Today we reported fourth-quarter and full-year 2022 financial results. We exceeded our adjusted operating margin* guidance in the fourth quarter with an 11% operating margin and additionally reported a 9% pre-tax margin, delivering our 2023 target ahead of schedule. With great momentum operationally and financially in the second half of 2022, we remain confident in the 2023 United Next adjusted pre-tax margin* target of ~9%.
Fourth-quarter financial results
2 Includes cash, cash equivalents, short-term investments and undrawn credit facilities.
Fourth-quarter financial results
- Pre-tax income of $1.1 billion.
- Net income of $843 million, adjusted net income* 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-ex* of up 11%, compared to fourth-quarter 2019.
- Operating margin of 11.1%, adjusted operating margin* of 11.2%, both up over 2 pts. compared to fourth-quarter 2019.
- Pre-tax margin of 9.1%, adjusted pre-tax margin* of 9.0%, both up around 1 pt. compared to fourth-quarter 2019.
- Average fuel price per gallon of $3.54.
- Net income of $737 million, adjusted net income* 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 liquidity** of $18.2 billion.
2 Includes cash, cash equivalents, short-term investments and undrawn credit facilities.
