TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 7 US-GAAP Airlines, Airports & Air Services peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 7 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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United Airlines Holdings, Inc. SG&A versus peers, in text

United Airlines Holdings, Inc. (UAL) reports revenue of $59,070 million. On a normalized basis its SG&A runs 3.1% of revenue, against a median of 3.0% across 6 Airlines, Airports & Air Services peers; 3 of the 6 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 0.4% of revenue (7 of 7 companies disclose it).

Over 1 year (FY2024 to FY2025), United Airlines Holdings, Inc.'s total shareholder return was +15% against -15% for the peer composite; SG&A contributed -97.5 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/UAL.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.