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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- 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 (quarterly data)
US$ in millions
Based on: 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).
- Operating Revenue Trend
- The operating revenue exhibited a severe decline at the onset of 2020, with the lowest point recorded in the second quarter. Following this downturn, there was a steady recovery from mid-2020 through 2023, often surpassing pre-pandemic quarterly levels by late 2023 and into early 2024. The revenue peaked intermittently, reflecting some volatility but maintained an overall upward trajectory through the periods ending in mid-2025.
- Passenger and Cargo Revenue
- Passenger revenue followed a pattern similar to total operating revenue, sharply decreasing in early 2020 and gradually recovering with variability. Cargo revenue, though smaller in scale, showed relative stability with minor fluctuations and some decline in later quarters of 2022 and 2023, but rebounded mildly thereafter.
- Other Operating Revenue
- Other operating revenue gradually increased over the entire period, with some fluctuations but a clear upward trend from late 2021 onward, contributing positively to the overall revenue base.
- Operating Expenses
- Operating expenses remained significantly high throughout the periods. Salaries and related costs increased progressively, showing a steady upward trend from 2021 through 2025, indicating rising labor costs or increased workforce scale. Aircraft fuel costs peaked dramatically in 2021 and early 2022, then gradually declined but maintained a high baseline afterward. Landing fees, maintenance, depreciation, and other operating expenses generally increased over time, underscoring rising operational costs. Distribution expenses spiked notably starting in late 2021 and fluctuated but generally remained elevated relative to earlier periods. Aircraft rent exhibited minor fluctuations without a clear long-term trend.
- Special Charges and Credits
- Special charges and credits were volatile, with significant positive values in 2020–2021, then declining to mostly negative or minimal values in later periods, suggesting sporadic one-time financial impacts with reduced magnitude or frequency in recent quarters.
- Profitability Measures
- Operating income transitioned from persistent losses in 2020 to positive outcomes starting in late 2021, with some fluctuations but overall improved profitability maintained through mid-2025. Income before taxes followed a similar recovery pattern, escalating into positive territory in late 2021 and sustaining gains with varying intensity thereafter. The net income mirrored these trends: large losses during the early pandemic stages, followed by a recovery and oscillation between modest profits and occasional losses, ending with consistent positive net income in the most recent quarters.
- Interest and Nonoperating Items
- Interest expense remained relatively stable, with a slight downward trend in later quarters, while interest income increased notably since early 2022, potentially improving net financial costs. Unrealized gains and losses on investments were volatile without a clear trend, fluctuating between gains and losses. Miscellaneous net items and nonoperating expenses also varied but tended to decrease in magnitude as time progressed, indicating less impact from these items on overall earnings.
- Summary
- The data reveal a significant operational and financial disruption during the early quarters of 2020, attributable to external factors impacting airline demand and operational capacity. A gradual and sustained recovery is evident from mid to late 2020 onward, with operating revenues progressively increasing and profitability improving after prolonged losses. Operating costs rose steadily, especially labor and fuel-related expenses, which partially offset gains in revenue. Nonoperating income and expenses exhibited volatility but decreased influence over time. Overall, the trajectory suggests a company navigating post-distress recovery, with financial performance stabilizing and entering a more positive profitability phase by 2024–2025.