United Airlines Reports Second-Quarter Profit, Sees Third-Quarter Positive Inflection in Both Supply and Demand

• Airline expects less geopolitical and macroeconomic uncertainty in second half of 2025, with demand inflection beginning in early July with a 6 point acceleration in booking demand
• Published industry schedules show a supply inflection beginning in mid-August, similar to schedule changes in 2024
• Updated full-year adjusted diluted earnings per share¹Â guidance of $9.00 to $11.00
• Q2 diluted earnings per share of $2.97; adjusted diluted earnings per share²Â of $3.87 versus guidance range of $3.25 to $4.25 — United grew both earnings and pre-tax margin in the first half of 2025 compared to the first half of 2024
• United’s operation continues to execute strongly: Q2 consolidated on-time departures and seat cancellation rate were its best post-pandemic scores for a second quarter; In June, United at EWR led all other major airlines in on-time performance and lowest seat cancellation rate at all New York City area airports

United Airlines (UAL) has reported a second-quarter profit, ahead of Wall Street expectations, and grew both earnings and pre-tax margin in the first half of 2025 versus the first half of 2024.

The company had second-quarter pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2%; and adjusted pre-tax earnings² of $1.7 billion, with an adjusted pre-tax margin² of 11.0%. The company also achieved diluted earnings per share of $2.97 and adjusted diluted earnings per share² of $3.87, compared to guidance of $3.25 to $4.25. Total operating revenue grew 1.7% compared to the year-ago period to $15.2 billion.

Beginning in early July, United has seen a sequential 6 point acceleration in demand and a double-digit acceleration in business demand versus the second quarter. The airline attributes this to less geopolitical and macroeconomic uncertainty and has updated its full-year adjusted diluted earnings per share¹ guidance to $9.00to $11.00, underscoring the resilience of United’s brand-loyal, revenue-diverse business model.

United’s diverse sources of revenue contributed to its second-quarter results: Premium cabin revenue rose 5.6% year-over-year; revenue from Basic Economy rose 1.7% year-over-year; cargo revenue rose 3.8% year-over-year and loyalty revenue rose 8.7% year-over-year.

United’s operational performance during the second quarter continued to lay a foundation for its overall success. Its consolidated on-time departures (D:00) were highest and seat cancellation rates were the airline’s lowest for a second quarter since the pandemic, and hubs in Newark, Los Angeles, and San Francisco all achieved their best on-time departure for a second quarter since the pandemic. In June, United posted a better on-time arrival rate at Newark Liberty International Airport (EWR) than all other major airlines at LaGuardia International Airport (LGA) and John F. Kennedy International Airport (JFK).

“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,” said United CEO Scott Kirby. “Importantly, United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August. The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year.”

United’s proactive schedule adjustments and close coordination with the FAA and the Port Authority of New Yorkand New Jersey have restored Newark to its leading place in our operation, and customer demand there has returned to its historic range. The airline looks forward to resuming Tel Aviv service on July 21.

As part of the airline’s broader strategy to pay down high-cost debt and strengthen its balance sheet, in July United repaid, solely using cash on hand, the remaining debt from a July 2020 transaction when it secured financing of $6.8 billion against its MileagePlus assets. This now leaves one of the most valuable loyalty programs in the world unencumbered. At the end of the second quarter, United’s trailing twelve months net leverage³ was 2.0x. The company remains focused on further strengthening its balance sheet and growing margins.

Second-Quarter Financial Results

• Capacity up 5.9% compared to second-quarter 2024.
• Total operating revenue of $15.2 billion, up 1.7% compared to second-quarter 2024.
• TRASM down 4.0% compared to second-quarter 2024.
• CASM up 0.6%, and CASM-ex² up 2.2%, compared to second-quarter 2024.
• Pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2%; adjusted pre-tax earnings² of $1.7 billion, with an adjusted pre-tax margin² of 11.0%.
• Net income of $1.0 billion; adjusted net income² of $1.3 billion.
• Diluted earnings per share of $2.97; adjusted diluted earnings per share² of $3.87.
• Average fuel price per gallon of $2.34.
• Generated $2.2 billion of operating cash flow.
• Generated $1.1 billion of free cash flow⁴.
• Ending available liquidity⁵ of $18.6 billion.
• Total debt, finance lease obligations and other financial liabilities of $27.1 billion at quarter end.
• Trailing twelve months net leverage³ of 2.0x.
• Repurchased $0.2 billion of shares in the second quarter 2025, and have repurchased approximately $0.6 billion of shares year-to-date⁶.

Key Highlights

• Announced Blue Sky, a unique collaboration with JetBlue that streamlines booking across the two airlines and allows customers to use MileagePlus® miles and TrueBlue points across both loyalty programs.
• Flew the airline’s largest schedule for a quarter in company history, as measured by available seat miles, growing domestic and Canada capacity by 6.6% and international capacity by 5.3% in available seat miles compared to last year.
• United’s Newark operation regained the position of best on-time performance among New York City-area airports in the month of June, thanks in part to the early re-opening of the airport’s second runway, strong execution from the Newark team, technology upgrades and hourly flight caps by the FAA.
• Continued the expansion of United’s premium footprint, offering a record-high 6.9 million premium seats in the quarter and announcing United Elevated, the airline’s newest interior for Boeing 787-9, featuring new United Polaris Studio℠ suites that are 25% larger than United Polaris® with privacy doors, extra ottoman for companions, 27-inch screens, and exclusive food and beverage offerings to elevate premium air travel.
• Launched Starlink WiFi on some regional flights, marking the first time customers can use the airline’s industry-leading, free WiFi.
• Announced a first-of-its-kind collaboration with Spotify that brings 450+ hours of content to United’s seatback screens, including the first time Spotify is bringing both video podcasts and audiobooks onboard an airline.

