Income Statement
Quarterly Data
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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United Airlines Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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United Airlines Holdings Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
Operating revenue exhibits a substantial long-term growth trajectory, rising from 3,221 million USD in the first quarter of 2021 to 17,672 million USD by the second quarter of 2026. This growth is primarily driven by passenger revenue, which scaled from 2,316 million USD to 16,100 million USD over the same period. While passenger revenue demonstrates strong seasonality with recurring peaks in the second and third quarters, cargo revenue peaked early in 2021 and subsequently declined, stabilizing between 333 million USD and 527 million USD. Other operating revenue shows a steady, linear increase, surpassing 1,000 million USD by early 2026.
The cost structure reflects the scaling of operations, with operating expenses increasing from 4,602 million USD in March 2021 to 16,576 million USD in June 2026. Labor costs, represented by salaries and related expenses, grew consistently from 2,224 million USD to 4,686 million USD. Aircraft fuel expenses exhibit the highest volatility, characterized by a significant spike to 3,811 million USD in June 2022 and a projected peak of 5,110 million USD in June 2026, indicating high sensitivity to commodity price fluctuations. Maintenance and landing fees have also trended upward, mirroring the increase in flight volume.
Profitability shifted from significant losses in 2021 and early 2022 to consistent positive returns. Operating income transitioned from a loss of 1,381 million USD in March 2021 to a stabilized range between 1,000 million USD and 1,900 million USD per quarter starting in 2023. Net income follows a similar recovery pattern, moving from a deficit of 1,357 million USD in March 2021 to consistent quarterly gains, frequently exceeding 800 million USD in the later periods of the analysis.
- Revenue Diversification
- Passenger revenue has become the overwhelmingly dominant income stream, while the relative contribution of cargo revenue has diminished significantly from its 2021 levels. Other operating revenue has emerged as a more consistent and growing secondary revenue source.
- Expense Efficiency
- Salaries and related costs have increased at a slower rate than total revenue, suggesting improved labor productivity. However, the sharp increase in fuel costs in the final recorded period indicates a potential risk to operating margins.
- Interest and Financing
- A favorable trend is observed in non-operating items; net interest expense decreased from approximately 400 million USD to 284 million USD, while interest income grew from single-digit millions to 148 million USD, reducing the overall burden of financing costs.
- Taxation Impact
- Income tax benefits were prevalent during loss-making quarters in 2021 and 2022, transitioning to consistent tax expenses as the company returned to sustained profitability from 2023 onward.