United Airlines Holdings, Inc. (UAL) closed fiscal year 2025 with a gross margin of 28.8 % and a net margin of 5.7 %.
United Airlines Holdings, Inc. (UAL) closed fiscal year 2025 with a gross margin of 28.8 % and a net margin of 5.7 %. The same year shows an EBITDA margin of 13.0 % and an EBIT margin of 8.0 %. The free cash flow margin was 4.3 %. Against the previous year the gross margin moved −0.1 pp and the net margin +0.2 pp. Across the period the gross margin ranges between 23.7 % in 2022 and 28.9 % in 2024. The series covers 18 fiscal years, from 2008 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 23.67 % | 28.29 % | 28.90 % | 28.78 % |
| EBITDA margin (%) | -17.29 % | 4.63 % | 8.81 % | 9.08 % | 4.20 % | 7.68 % | 10.42 % | 18.45 % | 17.29 % | 15.12 % | 13.06 % | 15.23 % | -25.21 % | 5.94 % | 10.66 % | 12.81 % | 14.06 % | 12.95 % |
| EBIT margin (%) | -21.98 % | -0.99 % | 4.18 % | 4.91 % | 0.10 % | 3.26 % | 6.10 % | 13.64 % | 11.88 % | 9.58 % | 7.82 % | 9.94 % | -41.41 % | -4.15 % | 5.20 % | 7.84 % | 8.93 % | 7.98 % |
| Net margin (%) | -26.72 % | -3.99 % | 1.08 % | 2.26 % | -1.95 % | 1.49 % | 2.91 % | 19.39 % | 6.11 % | 5.67 % | 5.14 % | 6.96 % | -46.04 % | -7.97 % | 1.64 % | 4.87 % | 5.52 % | 5.68 % |
| FCF margin (%) | -8.49 % | 3.97 % | 6.39 % | 4.23 % | -2.91 % | -1.88 % | 1.62 % | 8.57 % | 6.34 % | -1.05 % | 5.07 % | 5.50 % | -38.16 % | -0.16 % | 2.77 % | -0.48 % | 6.71 % | 4.33 % |
