Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

Net Profit Margin
since 2005

Microsoft Excel

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Calculation

United Airlines Holdings Inc., net profit margin, long-term trends, calculation

Microsoft Excel
Net profit margin = 100 × Net income (loss)1 ÷ Operating revenue1
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The net profit margin exhibited substantial volatility over the period examined, ranging from significant losses to periods of strong profitability. An initial period of considerable loss is followed by a period of fluctuating, but generally modest, positive margins, culminating in a peak before a sharp decline and subsequent recovery.

Initial Period (2005-2007)
The observed net profit margin began at a substantial negative value of -121.85% in 2005. A dramatic shift occurred in 2006, with the margin rising to 118.28%. This was followed by a considerable decrease to 2.00% in 2007, indicating a return towards more typical levels after the initial outlier.
Volatility and Recession (2008-2009)
The net profit margin experienced a significant downturn in 2008, falling to -26.48%, and continued to decline in 2009, reaching -3.99%. These results likely reflect the impact of broader economic conditions, including the global financial crisis, on the business.
Modest Recovery (2010-2015)
From 2010 through 2015, the net profit margin demonstrated a gradual recovery, albeit with fluctuations. The margin increased to 1.09% in 2010, then rose to a peak of 19.39% in 2015. This period suggests improving operational performance and potentially favorable industry conditions.
Recent Fluctuations (2016-2025)
Following the peak in 2015, the net profit margin decreased to 6.19% in 2016 and 5.65% in 2017, before stabilizing around 5.15% to 6.96% through 2019. A substantial decline occurred in 2020, with a margin of -46.04%, likely attributable to the significant disruptions caused by the COVID-19 pandemic. The margin partially recovered in 2021 (-7.97%) and 2022 (1.64%), before increasing to 4.87% in 2023, 5.52% in 2024, and 5.68% in 2025. This recent trend suggests a recovery in profitability, but remains sensitive to external factors.

Overall, the net profit margin demonstrates a sensitivity to external economic factors and industry-specific events. While periods of strong profitability have been achieved, the business has also experienced significant losses, highlighting the inherent risks and cyclicality within the industry.

Comparison to Competitors

United Airlines Holdings Inc., net profit margin, long-term trends, comparison to competitors

Microsoft Excel
United Airlines Holdings Inc. FedEx Corp. Uber Technologies Inc. Union Pacific Corp. United Parcel Service Inc.
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Transportation)

United Airlines Holdings Inc., net profit margin, long-term trends, comparison to sector (transportation)

Microsoft Excel
United Airlines Holdings Inc. Transportation
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

United Airlines Holdings Inc., net profit margin, long-term trends, comparison to industry (industrials)

Microsoft Excel
United Airlines Holdings Inc. Industrials
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).