How does United Airlines Holdings (UAL) make money?

United Airlines Holdings (UAL) generates revenue primarily from Passenger, which accounted for 96.9% of total revenue in TTM through Q1 2026. The company reported $60.47B in revenue and converted 6.1% of it into net profit, equivalent to roughly $3.67B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of United Airlines Holdings (UAL)?

United Airlines Holdings (UAL) reported a gross profit margin of 64.2% in TTM through Q1 2026, equivalent to $38.85B in gross profit on $60.47B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of United Airlines Holdings (UAL)?

United Airlines Holdings (UAL) reported an operating profit margin of 8.4% in TTM through Q1 2026, equivalent to $5.10B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of United Airlines Holdings (UAL)?

United Airlines Holdings (UAL) reported a net profit margin of 6.1% in TTM through Q1 2026, equivalent to $3.67B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is United Airlines Holdings (UAL) profitable?

Yes. United Airlines Holdings (UAL) reported $3.67B in net income for TTM through Q1 2026, with a net profit margin of 6.1%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does United Airlines Holdings (UAL) spend on capital expenditures?

United Airlines Holdings (UAL) spent $6.31B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 10.4% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does United Airlines Holdings (UAL) generate?

United Airlines Holdings (UAL) generated $3.21B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 5.3%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of United Airlines Holdings (UAL)?

United Airlines Holdings (UAL) had an effective tax rate of 22% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of United Airlines Holdings (UAL)?

United Airlines Holdings (UAL) reports revenue across 2 reportable product segments, led by Passenger at 96.9% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does United Airlines Holdings (UAL) generate most of its revenue?

International is the largest geographic market for United Airlines Holdings (UAL), accounting for 59.3% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How United Airlines Holdings Makes Money: 2026 Visual Revenue Map

United Airlines Holdings (UAL) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 22, 2026).

United Airlines Holdings (UAL) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for United Airlines Holdings (UAL) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Passenger	$58.57B	96.9%
Cargo and Freight	$1.90B	3.1%
Total	$60.47B	100%

Passenger$58.57B
Cargo and Freight$1.90B
Total$60.47B

United Airlines Holdings (UAL) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for United Airlines Holdings (UAL), TTM through Q1 2026
Region	Revenue (USD)	% of total
International	$35.83B	59.3%
Atlantic Destination	$11.99B	19.8%
Pacific Destination	$7.10B	11.7%
Latin America Destination	$5.55B	9.2%
Total	$60.47B	100%

International
Atlantic Destination
Pacific Destination
Latin America Destination
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, United Airlines Holdings (UAL) reports revenue across 2 operating segments; the largest segment was Passenger at 96.9%, followed by Cargo and Freight (3.1%). Separately, by end-market geography, International accounted for 59.3% of revenue, followed by Atlantic Destination (19.8%) and Pacific Destination (11.7%).

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