TotalEnergies vs United Airlines: Revenue, Profit and Business Model
TotalEnergies reported $201.2B of revenue in FY2025 and $13.1B of net income. United Airlines reported $59.1B of revenue in FY2025 and $3.4B of net income.
Latest financial snapshot
TotalEnergies
- Latest revenue
- $201.2B (FY2025)
- Net income
- $13.1B
- Net margin
- 6.5%
- Revenue growth
- +5.2% 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
TotalEnergies
TotalEnergies' 2025 results showed how much its earnings still track oil prices. Revenues from sales fell to $182.344 billion (total revenues including excise taxes of $201.2 billion), adjusted net income dropped 15% to $15.6 billion and IFRS net income attributable to shareholders was $13.1 billion. Cash flow slipped only 7% to nearly $28 billion because upstream production grew about 4%. Gearing ended 2025 at 15%, ROACE was 12.6% and the 2025 dividend rose 5.6% to €3.40 per share. In 2026, higher crude prices linked to the Middle East conflict reversed the trend: second-quarter adjusted net income reached $6.0 billion, cash flow $9.8 billion and first-half adjusted net income about $11.4 billion.
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
TotalEnergies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201.2B | $13.1B | 6.5% | -6.2% | Source |
| FY2024 | $214.6B | $15.8B | 7.3% | -9.5% | Source |
| FY2023 | $237.1B | $21.4B | 9.0% | -15.6% | Source |
| FY2022 | $281B | $20.5B | 7.3% | +36.5% | Source |
| FY2021 | $205.9B | $16B | 7.8% | +46.3% | Source |
| FY2020 | $140.7B | -$7.2B | -5.1% | -29.8% | Source |
| FY2019 | $200.3B | $11.3B | 5.6% | -4.3% | Source |
| FY2018 | $209.4B | $11.4B | 5.5% | +40.4% | Source |
| FY2017 | $149.1B | $8.6B | 5.8% | +16.6% | Source |
| FY2016 | $127.9B | $6.2B | 4.8% | — | 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
TotalEnergies
- Exploration & Production
Not disclosed here
Sales of crude oil and gas from about 2.5 million boe per day of 2025 production.
- Integrated LNG
Not disclosed here
Liquefaction, shipping, trading and sale of LNG and gas under long-term and spot contracts.
- Integrated Power
Not disclosed here
Wholesale and retail electricity from renewables, gas-fired plants and storage, plus retail gas supply.
- Refining & Chemicals
Not disclosed here
Refined fuels, polymers and petrochemicals from integrated industrial platforms.
- Marketing & Services
Not disclosed here
Retail and B2B sales of fuels, lubricants, aviation fuel and EV charging.
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
TotalEnergies
How it makes money
TotalEnergies makes money across five reporting segments. Exploration & Production sells crude oil and gas from about 2.5 million barrels of oil equivalent per day of output. Integrated LNG liquefies, ships, trades and sells gas from projects in Qatar, the U.S., Nigeria, Australia, Papua New Guinea and elsewhere.
Growth strategy
TotalEnergies' strategy centers on low-cost oil and gas production, LNG integration, disciplined downstream operations, renewable power capacity, electricity customers, and cash returns to shareholders.
Competitive advantage
TotalEnergies has an integrated LNG platform, upstream assets across multiple basins, downstream and marketing positions, and a growing power portfolio. Its advantage is breadth across molecules, refined products, and electrons.
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 TotalEnergies vs United Airlines
Which company has higher revenue — TotalEnergies SE or United Airlines Holdings, Inc.?
TotalEnergies SE reported $201.2B (FY2025), while United Airlines Holdings, Inc. reported $59.1B (FY2025). By last reported revenue, TotalEnergies SE is the larger business, with United Airlines Holdings, Inc. reporting a smaller revenue base.
What is the market cap of TotalEnergies SE vs United Airlines Holdings, Inc.?
TotalEnergies SE's market capitalisation stands at $205.0B, while United Airlines Holdings, Inc.'s is $36.1B. TotalEnergies SE carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to United Airlines Holdings, Inc..
Which is more financially efficient — TotalEnergies SE or United Airlines Holdings, Inc.?
TotalEnergies SE generates $2.01M / employee in revenue per employee, while United Airlines Holdings, Inc. generates $522k / employee. TotalEnergies SE 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 TotalEnergies SE and United Airlines Holdings, Inc. make money?
TotalEnergies SE and United Airlines Holdings, Inc. generate revenue in fundamentally different ways. TotalEnergies SE: TotalEnergies makes money across five reporting segments. United Airlines Holdings, Inc.: United makes money by filling a hub-and-spoke network.
Which company is valued higher relative to revenue — TotalEnergies SE or United Airlines Holdings, Inc.?
On a price-to-sales (P/S) basis, TotalEnergies SE trades at 1.0x P/S and United Airlines Holdings, Inc. at 0.6x P/S. TotalEnergies SE 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 TotalEnergies SE bigger than United Airlines Holdings, Inc.?
By last reported revenue, TotalEnergies SE ($201.2B (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 TotalEnergies vs United Airlines overview