Q2 25 EPS
$3.87
MISS 0.22%
Est. $3.88
Q2 25 Revenue
$15.24B
MISS 0.61%
Est. $15.33B
vs S&P Since Q2 25
-8.0%
TRAILING MARKET
UAL +6.7% vs S&P +14.7%
Market Reaction
Did UAL Beat Earnings? Q2 2025 Results
United Airlines delivered a closely watched second quarter that came in fractionally short of Wall Street expectations, with adjusted diluted EPS of $3.87 missing the $3.88 consensus by just 0.22%, while revenue of $15.24 billion grew 1.7% year-over-… Read more United Airlines delivered a closely watched second quarter that came in fractionally short of Wall Street expectations, with adjusted diluted EPS of $3.87 missing the $3.88 consensus by just 0.22%, while revenue of $15.24 billion grew 1.7% year-over-year but fell 0.61% below the $15.33 billion estimate. The headline misses, however, obscure a more nuanced story: a May disruption at Newark Airport drove an estimated $218 million hit to adjusted pre-tax income, costing roughly 1.2 points of margin and weighing heavily on the quarter's results. Strip out that impact and adjusted pre-tax margin would have reached 12.2%. The outlook has since brightened considerably, with booking demand accelerating by six points in early July and business travel surging at a double-digit pace, prompting management to update full-year adjusted EPS guidance to $9.00 to $11.00. Premium cabin revenue rose 5.6% and loyalty revenue climbed 8.7%, underscoring the breadth of United's revenue base as it heads into a second half it expects to benefit from improving supply conditions and easing macroeconomic uncertainty.
Key Takeaways
- • Premium cabin revenue rose 5.6% year-over-year
- • Loyalty revenue rose 8.7% year-over-year
- • Cargo revenue rose 3.8% year-over-year
- • Basic Economy revenue rose 1.7% year-over-year
- • Average fuel price per gallon declined 15.3% to $2.34
- • Capacity up 5.9% year-over-year with largest quarterly schedule in company history
- • Best post-pandemic Q2 on-time departure rate and lowest seat cancellation rate
- • Diverse revenue sources across premium, economy, cargo, and loyalty
UAL YoY Financials
Q2 2025 vs Q2 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 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.”
— Scott Kirby, Q2 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% |