Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
United Airlines Holdings Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The profitability profile exhibits a significant recovery trajectory, transitioning from substantial losses in early 2022 to a period of sustained positive performance. A consistent upward trend is observed across all profitability margins and return metrics, indicating a successful stabilization of operations and a marked improvement in bottom-line efficiency over the analyzed period.
- Profit Margin Analysis
- The operating profit margin demonstrates a rapid recovery, moving from -3.51% in March 2022 to a peak of 9.71% by March 2025. After the initial recovery phase, the margin stabilized within a range of 7.84% to 8.93% from mid-2023 through early 2026. Net profit margins followed a similar trajectory but lagged behind operating performance, remaining negative until December 31, 2022. Following this inflection point, the net profit margin entered a stable growth phase, fluctuating between 4.87% and 6.34% through the remainder of the period.
- Return on Equity (ROE)
- ROE experienced the most dramatic volatility, rebounding from a low of -54.75% in March 2022 to a peak of 34.60% in June 2023. While a subsequent moderation in the rate of return occurred, ROE remained robust, settling into a range between 21.94% and 29.26% from late 2023 through March 2026. This suggests a strong capacity to generate returns on shareholder capital following the period of restructuring.
- Return on Assets (ROA)
- Return on assets showed a more gradual and steady improvement compared to the equity returns. The ROA trend moved from -2.87% in March 2022 to positive territory by December 2022. A consistent, incremental rise is observed thereafter, with the ratio climbing from 1.09% to a high of 4.53% by March 2026, reflecting a steady increase in asset utilization and operational productivity.
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Return on Sales
Return on Investment
Operating Profit Margin
United Airlines Holdings Inc., operating profit margin calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating income (loss) | 997) | 1,386) | 1,395) | 1,325) | 607) | 1,503) | 1,565) | 1,929) | 99) | 998) | 1,739) | 1,517) | (43) | 1,377) | 1,458) | 878) | (1,376) | ||||||
| Operating revenue | 14,608) | 15,396) | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | 8.44% | 7.98% | 8.27% | 8.62% | 9.71% | 8.93% | 8.20% | 8.56% | 7.94% | 7.84% | 8.74% | 8.47% | 7.52% | 5.20% | 1.35% | 0.37% | -3.51% | ||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 6.01% | 5.93% | 5.67% | 5.64% | 5.88% | 6.34% | 6.29% | 6.03% | 5.88% | 5.45% | 5.76% | 5.97% | 6.37% | 6.68% | 6.67% | 6.47% | 6.54% | ||||||
| Uber Technologies Inc. | 11.66% | 10.70% | 9.19% | 9.53% | 8.49% | 6.36% | 6.39% | 5.03% | 4.00% | 2.98% | 0.88% | -1.64% | -4.76% | -5.75% | -7.71% | -9.07% | -13.04% | ||||||
| Union Pacific Corp. | 40.21% | 40.17% | 40.62% | 40.33% | 40.06% | 40.05% | 39.51% | 38.76% | 38.02% | 37.65% | 37.64% | 38.53% | 39.22% | 39.87% | 40.71% | 41.59% | 42.90% | ||||||
| United Parcel Service Inc. | 8.46% | 8.87% | 9.18% | 9.30% | 9.37% | 9.30% | 8.84% | 8.24% | 9.15% | 10.05% | 10.59% | 12.09% | 12.52% | 13.05% | 13.64% | 13.56% | 13.46% | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025)
÷ (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
= 100 × (997 + 1,386 + 1,395 + 1,325)
÷ (14,608 + 15,396 + 15,225 + 15,236)
= 8.44%
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through March 2026 indicates a significant recovery and subsequent stabilization of operational profitability.
- Operating Profit Margin Recovery
- A sharp transition is observed between March 2022 and December 2022, where the operating profit margin shifted from a deficit of -3.51% to a positive 5.20%. This period marks the reversal of significant operating losses, coinciding with a substantial increase in operating revenue from 7.57 billion to 12.40 billion US dollars.
- Margin Expansion and Stabilization
- Throughout 2023 and 2024, the operating profit margin exhibited a sustained upward trend, moving from 7.52% in March 2023 to 8.93% by December 2024. This expansion suggests improved cost management and operational efficiency as revenue volumes scaled.
- Peak Performance and Plateaus
- The maximum operating profit margin was recorded in March 2025 at 9.71%. Following this peak, the margin entered a stabilization phase, fluctuating between 7.98% and 8.62% through March 2026, indicating a new operational baseline for profitability.
- Revenue and Income Correlation
- Operating revenue grew consistently from 7.57 billion US dollars in early 2022 to 14.61 billion US dollars by March 2026. The simultaneous rise in operating income, which climbed from a loss of 1.38 billion US dollars to a profit of 997 million US dollars by the end of the period, demonstrates that revenue growth was matched by an increase in operational efficiency.
