Example default time output (no command line options passed, and TIME env variable not defined):
real    622m51.508s
user    14492m3.165s
sys     11m49.061s

man page excerpt:
The  format  string  FORMAT  controls  the contents of the time output.  The format string can be set using the `-f' or `--format', `-v' or `--verbose', or `-p' or `--portability' options.  If they are not given, but the TIME environment variable is set, its value is used as the format string.  Otherwise, a built-in default  format  is  used.   The  default
       format is:
         %Uuser %Ssystem %Eelapsed %PCPU (%Xtext+%Ddata %Mmax)k
         %Iinputs+%Ooutputs (%Fmajor+%Rminor)pagefaults %Wswaps