Net Profit Margin
since 2005
Calculation
United Airlines Holdings Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income (loss)1 | ÷ | Operating revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 5.68% | = | 100 | × | 3,353) | ÷ | 59,070) |
| Dec 31, 2024 | 5.52% | = | 100 | × | 3,149) | ÷ | 57,063) |
| Dec 31, 2023 | 4.87% | = | 100 | × | 2,618) | ÷ | 53,717) |
| Dec 31, 2022 | 1.64% | = | 100 | × | 737) | ÷ | 44,955) |
| Dec 31, 2021 | -7.97% | = | 100 | × | (1,964) | ÷ | 24,634) |
| Dec 31, 2020 | -46.04% | = | 100 | × | (7,069) | ÷ | 15,355) |
| Dec 31, 2019 | 6.96% | = | 100 | × | 3,009) | ÷ | 43,259) |
| Dec 31, 2018 | 5.15% | = | 100 | × | 2,129) | ÷ | 41,303) |
| Dec 31, 2017 | 5.65% | = | 100 | × | 2,131) | ÷ | 37,736) |
| Dec 31, 2016 | 6.19% | = | 100 | × | 2,263) | ÷ | 36,556) |
| Dec 31, 2015 | 19.39% | = | 100 | × | 7,340) | ÷ | 37,864) |
| Dec 31, 2014 | 2.91% | = | 100 | × | 1,132) | ÷ | 38,901) |
| Dec 31, 2013 | 1.49% | = | 100 | × | 571) | ÷ | 38,279) |
| Dec 31, 2012 | -1.95% | = | 100 | × | (723) | ÷ | 37,152) |
| Dec 31, 2011 | 2.26% | = | 100 | × | 840) | ÷ | 37,110) |
| Dec 31, 2010 | 1.09% | = | 100 | × | 253) | ÷ | 23,229) |
| Dec 31, 2009 | -3.99% | = | 100 | × | (651) | ÷ | 16,335) |
| Dec 31, 2008 | -26.48% | = | 100 | × | (5,348) | ÷ | 20,194) |
| Dec 31, 2007 | 2.00% | = | 100 | × | 403) | ÷ | 20,143) |
| Dec 31, 2006 | 118.28% | = | 100 | × | 22,876) | ÷ | 19,340) |
| Dec 31, 2005 | -121.85% | = | 100 | × | (21,176) | ÷ | 17,379) |
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.
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Comparison to Competitors
United Airlines Holdings Inc., net profit margin, long-term trends, comparison to competitors
| United Airlines Holdings Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 5.68% | 4.65% | 19.33% | 29.12% | 6.28% |
| Dec 31, 2024 | 5.52% | 4.94% | 22.41% | 27.82% | 6.35% |
| Dec 31, 2023 | 4.87% | 4.41% | 5.06% | 26.45% | 7.37% |
| Dec 31, 2022 | 1.64% | 4.09% | -28.68% | 28.13% | 11.51% |
| Dec 31, 2021 | -7.97% | 6.23% | -2.84% | 29.92% | 13.25% |
| Dec 31, 2020 | -46.04% | 1.86% | -60.76% | 27.38% | 1.59% |
| Dec 31, 2019 | 6.96% | 0.77% | -60.13% | 27.27% | 5.99% |
| Dec 31, 2018 | 5.15% | 6.99% | — | 26.13% | 6.67% |
| Dec 31, 2017 | 5.65% | 4.97% | — | 50.43% | 7.45% |
| Dec 31, 2016 | 6.19% | 3.61% | — | 21.23% | 5.63% |
| Dec 31, 2015 | 19.39% | 2.21% | — | 21.88% | 8.30% |
| Dec 31, 2014 | 2.91% | 4.60% | — | 21.59% | 5.21% |
| Dec 31, 2013 | 1.49% | 3.52% | — | 19.98% | 7.89% |
| Dec 31, 2012 | -1.95% | 4.76% | — | 18.84% | 1.49% |
| Dec 31, 2011 | 2.26% | 3.69% | — | 16.83% | 7.16% |
| Dec 31, 2010 | 1.09% | 3.41% | — | 16.39% | 7.04% |
| Dec 31, 2009 | -3.99% | 0.28% | — | 13.42% | 4.75% |
| Dec 31, 2008 | -26.48% | 2.96% | — | 13.01% | 5.83% |
| Dec 31, 2007 | 2.00% | 5.72% | — | 11.39% | 0.77% |
| Dec 31, 2006 | 118.28% | 5.59% | — | 10.31% | 8.84% |
| Dec 31, 2005 | -121.85% | 4.93% | — | 7.56% | 9.09% |
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)
| United Airlines Holdings Inc. | Transportation | |
|---|---|---|
| Dec 31, 2025 | 5.68% | 9.68% |
| Dec 31, 2024 | 5.52% | 9.82% |
| Dec 31, 2023 | 4.87% | 7.28% |
| Dec 31, 2022 | 1.64% | 4.73% |
| Dec 31, 2021 | -7.97% | 9.05% |
| Dec 31, 2020 | -46.04% | -2.93% |
| Dec 31, 2019 | 6.96% | 2.42% |
| Dec 31, 2018 | 5.15% | 8.67% |
| Dec 31, 2017 | 5.65% | 11.21% |
| Dec 31, 2016 | 6.19% | 7.00% |
| Dec 31, 2015 | 19.39% | 10.88% |
| Dec 31, 2014 | 2.91% | 6.86% |
| Dec 31, 2013 | 1.49% | 6.81% |
| Dec 31, 2012 | -1.95% | 3.91% |
| Dec 31, 2011 | 2.26% | 6.30% |
| Dec 31, 2010 | 1.09% | 6.19% |
| Dec 31, 2009 | -3.99% | 3.14% |
| Dec 31, 2008 | -26.48% | 0.88% |
| Dec 31, 2007 | 2.00% | 3.84% |
| Dec 31, 2006 | 118.28% | 26.57% |
| Dec 31, 2005 | -121.85% | -14.41% |
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)
| United Airlines Holdings Inc. | Industrials | |
|---|---|---|
| Dec 31, 2025 | 5.68% | 9.59% |
| Dec 31, 2024 | 5.52% | 8.06% |
| Dec 31, 2023 | 4.87% | 8.32% |
| Dec 31, 2022 | 1.64% | 5.04% |
| Dec 31, 2021 | -7.97% | 5.85% |
| Dec 31, 2020 | -46.04% | 0.09% |
| Dec 31, 2019 | 6.96% | 4.11% |
| Dec 31, 2018 | 5.15% | 4.75% |
| Dec 31, 2017 | 5.65% | 5.79% |
| Dec 31, 2016 | 6.19% | 7.43% |
| Dec 31, 2015 | 19.39% | 6.48% |
| Dec 31, 2014 | 2.91% | 8.76% |
| Dec 31, 2013 | 1.49% | 8.23% |
| Dec 31, 2012 | -1.95% | 7.39% |
| Dec 31, 2011 | 2.26% | 8.26% |
| Dec 31, 2010 | 1.09% | 7.48% |
| Dec 31, 2009 | -3.99% | 5.76% |
| Dec 31, 2008 | -26.48% | 7.27% |
| Dec 31, 2007 | 2.00% | 9.56% |
| Dec 31, 2006 | 118.28% | 14.87% |
| Dec 31, 2005 | -121.85% | 3.55% |
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).