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美国联合航空（UAL）与Frontier Group Holdings, Inc.（ULCC）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是Frontier Group Holdings, Inc.的14.7倍（$14.6B vs $997.0M），Frontier Group Holdings, Inc.净利率更高（5.3% vs 4.8%，领先0.5%），美国联合航空同比增速更快（10.6% vs -0.5%），美国联合航空自由现金流更多（$2.0B vs $-113.0M），过去两年Frontier Group Holdings, Inc.的营收复合增速更高（7.4% vs -1.3%）
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
UAL vs ULCC — 直观对比
营收规模更大
UAL
是对方的14.7倍
$997.0M
营收增速更快
UAL
高出11.1%
-0.5%
净利率更高
ULCC
高出0.5%
4.8%
自由现金流更多
UAL
多$2.1B
$-113.0M
两年增速更快
ULCC
近两年复合增速
-1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $997.0M |
| 净利润 | $699.0M | $53.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.8% | 4.9% |
| 净利率 | 4.8% | 5.3% |
| 营收同比 | 10.6% | -0.5% |
| 净利润同比 | 80.6% | -1.9% |
| 每股收益（稀释后） | $2.14 | $0.24 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收UALULCC
| Q1 26 | $14.6B | — | ||
| Q4 25 | $15.4B | $997.0M | ||
| Q3 25 | $15.2B | $886.0M | ||
| Q2 25 | $15.2B | $929.0M | ||
| Q1 25 | $13.2B | $912.0M | ||
| Q4 24 | $14.7B | $1.0B | ||
| Q3 24 | $14.8B | $935.0M | ||
| Q2 24 | $15.0B | $973.0M |
净利润UALULCC
| Q1 26 | $699.0M | — | ||
| Q4 25 | $1.0B | $53.0M | ||
| Q3 25 | $949.0M | $-77.0M | ||
| Q2 25 | $973.0M | $-70.0M | ||
| Q1 25 | $387.0M | $-43.0M | ||
| Q4 24 | $985.0M | $54.0M | ||
| Q3 24 | $965.0M | $26.0M | ||
| Q2 24 | $1.3B | $31.0M |
营业利润率UALULCC
| Q1 26 | 6.8% | — | ||
| Q4 25 | 9.0% | 4.9% | ||
| Q3 25 | 9.2% | -8.7% | ||
| Q2 25 | 8.7% | -8.1% | ||
| Q1 25 | 4.6% | -5.0% | ||
| Q4 24 | 10.2% | 4.5% | ||
| Q3 24 | 10.5% | 2.0% | ||
| Q2 24 | 12.9% | 2.6% |
净利率UALULCC
| Q1 26 | 4.8% | — | ||
| Q4 25 | 6.8% | 5.3% | ||
| Q3 25 | 6.2% | -8.7% | ||
| Q2 25 | 6.4% | -7.5% | ||
| Q1 25 | 2.9% | -4.7% | ||
| Q4 24 | 6.7% | 5.4% | ||
| Q3 24 | 6.5% | 2.8% | ||
| Q2 24 | 8.8% | 3.2% |
每股收益（稀释后）UALULCC
| Q1 26 | $2.14 | — | ||
| Q4 25 | $3.17 | $0.24 | ||
| Q3 25 | $2.90 | $-0.34 | ||
| Q2 25 | $2.97 | $-0.31 | ||
| Q1 25 | $1.16 | $-0.19 | ||
| Q4 24 | $2.97 | $0.24 | ||
| Q3 24 | $2.90 | $0.11 | ||
| Q2 24 | $3.96 | $0.14 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $14.2B | $671.0M |
| 总债务越低越好 | — | $620.0M |
| 股东权益账面价值 | $15.9B | $491.0M |
| 总资产 | $80.9B | $7.2B |
| 负债/权益比越低杠杆越低 | — | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资UALULCC
| Q1 26 | $14.2B | — | ||
| Q4 25 | $12.2B | $671.0M | ||
| Q3 25 | $13.3B | $566.0M | ||
| Q2 25 | $15.6B | $563.0M | ||
| Q1 25 | $15.3B | $686.0M | ||
| Q4 24 | $14.5B | $740.0M | ||
| Q3 24 | $14.2B | $576.0M | ||
