United Airlines Holdings (UAL) FY2024 results: revenue $57.1 billion, up 6.2% on the year
United Airlines Holdings, Inc. (UAL) reported revenue of $57.1 billion for fiscal 2024, the year ended 31 December 2024, up 6.2% on the year before. Net income was $3.1 billion, up 20.3%, and diluted earnings per share $9.45. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.
Revenue
$57.1 billion
+6.2% on the year
FY2017FY2024
Operating margin
8.9%
7.8% a year earlier
FY2017FY2024
Net income
$3.1 billion
+20.3% on the year
FY2017FY2024
Diluted EPS
$9.45
+19.8% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
9,445
6,911
6,066
+36.7%
Capital expenditure
5,615
7,171
4,819
-21.7%
Free cash flow
3,830
-260
1,247
Free cash flow margin
6.7%
-0.5%
2.8%
Cash from investing
-2,651
-6,106
-13,829
Cash from financing
-4,182
-1,892
-3,349
Depreciation and amortisation
2,928
2,671
2,456
+9.6%
Share-based compensation
142
80.0
89.0
+77.5%
Buybacks
162
0.0
0.0
Diluted shares, weighted
333m
332m
330m
+0.4%
Shares outstanding at period end
328m
328m
327m
-0.0%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
12,675
9,324
6,896
+35.9%
Debt
28,656
31,660
31,194
-9.5%
Operating lease liabilities
4,510
4,503
4,459
+0.2%
Finance lease liabilities
68.0
91.0
115
-25.3%
Other liabilities
28,174
25,526
24,694
+10.4%
Total liabilities and equity
74,083
71,104
67,358
+4.2%
Fixed assets
42,908
39,815
n/a
+7.8%
Goodwill
4,527
4,527
4,527
0.0%
Intangible assets
2,683
2,725
2,762
-1.5%
Investments
5,706
8,330
9,248
-31.5%
Loans
72.0
n/a
n/a
Cash and equivalents
8,769
6,058
7,166
+44.8%
Receivables
2,163
1,898
1,801
+14.0%
Other assets
7,255
7,751
41,854
-6.4%
Total assets
74,083
71,104
67,358
+4.2%
10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.