United Airlines Holdings (UAL) FY2018 results: revenue $41.3 billion, up 9.5% on the year
United Airlines Holdings, Inc. (UAL) reported revenue of $41.3 billion for fiscal 2018, the year ended 31 December 2018, up 9.5% on the year before. Net income was $2.1 billion, down 1.0%, and diluted earnings per share $7.67. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$41.3 billion
+9.5% on the year
FY2011FY2018
Operating margin
7.8%
9.6% a year earlier
FY2011FY2018
Net income
$2.1 billion
-1.0% on the year
FY2011FY2018
Diluted EPS
$7.67
+8.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
41,303
37,736
36,556
+9.5%
Operating income
3,229
3,618
4,338
-10.8%
Operating margin
7.8%
9.6%
11.9%
Interest expense
670
626
674
+7.0%
Pre-tax income
2,648
3,023
3,773
-12.4%
Income tax
526
880
1,539
-40.2%
Effective tax rate
19.9%
29.1%
40.8%
Net income
2,122
2,143
2,234
-1.0%
Net margin
5.1%
5.7%
6.1%
Diluted EPS
$7.67
$7.06
$6.76
+8.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,164
3,474
5,542
+77.4%
Capital expenditure
4,070
3,870
3,223
+5.2%
Free cash flow
2,094
-396
2,319
Free cash flow margin
5.1%
-1.0%
6.3%
Cash from investing
-4,455
-3,803
n/a
Cash from financing
-1,501
-383
n/a
Depreciation and amortisation
2,165
2,096
1,977
+3.3%
Share-based compensation
101
73.0
70.0
+38.4%
Buybacks
1,235
1,844
2,614
-33.0%
Diluted shares, weighted
277m
304m
330m
-8.9%
Shares outstanding at period end
270m
287m
315m
-5.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
10,042
8,788
8,574
+14.3%
Debt
13,445
13,268
10,767
+1.3%
Operating lease liabilities
5,276
n/a
n/a
Finance lease liabilities
224
996
n/a
-77.5%
Other liabilities
20,037
19,274
20,799
+4.0%
Total liabilities and equity
49,024
42,326
40,140
+15.8%
Fixed assets
27,399
26,208
23,318
+4.5%
Goodwill
4,523
4,523
4,523
0.0%
Intangible assets
3,159
3,539
3,632
-10.7%
Investments
2,256
2,316
2,249
-2.6%
Cash and equivalents
1,694
1,482
2,179
+14.3%
Receivables
1,426
1,340
1,176
+6.4%
Other assets
8,567
2,918
3,063
+193.6%
Total assets
49,024
42,326
40,140
+15.8%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.