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., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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 Trends
- Operating revenue experienced a significant decline in early 2020, bottoming out in the second quarter with $1.48 billion, reflecting a sharp impact likely tied to external disruptions. Subsequently, there was a notable recovery throughout 2021 and 2022, reaching a peak of $15.24 billion by mid-2025. This recovery reflects a steady increase in passenger revenue, which is the primary component of operating revenue, gradually returning to and exceeding pre-impact levels by 2024 and 2025.
- Passenger and Cargo Revenue
- Passenger revenue dropped drastically in the second quarter of 2020 to $681 million but showed consistent improvement thereafter, peaking above $13 billion by the third quarter of 2023. Some fluctuations occurred but the general trend was upward. Cargo revenue, while less volatile, showed modest growth from the lows in early 2020 and remained fairly stable, fluctuating around $400 to $500 million per quarter over the later periods.
- Other Operating Revenue
- This segment showed moderate variability, falling to $392 million in the second quarter of 2020 but trending upward gradually, reaching near $1 billion by late 2025. This suggests a broadening or enhancement of diversified revenue sources beyond passenger and cargo operations.
- Operating Expenses
- Operating expenses closely follow the recovery pattern of revenues but at elevated levels. Initially decreased sharply in early 2020, expenses rose steadily during 2021 and beyond, peaking just under $14 billion on a quarterly basis by mid-2025. Salary-related costs increased significantly and consistently, reflecting either increased workforce levels or wage inflation. Aircraft fuel expenses peaked in early 2022 and then fluctuated slightly downward, possibly indicating fuel price sensitivity or operational efficiency improvements. Other significant cost categories such as aircraft maintenance and landing fees also followed the trend of increased spending over the period.
- Operating Income (Loss)
- Operating income was deeply negative throughout 2020 and early 2021 but transitioned to profitability starting mid-2021. Profitability continued with some variability, but overall operating income improved, reaching over $1.3 billion by mid-2025. This indicates effective cost control and revenue recovery efforts resulting in a return to operational profitability.
- Net Income (Loss)
- Net income mirrored the operating income trend but with greater volatility influenced by nonoperating items such as interest expense and gains or losses on investments. The net loss was significant in 2020 but improved to net income by mid-2021, albeit with fluctuations including some returning losses. From 2022 onward, the company reported mostly positive net income, peaking at over $1.3 billion, though it showed some quarter-to-quarter variability. This pattern indicates a gradual return to overall profitability.
- Interest and Nonoperating Items
- Interest expense remained relatively stable throughout the period, with a slight downward trend from approximately $450 million to around $278 million quarterly by 2025, suggesting possible debt reduction or refinancing. Interest income increased notably after 2021, reflecting more earnings from investments or cash holdings. Nonoperating expense showed a general decrease over time, indicating reductions in non-core losses or better financial management.
- Special Charges and Adjustments
- Special charges and credits were volatile, with large positive credits in mid-2020 and 2021, possibly reflecting government aid or other one-time relief measures, followed by negative adjustments in 2023 and 2024 that affected operating income and net income variably.
- Summary of Financial Health
- The data presents a company recovering from a severe downturn in early 2020 with substantial revenue rebuilding and expense management leading to resumption of profitability by 2021. Passenger revenue and operating income improvements are the main drivers of recovery. Cost pressures remain significant in salaries and fuel, but the firm appears to maintain control over expenses relative to increasing revenues. Quarterly fluctuations in net income and special items call for attention but do not obscure the overall positive trend toward financial stabilization and growth.