UALUnited Airlines Holdings

Industrials · Airlines · Nasdaq

UAL and 9 peers, year by year

The 9 Industrials companies closest to UAL in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
UAL United Airlines Holdings	FY2025	$59.1B	+3.5%	-	8.0%	5.7%	4.3%	21.9%	1.61
DAL Delta Air Lines	FY2025	$63.4B	+2.8%	-	9.2%	7.9%	6.1%	24.0%	0.64
UBER Uber	FY2025	$52.0B	+18.3%	-	10.7%	19.3%	18.8%	37.2%	0.39
GD General Dynamics	FY2025	$52.5B	+10.1%	-	10.2%	8.0%	7.5%	16.4%	0.35
CAT Caterpillar Inc.	FY2025	$67.6B	+4.3%	-	16.5%	13.1%	13.2%	41.7%	1.70
GE GE Aerospace	FY2025	$45.9B	+18.5%	-	-	19.0%	15.8%	46.6%	1.10
LMT Lockheed Martin	FY2025	$75.0B	+5.6%	10.2%	10.3%	6.7%	9.2%	74.6%	3.23
DE Deere & Company	FY2025	$45.7B	−11.7%	-	-	11.0%	13.4%	19.4%	0.53
GEV GE Vernova	FY2025	$38.1B	+9.0%	19.8%	3.6%	12.8%	9.7%	43.7%	0.03
NOC Northrop Grumman	FY2025	$42.0B	+2.2%	-	10.8%	10.0%	7.9%	25.1%	0.94