Customer Experience

• Achieved the company’s highest second-quarter Net Promoter Score measure of customer satisfaction since 2021, setting record rates for customer experience with baggage, cabin cleanliness and condition, boarding, the check-in process, gate experience, inflight entertainment, pilot communication, and seat comfort.
• Opened the United Polaris lounge dining room at Newark, expanding the lounge size to over 30,000 square feet and becoming the only major airline dining room at Newark to offer a la carte meals.
• Achieved a company high use rate of bag drop shortcut, with 600,000 more customers using it during the quarter compared to last year, enabling a more seamless travel experience.
• Digital check-in rate reached 83% for the quarter, a 5 percentage point increase year over year.
• Expanded TSA PreCheck Touchless ID to San Francisco, and announced plans to expand it to Denver, Newark, Seattle and Portland in August.
• Expanded ConnectionSaver with app notifications when flights are being held, and a centralized hub for turn-by-turn gate directions with walk times at all hubs, layover tips, flight status updates, and a self-service rebooking option for missed connections.
• Onboarded an exclusive Aperol Spritz cocktail for United Polaris travelers and an improved onboard dining collection for first class travelers on United Express® flights, contributing to a record Net Promoter Score for food and beverage for the quarter.

Operations

• Achieved the airline’s best on-time departure rate for consolidated and mainline flying since 2021, with the second best on-time departure rate amongst the eight largest U.S. carriers for a second quarter and best performance at Denver, Los Angeles, San Francisco and Houston hubs.
• United was granted five additional gates at Chicago O’Hare, given the airline’s increased flying out of the hub.
• Achieved a 100% completion day on April 22nd across mainline and express flying, with United Express operating 28 days of total completion across the second quarter.
• Recorded the second best on-time arrival performance for a second quarter at Newark, Houston and Chicago hubs since 2021, and the best at Los Angeles.
• Saw the lowest second-quarter seat cancel rate since 2021 and the third lowest in company history.

Network

• United launched the largest international expansion in its history, inaugurating service to eight new destinations: Nuuk, Greenland; Ulaanbaatar, Mongolia; Faro, Portugal; Puerto Escondido, Mexico; Palermo, Italy; Dakar, Senegal; Bilbao, Spain; and Madeira Island, Portugal.
• Announced three new international destinations and two new routes to existing destinations, making United the only U.S. airline with service to Bangkok, Thailand; Ho Chi Minh City, Vietnam; and Adelaide, Australia, all subject to government approval. United also plans to inaugurate routes from Denver to Mexico City and Denver to Punta Cana, Dominican Republic.
• United added seven new international routes to existing destinations, including Denver to Rome; Washington-Dulles to Venice, Italy; Washington-Dulles to Nice, France; Los Angeles to Beijing; San Francisco to Panama City, Panama; San Francisco to San Jose, Costa Rica; and Guam to Taipei.
• Launched 12 domestic and four Canada routes in the quarter, including new routes to popular outdoor destinations such as Washington D.C. to Albuquerque, N.M.; Houston to Portland, Maine; Chicago to Billings, Mont.; and Denver to Wilmington, N.C.

Employees and Communities

• United supported the transport of 136 responders to response and recovery efforts to nearly 20 different disaster events in partnership with Airlink in the second quarter, including the Myanmar-Thailandearthquakes and the Los Angeles wildfires that impacted more than 150,000 people worldwide.
• Nearly 2,000 employees volunteered more than 10,000 hours during the quarter in local community activities including beach clean-up, care kit creation, food security and other events.
• United transported 327 million pounds of cargo, including approximately 9.8 million pounds of medical shipments and over 440,000 pounds of military shipments.
• Graduated United’s first cohort of Innovate apprentices, a two-year digital technology and cybersecurity pathway to full-time employment at United.
• United and the Association of Flight Attendants (AFA) announced they reached an agreement that, if ratified, will deliver industry-leading pay, signing bonuses and scheduling improvements.
• United was named Global Traveler’s Best Eco-Friendly Airline for the fourth consecutive year, and won the Outstanding Innovation category for its commitment to scaling sustainable aviation fuel.
• Kate Gebo, executive vice president of Human Resources and Labor Relations, was appointed to the Make-A-Wish Foundation’s national board of directors.

Earnings Call

UAL will hold a conference call to discuss second-quarter 2025 financial results, as well as its financial and operational outlook for the third-quarter 2025 and beyond, on Thursday, July 17, 2025 at 9:30 a.m. CST/10:30 a.m. EST. A live, listen-only webcast of the conference call will be available at ir.united.com. The webcast will be available for replay within 24 hours of the conference call and then archived on the website.

Outlook

This press release should be read in conjunction with the company’s Investor Update issued in connection with this quarterly earnings announcement, which provides additional information on the company’s business outlook (including certain financial and operational guidance) and is furnished with this press release to the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The Investor Update is also available at ir.united.com. Management will also discuss certain business outlook items, including providing certain third quarter and full year 2025 financial targets, during the quarterly earnings conference call.

The company’s business outlook is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. Please see the section entitled “Cautionary Statement Regarding Forward-Looking Statements.”