Roche vs United Airlines: Revenue, Profit and Business Model
Roche reported ~$76B of revenue in FY2025 and ~$15.5B of net income. United Airlines reported $59.1B of revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
Roche
- Latest revenue
- ~$76B (FY2025)
- Net income
- ~$15.5B
- Net margin
- 20.3%
- Revenue growth
- -1.0% a year, FY2021–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
Roche
Roche's 2025 group sales were ~$73.8 billion (CHF 61.5 billion), up 7% at constant exchange rates but only 2% in Swiss francs. Core operating profit grew 13% CER to ~$26.2 billion (CHF 21.8 billion), core EPS was CHF 19.46, and IFRS net income jumped to ~$16.6 billion (CHF 13.8 billion) from ~$11 billion (CHF 9.2 billion) in 2024, when impairments depressed profit. In H1 2026 core operating margin widened 1.7 points to 39.0%, while a strong franc pushed reported sales down 2%. The board raised the dividend to CHF 9.80, the 39th consecutive increase, and guided for mid-single-digit CER sales growth and high-single-digit core EPS growth in 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
Roche
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$76B | ~$15.5B | 20.3% | +1.5% | Source |
| FY2024 | ~$74.9B | ~$9.9B | 13.3% | +3.2% | Source |
| FY2023 | ~$72.5B | ~$13.8B | 19.0% | -8.2% | Source |
| FY2022 | ~$79B | ~$14.9B | 18.9% | -0.1% | Source |
| FY2021 | ~$79B | ~$16.7B | 21.2% | — | 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
Roche
- Prescription medicines
- Biologics and oncology drugs
- Diagnostic instruments
- Diagnostic reagents and tests
- Sequencing and molecular diagnostics
- Clinical data and companion diagnostics
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
Roche
How it makes money
Roche makes money in two ways. The Pharmaceuticals Division (~$57.2 billion (CHF 47.7 billion) in 2025) sells patented medicines, mostly biologics, in oncology, neuroscience, immunology, ophthalmology and haemophilia; top growth drivers in 2025 were Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo.
Growth strategy
Roche is building a cardiovascular, renal and metabolic franchise through acquisitions of Carmot Therapeutics (2023, $2.7 billion upfront) and 89bio (2025, up to about $3.5 billion), the petrelintide partnership with Zealand Pharma, and a new Innovation Center in Boston opened in September 2026.
Competitive advantage
Roche's edge comes from three things: scale in both drugs and diagnostics, a long-horizon ownership structure, and a federated R&D model. The Hoffmann and Oeri family pool holds the majority of voting shares, which shields management from takeover pressure.
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 Roche vs United Airlines
Which company has higher revenue — F. Hoffmann-La Roche AG or United Airlines Holdings, Inc.?
F. Hoffmann-La Roche AG reported ~$76B (FY2025), while United Airlines Holdings, Inc. reported $59.1B (FY2025). By last reported revenue, F. Hoffmann-La Roche AG is the larger business, with United Airlines Holdings, Inc. reporting a smaller revenue base.
What is the market cap of F. Hoffmann-La Roche AG vs United Airlines Holdings, Inc.?
F. Hoffmann-La Roche AG's market capitalisation stands at $355.0B, while United Airlines Holdings, Inc.'s is $36.1B. F. Hoffmann-La Roche AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to United Airlines Holdings, Inc..
Which is more financially efficient — F. Hoffmann-La Roche AG or United Airlines Holdings, Inc.?
F. Hoffmann-La Roche AG generates $674k / employee in revenue per employee, while United Airlines Holdings, Inc. generates $522k / employee. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG and United Airlines Holdings, Inc. make money?
F. Hoffmann-La Roche AG and United Airlines Holdings, Inc. generate revenue in fundamentally different ways. F. Hoffmann-La Roche AG: Roche 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 — F. Hoffmann-La Roche AG or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, F. Hoffmann-La Roche AG trades at 4.7x P/S and United Airlines Holdings, Inc. at 0.6x P/S. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG bigger than United Airlines Holdings, Inc.?
By last reported revenue, F. Hoffmann-La Roche AG (~$76B (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 Roche vs United Airlines overview