United Airlines Holdings
Explore United Airlines Holdings
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
United Airlines Holdings
Explore United Airlines Holdings
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$59.1B
▲ 3.5% vs FY2024 ($57.1B)
Source: Annual report / company filing
United Airlines Holdings reported $59.1B in revenue for fiscal year 2025. This represents a growth of 3.5% compared to the 2024 figure of $57.1B.
United Airlines reached $59.1B in total operating revenues in fiscal FY2025, growing from $24.6 billion in fiscal 2021 as the airline industry recovered from pandemic demand collapse. The trajectory — $24.6 billion, $45 billion, $53.7 billion, $57.1 billion across four fiscal years — reflects both the velocity of travel demand recovery and the pricing power that constrained domestic capacity provided during the recovery period. Net income of $2.5 billion on $57.1 billion in revenue is a 4.4% net margin, which appears thin but is competitive with airline peers and reflects the capital intensity and fuel cost exposure inherent in operating 700-plus aircraft. The MileagePlus contribution to that profitability is difficult to isolate in reported financials but is material — JPMorgan Chase pays United billions annually for the miles it awards to co-branded credit card holders, and those miles are sold at prices that represent near-pure margin for the airline. The $22 billion market capitalization on $57.1 billion in revenue is a 0.39 times revenue multiple — a persistent discount that reflects the structural skepticism investors apply to airline equities after decades of value destruction through fuel cycles, labor disputes, and recession-driven demand collapses. United's capital allocation under Kirby has been more disciplined than historical airline management, and the route network concentration in high-yield international corridors differentiates the company from domestic-focused competitors. The Boeing 737 MAX 9 emergency in early 2024 — when a door plug blew out on an Alaska Airlines aircraft — prompted the FAA to ground a portion of the MAX 9 fleet for inspection, disrupting United's capacity plan and forcing schedule changes. The disruption was temporary but costly, demonstrating the supplier concentration risk that every major US carrier carries when a significant portion of the fleet comes from a single manufacturer experiencing production quality challenges.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $59.1B | — | +3.5% |
| FY2024 | $57.1B | $2.5B | +6.3% |
| FY2023 | $53.7B | — | +19.5% |
| FY2022 | $45.0B | — | +82.5% |
| FY2021 | $24.6B | — | +60.4% |
| FY2020 | $15.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.