Operating Profit Margin
since 2005
Calculation
United Airlines Holdings Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Operating revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 7.98% | = | 100 | × | 4,713) | ÷ | 59,070) |
| Dec 31, 2024 | 8.93% | = | 100 | × | 5,096) | ÷ | 57,063) |
| Dec 31, 2023 | 7.84% | = | 100 | × | 4,211) | ÷ | 53,717) |
| Dec 31, 2022 | 5.20% | = | 100 | × | 2,337) | ÷ | 44,955) |
| Dec 31, 2021 | -4.15% | = | 100 | × | (1,022) | ÷ | 24,634) |
| Dec 31, 2020 | -41.41% | = | 100 | × | (6,359) | ÷ | 15,355) |
| Dec 31, 2019 | 9.94% | = | 100 | × | 4,301) | ÷ | 43,259) |
| Dec 31, 2018 | 7.97% | = | 100 | × | 3,292) | ÷ | 41,303) |
| Dec 31, 2017 | 9.27% | = | 100 | × | 3,498) | ÷ | 37,736) |
| Dec 31, 2016 | 11.87% | = | 100 | × | 4,338) | ÷ | 36,556) |
| Dec 31, 2015 | 13.64% | = | 100 | × | 5,166) | ÷ | 37,864) |
| Dec 31, 2014 | 6.10% | = | 100 | × | 2,373) | ÷ | 38,901) |
| Dec 31, 2013 | 3.26% | = | 100 | × | 1,249) | ÷ | 38,279) |
| Dec 31, 2012 | 0.10% | = | 100 | × | 39) | ÷ | 37,152) |
| Dec 31, 2011 | 4.91% | = | 100 | × | 1,822) | ÷ | 37,110) |
| Dec 31, 2010 | 4.20% | = | 100 | × | 976) | ÷ | 23,229) |
| Dec 31, 2009 | -0.99% | = | 100 | × | (161) | ÷ | 16,335) |
| Dec 31, 2008 | -21.98% | = | 100 | × | (4,438) | ÷ | 20,194) |
| Dec 31, 2007 | 5.15% | = | 100 | × | 1,037) | ÷ | 20,143) |
| Dec 31, 2006 | 2.31% | = | 100 | × | 447) | ÷ | 19,340) |
| Dec 31, 2005 | -1.26% | = | 100 | × | (219) | ÷ | 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 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.
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Comparison to Competitors
United Airlines Holdings Inc., operating 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 | 7.98% | 5.93% | 10.70% | 40.17% | 8.87% |
| Dec 31, 2024 | 8.93% | 6.34% | 6.36% | 40.05% | 9.30% |
| Dec 31, 2023 | 7.84% | 5.45% | 2.98% | 37.65% | 10.05% |
| Dec 31, 2022 | 5.20% | 6.68% | -5.75% | 39.87% | 13.05% |
| Dec 31, 2021 | -4.15% | 6.98% | -21.97% | 42.83% | 13.17% |
| Dec 31, 2020 | -41.41% | 3.49% | -43.66% | 40.11% | 9.08% |
| Dec 31, 2019 | 9.94% | 6.41% | -60.76% | 39.40% | 10.52% |
| Dec 31, 2018 | 7.97% | 7.44% | — | 37.30% | 9.77% |
| Dec 31, 2017 | 9.27% | 8.35% | — | 37.95% | 11.43% |
| Dec 31, 2016 | 11.87% | 6.11% | — | 36.47% | 8.98% |
| Dec 31, 2015 | 13.64% | 3.93% | — | 36.91% | 13.14% |
| Dec 31, 2014 | 6.10% | 7.56% | — | 36.49% | 8.53% |
| Dec 31, 2013 | 3.26% | 5.76% | — | 33.90% | 12.69% |
| Dec 31, 2012 | 0.10% | 7.46% | — | 32.23% | 2.48% |
| Dec 31, 2011 | 4.91% | 6.05% | — | 29.27% | 11.45% |
| Dec 31, 2010 | 4.20% | 5.75% | — | 29.36% | 11.86% |
| Dec 31, 2009 | -0.99% | 2.10% | — | 23.98% | 8.39% |
| Dec 31, 2008 | -21.98% | 5.47% | — | 22.68% | 10.45% |
| Dec 31, 2007 | 5.15% | 9.30% | — | 20.73% | 1.16% |
| Dec 31, 2006 | 2.31% | 9.33% | — | 18.51% | 13.95% |
| Dec 31, 2005 | -1.26% | 8.42% | — | 13.22% | 14.43% |
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).