Q1 25 EPS
$0.91
BEAT +23.79%
Est. $0.74
Q1 25 Revenue
$13.21B
BEAT +0.22%
Est. $13.18B
vs S&P Since Q1 25
-7.0%
TRAILING MARKET
UAL +30.1% vs S&P +37.1%
Market Reaction
Did UAL Beat Earnings? Q1 2025 Results
United Airlines opened 2025 with its strongest first-quarter performance in five years, posting earnings per share of $0.91 against a consensus estimate of $0.74, a beat of 23.79%, while revenue climbed 5.4% year-over-year to a record $13.21 billion,… Read more United Airlines opened 2025 with its strongest first-quarter performance in five years, posting earnings per share of $0.91 against a consensus estimate of $0.74, a beat of 23.79%, while revenue climbed 5.4% year-over-year to a record $13.21 billion, edging past the $13.18 billion estimate. The headline results were driven by broad-based demand strength, with premium cabin revenue up 9.2%, business travel up 7.4%, and a 12.2% decline in average fuel cost per gallon to $2.53 providing meaningful margin relief; the airline also swung to a GAAP net income of $387.00 million from a net loss of $124.00 million in Q1 2024. Yet the results arrived against an unsettled industry backdrop, with rivals cutting capacity and pulling full-year guidance amid tariff-driven demand uncertainty. United itself acknowledged the fog, issuing bimodal 2025 guidance of $11.50 to $13.50 per share in a stable economy and $7.00 to $9.00 in a recession, while proactively trimming domestic capacity by four percentage points beginning in the third quarter.
Key Takeaways
- • Premium cabin revenue rose 9.2% year-over-year
- • Business revenue up 7.4% year-over-year
- • Basic Economy revenue up 7.6% year-over-year
- • Atlantic RASM up 4.7% and Pacific RASM up 8.5% year-over-year
- • Cargo revenue up 9.7% and loyalty revenue up 9.4% year-over-year
- • Average fuel price per gallon declined 12.2% to $2.53
- • CASM down 3.4% year-over-year
- • $108 million net gains from aircraft sale-leaseback transactions (special credits)
- • Capacity up 4.9% year-over-year with record ASMs
- • Best on-time departure and arrival rate for a first quarter since 2021
UAL YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
UAL Revenue by Segment
With YoY comparisons, source: SEC Filings
UAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our strategy coming out of the COVID pandemic was simple: Build the best airline in the world to attract brand-loyal customers. The people of United Airlines have executed and built that airline.”
— Scott Kirby, Q1 2025 Earnings Press Release
UAL Earnings Trends
UAL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UAL EPS Trend
Earnings per share: estimate vs actual
UAL Revenue Trend
Quarterly revenue: estimate vs actual
UAL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.19 | — | $14.61B | +1.61% |
| Q4 25 BEAT FY | $2.94 | $3.10 | +5.44% | $15.40B | +0.34% |
| FY Full Year | $10.49 | $10.62 | +1.29% | $59.07B | +0.09% |
| Q3 25 BEAT | $2.67 | $2.78 | +3.98% | $15.23B | -0.43% |
| Q2 25 MISS | $3.88 | $3.87 | -0.22% | $15.24B | -0.61% |
| Q1 25 BEAT | $0.74 | $0.91 | +23.79% | $13.21B | +0.22% |