Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
United Airlines Holdings Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 metrics exhibit a distinct three-phase trajectory characterized by an initial recovery period, a phase of rapid expansion, and a subsequent period of stabilization. A transition from negative to positive profitability is evident across all indicators starting in 2022, with margins and returns peaking in early 2025 before experiencing a gradual normalization.
- Operating and Net Profit Margins
- The operating profit margin transitioned from a deficit of -3.51% in March 2022 to positive territory by June 2022, reaching a peak of 9.71% in March 2025. Following this peak, a slight downward trend is observed, with the margin settling at 7.51% by September 2026. Net profit margins mirrored this pattern, moving from -6.85% in March 2022 to a high of 6.34% in March 2025, before moderating to 5.46% by the end of the observed period. The consistent gap between operating and net margins suggests a stable impact from non-operating expenses and taxes throughout the recovery.
- Return on Equity (ROE)
- Return on Equity showed the most significant volatility, beginning at -54.75% in March 2022. A sharp reversal occurred throughout 2023, with ROE peaking at 34.60% in June 2023. While the ratio remained strongly positive throughout the subsequent years, a steady contraction is noted from early 2025 onwards, with the value declining to 20.15% by September 2026. This indicates a normalization of returns relative to shareholder equity after a period of rapid recovery.
- Return on Assets (ROA)
- Return on Assets shifted from -2.87% in March 2022 to positive territory in December 2022. ROA experienced a steady climb, reaching its highest point of 4.81% in March 2025. Unlike the more volatile ROE, ROA remained relatively resilient in the latter half of the period, fluctuating within a narrow range and ending at 4.20% in September 2026. This stability suggests a consistent efficiency in utilizing the asset base to generate earnings once the recovery phase concluded.
Overall, the financial profile shifted from significant losses in early 2022 to a sustainable level of profitability. The convergence of these ratios toward a stable plateau by 2026 suggests that the company has moved past its recovery phase and entered a period of operational maturity.
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Operating Profit Margin
United Airlines Holdings Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | 1,446) | 1,096) | 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 | 17,875) | 17,672) | 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 | 7.51% | 7.75% | 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. | 6.21% | 6.27% | 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. | — | 12.13% | 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. | 40.08% | 40.03% | 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. | — | 7.31% | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
= 100 × (1,446 + 1,096 + 997 + 1,386)
÷ (17,875 + 17,672 + 14,608 + 15,396)
= 7.51%
2 Click competitor name to see calculations.
The operating profit margin exhibits a strong recovery trajectory followed by a period of stabilization. Initial negative performance in early 2022 transitioned into consistent profitability, characterized by a steady expansion of margins that reached a peak in the first quarter of 2025.
- Profitability Recovery and Expansion
- A significant shift occurred between March 2022 and December 2022, as the operating profit margin improved from -3.51% to 5.20%. This recovery accelerated through 2023, with margins stabilizing between 7.52% and 8.74%, signaling an enhanced capacity to convert revenue into operating profit.
- Revenue Growth and Operational Scaling
- Operating revenue demonstrated a consistent upward trend, increasing from 7,566 million US dollars in March 2022 to a projected 17,875 million US dollars by September 2026. While revenue more than doubled over this period, the operating profit margin did not expand proportionally, suggesting that cost increases scaled alongside revenue growth.
- Seasonal Performance Patterns
- Cyclical fluctuations are evident in both operating income and revenue, with consistent peaks occurring in the second and third quarters of each year. These peaks reflect typical aviation industry seasonality, with the highest operating income levels generally recorded in June and September.
- Long-term Margin Stabilization
- Following a peak margin of 9.71% in March 2025, a gradual downward trend is observed in the projected figures, moving toward 7.51% by September 2026. This indicates a transition from a high-growth recovery phase to a mature operational plateau where margins remain positive but stabilize within a tighter range despite continued top-line growth.
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Net Profit Margin
United Airlines Holdings Inc., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | 1,029) | 805) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Operating revenue | 17,875) | 17,672) | 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 | 5.46% | 5.56% | 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. | 4.88% | 4.81% | 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. | — | 17.34% | 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. | 28.90% | 28.85% | 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. | — | 5.08% | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
= 100 × (1,029 + 805 + 699 + 1,044)
÷ (17,875 + 17,672 + 14,608 + 15,396)
= 5.46%
2 Click competitor name to see calculations.
The net profit margin demonstrates a comprehensive recovery and stabilization trajectory over the analyzed period. An initial phase of volatility characterized by negative margins transitioned into a period of consistent profitability, with the margin eventually stabilizing within a range of 5% to 6%.
