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| Information Source: United Airlines |
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Airline expects less geopolitical and macroeconomic uncertainty in the second half of 2025, with demand inflexion beginning in early July with a 66-point acceleration in booking demand. Published industry schedules show a supply inflexion beginning in mid-August, similar to schedule changes in 2024 Updated full-year adjusted diluted earnings per share1 guidance of $9.00 to $11.00 Q2 diluted earnings per share of $2.97; adjusted diluted earnings per share2 of $3.87 versus guidance range of $3.25 to $4.25 — United grew both earnings and pre-tax margin in the first half of 2025 compared to the first half of 2024 United's operation continues to execute strongly: Q2 consolidated on-time departures and seat cancellation rate were its best post-pandemic scores for a second quarter. In June, United at EWR led all other major airlines in on-time performance and lowest seat cancellation rate at all New York City area airports. |
| United Airlines (UAL) today reported a second-quarter profit, ahead of Wall Street expectations, and grew both earnings and pre-tax margin in the first half of 2025 versus the first half of 2024. |
| The company had second-quarter pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2, and adjusted pre-tax earnings2 of $1.7 billion, with an adjusted pre-tax margin2 of 11.0%. The company also achieved diluted earnings per share of $2.97 and adjusted diluted earnings per share2 of $3.87, compared to guidance of $3.25 to $4.25. Total operating revenue grew 1.7% compared to the year-ago period to $15.2 billion. |
| Beginning in early July, United has seen a sequential 6-point acceleration in demand and a double-digit acceleration in business demand versus the second quarter. The airline attributes this to less geopolitical and macroeconomic uncertainty and has updated its full-year adjusted diluted earnings per share1 guidance to $9.00 to $11.00, underscoring the resilience of United's brand-loyal, revenue-diverse business model. |
| United's diverse sources of revenue contributed to its second-quarter results: Premium cabin revenue rose 5.6% year-over-year; revenue from Basic Economy rose 1.7% year-over-year; cargo revenue rose 3.8% year-over-year, and loyalty revenue rose 8.7% year-over-year. |
| United's operational performance during the second quarter continued to lay a foundation for its overall success. Its consolidated on-time departures (D:00) were highest, and seat cancellation rates were the airline's lowest for a second quarter since the pandemic, and hubs in Newark, Los Angeles, and San Francisco all achieved their best on-time departure rates for a second quarter since the pandemic. In June, United posted a better on-time arrival rate at Newark Liberty International Airport (EWR) than all other major airlines at LaGuardia International Airport (LGA) and John F. Kennedy International Airport (JFK). |
| "Our second-quarter performance was more proof that the United Next strategy is working. I am extremely proud of the team for executing a strong operation and navigating through a volatile macroeconomic period, while still growing earnings and pre-tax margin for the first half of the year," said United CEO Scott Kirby. "Importantly, United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflexion in industry supply in mid-August. The world is less uncertain today than it was during the first six months of 2025, and that gives us confidence about a strong finish to the year." |
| United's proactive schedule adjustments and close coordination with the FAA and the Port Authority of New York and New Jersey have restored Newark to its leading place in our operation, and customer demand there has returned to its historic range. The airline looks forward to resuming Tel Aviv service on July 21. |
| As part of the airline's broader strategy to pay down high-cost debt and strengthen its balance sheet, in July, United repaid, solely using cash on hand, the remaining debt from a July 2020 transaction when it secured financing of $6.8 billion against its MileagePlus assets. This now leaves one of the most valuable loyalty programs in the world unencumbered. At the end of the second quarter, United's trailing twelve months net leverage3 was 2.0x. The company remains focused on further strengthening its balance sheet and growing margins. |
| Second-Quarter Financial Results |
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| Key Highlights |
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| 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 third-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." |
| For the full document, click the link below |
| United Airlines |
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United Airlines: Reports Second-Quarter Profit, Sees Third-Quarter Positive Inflexion in Both Supply and Demand
