What is the primary revenue source for United Airlines (UAL)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze UAL's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out United Airlines's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How United Airlines Makes Money: UAL Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 90.67% of revenue, indicating concentration.

Revenue: USD 32.28B
Largest revenue segment share (Passenger): 90.67%
Income tax expense: USD 393.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Income tax expenseIncome tax expense · IncomeTaxExpenseBenefit
Largest revenue segment share (Passenger)Passenger · segment_value / revenue * 100
RevenueRevenue from contract with customer, excluding assessed tax · RevenueFromContractWithCustomerExcludingAssessedTax

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: USD 47.96B
Cash and cash equivalents: USD 10.17B
Goodwill: USD 4.53B
Shareholder equity: USD 16.70B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal stockholders' equity · StockholdersEquity
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
GoodwillGoodwill · Goodwill
Property, plant and equipmentOperating property and equipment, net · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Net income: USD 1.50B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss

Some conclusions lack complete source metrics and should be interpreted cautiously.

Capital expenditure data is missing, so free cash flow cannot be calculated.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

The company returned cash to shareholders, but free cash flow data is missing, so coverage cannot be assessed.

Share repurchases: USD 27.00M
Net shareholder return: USD 27.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?