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Net Profit Margin
United Airlines Holdings Inc., net profit margin calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Operating revenue | 14,608) | 15,396) | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | 6.06% | 5.68% | 5.64% | 5.71% | 6.34% | 5.52% | 4.94% | 5.28% | 4.90% | 4.87% | 5.45% | 5.24% | 3.93% | 1.64% | -1.85% | -3.43% | -6.85% | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 4.65% | 4.65% | 4.46% | 4.45% | 4.62% | 4.94% | 5.02% | 4.87% | 4.71% | 4.41% | 3.23% | 3.54% | 3.79% | 4.09% | 5.60% | 5.49% | 5.88% | ||||||
| Uber Technologies Inc. | 15.91% | 19.33% | 33.54% | 26.68% | 27.07% | 22.41% | 10.49% | 5.02% | 3.60% | 5.06% | 2.93% | -1.07% | -9.95% | -28.68% | -30.45% | -39.39% | -29.52% | ||||||
| Union Pacific Corp. | 29.20% | 29.12% | 28.73% | 28.43% | 27.77% | 27.82% | 27.33% | 26.90% | 26.52% | 26.45% | 26.37% | 27.18% | 27.91% | 28.13% | 28.95% | 29.23% | 30.06% | ||||||
| United Parcel Service Inc. | 5.94% | 6.28% | 6.15% | 6.34% | 6.44% | 6.35% | 6.25% | 5.87% | 6.60% | 7.37% | 9.19% | 10.41% | 10.90% | 11.51% | 11.07% | 10.92% | 10.90% | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025)
÷ (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
= 100 × (699 + 1,044 + 949 + 973)
÷ (14,608 + 15,396 + 15,225 + 15,236)
= 6.06%
2 Click competitor name to see calculations.
The financial data indicates a significant recovery trajectory in profitability from early 2022 through early 2026. The period is characterized by a transition from substantial operational losses to a phase of sustained positive margins and revenue growth.
- Profitability Recovery and Margin Expansion
- A sharp reversal in profitability is observed starting in 2022. The net profit margin moved from a deficit of -6.85% in March 2022 to a positive 1.64% by December 2022. Following this pivot, margins expanded and stabilized, fluctuating primarily between 4.87% and 6.34% from mid-2023 through the end of the observed period.
- Revenue Growth Trends
- Operating revenue demonstrated a strong upward trend, increasing from 7,566 million USD in March 2022 to a peak of 15,396 million USD in December 2025. This growth in scale provided the necessary foundation for the transition to positive net income, as revenue nearly doubled over the analyzed timeframe.
- Seasonal Performance Volatility
- A consistent seasonal pattern is evident, with the first quarter of each year typically exhibiting the lowest performance. Net income reported losses or significant declines in March 2023 and March 2024, corresponding with lower operating revenues during those specific quarters. Conversely, peak profitability and revenue are consistently observed during the second and third quarters.
- Long-term Margin Stabilization
- From 2024 through March 2026, the net profit margin entered a period of relative stability. Despite minor quarterly variances, the margin maintained a range above 4.9%, concluding at 6.06% in March 2026. This suggests an achievement of operational equilibrium and an improved ability to convert revenue into net profit.
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Return on Equity (ROE)
United Airlines Holdings Inc., ROE calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Stockholders’ equity | 15,876) | 15,282) | 14,309) | 13,373) | 12,616) | 12,675) | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | 23.09% | 21.94% | 23.02% | 24.75% | 29.01% | 24.84% | 24.17% | 27.89% | 29.26% | 28.08% | 32.32% | 34.60% | 28.79% | 10.69% | -15.35% | -30.80% | -54.75% | ||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 14.84% | 14.58% | 14.67% | 14.69% | 14.89% | 15.70% | 16.66% | 16.02% | 15.73% | 15.23% | 12.10% | 13.82% | 14.28% | 15.34% | 20.94% | 19.71% | 20.96% | ||||||
| Uber Technologies Inc. | 34.50% | 37.18% | 59.15% | 55.87% | 55.91% | 45.72% | 29.78% | 16.28% | 12.57% | 16.77% | 11.26% | -4.31% | -44.86% | -124.54% | -141.59% | -151.07% | -70.86% | ||||||
| Union Pacific Corp. | 37.15% | 38.65% | 40.75% | 42.66% | 41.97% | 39.95% | 40.02% | 39.38% | 40.79% | 43.14% | 45.45% | 51.02% | 56.19% | 57.54% | 60.21% | 53.89% | 57.26% | ||||||
| United Parcel Service Inc. | 33.30% | 34.34% | 34.77% | 36.38% | 37.39% | 34.59% | 33.61% | 30.85% | 35.05% | 38.76% | 44.64% | 50.02% | 53.80% | 58.36% | 65.94% | 67.12% | 69.80% | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
ROE = 100
× (Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025)
÷ Stockholders’ equity
= 100 × (699 + 1,044 + 949 + 973)
÷ 15,876 = 23.09%
2 Click competitor name to see calculations.
The financial performance from March 2022 through March 2026 demonstrates a significant transition from severe capital erosion to a state of stable profitability and aggressive equity growth.
