United Airlines Holdings annual operating margin
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United Airlines Holdings Operating Margin Growth & History (UAL)
United Airlines Holdings's operating margin was 7.98% for fiscal 2025.
View full United Airlines Holdings company overviewUnited Airlines Holdings annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 7.98% | −0.95 pp |
| 2024 | 2024-12-31 | 8.93% | +1.09 pp |
| 2023 | 2023-12-31 | 7.84% | +2.64 pp |
| 2022 | 2022-12-31 | 5.20% | +9.35 pp |
| 2021 | 2021-12-31 | −4.15% | +37.26 pp |
| 2020 | 2020-12-31 | −41.41% | −51.36 pp |
| 2019 | 2019-12-31 | 9.94% | +2.12 pp |
| 2018 | 2018-12-31 | 7.82% | −1.76 pp |
| 2017 | 2017-12-31 | 9.58% | −2.31 pp |
| 2016 | 2016-12-31 | 11.88% | −1.76 pp |
| 2015 | 2015-12-31 | 13.64% | +7.54 pp |
| 2014 | 2014-12-31 | 6.10% | +2.84 pp |
| 2013 | 2013-12-31 | 3.26% | +3.16 pp |
| 2012 | 2012-12-31 | 0.10% | −4.80 pp |
| 2011 | 2011-12-31 | 4.91% | +0.73 pp |
| 2010 | 2010-12-31 | 4.18% | +5.17 pp |
| 2009 | 2009-12-31 | −0.99% | +20.99 pp |
| 2008 | 2008-12-31 | −21.98% | — |
United Airlines Holdings quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 6.20% | −2.49 pp |
| Q1 2026 | 2026-03-31 | 6.83% | +2.23 pp |
| Q4 2025 | 2025-12-31 | 9.00% | −1.23 pp |
| Q3 2025 | 2025-09-30 | 9.16% | −1.38 pp |
| Q2 2025 | 2025-06-30 | 8.70% | −4.18 pp |
| Q1 2025 | 2025-03-31 | 4.59% | +3.80 pp |
| Q4 2024 | 2024-12-31 | 10.23% | +2.90 pp |
| Q3 2024 | 2024-09-30 | 10.54% | −1.46 pp |
| Q2 2024 | 2024-06-30 | 12.87% | +2.17 pp |
| Q1 2024 | 2024-03-31 | 0.79% | +1.17 pp |
| Q4 2023 | 2023-12-31 | 7.32% | −3.78 pp |
| Q3 2023 | 2023-09-30 | 12.01% | +0.68 pp |
| Q2 2023 | 2023-06-30 | 10.70% | +3.45 pp |
| Q1 2023 | 2023-03-31 | −0.38% | +17.81 pp |
| Q4 2022 | 2022-12-31 | 11.10% | +16.09 pp |
| Q3 2022 | 2022-09-30 | 11.32% | −2.06 pp |
| Q2 2022 | 2022-06-30 | 7.25% | +12.18 pp |
| Q1 2022 | 2022-03-31 | −18.19% | +24.69 pp |
| Q4 2021 | 2021-12-31 | −4.98% | +57.59 pp |
| Q3 2021 | 2021-09-30 | 13.38% | +78.27 pp |
| Q2 2021 | 2021-06-30 | −4.94% | +106.05 pp |
| Q1 2021 | 2021-03-31 | −42.87% | −30.69 pp |
| Q4 2020 | 2020-12-31 | −62.57% | −70.48 pp |
| Q3 2020 | 2020-09-30 | −64.89% | −77.83 pp |
| Q2 2020 | 2020-06-30 | −110.98% | −123.89 pp |
| Q1 2020 | 2020-03-31 | −12.18% | −17.34 pp |
| Q4 2019 | 2019-12-31 | 7.91% | +1.85 pp |
| Q3 2019 | 2019-09-30 | 12.94% | +2.16 pp |
| Q2 2019 | 2019-06-30 | 12.91% | +2.29 pp |
| Q1 2019 | 2019-03-31 | 5.16% | +2.26 pp |
| Q4 2018 | 2018-12-31 | 6.05% | −1.60 pp |
| Q3 2018 | 2018-09-30 | 10.79% | −0.71 pp |
| Q2 2018 | 2018-06-30 | 10.62% | −3.73 pp |
| Q1 2018 | 2018-03-31 | 2.90% | −0.90 pp |
| Q4 2017 | 2017-12-31 | 7.65% | −3.52 pp |
| Q3 2017 | 2017-09-30 | 11.50% | −4.89 pp |
| Q2 2017 | 2017-06-30 | 14.36% | +3.08 pp |
| Q1 2017 | 2017-03-31 | 3.80% | −4.12 pp |
| Q4 2016 | 2016-12-31 | 11.17% | −0.80 pp |
| Q3 2016 | 2016-09-30 | 16.38% | −2.04 pp |
| Q2 2016 | 2016-06-30 | 11.28% | −3.29 pp |
| Q1 2016 | 2016-03-31 | 7.92% | −0.69 pp |
| Q4 2015 | 2015-12-31 | 11.96% | +5.25 pp |
| Q3 2015 | 2015-09-30 | 18.43% | +7.15 pp |
| Q2 2015 | 2015-06-30 | 14.58% | +5.80 pp |
| Q1 2015 | 2015-03-31 | 8.61% | +12.62 pp |
| Q4 2014 | 2014-12-31 | 6.71% | +4.19 pp |
| Q3 2014 | 2014-09-30 | 11.28% | +6.31 pp |
| Q2 2014 | 2014-06-30 | 8.77% | +1.07 pp |
| Q1 2014 | 2014-03-31 | −4.01% | −0.99 pp |
| Q4 2013 | 2013-12-31 | 2.52% | +7.86 pp |
| Q3 2013 | 2013-09-30 | 4.97% | +2.95 pp |
| Q2 2013 | 2013-06-30 | 7.70% | +1.91 pp |
| Q1 2013 | 2013-03-31 | −3.03% | +0.12 pp |
| Q4 2012 | 2012-12-31 | −5.34% | −5.85 pp |
| Q3 2012 | 2012-09-30 | 2.02% | −7.17 pp |
| Q2 2012 | 2012-06-30 | 5.79% | −2.45 pp |
| Q1 2012 | 2012-03-31 | −3.15% | −3.56 pp |
| Q4 2011 | 2011-12-31 | 0.50% | +1.47 pp |
| Q3 2011 | 2011-09-30 | 9.19% | −0.79 pp |
| Q2 2011 | 2011-06-30 | 8.24% | −0.31 pp |
| Q1 2011 | 2011-03-31 | 0.41% | −1.38 pp |
| Q4 2010 | 2010-12-31 | −0.96% | −2.95 pp |
| Q3 2010 | 2010-09-30 | 9.99% | +7.32 pp |
| Q2 2010 | 2010-06-30 | 8.54% | — |
| Q1 2010 | 2010-03-31 | 1.79% | — |
| Q3 2009 | 2009-09-30 | 1.99% | — |
| Q2 2009 | 2009-06-30 | 2.66% | — |
United Airlines Holdings operating margin trends
Over the last five reported fiscal years, United Airlines Holdings's operating margin increased from −41.41% to 7.98%, a change of +49.39 percentage points. The latest reported quarter, Q2 2026, shows 6.20%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review United Airlines Holdings filings at SEC.gov ↗