United Airlines Holdings (UAL) Return on Capital Employed [ROCE] (2010 - 2026)
United Airlines Holdings (UAL) recorded Return on Capital Employed [ROCE] of 8.46% in Q3 2026, down 1.27 percentage points from 9.73% a year earlier and down 0.40 percentage points from the prior quarter.
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Analysis
United Airlines Holdings (UAL) Return on Capital Employed [ROCE] (2010 - 2026) Analysis & Trends
For FY2025, United Airlines Holdings reported Return on Capital Employed [ROCE] of 9.59%, down 0.75 percentage points from FY2024.
- Annual Return on Capital Employed [ROCE] has a five-year change of +24.26 percentage points (FY2020 to FY2025).
- Across earlier years, Return on Capital Employed [ROCE] came in at 10.34% in FY2024 (+1.39 pp), 8.95% in FY2023 (+4.06 pp), 4.89% in FY2022 (+7.14 pp) and -2.24% in FY2021 (+12.42 pp).
- The Q3 2026 figure is the lowest quarterly Return on Capital Employed [ROCE] since Q4 2023.
- On a year-over-year basis, Return on Capital Employed [ROCE] has declined for four consecutive quarters, with an average year-over-year change of -0.06 percentage points over the last eight quarters.
- Peak year-over-year performance for Return on Capital Employed [ROCE] in the last five years was a gain of 12.40 percentage points in Q1 2022, against a drop of 1.63 percentage points in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 8.86% (Q2 2026), 10.02% (Q1 2026) and 9.38% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 177.13 Bn | 169.38 Bn | - | 15.93% |
| 2 | Csx | 95.25 Bn | 90.48 Bn | - | 13.38% |
| 3 | Canadian Pacific Kansas City | 79.66 Bn | 79.37 Bn | - | 6.99% |
| 4 | United Parcel Service | 76.08 Bn | 53.01 Bn | - | 11.61% |
| 5 | Norfolk Southern | 75.89 Bn | 70.35 Bn | - | 9.77% |
| 6 | Fedex | 71.92 Bn | 37.86 Bn | - | 7.01% |
| 7 | Delta Air Lines | 52.14 Bn | 34.32 Bn | - | 10.05% |
| 8 | Old Dominion Freight Line | 39.40 Bn | 38.66 Bn | - | 28.03% |
| 9 | United Airlines Holdings | 33.14 Bn | -24.56 Bn | - | 8.46% |
| 10 | Ryanair Holdings | 28.01 Bn | 11.66 Bn | - | 18.67% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 8.46% |
| Jun 30, 2026 | 8.86% |
| Mar 31, 2026 | 10.02% |
| Dec 31, 2025 | 9.38% |
| Sep 30, 2025 | 9.73% |
| Jun 30, 2025 | 10.49% |
| Mar 31, 2025 | 11.37% |
| Dec 31, 2024 | 10.18% |
| Sep 30, 2024 | 9.26% |
| Jun 30, 2024 | 10.20% |
| Mar 31, 2024 | 9.31% |
| Dec 31, 2023 | 8.43% |
| Sep 30, 2023 | 9.47% |
| Jun 30, 2023 | 9.31% |
| Mar 31, 2023 | 8.11% |
| Dec 31, 2022 | 4.85% |
| Sep 30, 2022 | 1.16% |
| Jun 30, 2022 | 0.28% |
| Mar 31, 2022 | -2.17% |
| Dec 31, 2021 | -2.03% |
API Access
United Airlines Holdings Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=UAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=UAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();