United Airlines Holdings (UAL) Company Report

United CEO Scott Kirby warns that the ongoing US government shutdown, now in its second month, threatens consumer confidence and may reduce ticket bookings if it persists.
Despite TSA and air traffic controllers working without pay, low absenteeism and professionalism have kept operations stable, though travel demand concerns linger.
In Q3, unit revenue fell 3.3% on domestic routes and 7.1% on international routes, partly due to Newark operational issues and added capacity.
United is investing over $1 billion to improve customer experience, including plans to roll out SpaceX’s Starlink Wi-Fi by 2027.
The airline forecasts a strong fourth quarter driven by rising demand and pricing power, and plans capacity adjustments in summer 2026 to bolster margins.

Oct 16, 2025, 8:08 PM

Barron's

United Airlines reports Q3 2025 results

UAL

Earnings

Guidance Update

Share Buyback

United reported Q3 revenue of $15.2 B (+2.6% YoY) on +7.2% capacity; EPS was $2.78, above guidance, and pre-tax margin 8%, with CASM-X down 0.9%.
Q4 EPS guidance of $3.00–$3.50 and full-year EPS toward the upper half of $9–$11 range; United expects to be the only airline to grow earnings in 2025.
Deployed first Starlink-equipped 737-800 and >50% of regional fleet, targeting full fleet rollout by 2027; continuing $1 B+ annual customer product investments to boost loyalty and service differentiation.
Repurchased 377 aircraft from high-cost COVID leases, eliminated fixed coupons >6%; average debt cost <5%, S&P upgraded to BB+, and free cash flow >$3 B.
Loyalty revenues +9% and co-brand remuneration +15%; premium cabin TRASM outperformed main cabin by five points, underpinning goal to double loyalty EBITDA.

Oct 16, 2025, 2:30 PM

Transcript

United Airlines announces Q3 2025 results

UAL

Earnings

Guidance Update

Share Buyback

United reported Q3 revenue of $15.2 billion (+2.6% YoY) on a 7.2% capacity increase; consolidated TRASM fell 4.3%, CASM ex was down 0.9%, pretax margin reached 8%, and EPS was $2.78, above guidance.
Q4 EPS guidance is $3.00–$3.50, with expectations for the best revenue quarter and highest RASM of 2025; full-year EPS is tracking toward the top half of the $9–$11 range, positioning United as the only U.S. carrier to grow earnings in 2025.
The airline continues to invest $1 billion annually in customer product enhancements—aircraft, clubs, food spend up 25%—and is deploying $1 billion for Starlink WiFi, with club investments doubled in 2025 and set to more than double in 2026.
Operational resilience drove a Q3 record 48 million passengers carried, the lowest third-quarter cancellation rate ever, six of seven hubs ranked first or second for on-time departures, and a summer NPS increase of 7% vs. 2024.
Balance sheet progress includes buying back 777 aircraft off expensive leases, achieving an average debt cost below 5%, an S&P upgrade to BB +, and expected free cash flow of over $3 billion, with net leverage targeted below 2×.

Oct 16, 2025, 2:30 PM

Transcript

United Airlines Reports Record Q3 Earnings

UAL

Earnings

New Projects/Investments

Guidance Update

United posted $1.3 billion in pre-tax earnings and $2.90 diluted EPS on $15.225 billion in revenue (up 2.6%), despite a 4.3% drop in RASM.
Carried over 48 million passengers on nearly 3,000 daily flights, achieving its highest-ever completion factor and on-time performance.
Invested more than $1 billion in high-speed Wi-Fi, seatback entertainment, and extra legroom, lifting in-flight entertainment satisfaction by 15 points since 2022.
Premium cabin and loyalty revenues saw significant growth, driven by United Polaris and robust loyalty program engagement.
Remains optimistic for Q4, expecting RASM improvement and a continued rebound in travel demand during the holiday season.

Oct 15, 2025, 10:35 PM

WSJ

United Airlines reports Q3 2025 results and raises Q4 outlook

UAL

Earnings

Guidance Update

United Airlines delivered Q3 diluted EPS of $2.90 and adjusted EPS of $2.78, topping guidance of $2.25–$2.75.
Total operating revenue grew 2.6% year-over-year to $15.2 billion, with Q3 pre-tax earnings of $1.3 billion (8.2% margin) and adjusted pre-tax earnings of $1.2 billion (8.0% margin).
The company issued Q4 adjusted EPS guidance of $3.00–$3.50, citing stronger demand and expected unit-revenue improvement.
United remains on track to invest over $1 billion in customer experience initiatives in 2025 and plans another $1 billion+ in 2026 to fuel brand loyalty.
Operational excellence drove the largest summer mainline schedule ever and the lowest Q3 cancellation rate in company history.

