The earnings call presented a strong operational and financial performance despite significant challenges, including those at Newark. Record revenues, a rebound in business demand, and effective cost management were key positives. However, challenges at Newark and weaker-than-expected demand earlier in the year negatively impacted margins and revenue metrics.

Company Guidance

During United Airlines Holdings' second quarter 2025 earnings call, management provided several key metrics and insights into their performance and future guidance. The company reported a record $15.2 billion in top-line revenue, with a consolidated TRASM decrease of 4% on a capacity increase of 5.9%. They highlighted a strong operational performance despite challenges at Newark, where the airport's operational issues temporarily impacted margins by approximately 1.2 points in Q2. United's EPS for the quarter was $3.87, surpassing Wall Street expectations. Looking ahead, United anticipates third quarter EPS between $2.25 and $2.75, with full-year EPS projected between $9 and $11. The company also noted a recent 6-point positive inflection in demand, driven by both declining macroeconomic uncertainty and improved business demand, which they believe will contribute to better revenue performance in the second half of the year. Additionally, United is focused on cost management, achieving a 2.2% CASM-ex growth for the quarter, and plans to continue leveraging premium products and capacity for future growth.

Record Revenue

United's top line revenue increased 1.7% to a record $15.2 billion in the quarter.

Business Demand Recovery

Recent weeks have shown a double-digit acceleration in business demand, indicating a positive inflection in demand driven by reduced macroeconomic uncertainty.

Operational Performance

United ranked #2 in on-time departure among the top 8 U.S. carriers, managing record high customer volumes, including the busiest travel day in United's history with over 611,000 passengers on June 22.

Newark Performance Improvement

Newark has seen a dramatic turnaround, with bookings largely recovered and operating within its capability, resulting in the fewest cancellations and most on-time flights in the New York area for June.

Cost Management

Cost performance was better than expected with a 2.2% CASM-ex growth. Distribution costs are coming down due to more customers choosing direct channels.

Liquidity and Debt Reduction

United ended the second quarter with $18.6 billion in liquidity and generated over $1.1 billion of free cash flow. The company paid down the remaining $1.5 billion balance of its MileagePlus bonds two years early.

United Airlines Holdings (UAL) Earnings, Revenues Date & History

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UAL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 21, 2025	2025 (Q3)	2.63 / -	3.33	―	―	―
Jul 17, 2025	2025 (Q2)	3.81 / 3.87	4.14	-6.52% (-0.27)	―
Apr 15, 2025	2025 (Q1)	0.75 / 0.91	-0.15	706.67% (+1.06)	―
Jan 21, 2025	2024 (Q4)	3.04 / 3.26	2	63.00% (+1.26)	―
Oct 15, 2024	2024 (Q3)	3.17 / 3.33	3.65	-8.77% (-0.32)	―
Jul 17, 2024	2024 (Q2)	3.93 / 4.14	5.03	-17.69% (-0.89)	―
Apr 16, 2024	2024 (Q1)	-0.54 / -0.15	-0.63	76.19% (+0.48)	―
Jan 22, 2024	2023 (Q4)	1.69 / 2.00	2.46	-18.70% (-0.46)	―
Oct 17, 2023	2023 (Q3)	3.38 / 3.65	2.81	29.89% (+0.84)	―
Jul 19, 2023	2023 (Q2)	4.03 / 5.03	1.43	251.75% (+3.60)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UAL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 17, 2025	$91.22	$92.25	+1.13%
Apr 15, 2025	$67.00	$66.99	-0.01%
Jan 21, 2025	$110.52	$107.97	-2.31%
Oct 15, 2024	$64.05	$72.02	+12.44%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.