United Airlines Holdings (UAL) FY2023 results: revenue $53.7 billion, up 19.5% on the year
United Airlines Holdings, Inc. (UAL) reported revenue of $53.7 billion for fiscal 2023, the year ended 31 December 2023, up 19.5% on the year before. Net income was $2.6 billion, up 255.2%, and diluted earnings per share $7.89. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$53.7 billion
+19.5% on the year
FY2016FY2023
Operating margin
7.8%
5.2% a year earlier
FY2016FY2023
Net income
$2.6 billion
+255.2% on the year
FY2016FY2023
Diluted EPS
$7.89
+253.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
6,911
6,066
2,067
+13.9%
Capital expenditure
7,171
4,819
2,107
+48.8%
Free cash flow
-260
1,247
-40.0
Free cash flow margin
-0.5%
2.8%
-0.2%
Cash from investing
-6,106
-13,829
-1,672
Cash from financing
-1,892
-3,349
6,396
Depreciation and amortisation
2,671
2,456
2,485
+8.8%
Share-based compensation
80.0
89.0
238
-10.1%
Buybacks
0.0
0.0
0.0
Diluted shares, weighted
332m
330m
322m
+0.5%
Shares outstanding at period end
328m
327m
324m
+0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
9,324
6,896
5,029
+35.2%
Debt
31,660
31,194
33,363
+1.5%
Operating lease liabilities
4,503
4,459
5,152
+1.0%
Finance lease liabilities
91.0
115
219
-20.9%
Other liabilities
25,526
24,694
24,412
+3.4%
Total liabilities and equity
71,104
67,358
68,175
+5.6%
Fixed assets
39,815
n/a
n/a
Goodwill
4,527
4,527
4,527
0.0%
Intangible assets
2,725
2,762
2,803
-1.3%
Investments
8,330
9,248
123
-9.9%
Cash and equivalents
6,058
7,166
18,283
-15.5%
Receivables
1,898
1,801
1,663
+5.4%
Other assets
7,751
41,854
40,776
-81.5%
Total assets
71,104
67,358
68,175
+5.6%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.