United Airlines Reports Third-Quarter Profit Above Wall Street Expectations
United Airlines reported strong financial results for the third quarter of 2025, surpassing Wall Street expectations with a pre-tax income of $1.3 billion and a pre-tax margin of 8.2%. Adjusted pre-tax income reached $1.2 billion, with an 8.0% margin. The airline also posted a net income of $900 million and diluted earnings per share of $2.90, exceeding the estimated range of $2.25 to $2.75 per share.
Total operating revenue grew 2.6% year-over-year, reaching $15.2 billion, while capacity increased 7.2% compared to the same quarter last year. The company also reduced its CASM (Cost per Available Seat Mile) by 2.8% and CASM-ex (excluding certain items) by 0.9%, keeping operating costs under control.
“Our customers value the United experience, from personal screens to the fast and free internet we will offer across the entire fleet with Starlink by 2027,” said CEO Scott Kirby, highlighting traveler loyalty to the brand.
Investments Strengthening Customer Loyalty
United has allocated over $1 billion to enhance the passenger experience, with initiatives such as installing Starlink, seatback screens, and a 25% improvement in food service. More than half of the narrowbody fleet already features the new interior, which has resulted in a 15-point increase in entertainment system satisfaction since 2022.
The airline will invest an additional $1 billion in 2026 to further strengthen its relationship with customers. Recent enhancements include a collaboration with Apple TV, offering exclusive content on over 130,000 screens, and the opening of a new 33,000-square-foot United Club in Denver, along with the upcoming opening of the United Globe Club at the Capital One Arena in Washington D.C.
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Record Operations and Expanding Global Network
During the third quarter, United operated its largest daily schedule of regular flights, transporting over 427,000 customers per day across 2,940 flights. Six of its seven hubs ranked in the top two for on-time departures.
The company achieved the highest quarterly completion rate in its history, while United Express recorded 43 days with a 100% flight completion rate, setting a company record. Furthermore, its Newark hub achieved the best operational performance in the airline’s history during a summer.
Expansion continues: United announced new routes to Split (Croatia), Glasgow (Scotland), Santiago de Compostela (Spain), and Bari (Italy) for the summer of 2026, in addition to resuming flights to Tel Aviv from Chicago and Washington D.C. in November.
With 46 planned transatlantic destinations, the airline remains the largest operator between the United States and Europe.
Enhanced Technology and Digital Experience
The Connection Saver program prevented 290,000 missed connections, the highest figure for a third quarter in the company’s history. Concurrently, United launched TSA PreCheck Touchless ID in Denver and Newark, expanding the technology to 12 airports.
With a $9 million investment in digital boarding processes, 85% of passengers used online check-in, and nearly half avoided going through the airport lobby.
Financial Strength and Future Outlook
United ended the quarter with available liquidity of $16.3 billion and total debt of $25.4 billion, after prepaying the remaining $1.5 billion of the MileagePlus bonds. The company recorded a net leverage of 2.1x and repurchased $19 million in shares during the quarter, accumulating $612 million in buybacks year-to-date.
“We are well-positioned to be the airline of choice for loyal travelers, within the U.S. and around the world,” Kirby concluded.
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