United Airlines Holdings (UAL) FY2020 results: revenue $15.4 billion, down 64.5% on the year
United Airlines Holdings, Inc. (UAL) reported revenue of $15.4 billion for fiscal 2020, the year ended 31 December 2020, down 64.5% on the year before. Net income was -$7.1 billion, and diluted earnings per share $-25.30. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$15.4 billion
-64.5% on the year
FY2013FY2020
Operating margin
-41.4%
9.9% a year earlier
FY2013FY2020
Net income
-$7.1 billion
FY2013FY2020
Diluted EPS
-$25.30
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
15,355
43,259
41,303
-64.5%
Operating income
-6,359
4,301
3,229
Operating margin
-41.4%
9.9%
7.8%
Interest expense
n/a
n/a
670
Pre-tax income
-8,822
3,914
2,648
Income tax
-1,753
905
526
Effective tax rate
n/a
23.1%
19.9%
Net income
-7,069
3,009
2,122
Net margin
-46.0%
7.0%
5.1%
Diluted EPS
-$25.30
$11.58
$7.67
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-4,133
6,909
6,164
Capital expenditure
1,727
4,528
4,070
-61.9%
Free cash flow
-5,860
2,381
2,094
Free cash flow margin
-38.2%
5.5%
5.1%
Cash from investing
50.0
-4,560
-4,455
Cash from financing
12,957
-1,280
-1,501
Depreciation and amortisation
2,488
2,288
2,165
+8.7%
Share-based compensation
108
100
101
+8.0%
Buybacks
353
1,645
1,235
-78.5%
Diluted shares, weighted
279m
260m
277m
+7.5%
Shares outstanding at period end
312m
251m
270m
+24.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,960
11,531
10,042
-48.3%
Debt
26,747
14,552
13,445
+83.8%
Operating lease liabilities
4,986
4,946
5,276
+0.8%
Finance lease liabilities
224
220
224
+1.8%
Other liabilities
21,631
21,362
20,037
+1.3%
Total liabilities and equity
59,548
52,611
49,024
+13.2%
Fixed assets
n/a
30,170
27,399
Goodwill
4,527
4,523
4,523
+0.1%
Intangible assets
2,838
3,009
3,159
-5.7%
Investments
414
2,182
2,256
-81.0%
Cash and equivalents
11,269
2,762
1,694
+308.0%
Receivables
1,295
1,364
1,426
-5.1%
Other assets
39,205
8,601
8,567
+355.8%
Total assets
59,548
52,611
49,024
+13.2%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.