Revenuepeer median $52.0B

Sales growthpeer median +5.6%

Gross margin

GEV 19.8%
LMT 10.2%
UAL -
DAL -
UBER -
GD -
CAT -
GE -
DE -
NOC -

Operating marginpeer median 10.3%

CAT 16.5%
NOC 10.8%
UBER 10.7%
LMT 10.3%
GD 10.2%
DAL 9.2%
UAL 8.0%
GEV 3.6%
GE -
DE -

Net marginpeer median 11.0%

FCF marginpeer median 9.7%

UBER 18.8%
GE 15.8%
DE 13.4%
CAT 13.2%
GEV 9.7%
LMT 9.2%
NOC 7.9%
GD 7.5%
DAL 6.1%
UAL 4.3%

Return on equitypeer median 37.2%

Debt / equitypeer median 0.64

LMT 3.23
CAT 1.70
UAL 1.61
GE 1.10
NOC 0.94
DAL 0.64
DE 0.53
UBER 0.39
GD 0.35
GEV 0.03

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	$36.6B	$37.8B	$41.3B	$43.3B	$15.4B	$24.6B	$45.0B	$53.7B	$57.1B	$59.1B
DAL Dec	$39.6B	$41.2B	$44.4B	$47.0B	$17.1B	$29.9B	$50.6B	$58.0B	$61.6B	$63.4B
UBER Dec	-	$7.9B	$10.4B	$13.0B	$11.1B	$17.5B	$31.9B	$37.3B	$44.0B	$52.0B
GD Dec	$30.6B	$31.0B	$36.2B	$39.4B	$37.9B	$38.5B	$39.4B	$42.3B	$47.7B	$52.5B
CAT Dec	$38.5B	$45.5B	$54.7B	$53.8B	$41.7B	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B
GE Dec	$119.5B	$113.2B	$113.5B	$90.2B	$75.8B	$56.5B	$29.1B	$35.3B	$38.7B	$45.9B
LMT Dec	$47.3B	$51.0B	$53.8B	$59.8B	$65.4B	$67.0B	$66.0B	$67.6B	$71.0B	$75.0B
DE Nov	$26.6B	$29.7B	$37.4B	$39.3B	$35.5B	$44.0B	$52.6B	$61.3B	$51.7B	$45.7B
GEV Dec	-	-	-	-	-	-	$29.7B	$33.2B	$34.9B	$38.1B
NOC Dec	$24.7B	$26.0B	$30.1B	$33.8B	$36.8B	$35.7B	$36.6B	$39.3B	$41.0B	$42.0B
Peer median	$38.5B	$36.1B	$40.9B	$43.2B	$37.4B	$41.2B	$39.4B	$42.3B	$47.7B	$52.0B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	−3.5%	+3.4%	+9.3%	+4.7%	−64.5%	+60.4%	+82.5%	+19.5%	+6.2%	+3.5%
DAL Dec	−2.6%	+4.3%	+8.0%	+5.8%	−63.6%	+74.9%	+69.2%	+14.8%	+6.2%	+2.8%
UBER Dec	-	-	+42.1%	+24.6%	−14.3%	+56.7%	+82.6%	+17.0%	+18.0%	+18.3%
GD Dec	−3.8%	+1.3%	+16.9%	+8.7%	−3.6%	+1.4%	+2.4%	+7.3%	+12.9%	+10.1%
CAT Dec	−18.0%	+18.0%	+20.4%	−1.7%	−22.4%	+22.1%	+16.6%	+12.8%	−3.4%	+4.3%
GE Dec	+5.4%	+0.7%	−2.3%	−1.9%	−15.9%	−2.2%	+2.9%	+21.3%	+9.5%	+18.5%
LMT Dec	+16.6%	+5.6%	+7.6%	+11.3%	+9.3%	+2.5%	−1.6%	+2.4%	+5.1%	+5.6%
DE Nov	-	+11.6%	+25.6%	+5.1%	−9.5%	+23.9%	+19.4%	+16.5%	−15.6%	−11.7%
GEV Dec	-	-	-	-	-	-	-	+12.1%	+5.1%	+9.0%
NOC Dec	+4.2%	+5.3%	+15.7%	+12.4%	+8.7%	−3.1%	+2.6%	+7.3%	+4.4%	+2.2%
Peer median	+0.8%	+5.3%	+16.3%	+7.3%	−11.9%	+12.3%	+9.7%	+12.8%	+5.1%	+5.6%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	-	-	-	-	-	-	-	-	-	-
DAL Dec	-	-	-	-	-	-	-	-	-	-
UBER Dec	-	-	-	-	-	-	-	-	-	-
GD Dec	-	-	-	-	-	-	-	-	-	-
CAT Dec	-	-	-	-	-	-	-	-	-	-
GE Dec	-	-	-	-	-	-	-	-	-	-
LMT Dec	11.4%	12.5%	13.5%	14.0%	13.2%	13.5%	12.6%	12.5%	9.8%	10.2%
DE Nov	-	-	-	-	-	-	-	-	-	-
GEV Dec	-	-	-	-	-	-	11.7%	14.5%	17.4%	19.8%
NOC Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	11.9%	9.6%	7.8%	9.9%	−41.4%	−4.1%	5.2%	7.8%	8.9%	8.0%
DAL Dec	17.6%	14.5%	11.8%	14.1%	−72.9%	6.3%	7.2%	9.5%	9.7%	9.2%
UBER Dec	-	−51.4%	−29.1%	−66.1%	−43.7%	−22.0%	−5.7%	3.0%	6.4%	10.7%
GD Dec	12.3%	13.7%	12.1%	11.6%	10.9%	10.8%	10.7%	10.0%	10.1%	10.2%
CAT Dec	3.0%	9.8%	15.2%	15.4%	10.9%	13.5%	13.3%	19.3%	20.2%	16.5%
GE Dec	-	-	-	-	-	-	-	-	-	-
LMT Dec	12.5%	13.2%	13.6%	14.3%	13.2%	13.6%	12.7%	12.6%	9.9%	10.3%
DE Nov	9.7%	12.0%	12.0%	11.2%	12.1%	18.2%	18.1%	21.2%	17.5%	-
GEV Dec	-	-	-	-	-	-	−9.7%	−2.8%	1.3%	3.6%
NOC Dec	13.3%	12.4%	12.6%	11.7%	11.0%	15.8%	9.8%	6.5%	10.6%	10.8%
Peer median	12.4%	12.4%	12.1%	11.7%	10.9%	13.5%	10.3%	9.8%	10.0%	10.3%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	6.1%	5.7%	5.1%	7.0%	−46.0%	−8.0%	1.6%	4.9%	5.5%	5.7%
DAL Dec	10.6%	7.8%	8.9%	10.1%	−72.4%	0.9%	2.6%	7.9%	5.6%	7.9%
