United Airlines Holdings, Inc. (UAL) Return on equity 2016–2025
United Airlines Holdings, Inc. (UAL) return on equity by fiscal year — reported net income divided by year-end shareholders’ equity.
21.9%FY2025 · since FY2016: 26.1% → 21.9%
| Fiscal year | Value | YoY |
|---|---|---|
| FY2025 | 21.9% | -2.9 pp |
| FY2024 | 24.8% | -3.2 pp |
| FY2023 | 28.1% | +17.4 pp |
| FY2022 | 10.7% | +49.7 pp |
| FY2021 | -39.1% | +79.6 pp |
| FY2020 | -118.6% | -144.7 pp |
| FY2019 | 26.1% | +5.0 pp |
| FY2018 | 21.1% | -3.3 pp |
| FY2017 | 24.4% | -1.7 pp |
| FY2016 | 26.1% | — |
ROE = reported net income ÷ reported year-end shareholders’ equity for the same fiscal year. Heavy buybacks shrink equity and can push ROE very high (or negative-equity years drop out).
Source: SEC XBRL filings · For reference only · Not investment advice