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

Latam Airlines brought in $14.3B of revenue in fiscal 2025, United Airlines $59.1B in fiscal 2025. Revenue changed by +11.2% at Latam Airlines and +3.5% at United Airlines on the year before, so Latam Airlines grew faster. Latam Airlines kept 10.2% of its revenue as net profit, United Airlines 5.7%. Free cash flow was $2B at Latam Airlines and $2.6B at United Airlines.

Side by side, latest fiscal year

LTMUAL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$14.3B$59.1B
Revenue growth+11.2%+3.5%
Net income$1.5B$3.4B
Net margin10.2%5.7%
Free cash flow$2B$2.6B
Free cash flow margin13.7%4.3%
Earnings per share (diluted)$0.00$10.20
Cash$2.2B$5.9B
Debt$8.1B$21.3B
Price to earningsn/a11.2
Market value$15.1B$37B
Dividend yieldn/an/a
Rank by revenue in sector#94 of 778 · Consumer discretionary#16 of 778 · Consumer discretionary

Over the years

Revenue
LTM FY2018: $9.9BLTM FY2019: $10.1BLTM FY2020: $3.9BLTM FY2021: $4.9BLTM FY2022: $9.4BLTM FY2023: $11.6BLTM FY2024: $12.8BLTM FY2025: $14.3BUAL FY2018: $41.3BUAL FY2019: $43.3BUAL FY2020: $15.4BUAL FY2021: $24.6BUAL FY2022: $45BUAL FY2023: $53.7BUAL FY2024: $57.1BUAL FY2025: $59.1BFY18FY19FY20FY21FY22FY23FY24FY25
LTM $14.3BUAL $59.1B
Net income
LTM FY2018: $309.8MLTM FY2019: $190.4MLTM FY2020: -$4.5BLTM FY2021: -$4.6BLTM FY2022: $1.3BLTM FY2023: $581.8MLTM FY2024: $977MLTM FY2025: $1.5BUAL FY2018: $2.1BUAL FY2019: $3BUAL FY2020: -$7.1BUAL FY2021: -$2BUAL FY2022: $737MUAL FY2023: $2.6BUAL FY2024: $3.1BUAL FY2025: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25
LTM $1.5BUAL $3.4B
Net margin
LTM FY2018: 3.1%LTM FY2019: 1.9%LTM FY2020: -115.9%LTM FY2021: -95.2%LTM FY2022: 14.3%LTM FY2023: 5.0%LTM FY2024: 7.6%LTM FY2025: 10.2%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
LTM 10.2%UAL 5.7%
Revenue growth
LTM FY2019: +1.8%LTM FY2020: -61.0%LTM FY2021: +24.5%LTM FY2022: +91.7%LTM FY2023: +24.3%LTM FY2024: +10.2%LTM FY2025: +11.2%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
LTM +11.2%UAL +3.5%
Free cash flow
LTM FY2018: $1.4BLTM FY2019: $1.6BLTM FY2020: -$819MLTM FY2021: -$771.3MLTM FY2022: -$683.7MLTM FY2023: $1.5BLTM FY2024: $1.8BLTM FY2025: $2BUAL FY2018: $2.1BUAL FY2019: $2.4BUAL FY2020: -$5.9BUAL FY2021: -$40MUAL FY2022: $1.2BUAL FY2023: -$260MUAL FY2024: $3.8BUAL FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
LTM $2BUAL $2.6B

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

Questions about Latam Airlines and United Airlines

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

United Airlines is bigger by revenue: $59.1B in fiscal 2025, against $14.3B for Latam Airlines in fiscal 2025.

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

Latam Airlines had a net margin of 10.2% in fiscal 2025; United Airlines had 5.7% in fiscal 2025.

Which grew revenue faster, Latam Airlines or United Airlines?

In their latest fiscal years revenue changed by +11.2% at Latam 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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