Source: United Airlines

  • Q3 diluted earnings per share of $2.90; Q3 adjusted diluted earnings per share1 of $2.78, above the top end of guidance; Q4 adjusted diluted earnings per share guidance of $3.00 to $3.502
  • Customer investments this year are on track to total over $1 billion focused on improving the experience, product and service, delivering more value for every customer on every flight, and United expects to invest over $1 billionmore in 2026
  • Growing base of brand-loyal customers boosted resilience through macro volatility during the first three quarters of the year and is poised to fuel a strong Q4 as the demand environment strengthens with an expected meaningful improvement in unit revenue year-over-year compared to Q3
  • Operational excellence continues to lay a solid foundation for the overall business as United flew its largest summer mainline schedule ever in 2025 and had its lowest third-quarter cancel rate in its history3

United Airlines (UAL) has reported a third-quarter profit ahead of Wall Street expectations. The company had third-quarter pre-tax earnings of $1.3 billion, with a pre-tax margin of 8.2% and adjusted pre-tax earnings1 of $1.2 billion, with an adjusted pre-tax margin1 of 8.0%. The company also achieved diluted earnings per share of $2.90 and adjusted diluted earnings per share1 of $2.78, compared to guidance of $2.25 to $2.75. Total operating revenue grew 2.6% year-over year to $15.2 billion.

These financial results show how the airline has thrived in an economically volatile year thanks to brand-loyal customers who choose to fly United because of the value in the United experience. United continued to benefit from diverse revenue sources during the quarter. In the third quarter, premium cabin revenue rose 6% year-over-year; revenue from Basic Economy rose 4% year-over-year; cargo revenue rose 3% year-over-year and loyalty revenue rose 9% year-over-year. This great momentum has continued so far in the fourth quarter and we expect the fourth quarter of 2025 to have the highest total operating revenue for a single quarter in company history.

“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,” CEO Scott Kirby said. “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 continues to make significant investments in winning brand-loyal customers, including more than $1 billionplanned on enhancements including Starlink installations, seatback screens, and 25% more on food. Over half of the United narrowbody fleet now has its signature interior and seatback screens, leading to a 15-point increase in customer satisfaction with the inflight entertainment system since third quarter 2022. United plans to invest an additional $1 billion in the customer experience in 2026.

United’s reliable operation is also benefiting customers and building brand loyalty. United had its highest third-quarter completion factor3, carried more than 48 million customers, the most-ever during a quarter, and flew its largest daily mainline schedule with 2,940 daily flights carrying more than 427,000 passengers a day. Six of United’s seven hubs ranked first or second for on-time departures. Reliability continues to be a focus — customers who arrive on time are more than three times as likely to recommend United as compared to customers whose flights are delayed.

United’s network strength is another reason it is winning customer preference. Last week it announced summer 2026 flights to Split, Croatia; Glasgow, Scotland; Santiago de Compostela, Spain; and Bari, Italy, while also bringing back all six new Atlantic destinations from its summer 2025 international expansion. United is the largest carrier across the Atlantic, with service to 46 cities planned for 2026.

“Customers are increasingly choosing an airline that can deliver value for them across the full travel experience, from Basic Economy to United Polaris,” Kirby said. “We are well-positioned to be the airline those brand-loyal customers choose to fly them across the U.S. and around the world.”

Third-Quarter Financial Results

  • Capacity up 7.2% compared to third-quarter 2024.
  • Total operating revenue of $15.2 billion, up 2.6% compared to third-quarter 2024.
  • TRASM down (4.3%) compared to third-quarter 2024.
  • CASM down (2.8%), and CASM-ex1 down (0.9%), compared to third-quarter 2024; 1 point of expense moved from third-quarter 2025 to fourth-quarter 2025 primarily driven by maintenance and a reduction of 1 point of labor expense due to the timing of certain union contracts.
  • Pre-tax earnings of $1.3 billion, with a pre-tax margin of 8.2%; adjusted pre-tax earnings1 of $1.2 billion, with an adjusted pre-tax margin1 of 8.0%.
  • Net income of $0.9 billion; adjusted net income1 of $0.9 billion.
  • Diluted earnings per share of $2.90; adjusted diluted earnings per share1 of $2.78.
  • Average fuel price per gallon of $2.43.
  • Ending available liquidity4 of $16.3 billion.
  • Total debt, finance lease obligations and other financial liabilities of $25.4 billion at quarter end.
  • Prepaid the remaining $1.5 billion balance of the MileagePlus bonds, resulting in full repayment of all debt secured by the MileagePlus business.
  • Trailing twelve months net leverage5 of 2.1x.
  • Repurchased $19 million of shares in the third quarter 2025, and have repurchased approximately $612 million of shares year-to-date as of September 30, 2025.

