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American Airlines vs United Airlines: revenue, profit, margins and growth compared

American Airlines brought in $54.6B of revenue in fiscal 2025, United Airlines $59.1B in fiscal 2025. Revenue changed by +0.8% at American Airlines and +3.5% at United Airlines on the year before, so United Airlines grew faster. American Airlines kept 0.2% of its revenue as net profit, United Airlines 5.7%. Free cash flow was -$680M at American Airlines and $2.6B at United Airlines.

Side by side, latest fiscal year

AALUAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$54.6B$59.1B
Revenue growth+0.8%+3.5%
Net income$111M$3.4B
Net margin0.2%5.7%
Free cash flow-$680M$2.6B
Free cash flow margin-1.2%4.3%
Earnings per share (diluted)$0.17$10.20
Cash$1.1B$5.9B
Debt$24.6B$21.3B
Price to earnings81.611.2
Market value$9.2B$37B
Dividend yieldn/an/a
Rank by revenue in sector#17 of 778 · Consumer discretionary#16 of 778 · Consumer discretionary

Over the years

Revenue
AAL FY2018: $44.5BAAL FY2019: $45.8BAAL FY2020: $17.3BAAL FY2021: $29.9BAAL FY2022: $49BAAL FY2023: $52.8BAAL FY2024: $54.2BAAL FY2025: $54.6BUAL FY2018: $41.3BUAL FY2019: $43.3BUAL FY2020: $15.4BUAL FY2021: $24.6BUAL FY2022: $45BUAL FY2023: $53.7BUAL FY2024: $57.1BUAL FY2025: $59.1BFY18FY19FY20FY21FY22FY23FY24FY25
AAL $54.6BUAL $59.1B
Net income
AAL FY2018: $1.4BAAL FY2019: $1.7BAAL FY2020: -$8.9BAAL FY2021: -$2BAAL FY2022: $127MAAL FY2023: $822MAAL FY2024: $846MAAL FY2025: $111MUAL FY2018: $2.1BUAL FY2019: $3BUAL FY2020: -$7.1BUAL FY2021: -$2BUAL FY2022: $737MUAL FY2023: $2.6BUAL FY2024: $3.1BUAL FY2025: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25
AAL $111MUAL $3.4B
Net margin
AAL FY2018: 3.2%AAL FY2019: 3.7%AAL FY2020: -51.2%AAL FY2021: -6.7%AAL FY2022: 0.3%AAL FY2023: 1.6%AAL FY2024: 1.6%AAL FY2025: 0.2%UAL FY2018: 5.1%UAL FY2019: 7.0%UAL FY2020: -46.0%UAL FY2021: -8.0%UAL FY2022: 1.6%UAL FY2023: 4.9%UAL FY2024: 5.5%UAL FY2025: 5.7%FY18FY19FY20FY21FY22FY23FY24FY25
AAL 0.2%UAL 5.7%
Revenue growth
AAL FY2019: +2.8%AAL FY2020: -62.1%AAL FY2021: +72.4%AAL FY2022: +63.9%AAL FY2023: +7.8%AAL FY2024: +2.7%AAL FY2025: +0.8%UAL FY2019: +4.7%UAL FY2020: -64.5%UAL FY2021: +60.4%UAL FY2022: +82.5%UAL FY2023: +19.5%UAL FY2024: +6.2%UAL FY2025: +3.5%FY19FY20FY21FY22FY23FY24FY25
AAL +0.8%UAL +3.5%
Free cash flow
AAL FY2018: -$212MAAL FY2019: -$453MAAL FY2020: -$8.5BAAL FY2021: $496MAAL FY2022: -$373MAAL FY2023: $1.2BAAL FY2024: $1.3BAAL FY2025: -$680MUAL FY2018: $2.1BUAL FY2019: $2.4BUAL FY2020: -$5.9BUAL FY2021: -$40MUAL FY2022: $1.2BUAL FY2023: -$260MUAL FY2024: $3.8BUAL FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
AAL -$680MUAL $2.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about American Airlines and United Airlines

Which is bigger by revenue, American Airlines or United Airlines?

United Airlines is bigger by revenue: $59.1B in fiscal 2025, against $54.6B for American Airlines in fiscal 2025.

Which keeps more of its revenue as profit, American Airlines or United Airlines?

American Airlines had a net margin of 0.2% in fiscal 2025; United Airlines had 5.7% in fiscal 2025.

Which grew revenue faster, American Airlines or United Airlines?

In their latest fiscal years revenue changed by +0.8% at American Airlines and +3.5% at United Airlines.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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