United Airlines Holdings (UAL) Operating Margin (2009 - 2026)
United Airlines Holdings' Operating Margin came in at 6.20% for Q2 2026, down 2.49 percentage points from 8.70% a year earlier and down 0.62 percentage points from the prior quarter.
Powered by 
Analysis
United Airlines Holdings (UAL) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, United Airlines Holdings reported Operating Margin of 7.75%, down 0.88 percentage points year-over-year; for FY2025, it was 7.98%, down 0.95 percentage points from FY2024.
- Operating Margin carries a five-year change of +49.39 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 8.93% in FY2024 (+1.09 pp), 7.84% in FY2023 (+2.64 pp), 5.20% in FY2022 (+9.35 pp) and -4.15% in FY2021 (+37.26 pp).
- The Q2 2026 figure represents the lowest quarterly Operating Margin since Q1 2025.
- Year-over-year, Operating Margin increased in three of the last eight quarters, with an average year-over-year change of -0.23 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q3 2021 (a gain of 78.27 percentage points), and the weakest in Q2 2025 (a drop of 4.18 percentage points).
- Business Quant data shows UAL's Operating Margin at 6.83% (Q1 2026), 9.00% (Q4 2025) and 9.16% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 177.43 Bn | 171.95 Bn | - | 40.25% |
| 2 | Csx | 95.92 Bn | 91.14 Bn | - | 39.08% |
| 3 | United Parcel Service | 85.95 Bn | 62.85 Bn | - | 4.07% |
| 4 | Canadian Pacific Kansas City | 80.52 Bn | 79.54 Bn | - | 35.35% |
| 5 | Norfolk Southern | 75.79 Bn | 70.43 Bn | - | 32.44% |
| 6 | Fedex | 71.86 Bn | 37.80 Bn | - | 6.20% |
| 7 | Delta Air Lines | 51.80 Bn | 33.98 Bn | - | 7.20% |
| 8 | Old Dominion Freight Line | 39.47 Bn | 38.73 Bn | - | 29.94% |
| 9 | United Airlines Holdings | 33.07 Bn | -24.62 Bn | - | 8.09% |
| 10 | Ryanair Holdings | 28.26 Bn | 11.90 Bn | - | 13.12% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 8.09% |
| Jun 30, 2026 | 6.20% |
| Mar 31, 2026 | 6.83% |
| Dec 31, 2025 | 9.00% |
| Sep 30, 2025 | 9.16% |
| Jun 30, 2025 | 8.70% |
| Mar 31, 2025 | 4.59% |
| Dec 31, 2024 | 10.23% |
| Sep 30, 2024 | 10.54% |
| Jun 30, 2024 | 12.87% |
| Mar 31, 2024 | 0.79% |
| Dec 31, 2023 | 7.32% |
| Sep 30, 2023 | 12.01% |
| Jun 30, 2023 | 10.70% |
| Mar 31, 2023 | -0.38% |
| Dec 31, 2022 | 11.10% |
| Sep 30, 2022 | 11.32% |
| Jun 30, 2022 | 7.25% |
| Mar 31, 2022 | -18.19% |
| Dec 31, 2021 | -4.98% |
API Access
United Airlines Holdings Operating 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=operating-margin&ticker=UAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=UAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();