United Airlines Holdings (UAL) FY2019 results: revenue $43.3 billion, up 4.7% on the year
United Airlines Holdings, Inc. (UAL) reported revenue of $43.3 billion for fiscal 2019, the year ended 31 December 2019, up 4.7% on the year before. Net income was $3.0 billion, up 41.8%, and diluted earnings per share $11.58. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$43.3 billion
+4.7% on the year
FY2012FY2019
Operating margin
9.9%
7.8% a year earlier
FY2012FY2019
Net income
$3.0 billion
+41.8% on the year
FY2012FY2019
Diluted EPS
$11.58
+51.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
43,259
41,303
37,736
+4.7%
Operating income
4,301
3,229
3,618
+33.2%
Operating margin
9.9%
7.8%
9.6%
Interest expense
n/a
670
626
Pre-tax income
3,914
2,648
3,023
+47.8%
Income tax
905
526
880
+72.1%
Effective tax rate
23.1%
19.9%
29.1%
Net income
3,009
2,122
2,143
+41.8%
Net margin
7.0%
5.1%
5.7%
Diluted EPS
$11.58
$7.67
$7.06
+51.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
6,909
6,164
3,474
+12.1%
Capital expenditure
4,528
4,070
3,870
+11.3%
Free cash flow
2,381
2,094
-396
+13.7%
Free cash flow margin
5.5%
5.1%
-1.0%
Cash from investing
-4,560
-4,455
-3,803
Cash from financing
-1,280
-1,501
-383
Depreciation and amortisation
2,288
2,165
2,096
+5.7%
Share-based compensation
100
101
73.0
-1.0%
Buybacks
1,645
1,235
1,844
+33.2%
Diluted shares, weighted
260m
277m
304m
-6.1%
Shares outstanding at period end
251m
270m
287m
-6.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,531
10,042
8,788
+14.8%
Debt
14,552
13,445
13,268
+8.2%
Operating lease liabilities
4,946
5,276
n/a
-6.3%
Finance lease liabilities
220
224
996
-1.8%
Other liabilities
21,362
20,037
19,274
+6.6%
Total liabilities and equity
52,611
49,024
42,326
+7.3%
Fixed assets
30,170
27,399
26,208
+10.1%
Goodwill
4,523
4,523
4,523
0.0%
Intangible assets
3,009
3,159
3,539
-4.7%
Investments
2,182
2,256
2,316
-3.3%
Cash and equivalents
2,762
1,694
1,482
+63.0%
Receivables
1,364
1,426
1,340
-4.3%
Other assets
8,601
8,567
2,918
+0.4%
Total assets
52,611
49,024
42,326
+7.3%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.