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: 2026-06-30), 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 financial data indicates a comprehensive recovery and subsequent stabilization of profitability from early 2022 through mid-2026. A distinct transition is observed from significant quarterly losses to a period of sustained positive returns and margins, suggesting a successful operational turnaround and an eventual arrival at a performance plateau.
- Operating Profit Margin
- A strong upward trajectory is evident starting from a low of -3.51% in March 2022. The margin turned positive by June 2022 and grew consistently to peak at 9.71% in March 2025. Following this peak, a slight moderation is observed, with the margin settling between 7.75% and 8.44% through 2026.
- Net Profit Margin
- Net profitability mirrored the operating trend, moving from a deficit of -6.85% in March 2022 to a positive return in December 2022. The margin expanded to reach a maximum of 6.34% in March 2025 before stabilizing in a range between 5.56% and 6.06% during the final quarters of the period.
- Return on Equity (ROE)
- ROE exhibited the highest volatility of all analyzed metrics, starting at -54.75% in March 2022. A rapid acceleration occurred throughout 2023, peaking at 34.60% in June 2023. For the remainder of the analysis period, ROE remained robust but trended slightly downward, fluctuating between 20.94% and 29.26%.
- Return on Assets (ROA)
- ROA demonstrated a steady and consistent improvement, climbing from -2.87% in March 2022 to a peak of 4.81% in March 2025. The metric remained relatively stable thereafter, maintaining a range between 4.14% and 4.53%, indicating a consistent level of asset utilization efficiency.
Overall, the trajectory across all four profitability ratios suggests a three-stage cycle: a recovery phase characterized by the elimination of losses in 2022, an expansion phase peaking in early 2025, and a normalization phase where margins and returns reached a sustainable equilibrium through mid-2026.
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Return on Sales
Return on Investment
Operating Profit Margin
United Airlines Holdings Inc., operating profit margin calculation (quarterly data)
| 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) | 1,096) | 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 | 17,672) | 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 | 7.75% | 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. | 6.27% | 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. | 40.03% | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
= 100 × (1,096 + 997 + 1,386 + 1,395)
÷ (17,672 + 14,608 + 15,396 + 15,225)
= 7.75%
2 Click competitor name to see calculations.
The operating profit margin exhibits a strong recovery trajectory, transitioning from a deficit in early 2022 to consistent profitability through mid-2026. A period of rapid margin expansion preceded a phase of relative stabilization, where profitability remained within a high-single-digit range.
- Recovery and Expansion Phase
- A significant upward trend is observed between March 2022 and September 2023, during which the operating profit margin ascended from -3.51% to 8.74%. This transition marks a shift from operating losses to a positive margin profile, reflecting improved operational efficiency and increasing revenue streams.
- Peak Performance and Efficiency
- The maximum operating profit margin was reached in March 2025 at 9.71%. This peak suggests an optimal balance between operating revenue and operating expenses during that quarter, representing the highest level of operational profitability across the observed timeframe.
- Stabilization and Volatility
- From December 2023 through June 2026, the margin demonstrated a pattern of stabilization, fluctuating primarily between 7.75% and 9.71%. Although periodic dips occurred, the margin consistently remained above 7%, indicating a sustained capacity to generate operating profit relative to total revenue.
- Revenue Correlation
- Operating revenue showed a consistent growth trend, increasing from 7,566 million USD in March 2022 to 17,672 million USD by June 2026. While revenue typically peaked in the second and third quarters of each year, the operating profit margin did not always follow this seasonal peak, suggesting that operating costs varied independently of revenue growth.
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Net Profit Margin
United Airlines Holdings Inc., net profit margin calculation (quarterly data)
| 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) | 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 | 17,672) | 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 | 5.56% | 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. | 4.81% | 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. | 28.85% | 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: 2026-06-30), 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 Q2 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
= 100 × (805 + 699 + 1,044 + 949)
÷ (17,672 + 14,608 + 15,396 + 15,225)
= 5.56%
2 Click competitor name to see calculations.
An analysis of the financial performance reveals a consistent recovery and subsequent stabilization of profitability margins over the observed period. The net profit margin demonstrates a clear transition from negative territory to a steady positive range, coinciding with a substantial expansion in operating revenue.
- Profitability Recovery Phase
- Between March 2022 and December 2022, a strong upward trajectory is observed in the net profit margin, which improved from -6.85% to 1.64%. This period represents a fundamental turnaround, where the entity moved from significant quarterly losses to positive net profitability by the end of the calendar year.