| Q2 24 | $15.2B | $658.0M |
总债务UALULCC
| Q1 26 | — | — | ||
| Q4 25 | $20.6B | $620.0M | ||
| Q3 25 | $20.8B | $673.0M | ||
| Q2 25 | $20.9B | $565.0M | ||
| Q1 25 | $24.4B | $512.0M | ||
| Q4 24 | $25.2B | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M |
股东权益UALULCC
| Q1 26 | $15.9B | — | ||
| Q4 25 | $15.3B | $491.0M | ||
| Q3 25 | $14.3B | $434.0M | ||
| Q2 25 | $13.4B | $506.0M | ||
| Q1 25 | $12.6B | $570.0M | ||
| Q4 24 | $12.7B | $604.0M | ||
| Q3 24 | $11.4B | $549.0M | ||
| Q2 24 | $10.5B | $520.0M |
总资产UALULCC
| Q1 26 | $80.9B | — | ||
| Q4 25 | $76.4B | $7.2B | ||
| Q3 25 | $76.3B | $6.7B | ||
| Q2 25 | $77.2B | $6.5B | ||
| Q1 25 | $76.1B | $6.5B | ||
| Q4 24 | $74.1B | $6.2B | ||
| Q3 24 | $72.6B | $5.8B | ||
| Q2 24 | $73.3B | $5.7B |
负债/权益比UALULCC
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | 1.26× | ||
| Q3 25 | 1.45× | 1.55× | ||
| Q2 25 | 1.56× | 1.12× | ||
| Q1 25 | 1.93× | 0.90× | ||
| Q4 24 | 1.99× | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $4.8B | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $-113.0M |
| 自由现金流率自由现金流/营收 | 13.9% | -11.3% |
| 资本支出强度资本支出/营收 | 13.9% | 2.2% |
| 现金转化率经营现金流/净利润 | 6.87× | -1.72× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $-600.0M |
8季度趋势，按日历期对齐
经营现金流UALULCC
| Q1 26 | $4.8B | — | ||
| Q4 25 | $1.3B | $-91.0M | ||
| Q3 25 | $1.2B | $-215.0M | ||
| Q2 25 | $2.2B | $-133.0M | ||
| Q1 25 | $3.7B | $-86.0M | ||
| Q4 24 | $2.2B | $87.0M | ||
| Q3 24 | $1.5B | $-156.0M | ||
| Q2 24 | $2.9B | $9.0M |
自由现金流UALULCC
| Q1 26 | $2.0B | — | ||
| Q4 25 | $-604.0M | $-113.0M | ||
| Q3 25 | $-246.0M | $-217.0M | ||
| Q2 25 | $930.0M | $-166.0M | ||
| Q1 25 | $2.5B | $-104.0M | ||
| Q4 24 | $549.0M | $73.0M | ||
| Q3 24 | $88.0M | $-170.0M | ||
| Q2 24 | $1.7B | $-22.0M |
自由现金流率UALULCC
| Q1 26 | 13.9% | — | ||
| Q4 25 | -3.9% | -11.3% | ||
| Q3 25 | -1.6% | -24.5% | ||
| Q2 25 | 6.1% | -17.9% | ||
| Q1 25 | 18.7% | -11.4% | ||
| Q4 24 | 3.7% | 7.3% | ||
| Q3 24 | 0.6% | -18.2% | ||
| Q2 24 | 11.4% | -2.3% |
资本支出强度UALULCC
| Q1 26 | 13.9% | — | ||
| Q4 25 | 12.3% | 2.2% | ||
| Q3 25 | 9.6% | 0.2% | ||
| Q2 25 | 8.4% | 3.6% | ||
| Q1 25 | 9.3% | 2.0% | ||
| Q4 24 | 11.4% | 1.4% | ||
| Q3 24 | 9.5% | 1.5% | ||
| Q2 24 | 7.8% | 3.2% |
现金转化率UALULCC
| Q1 26 | 6.87× | — | ||
| Q4 25 | 1.23× | -1.72× | ||
| Q3 25 | 1.28× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 9.59× | — | ||
| Q4 24 | 2.26× | 1.61× | ||
| Q3 24 | 1.55× | -6.00× | ||
| Q2 24 | 2.17× | 0.29× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
