United Airlines Holdings, Inc. (UAL) stock
UALNasdaqAir Transportation, ScheduledFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 21, 2026Score 11/3021% below fair value
$109.31−1.94 (-1.74%)
Close on Nov 13, 2026Market cap $35.51BP/E 10.0Yield –
United Airlines operating margin
Operating margin is operating income as a percentage of revenue.
United Airlines's operating margin for the twelve months ending Sep 30, 2026 was 7.5%. For fiscal 2025 it was 8.0%, against 8.9% the year before. The highest annual figure on record is 13.6% in fiscal 2015.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 8.0% | −1.0 |
| FY2024 | Dec 31, 2024 | 8.9% | +1.1 |
| FY2023 | Dec 31, 2023 | 7.8% | +2.6 |
| FY2022 | Dec 31, 2022 | 5.2% | +9.3 |
| FY2021 | Dec 31, 2021 | -4.1% | +37.3 |
| FY2020 | Dec 31, 2020 | -41.4% | −51.4 |
| FY2019 | Dec 31, 2019 | 9.9% | +2.1 |
| FY2018 | Dec 31, 2018 | 7.8% | −1.8 |
| FY2017 | Dec 31, 2017 | 9.6% | −2.3 |
| FY2016 | Dec 31, 2016 | 11.9% | −1.8 |
| FY2015 | Dec 31, 2015 | 13.6% | +7.5 |
| FY2014 | Dec 31, 2014 | 6.1% | +2.8 |
| FY2013 | Dec 31, 2013 | 3.3% | +3.2 |
| FY2012 | Dec 31, 2012 | 0.1% | −4.8 |
| FY2011 | Dec 31, 2011 | 4.9% | +0.7 |
| FY2010 | Dec 31, 2010 | 4.2% | +5.2 |
| FY2009 | Dec 31, 2009 | -1.0% | +21.0 |
| FY2008 | Dec 31, 2008 | -22.0% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 8.1% | −1.1 |
| Q2 FY2026 | Jun 30, 2026 | 6.2% | −2.5 |
| Q1 FY2026 | Mar 31, 2026 | 6.8% | +2.2 |
| Q4 FY2025 | Dec 31, 2025 | 9.0% | −1.2 |
| Q3 FY2025 | Sep 30, 2025 | 9.2% | −1.4 |
| Q2 FY2025 | Jun 30, 2025 | 8.7% | −4.2 |
| Q1 FY2025 | Mar 31, 2025 | 4.6% | +3.8 |
| Q4 FY2024 | Dec 31, 2024 | 10.2% | +2.9 |
| Q3 FY2024 | Sep 30, 2024 | 10.5% | −1.5 |
| Q2 FY2024 | Jun 30, 2024 | 12.9% | +2.2 |
| Q1 FY2024 | Mar 31, 2024 | 0.8% | +1.2 |
| Q4 FY2023 | Dec 31, 2023 | 7.3% | −3.8 |
| Q3 FY2023 | Sep 30, 2023 | 12.0% | +0.7 |
| Q2 FY2023 | Jun 30, 2023 | 10.7% | +3.5 |
| Q1 FY2023 | Mar 31, 2023 | -0.4% | +17.8 |
| Q4 FY2022 | Dec 31, 2022 | 11.1% | +16.1 |
| Q3 FY2022 | Sep 30, 2022 | 11.3% | −2.1 |
| Q2 FY2022 | Jun 30, 2022 | 7.2% | +12.2 |
| Q1 FY2022 | Mar 31, 2022 | -18.2% | +24.7 |
| Q4 FY2021 | Dec 31, 2021 | -5.0% | +57.6 |
| Q3 FY2021 | Sep 30, 2021 | 13.4% | +78.3 |
| Q2 FY2021 | Jun 30, 2021 | -4.9% | +106.0 |
| Q1 FY2021 | Mar 31, 2021 | -42.9% | −30.7 |
| Q4 FY2020 | Dec 31, 2020 | -62.6% | −70.5 |
| Q3 FY2020 | Sep 30, 2020 | -64.9% | −77.8 |
| Q2 FY2020 | Jun 30, 2020 | -111.0% | −123.9 |
| Q1 FY2020 | Mar 31, 2020 | -12.2% | −17.3 |
| Q4 FY2019 | Dec 31, 2019 | 7.9% | +1.9 |
| Q3 FY2019 | Sep 30, 2019 | 12.9% | +2.2 |
| Q2 FY2019 | Jun 30, 2019 | 12.9% | +2.3 |
| Q1 FY2019 | Mar 31, 2019 | 5.2% | +2.3 |
| Q4 FY2018 | Dec 31, 2018 | 6.1% | −2.2 |
| Q3 FY2018 | Sep 30, 2018 | 10.8% | −0.7 |
| Q2 FY2018 | Jun 30, 2018 | 10.6% | −3.7 |
| Q1 FY2018 | Mar 31, 2018 | 2.9% | −0.9 |
| Q4 FY2017 | Dec 31, 2017 | 8.2% | −2.9 |
| Q3 FY2017 | Sep 30, 2017 | 11.5% | – |
| Q2 FY2017 | Jun 30, 2017 | 14.4% | – |
| Q1 FY2017 | Mar 31, 2017 | 3.8% | – |
| Q4 FY2016 | Dec 31, 2016 | 11.1% | – |
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