UBER Dec	-	−50.8%	9.6%	−65.4%	−60.8%	−2.8%	−28.7%	5.1%	22.4%	19.3%
GD Dec	8.4%	9.4%	9.2%	8.9%	8.4%	8.5%	8.6%	7.8%	7.9%	8.0%
CAT Dec	−0.2%	1.7%	11.2%	11.3%	7.2%	12.7%	11.3%	15.4%	16.7%	13.1%
GE Dec	6.3%	−7.5%	−19.7%	−5.5%	7.5%	−11.2%	1.2%	26.8%	16.9%	19.0%
LMT Dec	10.9%	3.8%	9.4%	10.4%	10.4%	9.4%	8.7%	10.2%	7.5%	6.7%
DE Nov	5.7%	7.3%	6.3%	8.3%	7.7%	13.5%	13.6%	16.6%	13.7%	11.0%
GEV Dec	-	-	-	-	-	-	−9.2%	−1.3%	4.4%	12.8%
NOC Dec	8.3%	11.0%	10.7%	6.6%	8.7%	19.6%	13.4%	5.2%	10.2%	10.0%
Peer median	8.3%	5.6%	9.3%	8.6%	7.6%	8.9%	8.6%	7.9%	10.2%	11.0%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	$2.3B	−$396.0M	$2.1B	$2.4B	−$5.9B	−$40.0M	$1.2B	−$260.0M	$3.8B	$2.6B
DAL Dec	$3.8B	$1.1B	$1.8B	$3.5B	−$5.7B	$17.0M	−$3.0M	$1.1B	$2.9B	$3.8B
UBER Dec	-	−$2.2B	−$2.1B	−$4.9B	−$3.4B	−$743.0M	$390.0M	$3.4B	$6.9B	$9.8B
GD Dec	$1.8B	$3.4B	$2.5B	$2.0B	$2.9B	$3.4B	$3.5B	$3.8B	$3.2B	$4.0B
CAT Dec	$4.5B	$4.8B	$5.3B	$5.9B	$5.3B	$6.1B	$6.5B	$11.3B	$10.0B	$8.9B
GE Dec	−$6.0B	−$88.0M	−$1.6B	$6.5B	$2.0B	$2.2B	$4.5B	$4.3B	$3.7B	$7.3B
LMT Dec	$4.1B	$5.3B	$1.9B	$5.8B	$6.4B	$7.7B	$6.1B	$6.2B	$5.3B	$6.9B
DE Nov	$3.1B	$1.6B	$926.0M	$2.3B	$6.7B	$6.9B	$3.6B	$7.1B	$7.6B	$6.1B
GEV Dec	-	-	-	-	-	-	−$627.0M	$442.0M	$1.7B	$3.7B
NOC Dec	$1.9B	$1.7B	$2.6B	$3.0B	$2.9B	$2.2B	$1.5B	$2.1B	$2.6B	$3.3B
Peer median	$3.1B	$1.6B	$1.9B	$3.3B	$2.9B	$2.8B	$3.5B	$3.8B	$3.7B	$6.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	6.3%	−1.0%	5.1%	5.5%	−38.2%	−0.2%	2.8%	−0.5%	6.7%	4.3%
DAL Dec	9.6%	2.7%	4.2%	7.4%	−33.3%	0.1%	0.0%	2.0%	4.7%	6.1%
UBER Dec	-	−28.2%	−20.1%	−37.8%	−30.2%	−4.3%	1.2%	9.0%	15.7%	18.8%
GD Dec	5.8%	11.1%	6.8%	5.1%	7.6%	8.8%	8.8%	9.0%	6.7%	7.5%
CAT Dec	11.8%	10.6%	9.7%	10.9%	12.8%	12.0%	10.9%	16.8%	15.5%	13.2%
GE Dec	−5.1%	−0.1%	−1.5%	7.2%	2.6%	4.0%	15.6%	12.2%	9.5%	15.8%
LMT Dec	8.7%	10.4%	3.5%	9.7%	9.8%	11.5%	9.3%	9.2%	7.4%	9.2%
DE Nov	11.7%	5.4%	2.5%	5.8%	18.7%	15.6%	6.8%	11.6%	14.7%	13.4%
GEV Dec	-	-	-	-	-	-	−2.1%	1.3%	4.9%	9.7%
NOC Dec	7.7%	6.5%	8.6%	9.0%	7.8%	6.0%	4.0%	5.3%	6.4%	7.9%
Peer median	8.7%	5.9%	3.8%	7.3%	7.7%	7.4%	6.8%	9.0%	7.4%	9.7%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	26.1%	24.4%	21.1%	26.1%	−118.6%	−39.1%	10.7%	28.1%	24.8%	21.9%
DAL Dec	37.2%	25.6%	28.7%	31.0%	n/m	7.2%	20.0%	41.5%	22.6%	24.0%
UBER Dec	-	n/m	n/m	−59.9%	−55.2%	−3.4%	−124.5%	16.8%	45.7%	37.2%
GD Dec	25.0%	24.7%	27.6%	24.9%	20.2%	18.5%	18.3%	15.6%	17.1%	16.4%
CAT Dec	−0.5%	5.5%	43.7%	41.7%	19.5%	39.3%	42.2%	53.0%	55.4%	41.7%
GE Dec	10.7%	−15.1%	−72.2%	−17.6%	16.0%	−19.8%	1.0%	34.6%	33.9%	46.6%
LMT Dec	n/m	n/m	n/m	199.2%	113.6%	57.6%	61.9%	101.2%	84.3%	74.6%
DE Nov	23.4%	22.6%	21.0%	28.5%	21.3%	32.4%	35.2%	46.7%	31.1%	19.4%
GEV Dec	-	-	-	-	-	-	−23.6%	−5.9%	16.3%	43.7%
NOC Dec	38.1%	40.2%	39.4%	25.5%	30.1%	54.2%	32.0%	13.9%	27.3%	25.1%
Peer median	24.2%	23.6%	28.2%	27.0%	20.2%	25.4%	20.0%	34.6%	31.1%	37.2%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	1.26	1.51	1.34	1.26	4.49	6.63	4.52	3.37	2.22	1.61
DAL Dec	0.62	0.67	0.68	0.66	18.24	6.45	3.25	1.68	1.00	0.64
UBER Dec	-	-	n/m	0.41	0.65	0.65	1.28	0.85	0.44	0.39
GD Dec	0.38	0.34	1.11	1.07	1.03	0.71	0.64	0.46	0.47	0.35
CAT Dec	2.28	2.08	2.18	2.15	1.82	1.90	1.99	1.49	1.63	1.70
GE Dec	1.94	2.37	3.28	3.21	2.11	1.10	0.71	0.80	1.00	1.10
LMT Dec	9.45	n/m	10.55	4.05	2.02	1.07	1.68	2.55	3.20	3.23
DE Nov	3.64	2.71	2.41	2.65	3.19	2.38	0.62	0.82	0.59	0.53
GEV Dec	-	-	-	-	-	-	-	0.02	0.01	0.03
NOC Dec	1.32	2.14	1.76	1.57	1.42	0.99	0.84	0.94	1.06	0.94
Peer median	1.94	2.11	2.18	1.86	1.92	1.08	1.06	0.85	1.00	0.64

