UAL United Airlines Holdings margins

Relative Growth: Rel. Growth: 78

Relative Strength: Rel. Strength: 55

Relative Valuation: Rel. Valuation: 89

Relative Profitability: Rel. Profitability: 67

Gross margin

60.8%

Operating margin

7.7%

EBITDA margin

13.9%

Net margin

5.6%

Current United Airlines Holdings reports a gross margin of 60.8%, an operating margin of 7.7%, an EBITDA margin of 13.9%, and a net margin of 5.6%. Gross margin headed the decline across the available margins, falling by 3.3 percentage points.

UAL margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, United Airlines Holdings's margins averaged 62.68% gross, 8.37% operating, 14.87% EBITDA, and 5.5% net. For United Airlines Holdings, net margin is above its three-year average, while gross, operating, and EBITDA margins are below their three-year averages.

UAL margin expansion

Year-over-year margin changes in percentage points

The biggest contraction was in gross margin, which fell by 3.3 percentage points. The other available margins also declined.

Gross margin expansion

-3.3pp

Operating margin expansion

-0.9pp

EBITDA margin expansion

-1.1pp

Net margin expansion

-0.1pp

UAL Gross margin

Over the last 3 years, United Airlines Holdings's gross margin averaged 62.68%. The current gross margin of 60.8% is 1.9 percentage points below its three-year average. During this period, gross margin reached a high of 64.1% in Sep 2025 and a low of 60.8% in Dec 2023.

UAL Operating margin

Over the last 3 years, the average operating margin for United Airlines Holdings was 8.37%. The latest operating margin for United Airlines Holdings is 7.7%, 0.7 percentage points below its three-year average. United Airlines Holdings's operating margin ranged from a low of 7.7% in Jun 2026 to a high of 9.7% in Mar 2025.

UAL EBITDA margin

Over the last 3 years, United Airlines Holdings's EBITDA margin averaged 14.87%. At present, United Airlines Holdings's current EBITDA margin is 13.9%, which is 1 percentage points below its three-year average. During this period, EBITDA margin reached a high of 16.1% in Mar 2025 and a low of 13.9% in Jun 2026.

UAL Net margin

United Airlines Holdings's net margin averaged 5.5% across the past 3 years. Right now, the current net margin for United Airlines Holdings is 5.6%, 0.1 percentage points above its three-year average. Over the last 3 years, United Airlines Holdings's net margin peaked at 6.3% in Mar 2025 and reached a low of 4.9% in Dec 2023.

UAL margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 60.8%, UAL stands higher than the Industrials sector, the industry and its peers average. Looking at the Industrials sector average of 32.7%, United Airlines Holdings's gross margin is 86% higher.

UAL margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is United Airlines Holdings's gross margin?

The current gross margin for UAL is 60.8% as of Jun 30, 2026.

What is United Airlines Holdings's operating margin?

The current operating margin for UAL is 7.7% as of Jun 30, 2026.

What is United Airlines Holdings's EBITDA margin?

As of Jun 30, 2026, UAL has an EBITDA margin of 13.9%.

What is United Airlines Holdings's net margin?

The current net margin for UAL is 5.6% as of Jun 30, 2026.

What are the average margins of UAL?

Over the past 3 years, UAL reported average margins of 62.7% gross, 8.4% operating, 14.9% EBITDA, and 5.5% net.

What are the highest historical margins of UAL?

In the last 5 years, the highest margins reported by UAL were 64.1% gross in Sep 2025, 9.7% operating in Mar 2025, 16.1% EBITDA in Mar 2025, and 6.3% net in Mar 2025.

What are the lowest historical margins of UAL?

United Airlines Holdings's lowest recorded margins during the past 5 years were 51.8% gross in Dec 2021, -4.1% operating in Dec 2021, 5.7% EBITDA in Mar 2022, and -8% net in Dec 2021.