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
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Based on: 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

Operating Income (Loss)
The operating income demonstrated significant volatility over the observed period. Initially, the company experienced a loss in 2005 (-$219 million), followed by consistent positive operating income through 2007, reaching a peak of $1,037 million. A sharp downturn occurred in 2008 with a substantial loss of $4,438 million, after which the income fluctuated, gradually recovering to strong positive figures between 2011 and 2015, surpassing $5 billion in 2015. Post-2015, the trend showed fluctuations with some decreases, including a major loss in 2020 (-$6,359 million) likely influenced by external challenges. Recovery is observed in subsequent years, with operating income rising back above $4 billion in 2023 and 2024.
Operating Revenue
Operating revenue generally showed an upward trend across the years, with a few notable exceptions. Starting at $17,379 million in 2005, revenue increased steadily, reaching a peak above $43 billion in 2019. There was a sharp decline in 2020 to approximately $15 billion, coinciding with the significant operating loss observed in the same period. Following 2020, revenue rebounded strongly, climbing to $44.9 billion in 2023 and further increasing to over $57 billion in 2024, indicating a robust recovery in sales.
Operating Profit Margin
The operating profit margin exhibited substantial fluctuations over the period. Margins were slightly negative in 2005 (-1.26%) but improved to positive levels, peaking at 13.64% in 2014, reflecting improved operational efficiency and profitability. The margin dipped sharply during periods of financial stress, including a significant negative margin of -41.41% in 2020. After this low point, margins gradually recovered to nearly 9% by 2024, aligning with the observed recovery in both operating income and revenue.
Overall Analysis
The data indicate that the company experienced cycles of growth and contraction, with the most severe setbacks occurring around the global financial crisis of 2008 and the COVID-19 pandemic in 2020. Both events corresponded to sharp declines in operating income, revenue, and profit margins. The periods following these downturns show clear signs of recovery and growth, with revenues surpassing previous highs and profit margins stabilizing at positive levels. This suggests resilience and an ability to regain profitability after significant external shocks.

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: 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).