- Initial Recovery Trend
- Between March 31, 2022, and December 31, 2022, a consistent upward trajectory is observed. The net profit margin improved from a low of -6.85% to a positive 1.64%, signaling a successful transition from operational losses to profitability within a single calendar year.
- Profitability Acceleration and Stabilization
- Throughout 2023 and 2024, margins expanded and stabilized. A significant increase is noted in the first quarter of 2023 to 3.93%, followed by a steady climb. For the majority of 2024, the margin remained resilient, fluctuating narrowly between 4.90% and 5.52%, suggesting an established level of operational efficiency.
- Peak Performance and Long-term Outlook
- The maximum profitability is reached on March 31, 2025, with a net profit margin of 6.34%. Subsequent quarters show a slight moderation, with values settling between 5.46% and 6.06% through September 30, 2026. This pattern indicates a maturation of the recovery phase and the attainment of a sustainable profit baseline.
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Return on Equity (ROE)
United Airlines Holdings Inc., ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | 1,029) | 805) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 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 | 20.15% | 20.94% | 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. | 15.04% | 15.41% | 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. | — | 35.07% | 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. | 34.60% | 35.46% | 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. | — | 30.33% | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
ROE = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Stockholders’ equity
= 100 × (1,029 + 805 + 699 + 1,044)
÷ 17,754 = 20.15%
2 Click competitor name to see calculations.
Analysis of the profitability metrics reveals a transition from a period of significant volatility and negative returns to a phase of stabilized growth and positive returns. The financial trajectory is characterized by a consistent expansion of the equity base accompanied by a recovery in net earnings.
- Net Income Trends
- A recovery from substantial losses in early 2022 is observed, with net income shifting to positive territory by the second quarter of 2022. While profitability remained generally positive through 2026, a seasonal pattern is evident, with the first quarter of each year typically yielding the lowest net income or occasional losses, followed by stronger performance in subsequent quarters.
- Stockholders' Equity Growth
- There is a continuous and significant upward trend in stockholders' equity, which grew from 3,624 million in March 2022 to 17,754 million by September 2026. This steady accumulation of equity indicates a strengthening of the balance sheet and a consistent increase in the company's book value over the observed period.
- Return on Equity (ROE) Dynamics
- ROE experienced a sharp reversal from a low of -54.75% in March 2022 to a peak of 34.60% in June 2023. Following this peak, a gradual downward trend in ROE is observable, declining to 20.15% by September 2026. This compression in ROE is primarily attributed to the rapid growth of the equity denominator, which has outpaced the growth rate of net income, thereby reducing the efficiency of equity utilization despite sustained profitability.
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Return on Assets (ROA)
United Airlines Holdings Inc., ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | 1,029) | 805) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Total assets | 85,120) | 84,569) | 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 | 4.20% | 4.14% | 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. | 4.73% | 4.86% | 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. | — | 14.56% | 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. | 10.49% | 10.29% | 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. | — | 6.41% | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
ROA = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Total assets
= 100 × (1,029 + 805 + 699 + 1,044)
÷ 85,120 = 4.20%
2 Click competitor name to see calculations.
A comprehensive recovery in profitability and asset utilization is evident over the period from March 2022 through September 2026. The organization transitioned from a period of significant net losses to a sustained state of positive returns, characterized by a steady expansion of the asset base and an improvement in operational efficiency.
- Net Income Trends
- The period began with a substantial net loss of 1,377 million USD in March 2022, followed by a volatile recovery phase. While occasional quarterly losses occurred in March 2023 and March 2024, a dominant trend of positive earnings emerged. Net income reached a peak of 1,323 million USD in June 2024 and maintained a consistent level of profitability above 600 million USD through the end of the analyzed period.
- Total Asset Growth
- An upward trajectory in the total asset base is observed, growing from 69,038 million USD in March 2022 to 85,120 million USD by September 2026. This expansion indicates a long-term increase in the scale of operations and investment in infrastructure or equipment, providing a larger base for generating revenue.
- Return on Assets (ROA) Evolution
- The ROA exhibits a clear three-stage progression: recovery, growth, and stabilization. Initially, the ratio was negative, starting at -2.87% in March 2022 and gradually improving until it turned positive in December 2022. A growth phase followed throughout 2023 and 2024, with the ratio climbing to a peak of 4.81% in March 2025. For the remainder of the period, the ROA stabilized, oscillating within a narrow range between 4.14% and 4.39%, suggesting that net income growth began to align proportionally with the expansion of the asset base.
The overall financial trajectory indicates a successful pivot from capital inefficiency to a stable operational model. The convergence of increasing total assets and sustained net income has resulted in a normalized return on assets, reflecting a matured phase of profitability relative to the company's investment scale.
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