United Airlines
Corporate Responsibility Report

Financials & economic performance

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

Operating revenue

2023 in $M2022 in $M2021 in $M2020 in $M
Operating revenue (GAAP)53,71744,95524,63415,355

Operating expense

2023 in $M2022 in $M2021 in $M2020 in $M
Operating expense (GAAP)49,50642,61825,65621,714
Less: Special charges (A)-949-1403,3672,616
Equals: Operating expense, excluding special operating expense (non-GAAP)48,55742,47829,02324,330
Less: Employee salaries and related costs-14,787-11,466-9,566-9,522
Equals: Non-labor operating costs33,77031,01219,45714,808

Operating income

2023 in $M2022 in $M2021 in $M2020 in $M
Operating income (GAAP)4,2112,337-1,022-6,359
Less: Operating expense: special charges (A)949140-3,367-2,616
Equals: Operating income, excluding special operating expense (non-GAAP)5,1602,477-4,389-8,975

Net income

2023 in $M2022 in $M2021 in $M2020 in $M
Net income (GAAP)2,618737-1,964-7,069
Add/less: Operating and non-operating expenses: special charges, net of income taxes71994-2,524-634
Equals: Adjusted net income (non-GAAP)3,337831-4,488-7,703

Special charges (operating expenses)

2023 in $M2022 in $M2021 in $M2020 in $M
Total949140-3,367-2,616
Severance and benefit costs00438575
Impairment of assets0097318
Labor contract ratification bonuses814000
Sale of assets and other special gains/losses, net13514011927
CARES Act grant00-4,021-3,536

Special charges (non-operating expenses)

2023 in $M2022 in $M2021 in $M2020 in $M
Total, net of income taxes-230-468431,982
Unrealized (gains) losses on investments, net-27-2034194
Loss on extinguishment of debt and other117500
Non-operating credit loss on BRW Term Loan and related guarantee000697
Non-operating special termination benefits and settlement losses0031687
Income tax expense (benefit) related to special charges-214-33728404

Special charges (total)

2023 in $M2022 in $M2021 in $M2020 in $M
Total operating and non-operating charges, net71994-2,524-634

Direct economic value generated

2023 in $M2022 in $M2021 in $M2020 in $M
Revenue53,71744,95524,63415,355

Economic value distributed

2023 in $M2022 in $M2021 in $M2020 in $M
Non-labor operating costsFootnote 134,71931,15216,09012,192
Employee salaries and related costs14,78711,4669,5669,522
Payments to providers of capital-1,956-1,778-1,657-1,063

Economic value retained

2023 in $M2022 in $M2021 in $M2020 in $M
Net incomeFootnote 12,618737-1,964-7,069
Operating incomeFootnote 14,2112,337-1,022-6,359

Shareholder value

2023 in $2022 in $2021in $2020 in $
Share price at Dec. 3141.2637.743.7843.25
Share price range57.61-33.9051.90-31.2062.45-39.0689.74-19.92

Footnotes

  1. Pursuant to SEC Regulation G, UAL has included the above reconciliation of reported Non-GAAPfinancial 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 2023 Annual Report on Form 10-K.