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Sankey diagram of United Airlines Holdings, Inc.. A complete text table follows the diagram.
The airline earned 18.8 cents per available seat-mile and spent 17.5 cents, making fuller planes and better fares enormously valuable at network scale.
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The flow uses reported GAAP revenue and expense categories. Other operating revenue includes loyalty and ancillary activities but is not further allocated because the quarterly filing does not provide a complete revenue split for those components.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Passenger fares | 1 | $13.2B | 42.5M passenger journeys |
| Cargo in the belly | 1 | $422M | 878M cargo ton-miles |
| Loyalty & other revenue | 1 | $1.0B | MileagePlus and ancillary economics |
| Aircraft-network revenue | 2 | $14.6B | 18.80 cents per available seat-mile |
| Operating income | 3 | $997M | The network's narrow spread at scale |
| Flying the network | 3 | $13.6B | 17.52 cents per available seat-mile |
| From | To | Value |
|---|---|---|
| Passenger fares | Aircraft-network revenue | $13.2B |
| Cargo in the belly | Aircraft-network revenue | $422M |
| Loyalty & other revenue | Aircraft-network revenue | $1.0B |
| Aircraft-network revenue | Operating income | $997M |
| Aircraft-network revenue | Flying the network | $13.6B |