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Jun 30
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
United Airlines
United Airlines
United Airlines Revenue by Segment
United Airlines Revenue by Geographic Location
Revenue by Segment
Passenger Revenue
CapyFin.comCargo Revenue
CapyFin.comOther operating Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comAtlantic Revenue
CapyFin.comPacific Revenue
CapyFin.comLatin America Revenue
CapyFin.comInternational Revenue
CapyFin.com 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