easyJet vs United Airlines: Revenue, Profit and Business Model
easyJet had ~$12.3B of annual revenue in FY2024 and ~$596.6M of net income. United Airlines had $59.1B of annual revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
easyJet
- Latest annual revenue
- ~$12.3B (FY2024)
- Net income
- ~$596.6M
- Net margin
- 4.9%
- Revenue growth
- +7.9% a year, FY2015–FY2024
United Airlines
- Latest annual revenue
- $59.1B (FY2025)
- Net income
- $3.4B
- Net margin
- 5.7%
- Revenue growth
- +5.5% a year, FY2016–FY2025
Financial summary
easyJet
easyJet demonstrates strong balance sheet health, surging free cash flow generation, and high financial flexibility. In fiscal year 2023/2024, easyJet generated total group revenue of £9.81 billion, up 16.5% year-over-year. Headline profit before tax rose to £610 million, with statutory net profit reaching £450 million. The easyJet holidays business contributed over £180 million in pre-tax profit (up 47%). Operating cash flow exceeded £1.3 billion, enabling easyJet to restore its ordinary shareholder dividend, maintain an investment-grade balance sheet with net cash, and self-fund its massive 157-aircraft Airbus delivery program through 2034.
United Airlines
United's revenue grew from $43.3 billion in 2019 to a record $59.1 billion in 2025, and net income reached $3.4 billion in 2025 against $3.1 billion in 2024. Operating cash flow was $8.4 billion in 2025. In 2026 the story is fuel: after oil prices spiked in March, United cut full-year adjusted EPS guidance to $7-$11, then raised it to $9-$11 in July after Q2 revenue rose 16% to $17.7 billion and yields climbed 12%. Q2 fuel expense was up $2.3 billion (84%), and the company said it expected to recover all of the increase through fares by Q4. Management is targeting an investment-grade credit rating in 2026.
Revenue and profit by year
easyJet
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | ~$12.3B | ~$596.6M | 4.9% | +14.0% | Source |
| FY2023 | ~$10.8B | ~$427.7M | 4.0% | +41.6% | Source |
| FY2022 | ~$7.6B | ~-$223.1M | -2.9% | +295.7% | Source |
| FY2021 | ~$1.9B | ~-$1.1B | -58.8% | -51.5% | Source |
| FY2020 | ~$4B | ~-$1.4B | -35.9% | -52.9% | Source |
| FY2019 | ~$8.4B | ~$460.7M | 5.5% | +8.3% | Source |
| FY2018 | ~$7.8B | ~$472.6M | 6.1% | +16.9% | Source |
| FY2017 | ~$6.7B | ~$402.6M | 6.0% | +8.1% | Source |
| FY2016 | ~$6.2B | ~$563.6M | 9.1% | -0.4% | Source |
| FY2015 | ~$6.2B | ~$723.4M | 11.7% | — | Source |
United Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $59.1B | $3.4B | 5.7% | +3.5% | Source |
| FY2024 | $57.1B | $3.1B | 5.5% | +6.2% | Source |
| FY2023 | $53.7B | $2.6B | 4.9% | +19.5% | Source |
| FY2022 | $45B | $737M | 1.6% | +82.5% | Source |
| FY2021 | $24.6B | -$2B | -8.0% | +60.4% | Source |
| FY2020 | $15.4B | -$7.1B | -46.0% | -64.5% | Source |
| FY2019 | $43.3B | $3B | 7.0% | +4.7% | Source |
| FY2018 | $41.3B | $2.1B | 5.1% | +9.5% | Source |
| FY2017 | $37.7B | $2.1B | 5.7% | +3.2% | Source |
| FY2016 | $36.6B | $2.2B | 6.1% | — | Source |
Where the revenue comes from
easyJet
- Passenger Flight Fares63.5
Scheduled point-to-point passenger flight ticket sales across easyJet's primary European airport network connecting 155+ airports.
- Ancillary Products & Services24.5
High-margin ancillary revenue including allocated seat selection, cabin bags, hold luggage, speedy boarding, and inflight bistro sales.
- easyJet holidays12
Package holiday offerings combining easyJet flights with curated 4- and 5-star hotel accommodations, transfers, and luggage.