- Return on Equity (ROE) Trajectory
- A distinct recovery phase occurred throughout 2022, with ROE improving from a low of -54.75% to a positive 10.69% by December 31, 2022. The ratio reached its peak of 34.60% in June 2023. From the second half of 2023 through March 2026, the ROE entered a stabilization phase, generally fluctuating between 21.94% and 29.26%.
- Net Income Volatility and Recovery
- Profitability transitioned from substantial losses in early 2022 to a pattern of consistent positive earnings. Although quarterly losses persisted in March 2023 and March 2024, these were isolated occurrences followed by strong recoveries. From mid-2023 onward, net income remained consistently positive, frequently exceeding 900 million US dollars per quarter.
- Stockholders' Equity Expansion
- A continuous upward trend is observed in stockholders' equity, which grew from 3,624 million US dollars in March 2022 to 15,876 million US dollars by March 2026. This steady accumulation of equity suggests a strengthened balance sheet and a significant increase in the company's net asset value over the four-year period.
- Correlation Between Equity Growth and ROE Moderation
- The gradual decline in ROE from its 2023 peak to the 21-23% range in 2025 and 2026 is attributable to the expansion of the equity base. As stockholders' equity increased more rapidly than net income grew, the resulting mathematical effect led to a moderation of the ROE percentage, despite the maintenance of strong absolute profit levels.
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Return on Assets (ROA)
United Airlines Holdings Inc., ROA calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Total assets | 80,941) | 76,448) | 76,313) | 77,163) | 76,111) | 74,083) | 72,640) | 73,254) | 71,902) | 71,104) | 73,153) | 73,341) | 70,417) | 67,358) | 68,968) | 70,381) | 69,038) | ||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | 4.53% | 4.39% | 4.32% | 4.29% | 4.81% | 4.25% | 3.81% | 4.01% | 3.74% | 3.68% | 3.91% | 3.64% | 2.73% | 1.09% | -1.09% | -1.73% | -2.87% | ||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 4.66% | 4.67% | 4.61% | 4.55% | 4.67% | 4.98% | 5.10% | 4.87% | 4.77% | 4.56% | 3.49% | 3.89% | 4.18% | 4.45% | 6.11% | 5.84% | 6.21% | ||||||
| Uber Technologies Inc. | 14.26% | 16.27% | 26.27% | 22.55% | 23.26% | 19.23% | 9.34% | 4.84% | 3.51% | 4.88% | 2.93% | -1.09% | -10.38% | -28.47% | -28.43% | -32.45% | -19.26% | ||||||
| Union Pacific Corp. | 10.36% | 10.24% | 10.27% | 10.11% | 9.83% | 9.96% | 9.82% | 9.58% | 9.50% | 9.50% | 9.57% | 10.19% | 10.61% | 10.69% | 10.82% | 10.63% | 10.64% | ||||||
| United Parcel Service Inc. | 7.31% | 7.62% | 7.71% | 8.08% | 8.55% | 8.25% | 8.30% | 7.57% | 8.76% | 9.47% | 12.17% | 14.23% | 14.93% | 16.24% | 16.09% | 15.60% | 15.35% | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
ROA = 100
× (Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025)
÷ Total assets
= 100 × (699 + 1,044 + 949 + 973)
÷ 80,941 = 4.53%
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through March 2026 exhibits a transition from recovery to sustained operational profitability and improved asset utilization efficiency.
- Net Income Patterns
- A distinct seasonal volatility is observed, characterized by recurring net losses during the first quarter of the fiscal years 2022, 2023, and 2024. Despite these periodic dips, the remaining quarters demonstrate consistent profitability, with a notable peak in June 2024 reaching 1,323 million US$. This indicates a strong recovery in earnings capacity over the four-year period.
- Total Asset Expansion
- The asset base shows a steady upward trend, growing from 69,038 million US$ in March 2022 to 80,941 million US$ by March 2026. This growth suggests a consistent expansion of the company's resource base and infrastructure investment over the analyzed timeframe.
- Return on Assets (ROA) Evolution
- ROA underwent a significant recovery, moving from a negative 2.87% in March 2022 to positive values by December 2022. Starting in March 2023, the ROA entered a phase of stabilization and moderate growth, generally fluctuating between 3.6% and 4.8%. The peak ROA of 4.81% in March 2025 underscores an improvement in the efficiency of converting assets into net income compared to the initial recovery phase.
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