Key Highlights

  • Operated the largest daily mainline schedule flown in a quarter, carrying over 48 million customers, a daily average of 427,000 mainline customers on 2,940 daily mainline flights. This included flying the largest international schedule in United’s history, with more than 400 roundtrips per day to a total of 142 destinations.
  • Launched a collaboration with Apple TV, bringing the streaming service’s most popular series to customers for free on 130,000+ seatback screens.
  • United has updated more than half of its narrowbody fleet with its signature interior and seatback screens, leading to a 15-point increase in customer satisfaction with the inflight entertainment system since third quarter 2022.
  • Achieved the highest customer satisfaction rate for a third quarter since 2022 across key customer experience drivers, having invested $85 million in the food and beverage program with another $45 millionallotted next year.
  • Announced the airline will resume flights to Tel Aviv from Chicago O’Hare and Washington Dulles for the first time since 2023, with flights scheduled to begin in early November.
  • Received FAA certification on the airline’s first mainline Starlink-equipped aircraft, operating the first Starlink-equipped commercial flight earlier today. Access to Starlink will be free for all MileagePlus customers and includes game-changing inflight entertainment experiences like streaming services, shopping, gaming and more. Membership to MileagePlus is also free and people can sign-up now at united.com/starlink.

Customer Experience

  • Connection Saver saved 290,000 potential missed customer connections, the highest for a third quarter in the company’s history.
  • United launched TSA PreCheck Touchless ID at its Denver and Newark hubs, bringing a more seamless customer experience to 12 airports total.
  • With a $9 million investment in digital check-in and curbside processes over the last year, nearly half of passengers flown in the quarter bypassed the lobby for a more efficient travel experience, with 85% of customers using digital check-in and the airline achieving the highest ever curbside utilization for a quarter.
  • Opened the airline’s fourth United Club location at its Denver hub, a two-story, 33,000 square-foot space for customers to relax and recharge during the travel journey.
  • Announced the opening of the United Globe Club at Capital One Arena this fall in collaboration with Monumental Sports and Entertainment, a 24,000 square-foot lounge that offers spectators a VIP experience.

Operations

  • United’s Newark hub achieved its best operational performance for a summer in the airline’s history3, and the FAA finalized its order capping flight operations to 72 operations per hour through October of 2026.
  • Began operating out of four additional gates at Chicago O’Hare in October, with a fifth gate expected to begin operating later in October. The gates were assigned to United by the City of Chicago and Chicago Department of Aviation’s redetermination process which is based on operations at the airport.
  • Achieved the airline’s highest third-quarter completion rate in company history3.
  • United Express achieved 43 days with a 100% completion rate, setting a company record for the most days of perfect completion for the year to date at 923.
  • Broke ground on a new, state of the art catering facility at the airline’s Houston hub, that will use automated technology to streamline meal assembly and improve preparation time.

Network

  • Announced additional flights to 15 U.S. cities in United’s winter schedule, including two new routes from Newark to Columbia, South Carolina and Chattanooga, Tennessee and increased daily flying to popular warm-weather destinations like Orlando, Florida; Ft. Lauderdale, Florida and Las Vegas, Nevada.
  • United expanded both its international and domestic networks, including Denver to Columbia, Missouri; Watertown, South Dakota; and Pierre, South Dakota; Chicago to Columbia, Missouri and Lafayette, Indiana; and Tokyo-Narita to Kaohsiung.
  • Added 24 nonstop flights to fly college football fans to games this fall.
  • Announced the launch of a codeshare program with ITA Airways, giving customers access to booking one-way tickets to more Italian destinations.

Employees, Communities and Investments

  • In the company’s fifth annual September of Service, United partnered with Rise Against Hunger to host more than 20 meal packaging events throughout the system, with more than 3,500 employees volunteering over 11,000 hours throughout the month to package more than 497,000 meals.
  • United supported the transport of over 117 responders to recovery efforts at 11 disaster relief events in partnership with Airlink, transporting over 221,000 pounds of cargo in support of 25 non-profit organizations to aid over 644,000 around the world. In total, United transported the most cargo for a third quarter in company history, at 9.5 million pounds of medical shipments and 262,000 pounds of military shipments.
  • Committed $250,000 in funding to 24 schools impacted by California wildfires earlier this year.
  • Hosted 18 events in honor of Girls in Aviation Day to educate young girls on future possibilities in aviation.
  • Strengthened United’s early career pipeline, launching a Campus Ambassador Program at select universities this fall to recruit future talent.
  • United Airlines Ventures announced its investment in supersonic aircraft startup Astro Mechanica.

Awards

  • United was recognized as a leading employer in Newsweek’s 2026 list of America’s Most Admired Workplaces, America’s Greatest Workplaces for Parents and Families and America’s Greatest Companies, and Forbes’ 2025 list of Best Employers for Women.
  • Chief Executive Officer Scott Kirby received APEX International’s Lifetime Achievement award for his continued leadership in reimagining the customer journey.
  • United Chief Financial Officer Mike Leskinen was named a Notable Leader in Finance by Crain’s Chicago Business for his strategic foresight and transformative impact on the industry.

Earnings Call

UAL will hold a conference call to discuss third-quarter 2025 financial results, as well as its financial and operational outlook for the fourth-quarter 2025 and beyond, on Thursday, October 16, 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 fourth 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.”