United Airlines Holdings
United Airlines Holdings returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 11.88% | 9.28% | -1.36% | 23.26% | 4.32% | 4.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 12.61% | 9.86% | -22.08% | 25.73% | 4.67% | 4.9 pp |
| FY 2025 Q4 | Dec 31, 2025 | 10.97% | 9.32% | -10.2% | 23.99% | 4.45% | 3.3 pp |
| FY 2025 Q3 | Sep 30, 2025 | 12.14% | 9.81% | 4.42% | 25.59% | 4.42% | 4.4 pp |
| FY 2025 Q2 | Jun 30, 2025 | 13.4% | 10.46% | 3.61% | 27.7% | 4.4% | 5.7 pp |
| FY 2025 Q1 | Mar 31, 2025 | 14.53% | 11.5% | 29.01% | 33.57% | 4.95% | 6.8 pp |
| FY 2024 Q4 | Dec 31, 2024 | 11.86% | 10.23% | 269.32% | 28.63% | 4.34% | 4.2 pp |
| FY 2024 Q3 | Sep 30, 2024 | 11.83% | 9.4% | — | 27.24% | 3.79% | 4.1 pp |
| FY 2024 Q2 | Jun 30, 2024 | 13.4% | 10.01% | — | 32.21% | 4.01% | 5.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 11.7% | 9.27% | — | 33.91% | 3.78% | 4 pp |
| FY 2023 Q4 | Dec 31, 2023 | 10.29% | 8.75% | 106.93% | 32.28% | 3.78% | 2.6 pp |
| FY 2023 Q3 | Sep 30, 2023 | 12.51% | 9.63% | — | 41.61% | 4.03% | 4.8 pp |
| FY 2023 Q2 | Jun 30, 2023 | 14.12% | 9.1% | — | 45.69% | 3.71% | 6.4 pp |
| FY 2023 Q1 | Mar 31, 2023 | 11.93% | 7.81% | — | 37.31% | 2.75% | 4.2 pp |
| FY 2022 Q4 | Dec 31, 2022 | 6.82% | 4.81% | — | 12.36% | 1.09% | -0.9 pp |
| FY 2022 Q3 | Sep 30, 2022 | — | 1.11% | — | -14.56% | -1.09% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 0.26% | — | -27.54% | -1.73% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | -2.15% | — | -44.94% | -3.04% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | -2.11% | — | -35.74% | -3.08% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | -5.62% | — | -51.71% | -4.93% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | -11.81% | — | -82.39% | -8.78% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | -16.03% | — | -91.93% | -11.72% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -15.05% | — | -80.83% | -12.61% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -8.21% | — | -49.51% | -7.99% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -0.74% | — | -17.69% | -3.11% | — |
| FY 2020 Q1 | Mar 31, 2020 | 8.88% | 7.84% | -60.22% | 10.54% | 1.95% | 1.2 pp |
| FY 2019 Q4 | Dec 31, 2019 | 14.67% | 12.42% | 42.52% | 27.96% | 6.18% | 7 pp |
| FY 2019 Q3 | Sep 30, 2019 | 15.04% | 12.1% | 15.62% | 27.25% | 5.83% | 7.3 pp |
| FY 2019 Q2 | Jun 30, 2019 | 14.98% | 11.47% | 21.89% | 27.87% | 5.46% | 7.3 pp |
| FY 2019 Q1 | Mar 31, 2019 | 13.5% | 10.78% | 14.01% | 25.07% | 4.8% | 5.8 pp |
| FY 2018 Q4 | Dec 31, 2018 | 12.46% | 10.75% | 13.11% | 22.65% | 4.89% | 4.8 pp |
| FY 2018 Q3 | Sep 30, 2018 | 14.03% | 11.11% | 2,162.85% | 24.37% | 5.14% | 6.3 pp |
| FY 2018 Q2 | Jun 30, 2018 | 13.51% | 10.99% | -4.76% | 23.42% | 4.71% | 5.8 pp |
| FY 2018 Q1 | Mar 31, 2018 | 13.24% | 11.93% | 10.92% | 26% | 5.11% | 5.5 pp |
| FY 2017 Q4 | Dec 31, 2017 | 13.14% | 12.17% | -2.54% | 24.4% | 5.17% | 5.4 pp |
| FY 2017 Q3 | Sep 30, 2017 | 12.32% | 13.35% | -23.92% | 22.38% | 4.7% | 4.6 pp |
| FY 2017 Q2 | Jun 30, 2017 | 14.93% | 15.6% | — | 27.36% | 5.5% | 7.2 pp |
| FY 2017 Q1 | Mar 31, 2017 | 13.37% | 14.22% | — | 25.12% | 5% | 5.7 pp |
| FY 2016 Q4 | Dec 31, 2016 | 15.07% | 15.41% | — | 25.68% | 5.59% | 7.4 pp |
| FY 2016 Q3 | Sep 30, 2016 | 18.88% | 15.92% | — | 31.65% | 6.54% | 11.2 pp |
| FY 2016 Q2 | Jun 30, 2016 | — | 18.02% | — | 109.86% | 16.38% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 19.47% | — | 131.73% | 17.98% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 19.39% | — | 129.2% | 18.77% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | 17.6% | — | 105.4% | 16.39% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 15.8% | — | 71.01% | 6.82% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 14.07% | — | 80.44% | 5.9% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | 9.58% | — | 42.08% | 3.05% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | 7.96% | — | 44.42% | 3.31% | — |
| FY 2014 Q2 | Jun 30, 2014 | 13.22% | 5.24% | — | 30.54% | 1.84% | 5.5 pp |
| FY 2014 Q1 | Mar 31, 2014 | 12.44% | 4.85% | — | 28.21% | 1.02% | 4.7 pp |
| FY 2013 Q4 | Dec 31, 2013 | — | 5.04% | — | 32.84% | 1.53% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | 2.22% | — | -10.75% | -0.5% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 0.97% | — | -39.48% | -1.48% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 0.19% | — | -86.41% | -1.84% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | 0.15% | — | -63.23% | -1.91% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | 2.11% | — | -11.69% | -0.63% | — |
| FY 2012 Q2 | Jun 30, 2012 | 18.11% | 4.91% | — | 22.53% | 1.04% | 10.4 pp |
| FY 2012 Q1 | Mar 31, 2012 | 20.57% | 5.79% | — | 35.13% | 1.54% | 12.9 pp |
| FY 2011 Q4 | Dec 31, 2011 | 24.57% | 6.81% | — | 47.38% | 2.17% | 16.9 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 8.7% | — | 1,224.53% | 2.21% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 6.73% | — | — | 1.29% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · UAL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.