Oct 15, 2025, 8:00 PM

8-K

United Airlines reports Q3 2025 earnings beat and raises Q4 EPS guidance

UAL

Earnings

Guidance Update

United delivered diluted EPS of $2.90 and adjusted EPS of $2.78, above guidance of $2.25–$2.75, on $15.2 billion in Q3 operating revenue, up 2.6% year-over-year.
Q3 pre-tax earnings were $1.3 billion (8.2% margin) with adjusted pre-tax earnings of $1.2 billion (8.0% margin).
The company set Q4 adjusted EPS guidance of $3.00–$3.50, expecting meaningful unit revenue improvement versus Q3 as demand strengthens.
United is on track to invest $1 billion in customer experience this year (and plans another $1 billion in 2026), fueling resilience via brand-loyal customers and delivering its largest summer mainline schedule with a record low Q3 cancel rate.

Oct 15, 2025, 8:00 PM

Press Release

United Airlines expands Summer 2026 international schedule

UAL

New Projects/Investments

Four new nonstop European routes—Split, Bari, Glasgow and Santiago de Compostela—plus Washington-Dulles–Reykjavik, daily Newark–Seoul and an added Newark–Tel Aviv flight in Summer 2026.
Nearly 3,000 weekly international roundtrips and 850+ daily flights to over 150 international destinations, including 41 U.S.-exclusive nonstop routes and service to 46 Atlantic cities, the most of any U.S. carrier.
All new routes are subject to government approval and are on sale today; United will also resume all nine destinations from its record Summer 2025 expansion on specified dates.
These additions reinforce United’s position as the largest U.S. carrier to Israel and cement its status as the world’s largest airline by available seat miles.

Oct 9, 2025, 12:00 PM

Press Release

United Airlines outlines path to double-digit margins and network expansion

UAL

Guidance Update

New Projects/Investments

CFO Mike Leskinen reiterated the shift to a customer-centric model as the driver of double-digit margins and investment-grade credit resilience.
The company has implemented significant cost controls, including procurement restructuring under Bob Rye and efficiencies in tech ops, and expects gauge tailwinds from increased Boeing MAX deliveries.
Q3 bookings have improved with double-digit year-over-year growth in bookings two months out and corporate/international segments leading into a strong Q4 outlook.
Newark operations have been stabilized at 72 operations per hour, enhancing hub reliability and reducing the estimated Q3 drag to 0.9%.
United entered the Blue Sky partnership with JetBlue to expand JFK access and is advancing AI and venture investments (eVTOL, LLM applications) to enhance customer experience.

Sep 11, 2025, 5:45 PM

Transcript

United Airlines details transformation and Q4 outlook at Laguna Conference

UAL

Guidance Update

New Projects/Investments

United is executing a customer-led strategy focused on differentiated product, loyalty programs and premium cabins to achieve double-digit margins and an investment-grade credit profile.
Cost initiatives include a procurement reorganization, tech-ops efficiencies and gauge improvements from Boeing MAX 9/10 deliveries, providing significant tailwinds for 2026–27.
Near-term, Q3 was affected by a 0.9% capacity drag at Newark, but August–October bookings—especially corporate and international—are up double-digits year-over-year, supporting a strong Q4 outlook.
Newark operations have been capped at 72 flights/hour to stabilize throughput and improve hub reliability, with residual booking shifts to JFK expected to normalize by Q4.
Through United Ventures, the airline is investing in eVTOLs, AI-driven customer reaccommodation tools and other mobility innovations to expand ancillary revenue streams.

Sep 11, 2025, 5:45 PM

Transcript

United Airlines outlines transformation and financial strategy at Laguna Conference

UAL

Guidance Update

New Projects/Investments

Debt Issuance

United is driving a customer-led transformation to achieve double-digit pre-tax margins through premium product differentiation, disciplined cost controls, and gauge benefits from new MAX aircraft.
Q3 results were pressured by ~0.9% drag from Newark capacity adjustments, with operations now capped at 72 slots/hour to enhance reliability; full normalization is expected by 4Q25.
Demand trends show robust corporate and international bookings, with double-digit year-over-year improvement in bookings two+ months out since Labor Day, underpinning a strong 4Q25 outlook.
Strategic initiatives include procurement and tech ops efficiencies, a Blue Sky partnership with JetBlue for JFK access, and balance sheet optimization to secure an investment-grade credit rating.

Sep 11, 2025, 5:45 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for United Airlines Holdings.

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