- Margin Expansion and Stabilization
- From March 2023 through June 2026, the net profit margin entered a phase of relative stability, generally fluctuating between 4.87% and 6.34%. A peak margin of 6.34% was recorded in March 2025. Despite minor quarterly variances, the margin remained resilient, consistently maintaining a level above 4.90% throughout the 2024 to 2026 period.
- Revenue Growth and Earnings Correlation
- Operating revenue exhibited significant growth, increasing from 7,566 million in March 2022 to 17,672 million by June 2026. The expansion of the top line provided the necessary scale to support the stabilization of net profit margins. While net income experienced some volatility—including a dip in March 2024—the overall trend indicates an improved ability to convert revenue into profit compared to the initial 2022 baseline.
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Return on Equity (ROE)
United Airlines Holdings Inc., ROE calculation (quarterly data)
| 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) | 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 | 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 | 20.94% | 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. | 15.41% | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
ROE = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Stockholders’ equity
= 100 × (805 + 699 + 1,044 + 949)
÷ 16,697 = 20.94%
2 Click competitor name to see calculations.
The financial performance reflects a significant recovery trajectory characterized by a transition from substantial net losses to sustained profitability. This recovery is accompanied by a consistent and aggressive expansion of the stockholders' equity base over the analyzed period.
- Net Income Trends
- Initial quarterly results were marked by heavy losses, particularly in early 2022 and early 2023. A shift toward positive earnings emerged mid-2022, with net income reaching a peak of 1,323 million USD in June 2024. While seasonal volatility remains present, the overall trend demonstrates a move toward stabilized quarterly profits.
- Equity Growth
- A continuous upward trajectory is evident in the stockholders' equity, which grew from 3,624 million USD in March 2022 to 16,697 million USD by June 2026. This represents a substantial strengthening of the capital structure and a significant increase in the book value of the company.
- Return on Equity (ROE) Dynamics
- The ROE experienced a sharp reversal, moving from a low of -54.75% in March 2022 to a peak of 34.60% in June 2023. Following this peak, a gradual downward normalization is observed, with the ratio trending toward 20.94% by June 2026. This gradual decline in ROE, despite the maintenance of positive net income, is a mathematical result of the equity base growing at a faster rate than net income growth, thereby diluting the return per unit of equity.
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Return on Assets (ROA)
United Airlines Holdings Inc., ROA calculation (quarterly data)
| 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) | 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 | 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 | 4.14% | 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. | 4.86% | 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. | 10.29% | 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: 2026-06-30), 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 Q2 2026 Calculation
ROA = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Total assets
= 100 × (805 + 699 + 1,044 + 949)
÷ 84,569 = 4.14%
2 Click competitor name to see calculations.
An analysis of the financial performance from March 2022 through June 2026 reveals a significant recovery in profitability and a steady expansion of the asset base. The transition from negative to positive returns indicates a successful turnaround in operational efficiency and earnings capacity over the observed period.
- Net Income Trajectory
- Earnings exhibited high volatility in the early stages, characterized by a substantial loss of 1,377 million USD in March 2022. While a general trend toward profitability emerged by June 2022, a recurring seasonal pattern is observable, with net income frequently dipping or turning negative during the first quarter of the year, specifically in March 2023 and March 2024. However, this seasonal weakness diminished by 2025, with the company maintaining positive net income throughout the year. By June 2026, earnings stabilized at 805 million USD.
- Asset Base Expansion
- Total assets showed a consistent and gradual upward trend. Starting at 69,038 million USD in March 2022, the asset base grew to 84,569 million USD by June 2026. This represents a steady increase in the company's resource scale, suggesting ongoing investment in infrastructure or fleet expansion without compromising the overall profitability ratios.
- Return on Assets (ROA) Performance
- The ROA followed a clear recovery curve, moving from a low of -2.87% in March 2022 to a positive territory starting in December 2022. A period of rapid improvement occurred between March 2023 (2.73%) and June 2024 (4.01%). The ratio reached its peak in March 2025 at 4.81%. In the subsequent quarters, ROA stabilized, fluctuating within a narrow range between 4.14% and 4.39% through June 2026. The ability to maintain an ROA above 4% despite a growing asset base indicates improved asset utilization and operational efficiency.
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