Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

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

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Passenger revenue
Cargo revenue
Other operating revenue
Operating revenue
Salaries and related costs
Aircraft fuel
Landing fees and other rent
Aircraft maintenance materials and outside repairs
Depreciation and amortization
Regional capacity purchase
Distribution expenses
Aircraft rent
Special (charges) credits
Other operating expenses
Operating expense
Operating income (loss)
Interest expense, net of interest capitalized
Interest income
Unrealized gains (losses) on investments, net
Miscellaneous, net
Nonoperating expense, net
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)

Based on: 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).

An analysis of the quarterly financial results reveals a significant transition from a recovery phase characterized by volatility and net losses to a period of stabilized growth and consistent profitability. Total operating revenue exhibited a strong upward trajectory, rising from 3,221 million US dollars in March 2021 to a peak of 15,396 million US dollars by December 2025, before settling slightly in early 2026.

Revenue Composition and Trends
Passenger revenue served as the primary driver of growth, expanding from 2,316 million US dollars in early 2021 to consistently exceed 13,000 million US dollars in several quarters between 2024 and 2025. In contrast, cargo revenue, which provided a critical buffer during the early recovery period, peaked in June 2021 at 606 million US dollars and generally trended downward, stabilizing between 333 million and 521 million US dollars in subsequent years. Other operating revenue showed a steady, linear increase, growing from 408 million US dollars in March 2021 to 1,020 million US dollars by March 2026.
Operating Expense Structure
Operating expenses increased in tandem with revenue growth, rising from 4,602 million US dollars in March 2021 to approximately 13,611 million US dollars by March 2026. Salaries and related costs demonstrated a persistent upward trend, doubling from 2,224 million US dollars to over 4,500 million US dollars, indicating higher labor costs associated with scaled operations. Aircraft fuel costs remained the most volatile expense line, peaking at 3,811 million US dollars in June 2022 before normalizing to a range between 2,600 million and 3,000 million US dollars. Maintenance and repair costs also saw a significant long-term increase, rising from 269 million US dollars in early 2021 to 854 million US dollars by early 2026.
Profitability and Operating Performance
Operating income transitioned from substantial losses in 2021 to a sustained positive trend starting in mid-2022. After fluctuating between losses and gains during the initial recovery, operating income stabilized, frequently exceeding 1,300 million US dollars per quarter between 2023 and 2025. This shift indicates improved operational efficiency and the ability to scale revenue faster than the growth of fixed and variable costs.
Non-Operating Items and Net Income
Net income mirrored the operational recovery, moving from a loss of 1,357 million US dollars in March 2021 to consistent quarterly profits often exceeding 900 million US dollars in 2024 and 2025. Net interest expenses trended downward, decreasing from peaks of approximately 450 million US dollars to roughly 270 million US dollars by 2026. Simultaneously, interest income rose significantly from 7 million US dollars to a range of 135 million to 234 million US dollars. The tax position also evolved, shifting from tax benefits during loss-making quarters to consistent tax expenses as the entity returned to profitability.