AAL vs UAL
American Airlines Group Inc. and United Airlines Holdings, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | AAL | UAL |
|---|---|---|
| Revenue | $54.6B | $59.1B |
| Net income | $111.0M | $3.4B |
| Gross margin | · | · |
| Net margin | 0.2% | 5.7% |
| Return on equity | · | 24.0% |
| Diluted EPS | $0.17 | $10.20 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | $-680.0M | $2.6B |
| Equity | $-3.7B | $15.3B |
| Net debt / equity | · | 1.00× |
| Current ratio | 0.50× | 0.65× |
| Revenue CAGR 5y | 25.8% | 30.9% |
| Profit CAGR 5y | · | · |
AAL and UAL book revenue within 15% of each other, and UAL keeps more of each dollar of revenue as profit (5.7% against 0.2%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | AAL | UAL |
|---|---|---|
| FY2025 | $54.6B | $59.1B |
| FY2024 | $54.2B | $57.1B |
| FY2023 | $52.8B | $53.7B |
| FY2022 | $49.0B | $45.0B |
| FY2021 | $29.9B | $24.6B |
| FY2020 | $17.3B | $15.4B |
| FY2019 | $45.8B | $43.3B |
| FY2018 | $44.5B | $41.3B |
| FY2017 | $42.6B | $37.8B |
| FY2016 | $40.1B | $36.6B |
Bottom line
| Fiscal year | AAL | UAL |
|---|---|---|
| FY2025 | $111.0M | $3.4B |
| FY2024 | $846.0M | $3.1B |
| FY2023 | $822.0M | $2.6B |
| FY2022 | $127.0M | $737.0M |
| FY2021 | $-2.0B | $-2.0B |
| FY2020 | $-8.9B | $-7.1B |
| FY2019 | $1.7B | $3.0B |
| FY2018 | $1.4B | $2.1B |
| FY2017 | $1.3B | $2.1B |
| FY2016 | $2.6B | $2.2B |
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$4,437,000,000 | UAL |
| FY2024 | −$2,852,000,000 | UAL |
| FY2023 | −$929,000,000 | UAL |
| FY2022 | +$4,016,000,000 | AAL |
| FY2021 | +$5,248,000,000 | AAL |
| FY2020 | +$1,982,000,000 | AAL |
| FY2019 | +$2,509,000,000 | AAL |
| FY2018 | +$3,238,000,000 | AAL |
| FY2017 | +$4,838,000,000 | AAL |
| FY2016 | +$3,584,000,000 | AAL |
| FY2015 | +$3,126,000,000 | AAL |
| FY2014 | +$3,749,000,000 | AAL |
| FY2013 | −$11,536,000,000 | UAL |
| FY2012 | −$12,297,000,000 | UAL |
| FY2011 | −$13,131,000,000 | UAL |
| FY2010 | −$1,155,000,000 | UAL |
| FY2009 | +$3,582,000,000 | AAL |
| FY2008 | +$3,572,000,000 | AAL |
The higher-revenue side has changed between AAL and UAL over this period. The gap has widened since the earliest year compared.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −5.5 pp | UAL |
| FY2024 | −4.0 pp | UAL |
| FY2023 | −3.3 pp | UAL |
| FY2022 | −1.4 pp | UAL |
| FY2021 | +1.3 pp | AAL |
| FY2020 | −5.2 pp | UAL |
| FY2019 | −3.3 pp | UAL |
| FY2018 | −2.0 pp | UAL |
| FY2017 | −2.7 pp | UAL |
| FY2016 | +0.3 pp | AAL |
| FY2015 | −0.8 pp | UAL |
| FY2014 | +3.8 pp | AAL |
| FY2013 | −8.3 pp | UAL |
| FY2012 | −5.6 pp | UAL |
| FY2011 | −10.5 pp | UAL |
| FY2010 | −3.2 pp | UAL |
| FY2009 | −3.4 pp | UAL |
| FY2008 | +17.8 pp | AAL |
The higher net margin has changed hands between AAL and UAL over this period.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
UAL's net margin has been more volatile than AAL's over the 18 comparable fiscal years — 14.0 percentage points of standard deviation against 13.5.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between AAL and UAL over these 18 fiscal years — AAL led in 4 and UAL in 14.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.