United Airlines Boeing 787-10 taking off from Ben Gurion Airport. Photo: Anthony Hershko United Airlines (NASDAQ: UAL) reported that its Q3 2025 results exceeded expectations. The company registered a pre-tax profit of $1.3 billion (with a pre-tax margin of 8.2%) and diluted EPS of $2.90. Similarly, adjusted diluted EPS came in at $2.78, above the guidance range ($2.25–$2.75).
Revenue amounted to $15.2 billion, marking a 2.6% increase compared to the previous year.
Company CEO, Scott Kirby, noted that their loyal customer base, supported by multi-year customer experience investments, contributed to business resilience despite a volatile year. Strengthening demand is expected to drive a robust Q4, with a significant improvement in Unit Revenue compared to Q3.
Quarter Highlights
Earnings and Guidance:
- Pre-tax profit: $1.3 billion; pre-tax margin: 8.2%
- Adjusted: $1.2 billion; adjusted margin: 8.0%
- Diluted EPS: $2.90; Adjusted EPS: $2.78
- Q4 Adjusted EPS forecast: $3.00-3.50
Revenue:
Total revenue: $15.2 billion (+2.6%)
Capacity: +7.2% vs Q3/2024
TRASM: (-4.3%) compared to Q3/2024
Premium: +6%; Basic Economy: +4%; Cargo: +3%; Loyalty: +9% (all year over year)
Cost and Fuel:
CASM: (-2.8%); CASM-ex: (-0.9%)
Average fuel price: $2.43 per gallon
Balance and Liquidity:
Available liquidity at quarter end: $16.3 billion
Total debt and debt-like obligations: $25.4 billion
Early repayment of $1.5 billion of MileagePlus bonds (ending all collateralized debt for the club business)
Net TTM leverage ratio: 2.1x
Share repurchase: $19 million in Q3; about $612 million from year start to 30/9/2025
Summer Operations Peak: Largest summer schedule in company history and lowest Q3 cancellation rate ever. Six out of the seven major company hubs ranked 1-2 in on-time departures.
Investments: Over a billion dollars this year (personal screens, food/drink +25%, free Starlink installations for MileagePlus customers until 2027), with another billion planned for 2026. More than half of the fleet upgraded to Signature Interior with seatback screens, marking a 15-point increase in entertainment system satisfaction compared to Q3/2022.
New: Starlink in the air: As reported by Passport News, the first main aircraft with Starlink received FAA certification and performed a successful inaugural flight; access will be free for MileagePlus members (no-cost membership).
Digital Tools and Service: Connection Saver prevented 290,000 potential missed connections; TSA PreCheck Touchless ID launched in Denver and Newark (total of 12 airports). A $9 million investment in digital check-in and ground services significantly improved flow.
Clubs and Comfort: The fourth United Club opened in Denver (two floors, 33,000 sq. ft.); soon, the United Globe Club at Capital One Arena in Washington, D.C. (with Monumental Sports).
Network and Expansions: Announced winter with additional flights to 15 U.S. cities, expansions in domestic and international routes, including Tel Aviv from Chicago and Washington Dulles (IAD) in early November, for the first time since 2023, code-share with ITA Airways, and an additional 24 direct flights for football fans.
Scott Kirby: “We have invested in customers across all price points: seatback screens, leading app, Economy with extra legroom, flat-bed United Polaris seat, and reliable, free, fast Starlink on all aircraft by 2027. Customers value the United experience and remain loyal,” said Scott Kirby. “Nearly a decade of investments, along with our people’s service, allows us to win and maintain loyal customers, which translates to economic resilience despite volatility, and significant potential as demand strengthens in Q4.”