Common-Size Income Statement
Quarterly Data
United Airlines Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 performance reflects a transition from a period of severe operational instability and recovery to a phase of relative stability and consistent profitability. A significant shift in revenue composition and a substantial reduction in operating expenses as a percentage of total revenue have been the primary drivers of this turnaround.
- Revenue Stream Composition
- A clear migration in revenue sources is evident. Passenger revenue, which stood at 71.90% in March 2021, grew to stabilize between 89% and 92% from mid-2022 through late 2026. Conversely, cargo revenue experienced a sharp decline, falling from a peak of 15.43% in March 2021 to a consistent range of 2.7% to 3.5% in later periods. Other operating revenue also contracted from 12.67% to a steady range of approximately 6%.
- Operating Expense Trends
- Significant reductions in the relative cost of operations are observed across multiple categories. Salaries and related costs decreased from a high of 69.05% of operating revenue in March 2021 to stabilize between 26% and 31%. Depreciation and amortization showed a similar downward trajectory, falling from 19.34% to a stable range of 4% to 6%. Regional capacity purchases also diminished from 14.87% to approximately 4%.
- Aircraft fuel remains the most volatile expense, fluctuating between 18% and 31% of operating revenue, reflecting the industry's susceptibility to commodity price swings.
- Profitability and Operating Margins
- Operating income transitioned from deep losses, peaking at -42.87% in March 2021, to a consistent positive margin. Since June 2022, operating income has generally remained positive, typically fluctuating between 6% and 13%. This indicates a successful alignment of the cost structure with recovered revenue levels.
- Net income mirrors this recovery, moving from losses as high as 42.13% of revenue in early 2021 to a stable positive range of 4% to 9% from mid-2022 onwards.
- Non-Operating Financial Performance
- Interest expense, net of capitalization, showed a marked improvement, decreasing from 10.43% of revenue in March 2021 to approximately 1.6% to 2.3% by 2026. This suggests either a reduction in total debt burden or a significant increase in the revenue base relative to fixed financing costs. Interest income improved from 0.22% to a range of 0.8% to 1.5% over the same period.
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