United Airlines (UAL) Q3 2025 earnings

United Airlines On Wednesday, it forecast higher-than-expected fourth-quarter earnings after a rocky start to 2025.

The carrier expects to earn between $3 and $3.50 per share during the final three months of the year, compared to analyst estimates of $2.86 per share.

United is expanding its flying capacity, while its rivals have scaled back some of their growth plans after a glut of flights weighed on prices this year. The airline increased capacity by 7% in the third quarter compared to last year. Passenger revenues for the three months ended September 30 fell by 3.3% for domestic travel and 7.1% for international travel. Sales from the lucrative loyalty program rose 9%.

In an interview last month, United CEO Scott Kirby last month defended the airline’s growth plan, saying the company was gaining loyal customers through its network, new technology such as free on-board Wi-Fi, updated cabins and new lounges.

“These investments over nearly a decade, coupled with great service from our employees, have allowed United to win and retain brand-loyal customers, resulting in economic resilience even with macroeconomic volatility during the first three quarters of the year and significant upside as the economy and demand improve in the fourth quarter,” Kirby said in a statement Wednesday.

However, for the third quarter, United’s earnings beat earnings expectations, even though its revenue fell short of estimates.

Here’s what United Airlines reported for the quarter ending September 30 compared to what Wall Street was expecting, based on estimates compiled by LSEG:

• EPS: $2.78 was revised from $2.62 expected
• profit: $15.23 billion versus $15.33 billion expected

United’s third-quarter revenue was $15.23 billion, up 2.6% from $14.84 billion a year ago. Net income fell 1.7% to $949 million, or $2.90 per share. After adjusting for one-time items including debt, among others, United reported income of $909 million, or $2.78 per share.

The carrier competes with Delta Airlines To attract more affluent travelers who pay more for seats, it has expanded its global network to include destinations as far away as Greenland and Mongolia. In the third quarter, United said its premium cabin revenue, which includes first class and other more spacious seats, rose 6%. United’s no-frills Basic Economy sales rose 4% year over year.

In the spring and early summer, United and other airlines trimmed the earnings forecasts they gave at the start of the year, after passenger demand fell amid recurring tariffs and an oversupply of flights took a toll on airline tickets.