United Airlines Holdings (UAL) Return on Invested Capital [ROIC] (2009 - 2026)
United Airlines Holdings (UAL) posted Return on Invested Capital [ROIC] of 8.90% for Q3 2026, down 0.35 percentage points from 9.25% a year earlier and down 0.25 percentage points from the prior quarter.
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Analysis
United Airlines Holdings (UAL) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, United Airlines Holdings' Return on Invested Capital [ROIC] came in at 8.99%, down 0.36 percentage points from FY2024.
- Annual Return on Invested Capital [ROIC] shows a five-year change of +26.33 percentage points (FY2020 to FY2025).
- In prior years, United Airlines Holdings' Return on Invested Capital [ROIC] was 9.35% in FY2024 (+1.12 pp), 8.23% in FY2023 (+3.68 pp), 4.55% in FY2022 (+6.76 pp) and -2.21% in FY2021 (+15.13 pp).
- The Q3 2026 figure stands as the lowest quarterly Return on Invested Capital [ROIC] since Q1 2024.
- On a year-over-year basis, Return on Invested Capital [ROIC] has declined in each of the last six quarters, with an average year-over-year change of +0.10 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Return on Invested Capital [ROIC] in the past five years was Q1 2022, with a gain of 14.30 percentage points; the weakest was Q4 2025, with a drop of 0.67 percentage points.
- According to Business Quant data, Return on Invested Capital [ROIC] for the three prior quarters was 9.15% (Q2 2026), 9.91% (Q1 2026) and 9.17% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 179.72 Bn | 171.97 Bn | - | 15.71% |
| 2 | Csx | 95.95 Bn | 91.18 Bn | - | 12.59% |
| 3 | United Parcel Service | 84.51 Bn | 61.36 Bn | 22.04 Bn | 12.25% |
| 4 | Canadian Pacific Kansas City | 81.84 Bn | 81.57 Bn | 57.15 Mn | 5.96% |
| 5 | Fedex | 76.69 Bn | 42.88 Bn | 18.84 Bn | 7.49% |
| 6 | Norfolk Southern | 73.66 Bn | 68.13 Bn | - | 9.67% |
| 7 | Delta Air Lines | 56.72 Bn | 38.90 Bn | - | 10.82% |
| 8 | Old Dominion Freight Line | 36.07 Bn | 34.91 Bn | 1.56 Bn | 25.01% |
| 9 | United Airlines Holdings | 35.51 Bn | -22.18 Bn | - | 8.90% |
| 10 | Ryanair Holdings | 30.13 Bn | 14.39 Bn | - | 14.81% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 8.90% |
| Jun 30, 2026 | 9.15% |
| Mar 31, 2026 | 9.91% |
| Dec 31, 2025 | 9.17% |
| Sep 30, 2025 | 9.25% |
| Jun 30, 2025 | 9.49% |
| Mar 31, 2025 | 10.45% |
| Dec 31, 2024 | 9.84% |
| Sep 30, 2024 | 9.46% |
| Jun 30, 2024 | 9.98% |
| Mar 31, 2024 | 8.71% |
| Dec 31, 2023 | 8.20% |
| Sep 30, 2023 | 9.17% |
| Jun 30, 2023 | 8.93% |
| Mar 31, 2023 | 7.52% |
| Dec 31, 2022 | 4.67% |
| Sep 30, 2022 | 1.16% |
| Jun 30, 2022 | 0.29% |
| Mar 31, 2022 | -2.11% |
| Dec 31, 2021 | -2.02% |
API Access
United Airlines Holdings Return on Invested Capital [ROIC] 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-invested-capital-%5Broic%5D&ticker=UAL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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-invested-capital-%5Broic%5D&ticker=UAL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();