disruption in early 2020. Recovery was evidenced by positive income before taxes from the third quarter of 2021 onward, albeit with intermittent negative quarters. Net income followed a similar recovery path, turning positive alongside operating income improvements, but experienced some volatility toward the later periods.
- Income Tax Expense/Benefit
- Income tax expense and benefits reflected the earnings trends, with tax benefits prevalent during loss periods in 2020, shifting to modest tax expenses in quarters where earnings improved. This aligns with the fluctuating profitability position over the timeframe analyzed.
- Overall Observations
- The data indicates a sharp disruption in revenue composition and cost structure commencing in early 2020, followed by a phased recovery extending through 2024. Core passenger revenue regained dominance, while cost control measures were implemented to manage operating expenses. Profitability indicators suggest a progress from heavy losses to modest gains, yet the financial performance reveals persistent sensitivity to external conditions. Certain expense categories and special items remain volatile, likely reflecting ongoing adjustments and operational challenges during the recovery phase.