Q3 25 EPS
$2.78
BEAT +3.98%
Est. $2.67
Q3 25 Revenue
$15.23B
MISS 0.43%
Est. $15.29B
vs S&P Since Q3 25
-18.4%
TRAILING MARKET
UAL -9.3% vs S&P +9.1%
Market Reaction
Did UAL Beat Earnings? Q3 2025 Results
United Airlines posted a solid earnings beat in Q3 2025, with adjusted diluted EPS of $2.78 clearing the $2.67 consensus estimate by 3.98%, even as revenue of $15.22 billion came in just 0.43% below expectations despite growing 2.6% year-over-year. H… Read more United Airlines posted a solid earnings beat in Q3 2025, with adjusted diluted EPS of $2.78 clearing the $2.67 consensus estimate by 3.98%, even as revenue of $15.22 billion came in just 0.43% below expectations despite growing 2.6% year-over-year. Heading into the print, analysts were watching closely for signs of demand resilience, and the results largely delivered, with premium cabin revenue rising 6% and loyalty revenue climbing 9% helping offset a 4.3% decline in total revenue per available seat mile as capacity expanded 7.2%. The airline carried a record 48 million customers on its largest-ever mainline daily schedule, though operating income fell 10.8% to $1.40 billion as yield pressure weighed across most geographies. Growing institutional interest in the stock reflects broader confidence in United's premium-focused strategy, which continues to attract high-spending travelers. Management guided Q4 adjusted EPS of $3.00 to $3.50, projecting the highest total operating revenue quarter in company history as unit revenue trends are expected to improve meaningfully from Q3.
Key Takeaways
- • Premium cabin revenue rose 6% year-over-year
- • Loyalty revenue rose 9% year-over-year
- • Basic Economy revenue rose 4% year-over-year
- • Cargo revenue rose 3% year-over-year
- • Capacity up 7.2% year-over-year
- • Average fuel price per gallon declined 5.1% to $2.43
- • CASM down 2.8% and CASM-ex down 0.9% year-over-year
- • Carried record 48 million customers in the quarter
- • Largest daily mainline schedule ever flown with 2,940 daily flights
- • Brand-loyal customer base providing resilience through macro volatility
UAL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
UAL Revenue by Segment
With YoY comparisons, source: SEC Filings
UAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“We've invested in customers at every price point: Seatback screens, an industry-leading mobile app, extra legroom, a lie-flat United Polaris seat, and fast, free, reliable Starlink on every plane by 2027. Our customers value the United experience, making them increasingly loyal to United. Those investments over almost a decade, combined with great service from our people, have allowed United to win and retain brand-loyal customers, leading to economic resilience even with macro economic volatility through the first three quarters of the year and significant upside as the economy and demand are improving in the fourth quarter.”
— Scott Kirby, Q3 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% |