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: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Analysis of Revenues
- Aggregate Accruals
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United Airlines Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals a significant recovery and stabilization in financial performance over the observed period. Initially marked by substantial losses, the company demonstrates increasing profitability, though with some fluctuations, culminating in consistent positive net income by late 2022 and continuing through the forecast period. Revenue composition shifts are also apparent, alongside evolving cost structures.
- Passenger Revenue
- Passenger revenue consistently represents the largest portion of operating revenue, ranging from approximately 72% to 92% over the period. A clear upward trend is observed from early 2021 through mid-2023, peaking around 92%, before stabilizing in the 89%-91% range. This suggests a strong recovery in travel demand and the company’s ability to capitalize on it. The slight decrease in the most recent periods may indicate a plateauing of growth or increased competition.
- Cargo Revenue
- Cargo revenue, while a smaller component, exhibits a marked decline as a percentage of operating revenue. Starting at 15.43% in March 2021, it steadily decreases to around 3% by the end of 2025. This suggests a diminishing reliance on cargo services, potentially due to normalization of global supply chains and a greater focus on passenger travel.
- Cost Structure – Salaries and Related Costs
- Salaries and related costs are the most significant operating expense, consistently representing a substantial portion of operating revenue, often exceeding 60% in absolute terms. The percentage fluctuates considerably, decreasing from over 69% in early 2021 to a low of around 22% in mid-2022, then increasing again to approximately 30% by the end of the forecast period. This suggests potential cost management initiatives followed by increased staffing or wage adjustments as demand recovered.
- Cost Structure – Aircraft Fuel
- Aircraft fuel costs demonstrate significant volatility. Initially representing over 26% of operating revenue, they decreased to around 18% by the end of 2024 before increasing slightly. This fluctuation likely reflects changes in fuel prices and fuel efficiency measures. The recent stabilization suggests a degree of predictability in fuel costs.
- Cost Structure – Other Significant Expenses
- Landing fees, aircraft maintenance, depreciation, regional capacity purchase, and other operating expenses all represent substantial portions of operating revenue. These costs generally follow a downward trend from 2021 to 2022, indicating improved operational efficiency or cost control. However, many of these expenses begin to stabilize or slightly increase in later periods, potentially reflecting increased operational activity and inflationary pressures. Depreciation remains consistently high, reflecting the capital-intensive nature of the airline industry.
- Operating Income
- Operating income transitions from substantial losses in early 2021 to positive figures by late 2021 and remains positive throughout the forecast period. The percentage of operating income to operating revenue increases significantly, peaking around 12% in mid-2023, before stabilizing around 9% to 10%. This demonstrates a successful turnaround in core business operations.
- Net Income
- Net income mirrors the trend in operating income, moving from significant losses to consistent profitability. The impact of non-operating items, particularly “Special (charges) credits”, is notable, causing substantial fluctuations in net income, especially in 2021 and 2025. Excluding these items, the underlying trend in net income is positive and consistent.
- Interest Expense and Income
- Interest expense remains a consistent expense, while interest income gradually increases over the period. The net effect of these items is a moderate drag on profitability, but the impact is relatively stable.
Overall, the common-size income statement indicates a substantial improvement in the company’s financial health. The recovery in passenger revenue, coupled with effective cost management (particularly in the early stages of the recovery), has driven a return to profitability. While fluctuations remain, the trend suggests a more stable and profitable future.