United Airlines (UAL) investor relations material

Executive summary

• Q3 2025 revenue reached $15.2B, up 2.6% year-over-year, with net income of $949M and diluted EPS of $2.90, driven by premium, loyalty, and cargo segments despite macro volatility.

• Over $1B invested in customer product enhancements and technology in 2025, with another $1B planned for 2026.

• Record operational performance with over 48M customers carried and improved on-time performance across hubs.

• Premium cabins and loyalty program outperformed, driving margin expansion and de-commoditizing revenue streams.

• Capacity increased 7.2% in Q3, with a 6.2% rise in passengers flown.

Financial highlights

• Q3 EPS was $2.90 (diluted), with adjusted EPS of $2.78, both above guidance; pre-tax margin at 8%.

• Net income for Q3 was $949M; adjusted net income was $909M.

• Operating income was $1.4B; adjusted operating income was $1.3B.

• Free cash flow for Q3 was -$153M, but year-to-date free cash flow exceeded $3.3B.

• S&P upgraded credit rating to BB+, the highest in over two decades.

Outlook and guidance

• Q4 2025 expected to deliver record revenue and adjusted EPS of $3.00–$3.50, with highest absolute TRASM of the year.

• Full-year 2025 EPS expected in the upper half of $9–$11 guidance range; only major airline projecting earnings growth.

• Targeting double-digit pre-tax margins long-term, with at least 1 point of margin expansion per year.

• Liquidity expected to remain strong, with $3.0B undrawn revolving credit facility.

• Management expects continued vulnerability to macroeconomic factors, including inflation, labor costs, supply chain constraints, and volatile fuel prices.