Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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United Airlines Holdings Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue Trends
- Passenger revenue exhibited a strong and consistent upward trend from 2020 to 2024, increasing from $11,805 million to $51,829 million, highlighting a significant recovery and growth in the core business segment. Cargo revenue showed variability with an initial increase through 2021, followed by a decline in 2023 before rising again in 2024, reflecting fluctuating demand or operational factors in cargo services. Other operating revenue steadily grew over the period, rising from $1,902 million to $3,491 million, contributing positively to total operating revenue, which more than tripled from $15,355 million in 2020 to $57,063 million in 2024.
- Operating Expense Patterns
- Operating expenses increased notably over the review period, moving from $21,714 million in 2020 to $51,967 million in 2024. Salaries and related costs rose significantly, consistent with increased operational activity and perhaps workforce expansion, climbing from $9,522 million to $16,678 million. Aircraft fuel costs peaked in 2022 at $13,113 million but decreased thereafter, indicating possible fuel price volatility or improved fuel efficiency efforts.
- Landing fees, aircraft maintenance, distribution expenses, and other operating expenses also rose steadily, reflecting growth in operational scale and maintenance demands. Depreciation and amortization showed moderate increases, suggesting steady capital asset utilization. Notably, aircraft rent expenses remained relatively stable with minor fluctuations.
- Special items such as labor contract ratification bonuses appeared only in 2023, impacting costs by $814 million. The CARES Act grant was present in 2020 and 2021 but absent thereafter, reducing subsidy income in later years. Severance, impairment charges, and special credits/charges fluctuated, with special charges turning negative in 2022 to 2024, implying some financial burdens in those years.
- Profitability and Income Analysis
- Operating income improved substantially, turning from a loss of $6,359 million in 2020 to a positive $5,096 million by 2024. This improvement is consistent with increased revenues outpacing growth in operating expenses. Despite this, net interest expense remained a consistent cost but trended downward from $992 million to $1,402 million after peaking around 2023. Interest income showed a remarkable increase, particularly from 2022 onwards, likely contributing positively to overall earnings.
- Unrealized investment gains and miscellaneous items were volatile, with unrealized gains fluctuating without a clear trend but negative in 2024, and miscellaneous income showing minor gains and losses inconsistently over the years.
- Nonoperating expenses decreased meaningfully, suggesting improved management of non-core financial obligations.
- Income before taxes transitioned from a significant loss in 2020 (-$8,822 million) to positive and growing gains, reaching $4,168 million in 2024. Income tax expenses shifted from benefits in the initial years to expenses in the latter part of the period, indicating taxable profitability by 2022 onwards.
- Consequently, net income improved from a loss of $7,069 million in 2020 to a profit of $3,149 million in 2024, underscoring successful operational recovery and financial stabilization.
- Overall Observations
- The data illustrate a dramatic recovery and sustained growth trajectory, with substantial increases in passenger revenue driving total revenues upward. Operating expenses expanded in line with business growth but were managed sufficiently to allow a return to profitability. Profit margins improved, supported by reduced losses in nonoperating items and increased interest income. Special charges and one-time items influenced some years but did not prevent overall financial advancement. The transition from heavy losses in 2020 to solid profits by 2024 denotes effective strategic and operational management amidst a challenging environment.