United Airlines
Corporate Impact Report 2024

Financials and economic performance

Data on financials (revenue, income, expenses) economic value generated and distributed and shareholder value.

Operating revenue

2024 in $M2023 in $M2022 in $M2021 in $M
Operating revenue (GAAP)57,06353,71744,95524,634

Operating expense

2024 in $M2023 in $M2022 in $M2021 in $M
Operating expense (GAAP)51,96749,50642,61825,656
Less: Special charges (A)-112-949-1403,367
Equals: Operating expense, excluding special operating expense (non-GAAP)51,85548,55742,47829,023
Less: Employee salaries and related costs-16,678-14,787-11,466-9,566
Equals: Non-labor operating costs35,17733,77031,01219,457

Operating income

2024 in $M2023 in $M2022 in $M2021 in $M
Operating income (GAAP)5,0964,2112,337-1,022
Less: Operating expense: special charges (A)112949140-3,367
Equals: Operating income, excluding special operating expense (non-GAAP)5,2085,1602,477-4,389

Net income

2024 in $M2023 in $M2022 in $M2021 in $M
Net income (GAAP)3,1492,618737-1,964
Add/less: Operating and non-operating expenses: special charges, net of income taxes38571994-2,524
Equals: Adjusted net income (non-GAAP)3,5343,337831-4,488

Special charges (operating expenses)

2024 in $M2023 in $M2022 in $M2021 in $M
Total112949140-3,367
Severance and benefit costs000438
Impairment of assets00097
Labor contract ratification bonuses081400
Sale of assets and other special gains/losses, net112135140119
CARES Act grant000-4,021

Special charges (non-operating expenses)

2024 in $M2023 in $M2022 in $M2021 in $M
Total, net of income taxes273-230-46843
Unrealized (gains) losses on investments, net199-27-2034
Loss on extinguishment of debt and other12811750
Non-operating credit loss on BRW Term Loan and related guarantee0000
Non-operating special termination benefits and settlement losses00031
Income tax benefit related to special charges-54-214-33728

Special charges (total)

2024 in $M2023 in $M2022 in $M2021 in $M
Total operating and non-operating charges, net38571994-2,524

Direct economic value generated

2024 in $M2023 in $M2022 in $M2021 in $M
Revenue57,06353,71744,95524,634

Economic value distributed

2024 in $M2023 in $M2022 in $M2021 in $M
Non-labor operating costsFootnote 135,28934,71931,15216,090
Employee salaries and related costs16,67814,78711,4669,566
Payments to providers of capital-1,629-1,956-1,778-1,657

Economic value retained

2024 in $M2023 in $M2022 in $M2021 in $M
Net incomeFootnote 13,1492,618737-1,964
Operating incomeFootnote 15,0964,2112,337-1,022

Shareholder value

2024 in $2023 in $2022 in $2021in $
Share price at Dec. 3197.1041.2637.7043.78
Share price range102.44-37.8857.61-33.9051.90-31.2062.45-39.06

Footnotes

  1. Pursuant to SEC Regulation G, UAL has included the above reconciliation of reported Non-GAAP financial measures to comparable financial measures reported on a GAAP basis. UAL believes that adjusting for special items is useful to investors because special charges are indicative of UAL’s ongoing performance. UAL believes that adjusting for unrealized (gains) losses on investments, net is useful to investors because those unrealized gains or losses may not ultimately be realized on a cash basis. UAL believes that adjusting for interest expense related to finance leases of Embraer ERJ145 aircraft is useful to investors because of the accelerated recognition of interest expense. For additional information related to special items, see the 2024 Annual Report on Form 10-K.