Companies /Industrials

United Airlines Holdings Inc

NASDAQ: UAL Airlines
$108.35
▲ $3.72 (+3.56%) today
Markets closed · 11:23pm ET

Q3 2025 Earnings

Reported Oct 15, 2025, 4:00pm ET · SEC source
$2.78
Beat +3.98%
EPS · est. $2.67
$15.2B
Miss −0.43%
Revenue · est. $15.3B
−9.2%
Trailing market
UAL vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0Oct 15Oct 16report 4:00pm ETearnings−1.0%−6.5%
−9%−6%−3%0Oct 15Oct 16earnings−1.0%−6.5%
UAL −6.5%S&P 500 −1.0%
−9%−6%−3%0Oct 15Oct 16report 4:00pm ETearnings−0.8%−6.5%
−9%−6%−3%0Oct 15Oct 16earnings−0.8%−6.5%
UAL −6.5%NASDAQ −0.8%
−6%−3%0+3%Oct 14Oct 23report 4:00pm ETearnings+1.0%−6.1%
−6%−3%0+3%Oct 14Oct 23earnings+1.0%−6.1%
UAL −6.1%S&P 500 +1.0%
−6%−3%0+3%Oct 14Oct 23report 4:00pm ETearnings+1.3%−6.1%
−6%−3%0+3%Oct 14Oct 23earnings+1.3%−6.1%
UAL −6.1%NASDAQ +1.3%
−5.63%
Day of report
+0.97%
Next session
−2.56%
One week
−8.39%
30 days

S&P 500 over the same 30 days: +0.76%.

Did UAL Beat Earnings? Q3 2025 Results

United Airlines posted a solid earnings beat in Q3 2025, with adjusted diluted EPS of $2.78 clearing the $2.67 consensus estimate by 3.98%, even as revenue of $15.22 billion came in just 0.43% below expectations despite growing 2.6% year-over-year. <a href="https://247wallst.com/investing/2025/10/15/live-earnings-how-will-united-airlines-ual-perform-tonight/">Heading into the print</a>, analysts were watching closely for signs of demand resilience, and the results largely delivered, with premium cabin revenue rising 6% and loyalty revenue climbing 9% helping offset a 4.3% decline in total revenue per available seat mile as capacity expanded 7.2%. The airline carried a record 48 million customers on its largest-ever mainline daily schedule, though operating income fell 10.8% to $1.40 billion as yield pressure weighed across most geographies. Growing institutional interest in the stock reflects broader confidence in United's premium-focused strategy, which continues to attract high-spending travelers. Management guided Q4 adjusted EPS of $3.00 to $3.50, projecting the highest total operating revenue quarter in company history as unit revenue trends are expected to improve meaningfully from Q3.

Key Takeaways
  • Premium cabin revenue rose 6% year-over-year
  • Loyalty revenue rose 9% year-over-year
  • Basic Economy revenue rose 4% year-over-year
  • Cargo revenue rose 3% year-over-year
  • Capacity up 7.2% year-over-year
  • Average fuel price per gallon declined 5.1% to $2.43
  • CASM down 2.8% and CASM-ex down 0.9% year-over-year
  • Carried record 48 million customers in the quarter
  • Largest daily mainline schedule ever flown with 2,940 daily flights
  • Brand-loyal customer base providing resilience through macro volatility

“We've invested in customers at every price point: Seatback screens, an industry-leading mobile app, extra legroom, a lie-flat United Polaris seat, and fast, free, reliable Starlink on every plane by 2027. Our customers value the United experience, making them increasingly loyal to United. Those investments over almost a decade, combined with great service from our people, have allowed United to win and retain brand-loyal customers, leading to economic resilience even with macro economic volatility through the first three quarters of the year and significant upside as the economy and demand are improving in the fourth quarter.”

United Airlines CEO, on the earnings call

Forward Guidance & Outlook

United guided Q4 2025 adjusted diluted EPS of $3.00 to $3.50, which would exceed Wall Street expectations. The company expects Q4 2025 to produce the highest total operating revenue for a single quarter in company history, with a meaningful improvement in unit revenue year-over-year compared to Q3 as the demand environment strengthens. The company expects to accrue between $250 million and $300 million in profit sharing in Q4 2025. United plans to invest over $1 billion in customer experience enhancements in 2026. The fleet plan projects year-end 2025 total mainline aircraft of 1,065 and total regional aircraft of 429, for a combined fleet of 1,494 aircraft.

UAL YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$5.0B$10.0B$15.0B$14.8B$15.2BRevenue$1.6B$1.4BOperating Income$965.0M$949.0MNet Income
$0$5.0B$10.0B$15.0BRevenueOperating IncomeNet Income

UAL Revenue by Segment

Domestic Passenger$8.1B+3.1%
Atlantic Passenger$3.3B+1.3%
Pacific Passenger$1.4B+1.8%
Latin America Passenger$1.1B−4.8%
Other Operating Revenue$979.0M+13.2%
Cargo$431.0M+3.2%
MEIA Passenger

UAL Revenue by Geography

United States$8.1B+3.1%
Europe$2.9B−1.3%
Asia Pacific$1.4B+1.8%
Latin America$1.1B−4.8%
Middle East & Africa$347.0M+30.8%

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