United Airlines Holdings, Inc. (UAL) Income Statement
UAL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUAL revenue and net income
Where UAL's revenue goes
2025Each bar shows an amount and its share of revenue. UAL kept 5.7% of revenue as net income.
UAL profit margins
UAL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.5% | +9.5% | +30.9% | +4.5% |
| Gross profit | +95.0% | +52.7% | — | +12.3% |
| Operating income | −7.5% | +26.3% | — | −0.9% |
| Net income | +6.5% | +65.7% | — | −7.5% |
| EPS (diluted) | +0.8% | +63.0% | — | −1.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UAL quarterly EPS vs estimates
United Airlines beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 20, 2026 (estimate $2.60).
UAL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.07B | $57.06B | $53.72B | $44.95B | $24.63B | $15.36B | $43.26B | $41.30B | $37.78B | $36.56B |
| Cost of revenue | $21.19B | $37.64B | $38.52B | $34.31B | $23.91B | $20.39B | $30.79B | $30.23B | $27.00B | $24.86B |
| Gross profit | $37.88B | $19.42B | $15.20B | $10.64B | $721.0M | −$5.03B | $12.47B | $11.07B | $10.78B | $11.70B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $4.22B | $4.46B | $3.95B | $19.63B | $1.35B | $13.47B | $20.00B | $3.12B | $2.70B | $2.61B |
| Total operating expenses | $33.16B | $14.32B | $10.99B | $8.30B | $1.74B | $1.33B | $8.17B | $7.85B | $7.16B | $7.46B |
| Operating income | $4.71B | $5.10B | $4.21B | $2.34B | −$1.02B | −$6.36B | $4.30B | $3.23B | $3.62B | $4.34B |
| Interest income | $611.0M | $726.0M | $827.0M | $298.0M | $36.0M | $50.0M | $133.0M | $101.0M | $57.0M | $42.0M |
| Interest expense | $1.22B | $1.40B | $1.77B | $1.67B | $1.58B | $992.0M | $646.0M | $605.0M | $552.0M | $602.0M |
| Income before taxes | $4.31B | $4.17B | $3.39B | $990.0M | −$2.56B | −$8.82B | $3.91B | $2.65B | $3.02B | $3.82B |
| Income taxes | $953.0M | $1.02B | $769.0M | $253.0M | −$593.0M | −$1.75B | $905.0M | $526.0M | $880.0M | $1.56B |
| Net income | $3.35B | $3.15B | $2.62B | $737.0M | −$1.96B | −$7.07B | $3.01B | $2.12B | $2.14B | $2.26B |
| EBITDA | $7.54B | $8.50B | $7.83B | $5.12B | $1.50B | −$5.34B | $6.85B | $5.42B | $5.78B | $6.34B |
| EPS (diluted) | $10.66 | $10.58 | $10.05 | $2.46 | −$14.03 | −$27.04 | $12.10 | $9.20 | $6.78 | $8.73 |
| Gross margin | 64.1% | 34.0% | 28.3% | 23.7% | 2.9% | −32.8% | 28.8% | 26.8% | 28.5% | 32.0% |
| Operating margin | 8.0% | 8.9% | 7.8% | 5.2% | −4.1% | −41.4% | 9.9% | 7.8% | 9.6% | 11.9% |
| Net margin | 5.7% | 5.5% | 4.9% | 1.6% | −8.0% | −46.0% | 7.0% | 5.1% | 5.7% | 6.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.67B | $14.61B | $15.40B | $15.22B | $15.24B | $13.21B | $14.70B | $14.84B | $14.99B | $12.54B | $13.63B | $14.48B |
| Cost of revenue | $5.70B | $5.37B | $5.52B | $5.39B | $5.34B | $4.94B | $10.18B | $10.40B | $10.18B | $9.80B | $9.94B | $10.04B |
| Gross profit | $11.97B | $9.24B | $9.88B | $9.84B | $9.89B | $8.28B | $4.51B | $4.44B | $4.80B | $2.74B | $3.69B | $4.44B |
| Sales, general & admin | $1.29B | $7.88B | $1.14B | $1.11B | $974.0M | $992.0M | $1.10B | $1.15B | $1.25B | $960.0M | $1.14B | $1.03B |
