United Airlines Holdings (UAL) Net Margin (2009 - 2026)
United Airlines Holdings' Net Margin was 5.76% in Q3 2026, down 0.48 percentage points from 6.23% a year earlier but up 1.20 percentage points from the prior quarter.
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Analysis
United Airlines Holdings (UAL) Net Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, United Airlines Holdings' Net Margin was 5.46% through Sep 30, 2026, down 0.19 percentage points year-over-year; for FY2025, it was 5.68%, up 0.16 percentage points from FY2024.
- Net Margin has now increased for five consecutive years, with a five-year change of +51.71 percentage points (FY2020 to FY2025).
- In earlier years, Net Margin was 5.52% in FY2024 (+0.64 pp), 4.87% in FY2023 (+3.23 pp), 1.64% in FY2022 (+9.61 pp) and -7.97% in FY2021 (+38.06 pp).
- Quarterly Net Margin has moved between -18.20% (Q1 2022) and 8.83% (Q2 2024) over five years.
- Compared with a year earlier, Net Margin was higher in four of the last eight quarters, with an average year-over-year change of +0.39 percentage points.
- The best year-over-year quarter for Net Margin over five years was Q4 2021 (a gain of 47.71 percentage points); the worst was Q2 2025 (a drop of 2.44 percentage points).
- Per Business Quant data, UAL's Net Margin in the three quarters before Q3 2026 was 4.56% (Q2 2026), 4.79% (Q1 2026) and 6.78% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 178.63 Bn | 170.88 Bn | - | 28.85% |
| 2 | Csx | 94.16 Bn | 89.39 Bn | - | 26.19% |
| 3 | United Parcel Service | 83.47 Bn | 60.32 Bn | 22.04 Bn | 5.09% |
| 4 | Canadian Pacific Kansas City | 81.54 Bn | 81.26 Bn | 57.15 Mn | 21.73% |
| 5 | Fedex | 75.60 Bn | 41.80 Bn | 18.84 Bn | 6.39% |
| 6 | Norfolk Southern | 73.66 Bn | 68.13 Bn | - | 21.53% |
| 7 | Delta Air Lines | 60.67 Bn | 42.86 Bn | - | 3.75% |
| 8 | United Airlines Holdings | 39.17 Bn | -18.53 Bn | - | 5.76% |
| 9 | Old Dominion Freight Line | 34.72 Bn | 33.56 Bn | 1.56 Bn | 21.61% |
| 10 | Ryanair Holdings | 31.95 Bn | 16.22 Bn | - | 36.07% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 5.76% |
| Jun 30, 2026 | 4.56% |
| Mar 31, 2026 | 4.79% |
| Dec 31, 2025 | 6.78% |
| Sep 30, 2025 | 6.23% |
| Jun 30, 2025 | 6.39% |
| Mar 31, 2025 | 2.93% |
| Dec 31, 2024 | 6.70% |
| Sep 30, 2024 | 6.50% |
| Jun 30, 2024 | 8.83% |
| Mar 31, 2024 | -0.99% |
| Dec 31, 2023 | 4.40% |
| Sep 30, 2023 | 7.85% |
| Jun 30, 2023 | 7.58% |
| Mar 31, 2023 | -1.70% |
| Dec 31, 2022 | 6.80% |
| Sep 30, 2022 | 7.32% |
| Jun 30, 2022 | 2.72% |
| Mar 31, 2022 | -18.20% |
| Dec 31, 2021 | -7.89% |
API Access
United Airlines Holdings Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=UAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "UAL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=UAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();