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Jun 30, 2025
United Airlines Q2 2025 Earnings Report
United Airlines posted a Q2 2025 profit with strong demand momentum and improved operational performance.
Key Takeaways
United Airlines delivered solid Q2 2025 results with $1B net income, strong adjusted EPS, and operational improvements, while signaling demand acceleration and positive supply shifts ahead.
Net income of $1B and adjusted EPS of $3.87 exceeded guidance mid-range
Revenue reached $15.2B, driven by diverse revenue sources including premium cabin growth
Operational reliability improved with best post-pandemic on-time rates for Q2
Positive demand shift in July and expected industry supply inflection by mid-August
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
United expects a positive demand inflection in July and a supply shift by mid-August, with full-year adjusted EPS guidance raised to $9.00-$11.00.
Positive Outlook
- 6-point acceleration in booking demand beginning in early July
- Double-digit growth in business demand versus Q2
- Full-year adjusted EPS guidance increased to $9.00-$11.00
- Industry supply inflection expected mid-August
- Reduced geopolitical and macroeconomic uncertainty in H2 2025
Challenges Ahead
- TRASM declined 4% YoY in Q2
- Load factor slightly lower than last year
- Operating income fell 31% YoY
- Special charges of $447M impacted GAAP results
- Fuel prices remain a significant cost factor
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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