| Total operating expenses | $10.87B | $8.25B | $8.49B | $8.44B | $8.57B | $7.67B | $3.01B | $2.87B | $2.87B | $2.64B | $2.69B | $2.70B |
| Operating income | $1.10B | $997.0M | $1.39B | $1.40B | $1.32B | $607.0M | $1.50B | $1.56B | $1.93B | $99.0M | $997.0M | $1.74B |
| Interest income | $148.0M | $135.0M | $138.0M | $142.0M | $167.0M | $164.0M | $172.0M | $187.0M | $190.0M | $177.0M | $207.0M | $234.0M |
| Interest expense | $343.0M | $327.0M | $324.0M | $278.0M | $310.0M | $308.0M | $316.0M | $326.0M | $367.0M | $393.0M | $430.0M | $445.0M |
| Income before taxes | $1.03B | $870.0M | $1.32B | $1.25B | $1.25B | $478.0M | $1.31B | $1.29B | $1.74B | −$164.0M | $771.0M | $1.49B |
| Income taxes | $221.0M | $172.0M | $281.0M | $306.0M | $275.0M | $91.0M | $322.0M | $321.0M | $416.0M | −$40.0M | $172.0M | $348.0M |
| Net income | $805.0M | $699.0M | $1.04B | $949.0M | $973.0M | $387.0M | $984.0M | $965.0M | $1.32B | −$124.0M | $599.0M | $1.14B |
| EBITDA | $1.74B | $1.95B | $2.40B | $2.26B | $2.29B | $849.0M | $2.37B | $2.35B | $2.83B | $937.0M | $1.89B | $2.59B |
| EPS (diluted) | $1.99 | $1.19 | $3.10 | $2.78 | $3.87 | $0.91 | $3.26 | $3.33 | $4.14 | −$0.15 | $2.00 | $3.65 |
| Gross margin | 67.7% | 63.3% | 64.1% | 64.6% | 64.9% | 62.6% | 30.7% | 29.9% | 32.0% | 21.9% | 27.1% | 30.7% |
| Operating margin | 6.2% | 6.8% | 9.0% | 9.2% | 8.7% | 4.6% | 10.2% | 10.5% | 12.9% | 0.8% | 7.3% | 12.0% |
| Net margin | 4.6% | 4.8% | 6.8% | 6.2% | 6.4% | 2.9% | 6.7% | 6.5% | 8.8% | −1.0% | 4.4% | 7.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UAL's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UAL financial results
In fiscal year 2025 (ended December 31, 2025), United Airlines reported revenue of $59.1 billion, up 3.5% from the year before. It had net income of $3.4 billion (up 6.5%), a net profit margin of 5.7%. Diluted earnings per share came to $10.66. Over five years revenue grew at an average rate of 30.9% a year.
See the UAL stock overview for the latest quote and news, or the UAL chart for price history and technical indicators.
UAL income statement FAQ
What is United Airlines's annual revenue?
United Airlines reported total revenue of $59.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.5% from $57.1 billion the previous year.
Is United Airlines profitable?
Yes. United Airlines reported net income of $3.4 billion in fiscal 2025, a net profit margin of 5.7%; its operating margin was 8.0%.
What is United Airlines's gross margin?
United Airlines's gross margin was 64.1% in fiscal 2025: for every $100 of revenue, United Airlines kept $64 after the direct cost of its products and services.
How fast is United Airlines growing?
Revenue grew 30.9% a year on average over the last five fiscal years, from $15.4 billion to $59.1 billion.
What are United Airlines's earnings per share?
United Airlines earned $10.66 per diluted share in fiscal 2025, compared with $10.58 a year earlier.
When will United Airlines report its next earnings?
United Airlines is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 after the market closes.
When does United Airlines's fiscal year end?
United Airlines's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.