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Sep 30, 2025
United Airlines Q3 2025 Earnings Report
United Airlines exceeded expectations with strong Q3 profits and a positive outlook for Q4.
Key Takeaways
United Airlines reported strong Q3 2025 results with $15.2B in revenue and $0.9B in net income, driven by high passenger volume, a large summer schedule, and growing customer loyalty.
Q3 revenue hit $15.2B, up 2.6% year-over-year.
Diluted EPS was $2.90, beating guidance; adjusted EPS was $2.78.
Net income reached $949M for the quarter.
Operational excellence and record-setting summer travel supported performance.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
United expects a strong Q4 with record revenue driven by improving demand and continued customer investment.
Positive Outlook
- Q4 adjusted EPS guidance set between $3.00 and $3.50.
- Expecting highest total operating revenue in company history for Q4.
- Continued investment of $1B+ planned for 2026 in customer experience.
- Unit revenue expected to improve meaningfully year-over-year.
- Operational reliability continues to drive customer loyalty and retention.
Challenges Ahead
- TRASM down 4.3% YoY in Q3.
- Adjusted net income and EPS declined YoY.
- CASM-ex remained nearly flat, showing limited cost improvement.
- Load factor decreased 0.9 pts YoY.
- Free cash flow was negative for the quarter at -$153M.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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