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UAL Dec	$6.76	$7.06	$7.67	$11.58	−$25.30	−$6.10	$2.23	$7.89	$9.45	$10.20
DAL Dec	$5.55	$4.43	$5.67	$7.30	−$19.49	$0.44	$2.06	$7.17	$5.33	$7.66
UBER Dec	-	−$9.46	$0.00	−$6.81	−$3.86	−$0.29	−$4.65	$0.87	$4.56	$4.73
GD Dec	$8.29	$9.56	$11.18	$11.98	$11.00	$11.55	$12.19	$12.02	$13.63	$15.45
CAT Dec	−$0.11	$1.26	$10.26	$10.74	$5.46	$11.83	$12.64	$20.12	$22.05	$18.81
GE Dec	$6.00	−$8.24	−$20.96	−$4.99	$4.63	−$6.00	$0.05	$8.36	$5.99	$8.14
LMT Dec	$17.07	$6.75	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31	$21.49
DE Nov	$4.81	$6.68	$7.24	$10.15	$8.69	$18.99	$23.28	$34.63	$25.62	$18.50
GEV Dec	-	-	-	-	-	-	−$10.00	−$1.60	$5.58	$17.69
NOC Dec	$11.32	$16.34	$18.49	$13.22	$19.03	$43.54	$31.47	$13.53	$28.34	$29.08
Peer median	$6.00	$5.55	$8.75	$10.45	$7.07	$11.69	$12.19	$12.02	$13.63	$17.69

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out UAL and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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