Johnson & Johnson vs United Airlines: Revenue, Profit and Business Model
Johnson & Johnson reported $94.2B of revenue in FY2025 and $26.8B of net income. United Airlines reported $59.1B of revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
Johnson & Johnson
- Latest revenue
- $94.2B (FY2025)
- Net income
- $26.8B
- Net margin
- 28.5%
- Revenue growth
- +3.0% a year, FY2016–FY2025
United Airlines
- Latest revenue
- $59.1B (FY2025)
- Net income
- $3.4B
- Net margin
- 5.7%
- Revenue growth
- +5.5% a year, FY2016–FY2025
Financial summary
Johnson & Johnson
J&J's sales grew from $85.2 billion in 2023 to $88.8 billion in 2024 and $94.2 billion in 2025, while FY2025 net earnings reached $26.8 billion. Q2 2026 sales were $25.31 billion (Innovative Medicine $16.38 billion, MedTech $8.93 billion), net earnings were $5.53 billion, adjusted EPS was $2.90, and first-half free cash flow was about $8.7 billion. Management guides 2026 sales of $100.8 to $101.4 billion and adjusted EPS of $11.60 to $11.75. The company has raised its dividend for more than 60 consecutive years, and its market value was roughly $644 billion in mid-September 2026.
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
Johnson & Johnson
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.2B | $26.8B | 28.5% | +6.0% | Source |
| FY2024 | $88.8B | $14.1B | 15.8% | +4.3% | Source |
| FY2023 | $85.2B | $35.2B | 41.3% | +6.5% | Source |
| FY2022 | $80B | $17.9B | 22.4% | +1.6% | Source |
| FY2021 | $78.7B | $20.9B | 26.5% | -4.7% | Source |
| FY2020 | $82.6B | $14.7B | 17.8% | +0.6% | Source |
| FY2019 | $82.1B | $15.1B | 18.4% | +0.6% | Source |
| FY2018 | $81.6B | $15.3B | 18.8% | +6.7% | Source |
| FY2017 | $76.5B | $1.3B | 1.7% | +6.3% | Source |
| FY2016 | $71.9B | $16.5B | 23.0% | — | 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
Johnson & Johnson
- Innovative Medicine~64%
Innovative Medicine generated $60.401 billion in FY2025 sales across oncology, immunology, neuroscience, pulmonary hypertension, infectious disease, and cardiovascular/metabolism.
- MedTech~36%
MedTech generated $33.792 billion in FY2025 sales across surgery, orthopaedics, cardiovascular, and vision products.
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
Johnson & Johnson
How it makes money
J&J makes money in two ways. Innovative Medicine (about 64% of FY2025 sales, $60.4 billion) sells patented prescription medicines to wholesalers, specialty pharmacies, hospitals, and governments; key products include DARZALEX for multiple myeloma, TREMFYA and STELARA in immunology, ERLEADA in prostate cancer, CARVYKTI cell therapy, and CAPLYTA, added through the 2025 Intra-Cellular Therapies deal.
Growth strategy
J&J is narrowing its portfolio toward higher-growth areas. It spun off consumer health as Kenvue in 2023, announced in October 2025 that it will separate its orthopaedics business as DePuy Synthes, and used acquisitions to refill its pipeline: Abiomed ($16.6 billion, 2022), Shockwave Medical ($13.1 billion, 2024), and Intra-Cellular Therapies ($14.6 billion, 2025).
Competitive advantage
J&J's edge is breadth plus balance-sheet strength. It runs one of the largest pharmaceutical R&D budgets in the industry, holds a AAA credit rating from S&P (one of only two US companies with that rating, alongside Microsoft), and sells into hospitals across pharmaceuticals and devices at the same time.
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 Johnson & Johnson vs United Airlines
Which company has higher revenue — Johnson & Johnson or United Airlines Holdings, Inc.?
Johnson & Johnson reported $94.2B (FY2025), while United Airlines Holdings, Inc. reported $59.1B (FY2025). By last reported revenue, Johnson & Johnson is the larger business, with United Airlines Holdings, Inc. reporting a smaller revenue base.
What is the market cap of Johnson & Johnson vs United Airlines Holdings, Inc.?
Johnson & Johnson's market capitalisation stands at $643.9B, while United Airlines Holdings, Inc.'s is $36.1B. Johnson & Johnson carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to United Airlines Holdings, Inc..
Which is more financially efficient — Johnson & Johnson or United Airlines Holdings, Inc.?
Johnson & Johnson generates $669k / employee in revenue per employee, while United Airlines Holdings, Inc. generates $522k / employee. Johnson & Johnson shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Johnson & Johnson and United Airlines Holdings, Inc. make money?
Johnson & Johnson and United Airlines Holdings, Inc. generate revenue in fundamentally different ways. Johnson & Johnson: J&J makes money in two ways. United Airlines Holdings, Inc.: United makes money by filling a hub-and-spoke network.
Which company is valued higher relative to revenue — Johnson & Johnson or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, Johnson & Johnson trades at 6.8x P/S and United Airlines Holdings, Inc. at 0.6x P/S. Johnson & Johnson commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to United Airlines Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Johnson & Johnson bigger than United Airlines Holdings, Inc.?
By last reported revenue, Johnson & Johnson ($94.2B (FY2025)) is the larger company compared to United Airlines Holdings, Inc. ($59.1B (FY2025)). 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 Johnson & Johnson vs United Airlines overview