Total Operating Revenue

+7.9% (from $13,626M to $14,695M)

Revenue increased due to improved performance across key segments. Passenger and cargo revenues rose compared to Q4 2023, reflecting stronger domestic demand and an enhanced cargo operation that contrasts with the slower recovery in some international markets. " "

Passenger Revenue

+6.9% (from $12,421M to $13,275M)

Passenger revenue climbed as a result of higher demand and capacity discipline. The increase builds on previous period improvements with better load factors and more efficient network utilization driving the growth. " "

Cargo Revenue

+29.6% (from $402M to $521M)

Cargo revenue saw a significant jump, driven by stronger freight demand and improved operational efficiency. Enhanced tonnage and better yield management contributed to this robust change when compared with the previous period. " "

Net Income

+64% (from $599M to $985M)

Net income surged sharply, largely due to a combination of higher operating income and reduced financing costs. With operating income up by about 50.8% and interest expense falling by 24%, better cost control and revenue expansion drove the significant profit improvement relative to Q4 2023. " "

Diluted EPS

Increased (from $1.81 to $2.95)

EPS improved as a direct result of the heightened net income and favorable cost management. The substantial increase is a reflection of the robust profitability improvements and effective expense control compared to the prior period. " "

Operating Income

+50.8% (from $997M to $1,503M)

Operating income grew significantly due to revenue expansion paired with effective cost containment. The increase was supported by higher passenger and cargo revenue, lower fuel costs, and other operational efficiencies that outpaced the rise in operating expenses from Q4 2023. " "

Interest Expense

-24% (from $484M to $369M)

Interest expense declined markedly thanks to lower debt balances and refinancing benefits. Prepayments and scheduled amortizations in the current period helped drive down financing costs compared to Q4 2023. " "

Domestic Revenue

Increased (from $8,437M to $16,944M)

Domestic revenue nearly doubled, reflecting a strong rebound in the home market. This dramatic growth is supported by elevated passenger volumes and increased available seat miles (ASMs), indicating a solid recovery in the domestic segment compared to the previous period. " "

Atlantic Revenue

Steep decline (from $2,378M to –$6,192M)

Atlantic revenue experienced a dramatic decline due to reduced capacity and lower passenger traffic. Negative adjustments in this segment suggest a reclassification or strategic shift in international operations compared to Q4 2023. " "

Pacific Revenue

Steep decline (from $1,516M to –$3,244M)

Pacific revenue declined steeply, reflecting both lower capacity and yield pressures. This downturn indicates challenges in this market segment as compared to the previous period, possibly due to strategic network adjustments or market headwinds. " "

Latin America Revenue

Steep decline (from $1,295M to –$2,713M)

Latin America revenue dropped significantly as a result of market restructuring and capacity rationalization. The decline was driven by lower passenger demand and adjustments among low-margin carriers, contrasting with the growth seen in domestic operations. " "

EPS

Q1 2025

no prior guidance

$0.75 – $1.25 "

no prior guidance

CASM-ex

FY 2025

Expected to decline further in 2025, with 2–3 points of pressure "

2–3 points of pressure from labor agreements "

no change

CapEx

FY 2025

$7–$9B with a downward bias " "

Below $7B "

lowered

Net leverage

FY 2025

Target below 2× in the next few years "

Anticipated to fall below 2× in 2025 "

no change

EPS

FY 2025

no prior guidance

$11.50 – $13.50 "

no prior guidance

Free cash flow

FY 2025

no prior guidance

$3.4B "

no prior guidance

Aircraft deliveries

FY 2025

no prior guidance

71 narrow-body, 10 wide-body "

no prior guidance

Aircraft delivery delays

Q3 2024: Delays pressured costs, capacity, and CapEx; Boeing strike mentioned. " " Q2 2024: Focus on SAF vs. faster deliveries, brief pilot-hiring pause. " " Q1 2024: Reduced deliveries (61 narrow-body vs. contract 183), lower CapEx. "

**Delays force fewer deliveries (71 vs. prior 100) and minimal upgauging in 2025 but optimism for larger aircraft benefits starting in 2026. " " **

Slight near-term bear (capacity constraints) with a long-term bull outlook (improved margins in 2026).

High capital expenditures

Q3 2024: Elevated CapEx but bias toward lower end of $7B–$9B range. " Q2 2024: Maintained $7B–$9B range, focusing on growth. " " " Q1 2024: Adjusted to $6.5B for 2024, then $7B–$9B through 2027. " "

**CapEx for 2025 now expected below $7B, down from prior $7B–$9B range. " **

Near-term bull (lower spend) but overall remains high to support fleet and strategy.

Strong travel demand (corporate, premium, international)

Q3 2024: Corporate demand accelerating, premium RASM up, robust international performance. " " " Q2 2024: Premium and Atlantic strong; Pacific still mixed. " " " Q1 2024: Notable corporate rebound, 9 of top 10 corporate booking days. " " "

**Corporate traffic up 16% YoY, premium cabin revenues up 10%, international margins outpacing domestic. " " " **

Consistently bull across all periods, with continued strong demand signals.

MileagePlus loyalty program (shift from undervaluation to strong growth)

Q3 2024: 11% loyalty revenue growth, robust membership, future margin driver. " " Q2 2024: 13% growth, key to frequent flyers. " " Q1 2024: 15% revenue growth, described as a “crown jewel”. " "

**12% YoY growth in loyalty revenue; 1M credit cards issued last year with plans to expand further. " **

Increasingly bull, viewed as a stable, high-margin revenue driver with more transparency forthcoming.

Reliance on alliance partner service standards

Q3 2024/Q2 2024: No mention. Q1 2024: Discussed consistent service quality with core partners like ANA, Lufthansa. "

No mention in Q4 2024.

No longer mentioned after Q1 2024.

Labor agreement negotiations impacting unit costs

Q3 2024: Cited as industry-wide cost pressure. " Q2 2024: Future labor deals will add to costs. " Q1 2024: Labor costs were #1 factor in cost outlook, pending ratification of Teamsters deal. " "

**Expected 2–3 points of CASM-ex pressure in 2025 depending on timing of flight attendant deal. " " **

New topic with growing focus; near-term bear as negotiations could raise costs.

Strategic network adjustments (incl. year-round Europe, hub connectivity)

Q3 2024: Extended successful Europe growth, optimizing mid-continent hubs. " " Q2 2024: No specific mention. Q1 2024: Pausing Europe growth, improving hub connectivity, part of United Next plan. " " "

**Focus on enhancing hub connectivity for margin gains (esp. Chicago, Houston, Denver); moderating Pacific growth. " " **

Steady bull across multiple periods, refining network strategy for higher RASM and margins.

2025 earnings guidance and margin expansion

Q3 2024: Underscored margin expansion and investment in MileagePlus; focusing on double-digit margins long term. " " " Q2 2024/Q1 2024: No explicit 2025 EPS details, but reaffirmed path to higher margins and FCF. " "

**EPS guidance of $11.50–$13.50 (+18% midpoint), targeting free cash flow of $3.4B; large gauge benefits shift to 2026–2027. " " **

Bull outlook on 2025 profitability with structural margin gains expected to accelerate in 2026–2027.