Summary by Moomoo AI
United Airlines (UAL) has reported a significant increase in operating revenue, reaching $53.7 billion in 2023, up from $44.9 billion in 2022, marking a 19.5% year-over-year growth. Operating expenses also rose to $49.5 billion, a 16.2% increase from the previous year. The company achieved an operating income of $4.2 billion, a substantial improvement from $2.3 billion in 2022. Net income for the year stood at $2.6 billion, compared to $737 million in the prior year. Passenger revenue was the primary driver of growth, with a 22.5% increase attributed to a 17.5% rise in capacity, stronger yield, and a slight uptick in passenger load factor. Cargo revenue, however, declined by 31.1% due to increased market capacity and rate pressures. Other operating revenue grew by 15.4%, largely due to non-airline partnerships, including credit card spending...Show More