United Airlines (UAL) reported its fourth-quarter and full-year 2022 financial results.

Fourth-Quarter Financial Results

• Net income of $843 million, adjusted net income¹ of $811 million.
• Capacity down 9% compared to fourth-quarter 2019.
• Total operating revenue of $12.4 billion, up 14% compared to fourth-quarter 2019.
• TRASM of up 26% compared to fourth-quarter 2019.
• CASM of up 21%, and CASM-ex¹ of up 11%, compared to fourth-quarter 2019.
• Operating margin of 11.1%, adjusted operating margin¹ of 11.2%, both up over 2 pts. compared to fourth-quarter 2019.
• Pre-tax margin of 9.1%, adjusted pre-tax margin¹ of 9.0%, both up and around 1 pt. compared to fourth-quarter 2019.
• Average fuel price per gallon of $3.54.

Full-Year Financial Results

• Net income of $737 million, adjusted net income¹ of $831 million.
• Operating margin of 5.2%, adjusted operating margin¹ of 5.5%.
• Pre-tax margin of 2.2%, adjusted pre-tax margin¹ of 2.5%.
• Ending available liquidity² of $18.2 billion.

Top Copyright Photo: United Airlines Boeing 777-222 N769UA (msn 26921) LAX (Michael B. Ing). Image: 959899.

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