Qualcomm vs United Airlines: Revenue, Profit and Business Model
Qualcomm reported $44.3B of revenue in FY2025 and $5.5B of net income. United Airlines reported $59.1B of revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
Qualcomm
- Latest revenue
- $44.3B (FY2025)
- Net income
- $5.5B
- Net margin
- 12.5%
- Revenue growth
- +7.3% 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
Qualcomm
Qualcomm's revenue has swung with the smartphone cycle: $44.2B in FY2022, $35.8B in FY2023, $39.0B in FY2024 and a record $44.284B in FY2025. FY2025 operating income was $12.355B, but GAAP net income dropped to $5.541B because of a large non-cash income tax charge booked in the September 2025 quarter. FY2026 has been tougher on the top line. Q2 revenue was $10.599B, and Q3 revenue fell 4% year over year to $9.9B with GAAP EPS of $1.87 and non-GAAP EPS of $2.21, as higher memory costs squeezed handset demand. QTL revenue was $1.3B in Q3. Qualcomm returned $2.3B to shareholders that quarter and guided Q4 FY2026 revenue to $9.7B-$10.5B.
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
Qualcomm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $44.3B | $5.5B | 12.5% | +13.7% | Source |
| FY2024 | $39B | $10.1B | 26.0% | +8.8% | Source |
| FY2023 | $35.8B | $7.2B | 20.2% | -19.0% | Source |
| FY2022 | $44.2B | $12.9B | 29.3% | +31.7% | Source |
| FY2021 | $33.6B | $9B | 26.9% | +42.6% | Source |
| FY2020 | $23.5B | $5.2B | 22.1% | -3.1% | Source |
| FY2019 | $24.3B | $4.4B | 18.1% | +7.4% | Source |
| FY2018 | $22.6B | -$5B | -22.0% | +1.6% | Source |
| FY2017 | $22.3B | $2.4B | 11.0% | -5.5% | Source |
| FY2016 | $23.6B | $5.7B | 24.2% | — | 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
Qualcomm
- QCT Handsets~63%
Snapdragon processors, modems and RF chips for smartphones: $27.793B in FY2025. Handset revenue fell 20% to $5.1B in Q3 FY2026 as memory costs hurt phone demand.
- QCT IoT~15%
Chips for industrial devices, networking, XR headsets, PCs and consumer electronics: $6.617B in FY2025 and $1.8B in Q3 FY2026.
- QCT Automotive~9%
Snapdragon Digital Chassis cockpit, ADAS and connectivity platforms: $3.957B in FY2025, up from $2.9B in FY2024, and $1.6B in Q3 FY2026 (up 61%).
- QTL Licensing and other~13%
Royalties on Qualcomm's cellular patents plus smaller strategic initiatives. QTL revenue was $1.3B in Q3 FY2026 at a 69% EBT margin, making it a disproportionate profit contributor.
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
Qualcomm
How it makes money
Qualcomm earns money in two ways. QCT (Qualcomm CDMA Technologies) designs Snapdragon systems-on-chip, modems, RF front-end and Wi-Fi/Bluetooth chips and sells them to handset, automotive, PC and IoT customers; manufacturing is outsourced to foundries such as TSMC and Samsung. QCT produced $38.367B of FY2025 revenue, including $27.793B from handsets, $6.617B from IoT and $3.957B from automotive.
Growth strategy
Qualcomm's growth plan is to reuse Snapdragon's low-power compute, connectivity and AI engines outside phones. Automotive is the clearest win so far, with the Snapdragon Digital Chassis growing from $2.9B in FY2024 to $3.957B in FY2025 and $1.6B in Q3 FY2026 alone. Snapdragon X chips target Windows Copilot+ laptops. Industrial IoT and robotics carry a design-win pipeline above $7B.
Competitive advantage
Qualcomm's edge comes from pairing leading cellular modem and RF engineering with one of the largest portfolios of standard-essential wireless patents. That combination lets it sell integrated Snapdragon platforms (CPU, GPU, NPU, modem and RF) while still collecting royalties on phones that use rival chips. Its custom Oryon CPU cores, from the 2021 Nuvia deal, now run in both flagship phone and Windows PC chips.
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 Qualcomm vs United Airlines
Which company has higher revenue — Qualcomm Inc. or United Airlines Holdings, Inc.?
Qualcomm Inc. reported $44.3B (FY2025), while United Airlines Holdings, Inc. reported $59.1B (FY2025). By last reported revenue, United Airlines Holdings, Inc. is the larger business, with Qualcomm Inc. reporting a smaller revenue base.
What is the market cap of Qualcomm Inc. vs United Airlines Holdings, Inc.?
Qualcomm Inc.'s market capitalisation stands at $208.0B, while United Airlines Holdings, Inc.'s is $36.1B. Qualcomm Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to United Airlines Holdings, Inc..
Which is more financially efficient — Qualcomm Inc. or United Airlines Holdings, Inc.?
Qualcomm Inc. generates $852k / employee in revenue per employee, while United Airlines Holdings, Inc. generates $522k / employee. Qualcomm Inc. 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 Qualcomm Inc. and United Airlines Holdings, Inc. make money?
Qualcomm Inc. and United Airlines Holdings, Inc. generate revenue in fundamentally different ways. Qualcomm Inc.: Qualcomm earns 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 — Qualcomm Inc. or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, Qualcomm Inc. trades at 4.7x P/S and United Airlines Holdings, Inc. at 0.6x P/S. Qualcomm Inc. 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 Qualcomm Inc. bigger than United Airlines Holdings, Inc.?
By last reported revenue, United Airlines Holdings, Inc. ($59.1B (FY2025)) is the larger company compared to Qualcomm Inc. ($44.3B (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 Qualcomm vs United Airlines overview