United Airlines Holdings Inc. (NASDAQ:UAL)

Operating Profit Margin

The operating profit margin exhibited a significant upward trend over the analyzed periods. Initially, large negative margins were observed, starting at -63.87% and gradually improving towards breakeven by mid-2022. From June 2022 onward, margins turned positive and continued to increase steadily, peaking near 9.71% in the first half of 2025. The slight fluctuations in late 2024 and early 2025 indicate a stabilization of operating profitability at a sustainably positive level.

Net Profit Margin

The net profit margin followed a pattern similar to the operating profit margin with initial substantial losses, beginning at -63.43% and improving gradually to positive territory by the fourth quarter of 2022. From that point, margins consistently improved, reaching roughly 6.34% during mid-2025. Margins demonstrate a steady recovery trend with minor fluctuations near the end of the period but maintain positive and stable profitability levels.

Return on Equity (ROE)

The ROE data indicate deep initial losses, starting at -129.12% and improving substantially over time. By the end of 2022, ROE turned positive, reaching a peak of approximately 34.6% in mid-2023. Following this peak, there was a gradual decline but the values remain strong and positive, fluctuating around the mid to high 20% range towards mid-2025. This suggests an improving and subsequently stabilizing return for shareholders after recovering from significant negative returns.

Return on Assets (ROA)

The ROA trend shows consistent improvement from strongly negative values in early 2021 (-10.9%) to positive returns by the end of 2022. The ratio steadily increased, reaching above 4.8% in the mid-2025 timeframe before marginal corrections. This reflects enhanced overall asset efficiency and profitability over the period, corresponding with improvements in net profitability and operating margins.

The analysis of the quarterly financial data reveals several notable trends in operating income, revenue, and profit margins over the observed periods.

Operating Income (Loss)

The operating income exhibits pronounced volatility with significant fluctuations across quarters.

During 2021, the operating income showed considerable improvement from large losses early in the year (e.g., -1,381 million USD in Q1) to positive gains by Q3 (1,037 million USD), although it reverted to a loss by year-end (-408 million USD in Q4).

In 2022, the trend shifted toward consistent profitability, with operating income turning positive from Q2 onward, peaking at 1,458 million USD in Q3 before slightly moderating in Q4 (1,377 million USD).

The year 2023 continued this generally positive trajectory, albeit with some oscillations. Q1 2023 saw a minor operating loss (-43 million USD), followed by robust returns in Q2 through Q4, with values ranging from approximately 998 to 1,739 million USD.

The projections for 2024 and 2025 suggest sustained profitability, maintaining operating incomes above 600 million USD each quarter and even approaching peaks of over 1,900 million USD, reflecting improvement and operational stability.

Operating Revenue

Operating revenue shows a clear upward trend from 2021 into subsequent years, indicating growth in business scale or market demand.

Starting from relatively low levels in early 2021 (around 3,221 million USD in Q1), revenues increased dramatically by Q4 2021 (over 8,000 million USD), almost doubling in some quarters of 2022, with figures exceeding 12,000 million USD consistently.

Revenue remained strong through 2023, hovering in the range of approximately 11,400 to 14,600 million USD quarterly, indicating sustained demand and operational capacity.

Forecast data through 2025 predicts continued revenue stability and growth, with recurrent quarterly revenues in the 13,000 to 15,000 million USD range, highlighting ongoing market or operational expansion.

Operating Profit Margin

The operating profit margin provides insight into profitability relative to revenue and reveals significant improvement over time.

Early 2021 percentages indicate deeply negative margins, with the first quarter showing a -63.87% margin, reflecting heavy losses relative to revenue.

The margin improved progressively through 2021 and into 2022, turning positive by mid-2022 and reaching around 5.2% at year-end 2022.

Throughout 2023 and into the forecasts for 2024 and 2025, operating profit margins stabilize between approximately 7.8% and 9.7%, indicating enhanced operational efficiency and profitability.

This sustained margin improvement corresponds with rising operating income and steady revenue performance, underscoring successful cost management or revenue quality improvements.

In summary, the data demonstrates a trend from significant losses and low revenues in early 2021 toward enhanced operating profitability and revenue growth through 2022 and beyond. The improving operating profit margins further suggest effective control over costs or stronger pricing power, contributing to a more secure financial position projected through 2025.

The financial data reveals notable fluctuations in net income over the examined quarters. Initially, significant net losses are observed in the early periods, with a considerable loss of $-1,357 million recorded at March 31, 2021. This negative trend eases over time, transitioning to positive net income figures starting from September 30, 2021, with continued variability thereafter. The net income peaks at $1,323 million in June 30, 2024, indicating periods of improved profitability. Despite some quarters showing declines or modest profits, overall there is a clear upward trend over the period.

Operating revenue demonstrates a consistent increasing trajectory across the quarters. Beginning at $3,221 million in the first quarter of 2021, revenue grows substantially, reaching over $15,000 million in several of the most recent quarters, specifically attaining $15,236 million and $15,225 million by the first three quarters of 2025. This upward shift indicates a robust expansion in sales and operational scale.

