Companies /Industrials

United Airlines Holdings Inc

NASDAQ: UAL Airlines
$108.35
▲ $3.72 (+3.56%) today
Markets closed · 3:44am ET

Q2 2025 Earnings

Reported Jul 16, 2025, 4:00pm ET · SEC source
$3.87
Miss −0.22%
EPS · est. $3.88
$15.2B
Miss −0.61%
Revenue · est. $15.3B
+9.8%
Beating market
UAL vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%+9%Jul 16Jul 17report 4:00pm ETearnings+0.8%+4.8%
0+3%+6%+9%Jul 16Jul 17earnings+0.8%+4.8%
UAL +4.8%S&P 500 +0.8%
0+3%+6%+9%Jul 16Jul 17report 4:00pm ETearnings+0.9%+4.8%
0+3%+6%+9%Jul 16Jul 17earnings+0.9%+4.8%
UAL +4.8%NASDAQ +0.9%
0+3%+6%Jul 15Jul 24report 4:00pm ETearnings+1.8%+3.1%
0+3%+6%Jul 15Jul 24earnings+1.8%+3.1%
UAL +3.1%S&P 500 +1.8%
0+3%+6%Jul 15Jul 24report 4:00pm ETearnings+1.5%+3.1%
0+3%+6%Jul 15Jul 24earnings+1.5%+3.1%
UAL +3.1%NASDAQ +1.5%
+3.11%
Day of report
+1.13%
Next session
−1.63%
One week
+12.22%
30 days

S&P 500 over the same 30 days: +2.43%.

Did UAL Beat Earnings? Q2 2025 Results

United Airlines delivered a <a href="https://247wallst.com/investing/2025/07/16/live-will-united-airlines-nyse-ual-soar-after-earnings-tonight/">closely watched second quarter</a> that came in fractionally short of Wall Street expectations, with adjusted diluted EPS of $3.87 missing the $3.88 consensus by just 0.22%, while revenue of $15.24 billion grew 1.7% year-over-year but fell 0.61% below the $15.33 billion estimate. The headline misses, however, obscure a more nuanced story: a May disruption at Newark Airport drove an estimated $218 million hit to adjusted pre-tax income, costing roughly 1.2 points of margin and weighing heavily on the quarter's results. Strip out that impact and adjusted pre-tax margin would have reached 12.2%. The outlook has since brightened considerably, with booking demand accelerating by six points in early July and business travel surging at a double-digit pace, prompting management to update full-year adjusted EPS guidance to $9.00 to $11.00. Premium cabin revenue rose 5.6% and loyalty revenue climbed 8.7%, underscoring the breadth of United's revenue base as it heads into a second half it expects to benefit from improving supply conditions and easing macroeconomic uncertainty.

Key Takeaways
  • Premium cabin revenue rose 5.6% year-over-year
  • Loyalty revenue rose 8.7% year-over-year
  • Cargo revenue rose 3.8% year-over-year
  • Basic Economy revenue rose 1.7% year-over-year
  • Average fuel price per gallon declined 15.3% to $2.34
  • Capacity up 5.9% year-over-year with largest quarterly schedule in company history
  • Best post-pandemic Q2 on-time departure rate and lowest seat cancellation rate
  • Diverse revenue sources across premium, economy, cargo, and loyalty

“Our second-quarter performance was more proof that the United Next strategy is working. I am extremely proud of the team for executing a strong operation and navigating through a volatile macroeconomic period, while still growing earnings and pre-tax margin for the first half of the year.”

United Airlines CEO, on the earnings call

Forward Guidance & Outlook

United updated full-year 2025 adjusted diluted EPS guidance to $9.00–$11.00, reflecting improved demand visibility. Q3 2025 adjusted diluted EPS is guided at $2.25–$2.75. The company expects less geopolitical and macroeconomic uncertainty in the second half of 2025, with a demand inflection beginning in early July showing a 6-point acceleration in booking demand and double-digit acceleration in business demand versus Q2. Published industry schedules show a supply inflection beginning in mid-August similar to 2024. The estimated EWR event impact on adjusted pre-tax margin is approximately 0.9 points in Q3 and approximately 0.0 points in Q4, with EWR booking volumes having recovered to normalized levels in July. Full-year adjusted total capital expenditures are expected to be less than $6.5 billion. Q3 profit sharing accrual is expected between $175 million and $225 million. The company plans to resume Tel Aviv service on July 21.

UAL YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$5.0B$10.0B$15.0B$15.0B$15.2BRevenue$1.9B$1.3BOperating Income$1.3B$973.0MNet Income
$0$5.0B$10.0B$15.0BRevenueOperating IncomeNet Income

UAL Revenue by Segment

Domestic Passenger$7.9B−0.7%
Atlantic Passenger$3.2B+2.5%
Pacific Passenger$1.5B+8.7%
Latin America Passenger$1.3B+1.4%
Other Operating Revenue$970.0M+8.8%
Cargo$430.0M+3.8%
MEIA Passenger

UAL Revenue by Geography

United States$7.9B−0.7%
Europe$2.9B+2.4%
Asia Pacific$1.5B+8.7%
Latin America$1.3B+1.4%
Middle East & Africa$269.0M+4.3%

Figures from SEC filings and company reports. Not investment advice.