United
The world’s largest airline by seat miles flown, an American legacy carrier and a founder of Star Alliance.
26 figures on United, drawn from 4 Modern MBA case studies.
The figures
US dollars11
| Against its own chart | |||
|---|---|---|---|
| Gross revenue in billions of dollars, 2023 | $54B | 2nd of 8 · top $58B | Why budget airlines stopped winning |
| Operating income of every major US airline in 2025, with and without loyalty revenue · With loyalty revenue | $4.7B | 2nd of 7 · top $5.8B | Why Asian airlines are so much better |
| Ancillary fees earned in billions of dollars, 2023 | $4.1B | 3rd of 7 · top $7.9B | Why budget airlines stopped winning |
| Annual revenue from credit cards and mileage sales | $3.2B | 3rd of 8 · top $8.2B | Why Asian airlines are so much better |
| Operating income of every major US airline in 2025, with and without loyalty revenue · Without it | $1.5B | 1st of 7 · top $1.5B | Why Asian airlines are so much better |
| Average airfare per passenger · 2014 | $292 | 1st of 6 · top $292 | Why budget airlines stopped winning |
| Average airfare per passenger · 2013 | $283 | 2nd of 6 · top $292 | Why budget airlines stopped winning |
| Average airfare per passenger · 2012 | $275 | 3rd of 6 · top $292 | Why budget airlines stopped winning |
| Average airfare per passenger · 2015 | $274 | 4th of 6 · top $292 | Why budget airlines stopped winning |
| Average airfare per passenger · 2011 | $270 | 5th of 6 · top $292 | Why budget airlines stopped winning |
| Average airfare per passenger · 2016 | $252 | 6th of 6 · top $292 | Why budget airlines stopped winning |
Percentages12
| Against its own chart | |||
|---|---|---|---|
| Load factor, 2023 | 83.9% | 2nd of 8 · top 85.0% | Why budget airlines stopped winning |
| Share of each carrier's passenger revenue earned on international routes | 39% | 6th of 9 · top 100% | Why Asian airlines are so much better |
| Salaries and benefits as a percentage of revenue | 29.9% | 2nd of 12 · top 32.2% | Why Asian airlines are so much better |
| Average share of revenue spent on fuel and on labor, 2010 to 2023 · Labor | 29% | 4th of 8 · top 40% | Why budget airlines stopped winning |
| Average share of revenue spent on fuel and on labor, 2010 to 2023 · Fuel | 25% | 6th of 8 · top 31% | Why budget airlines stopped winning |
| US-based airlines by share of the domestic market, 2023 | 16% | 4th of 8 · top 18% | Why budget airlines stopped winning |
| Operating margin by carrier, FY2025 | 8% | 10th of 11 · top 18.5% | Why Asian airlines are so much better |
| Median annual operating margin, 2014–2024 | 8% | 6th of 10 · top 12% | Why movie theaters survive off popcorn |
| Annual operating margin by carrier | 8% | 2nd of 7 · top 10% | Why budget airlines stopped winning |
| Average operating margin, 2010 to 2019 | 7% | 3rd of 4 · top 15% | How cruise ships actually make money |
| Average operating margin, 2009 to 2019 | 4% | 6th of 7 · top 16% | Why budget airlines stopped winning |
| Cargo as a share of revenue | 3% | 9th of 11 · top 28% | Why Asian airlines are so much better |
Counts3
| Against its own chart | |||
|---|---|---|---|
| Number of aircraft in fleet, 2023 | 945 | 3rd of 8 · top 1,273 | Why budget airlines stopped winning |
| Airports each carrier holds as a fortress hub, controlling gates, counters and slots | 16 | 3rd of 9 · top 18 | Why Asian airlines are so much better |
| Average price-to-earnings ratio, 2009 to 2019 | 8 | 6th of 7 · top 15 | Why budget airlines stopped winning |
Case studies covering United
Case study — TravelWhy Asian airlines are so much betterAsian carriers deliver a service Americans barely recognize. American airlines earn more doing far less.11 min read
Case study — Media & entertainmentWhy movie theaters survive off popcornTheaters keep less than half your ticket and lose money on the film. The popcorn is not a joke, it is the plan.10 min read
Case study — TravelHow cruise ships actually make moneyAirlines carried 4.5 billion passengers the year cruises carried 29 million — and the cruise lines earned the better margin.15 min read
Case study — TravelWhy budget airlines stopped winningThe low-cost carriers say the industry is rigged. It isn't. The legacy carriers just copied the only thing they had.16 min read