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.
United Airlines Holdings Inc., consolidated income statement (quarterly data)
US$ in millions
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 exhibits a trajectory of strong recovery and subsequent growth from early 2021 through the projections for 2026. Total operating revenue increased from $3.2 billion in the first quarter of 2021 to a projected $17.8 billion by the third quarter of 2026, marking a significant expansion in scale. This growth is primarily driven by a resurgence in passenger demand and the gradual scaling of operations.
- Revenue Stream Dynamics
- Passenger revenue shows a consistent upward trend with pronounced seasonality, typically peaking in the second and third quarters of each year. A substantial acceleration is projected for 2026, where quarterly passenger revenue is expected to exceed $16 billion. In contrast, cargo revenue peaked early in the analyzed period, reaching $727 million in late 2021, before declining and stabilizing between $330 million and $530 million. Other operating revenue has maintained a steady incremental growth pattern, rising from $408 million in early 2021 to over $1.1 billion by late 2026.
- Operating Expense Trends
- Salaries and related costs have increased steadily, rising from $2.2 billion per quarter in 2021 to nearly $5 billion by late 2026, reflecting higher labor requirements and wage adjustments. Aircraft fuel expenses exhibit high volatility, with a significant spike in mid-2022 and further projected increases in 2026, highlighting the impact of fluctuating energy prices on the cost structure. Other operational costs, including landing fees and maintenance materials, have trended upward in correlation with increased flight activity and capacity.
- Profitability and Margin Analysis
- The transition from net losses to consistent profitability occurred in mid-2022. Operating income shifted from a loss of $1.38 billion in early 2021 to sustained quarterly gains, often exceeding $1 billion from 2023 onwards. Net income mirrors this recovery, moving from deep losses in 2021 to a stable range of $600 million to $1.3 billion in later periods. Operating margins have improved as revenue growth has outpaced the growth of fixed and semi-variable costs.
- Non-Operating and Fiscal Items
- Net interest expense has trended downward, decreasing from peaks of approximately $450 million to roughly $300 million, suggesting a reduction in debt burden or more favorable financing terms. Conversely, interest income has seen a marked increase, rising from negligible amounts in early 2021 to peaks above $200 million in 2023, indicating improved cash liquidity. Income tax expenses have transitioned from benefits during loss-making periods to consistent quarterly payments as profitability stabilized.
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