Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

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

Microsoft Excel
Operating profit margin = 100 × Operating income (loss)1 ÷ Operating revenue1
Dec 31, 2025 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

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 operating profit margin exhibited significant fluctuations over the observed period. Initial years showed instability, followed by a period of relative strength, then a dramatic downturn, and a subsequent recovery. A detailed examination reveals distinct phases in the company’s profitability.

Early Volatility (2005-2009)
From 2005 to 2009, the operating profit margin demonstrated considerable volatility. It began with a negative margin of -1.26% in 2005, improved to a positive 2.31% in 2006, and peaked at 5.15% in 2007. However, 2008 witnessed a substantial decline, resulting in a significantly negative margin of -21.98%. This was followed by a slight improvement to -0.99% in 2009, indicating a period of operational challenges and sensitivity to external factors.
Recovery and Stability (2010-2019)
The period between 2010 and 2019 generally showed a positive trend in operating profit margin. The margin increased from 4.20% in 2010 to a high of 9.94% in 2019, with consistent profitability throughout. This suggests successful implementation of cost control measures and/or revenue enhancement strategies. The margin remained relatively stable, fluctuating between approximately 7.97% and 9.94% during the latter part of this period.
COVID-19 Impact and Rebound (2020-2025)
2020 marked a severe disruption, with the operating profit margin plummeting to -41.41%, largely attributable to the impact of the COVID-19 pandemic on the airline industry. A modest recovery was observed in 2021, with a margin of -4.15%, followed by a more substantial improvement to 5.20% in 2022. This positive trend continued, reaching 7.84% in 2023 and 8.93% in 2024. The margin settled at 7.98% in 2025, indicating a return towards pre-pandemic levels of profitability, though not fully reaching the peak levels experienced between 2015 and 2019.

Overall, the operating profit margin demonstrates a cyclical pattern influenced by both internal operational factors and significant external events, most notably the economic conditions of 2008 and the COVID-19 pandemic in 2020. The recent trend suggests a strengthening financial position, but continued monitoring is warranted to assess the sustainability of this recovery.

Comparison to Competitors

United Airlines Holdings Inc., operating 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).