The net profit margin aligns with the changes in net income and revenue, exhibiting significant improvement. Initially negative and notably low at -63.43% in March 2021, the margin rises steadily, crossing into positive territory by the fourth quarter of 2021 (1.64%). From that point onward, profit margins sustain positive values, ranging mostly between approximately 4.9% and 6.3%, peaking at 6.34% in the third quarter of 2025. This reflects enhanced operational efficiency and the company's ability to convert revenue into profit.

Net Income Trends

Marked recovery from deep losses in early 2021 to sustained profitability with some fluctuations in subsequent years, including strong earnings in mid-2024 and beyond.

Operating Revenue Growth

Progressive and substantial growth over the entire period, nearly quintupling from early 2021 to 2025, demonstrating increased business volume and market demand.

Net Profit Margin Improvement

Transition from deeply negative margins to consistently positive levels above 4%, showing improved cost management, pricing power, and overall financial health.

Overall, the data indicates a strong recovery trajectory with increasing revenues and profitability metrics, suggesting effective strategic and operational execution during the period analyzed.

The financial data reveals notable fluctuations in net income and stockholders' equity over the periods analyzed, alongside a marked improvement in return on equity (ROE).

Net Income (Loss)

The net income exhibited significant volatility, with several periods of losses followed by positive gains. Initially, there were steep losses in early periods, notably -1357 million US$ in March 2021 and -1377 million US$ in March 2022. However, from mid-2022 onward, the company demonstrated a recovery trend with consecutive positive net incomes, peaking at 1137 million US$ in September 2023. Despite some intermittent declines, such as the loss of -194 million US$ in March 2023 and a minor loss of -124 million US$ in March 2024, the overall trajectory of net income suggests improved profitability towards the later periods, culminating with a substantial positive net income of 949 million US$ by September 2025.

Stockholders’ Equity

The stockholders' equity showed a general increasing trend throughout the observed periods, indicating a strengthening financial foundation. Starting at 5206 million US$ in March 2021, the figure experienced a decline reaching a low of 3624 million US$ in March 2022, before progressively ascending. From June 2022 onwards, equity consistently increased, reaching 14309 million US$ by September 2025. This growth reflects accumulation of retained earnings and potentially additional equity financing, contributing positively to the company's capital structure.

Return on Equity (ROE)

The ROE metric demonstrated a substantial improvement over time, moving from negative values indicative of losses to positive returns on equity. Initially, ROE was deeply negative, with the lowest at -129.12% in March 2021, reflecting the poor profitability in correspondence with net losses. By December 2022, ROE turned positive at 10.69%, indicating a turnaround in profitability relative to equity base. Subsequently, ROE stabilized in the mid to high twenties percentage range, sustaining levels around 23-34%, indicative of enhanced efficiency in generating profits from shareholders' equity.

In summary, the company has undergone notable recovery from initial losses, improving profitability and capital base steadily. The rise in stockholders’ equity, alongside the transition from negative to positive ROE, highlights a strengthening financial performance and effective utilization of equity. Despite some quarterly variability in net income, the overarching pattern points to an operational and financial stabilization with a positive outlook by the end of the period analyzed.

Net Income (Loss)

The company’s net income exhibits significant volatility over the analyzed periods. Initially, from March 2021 to December 2021, net income remained negative in three out of four quarters, with a notable loss of -$1,357 million in March 2021. Thereafter, performance fluctuated between losses and gains through 2022, showing recovery signs with positive net income in three quarters. From March 2023 onward, a more consistent pattern of profitability is observed, with the majority of quarters reflecting positive net income, peaking at $1,323 million in June 2024. However, some quarters still reverted to losses or lower profitability, indicating ongoing variability in earnings.

Total Assets

Total assets demonstrate a general upward trend across the periods. Starting at approximately $61.7 billion in March 2021, total assets increased to a peak of around $77.2 billion by September 2025 before experiencing a slight reduction in the final quarter analyzed. This accumulation of assets suggests a gradual expansion or reinvestment strategy. While there are minor fluctuations, the underlying trend points towards growth and asset base strengthening over time.

Return on Assets (ROA)

Return on assets starts at a deeply negative value of -10.9% in March 2021, reflecting poor asset efficiency and profitability during the initial period, compounded by significant losses. Through the following quarters, ROA improved steadily, turning positive by December 2021 and continuing a mostly upward trajectory. From 2023 onwards, ROA stabilizes in the positive range, frequently exceeding 3% and reaching a maximum of 4.81% in June 2025, indicating enhanced profit generation relative to asset utilization. This consistent improvement aligns with the positive trends in net income and total assets, suggesting better operational performance and asset management.

Summary

Overall, the financial data depict a transition from significant losses and operational challenges in early 2021 towards improved profitability and asset utilization by the mid-2020s. The growth in total assets combined with increasing and mostly positive ROA reflects a strengthening financial position. Nonetheless, the company experiences occasional income volatility, indicating that while conditions have improved, some uncertainties or operational fluctuations remain. The trends suggest ongoing recovery and enhanced financial health but highlight the need for continued management focus on sustaining profitability and asset productivity.