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Operating Margin for United Airlines Holdings (UAL)

As of · Reported

Metric

TTM

8.4%

YoY change

−0.95pp

Trough year (2020)

-41.4%

Peak year (2015)

13.6%

Operating Margin history chart for United Airlines Holdings (UAL) from 1983 to 2025

Latest: 8.0%

Operating Margin change chart for United Airlines Holdings (UAL) from 1983 to 2025

Latest: −0.95pp

Operating Margin history table for United Airlines Holdings (UAL) from 1983 to 2025

  • 20258.0%-0.95pp
  • 20248.9%+1.09pp
  • 20237.8%+2.64pp
  • 20225.2%+9.35pp
  • 2021-4.1%+37.26pp
  • 2020-41.4%-51.36pp
  • 20199.9%+2.12pp
  • 20187.8%-1.76pp
  • 20179.6%-2.31pp
  • 201611.9%-1.76pp
  • 201513.6%+7.54pp
  • 20146.1%+2.84pp
  • 20133.3%+3.16pp
  • 20120.1%-4.80pp
  • 20114.9%+0.71pp
  • 20104.2%+5.19pp
  • 2009-1.0%+20.99pp
  • 2008-22.0%-27.13pp
  • 20075.1%+2.84pp
  • 20062.3%+3.57pp
  • 2005-1.3%+3.95pp
  • 2004-5.2%+4.70pp
  • 2003-9.9%+9.95pp
  • 2002-19.9%+1.82pp
  • 2001-21.7%-25.06pp
  • 20003.4%-4.34pp
  • 19997.7%-0.70pp
  • 19988.4%+1.17pp
  • 19977.2%+0.38pp
  • 19966.9%+1.32pp
  • 19955.5%+1.81pp
  • 19943.7%+1.92pp
  • 19931.8%+5.98pp
  • 1992-4.2%+0.06pp
  • 1991-4.2%-3.91pp
  • 1990-0.3%-5.07pp
  • 19894.7%-2.66pp
  • 19887.4%+4.43pp
  • 19873.0%+1.71pp
  • 19861.3%+5.86pp
  • 1985-4.6%-13.82pp
  • 19849.2%+5.64pp
  • 19833.6%—

Operating Margin values are taken from United Airlines Holdings's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About Operating Margin at United Airlines Holdings (UAL)

According to United Airlines Holdings's latest reported financial statements, the company's latest reported operating margin is 8.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

United Airlines Holdings (UAL) most recent annual operating margin stands at 7.98% (2025) – contracted 1.0 percentage points year-over-year.

13.64% stands as the all-time-high annual operating margin, posted in 2015, against a low of -41.41% during 2020.

United Airlines Holdings Operating Margin by Year

United Airlines Holdings Operating Margin 2025: 8.0%

In 2025, United Airlines Holdings reported operating margin of 7.98%, contracted 1.0 percentage points from 2024.

United Airlines Holdings Operating Margin 2024: 8.9%

United Airlines Holdings operating margin in 2024 was 8.93%, expanded 1.1 percentage points from 2023.

United Airlines Holdings Operating Margin 2023: 7.8%

2023's operating margin for United Airlines Holdings came in at 7.84%, expanded 2.6 percentage points from 2022.

United Airlines Holdings Operating Margin 2022: 5.2%

United Airlines Holdings posted operating margin of 5.20% in 2022, expanded 9.3 percentage points from 2021.

United Airlines Holdings Operating Margin 2021: -4.1%

United Airlines Holdings operating margin in 2021 was -4.15%.

See more financial history for United Airlines Holdings (UAL).

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