United Airlines
- Passenger tickets
- Premium cabins
- Basic Economy
- MileagePlus and co-brand revenue
- Cargo
- United Club memberships
- Baggage and seat fees
Business model and strategy
easyJet
How it makes money
easyJet operates a high-margin, customer-centric low-cost airline and package holiday business model: (1) Passenger Seat Airfares (~68% of revenue / ~£6.67B), monetizing point-to-point flights connecting major European commercial capitals, financial centers, and Mediterranean leisure beaches with load factors above 90%;
Growth strategy
Under incoming CEO Kenton Jarvis, easyJet is executing four core strategic growth drivers: (1) Scaling easyJet holidays Toward £250M+ PBT: Expanding package holiday offerings across the UK and rolling out the platform to continental European source markets (Germany, France, Switzerland) to capture lucrative Mediterranean package travel;
Competitive advantage
easyJet possesses multiple durable competitive advantages that distinguish it from both ultra-low-cost rivals and legacy network flag carriers: 1. Primary Airport Slot Dominance: easyJet's primary structural moat is its unmatched portfolio of landing and takeoff slots at Europe's leading, capacity-constrained airports. At London Gatwick, easyJet controls over 50% of total airport slots;
United Airlines
How it makes money
United makes money by filling a hub-and-spoke network. Domestic and regional flights feed passengers into seven U.S. hubs, where they connect to long-haul routes across the Atlantic, Pacific and Latin America. Ticket sales are the core: passenger revenue was $53.4 billion of the $59.1 billion total in 2025.
Growth strategy
United is investing in premium seating, larger aircraft, international routes, operational reliability, MileagePlus, airport clubs, digital service, Starlink connectivity, and network depth at core hubs.
Competitive advantage
United's advantage is its hub network, international route breadth, Star Alliance connectivity, premium-cabin expansion, MileagePlus loyalty base, corporate account strength, and major positions at airports such as Chicago O'Hare, Newark, Denver, Houston, San Francisco, Washington Dulles, and Los Angeles.
Questions about easyJet vs United Airlines
Which company has higher revenue — easyJet or United Airlines Holdings, Inc.?
easyJet had ~$12.3B (FY2024), while United Airlines Holdings, Inc. had $59.1B (FY2025). By latest annual revenue, United Airlines Holdings, Inc. is the larger business, with easyJet showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of easyJet vs United Airlines Holdings, Inc.?
easyJet's market capitalisation stands at $4.1B, while United Airlines Holdings, Inc.'s is $36.1B. United Airlines Holdings, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to easyJet.
How does revenue per employee compare for easyJet and United Airlines Holdings, Inc.?
easyJet has $768k / employee in revenue per employee, while United Airlines Holdings, Inc. has $522k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do easyJet and United Airlines Holdings, Inc. make money?
easyJet and United Airlines Holdings, Inc. generate revenue in fundamentally different ways. easyJet: easyJet operates a high-margin, customer-centric low-cost airline and package holiday business model: (1) Passenger Seat Airfares (~68% of revenue / ~£6.67B), monetizing point-to-point flights connecting major European commercial capitals, financial centers, and Mediterranean leisure beaches with load factors above 90%; (2) Ancillary Revenues (~24% of revenue / ~£2.35B), generating high gross margins from allocated standard and extra-legroom seating, large cabin bags, checked hold luggage, and in-flight bistro and boutique sales; (3) easyJet holidays (~8% of revenue / ~£0.79B), bundling easyJet flight seats with directly contracted European resort hotels, transfers, and luggage, generating pre-tax profit margins exceeding 15%; and (4) Business Travel & easyJet Plus: Selling annual easyJet Plus memberships (£215/year) granting priority security, allocated seating, and dedicated bag drop to corporate business travelers. United Airlines Holdings, Inc.: United makes money by filling a hub-and-spoke network.
Which company is valued higher relative to revenue — easyJet or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, easyJet trades at 0.3x P/S and United Airlines Holdings, Inc. at 0.6x P/S. United Airlines Holdings, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to easyJet. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is easyJet bigger than United Airlines Holdings, Inc.?
By last reported revenue, United Airlines Holdings, Inc. ($59.1B (FY2025)) is the larger company compared to easyJet (~$12.3B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the easyJet vs United Airlines overview