United Airlines has posted what it describes as “durable” third-quarter results, as it continues to invest in fleet upgrades and points towards a bullish finish for the remainder of 2025.
The airline reported a third-quarter profit ahead of Wall Street expectations, with pre-tax earnings of $1.3bn and a pre-tax margin of 8.2%. However, pre-tax earnings were down 2.4% compared to last year’s third quarter. Earnings per share were $2.90, beating guidance of $2.25 per share.
Total capacity was up 7.2% year over year, while total operating revenue was up 2.6% to $15.2bn.
Passenger revenue rose 1.9 % to $13.8bn, while cargo and other operating revenue rose 3.2% and 13.2% respectively.
Premium cabin revenue rose 6% year over year, basic economy revenue rose 4%, and loyalty revenue rose 9%.
“These financial results show how the airline has thrived in an economically volatile year thanks to brand-loyal customers,” the company said, adding that “United continues to benefit from diverse revenue sources.”
“This great momentum has continued so far in the fourth quarter, and we expect the fourth quarter of 2025 to have the highest total operating revenue for a single quarter in company history,” United added.
The airline guided fourth-quarter adjusted earnings to be in the range of $3 to $3.50 per share. United said that growing customer loyalty in the first three quarters of the year, coupled with a stabilising economic environment, is driving the company's record guidance.
United spent $4.55bn on salaries and related costs, an increase of 5.4%; $2.99bn on fuel; $1bn on landing fees, an increase of 15.7%; almost $800 million MRO; and $54 million on aircraft rent. Aircraft rent was down significantly, falling 16.7% year over year.
It ended the quarter with available liquidity of $16.3bn, and total debt, finance lease obligations and other financial liabilities of $25.4bn. Trailing twelve months net leverage was 2.1x.
During its Q3 investor call, United said its average cost of finance is now 5%, and its highest coupon is 6%.
The company noted that “expensive" financing has been “eliminated” across its operations, and that its credit rating - hiked this year by both Fitch and S&P Global - is now at its highest in two decades.
During the investor call, the airline noted that three of its best revenue weeks in history occurred during September 2025.
United carried 48 million passengers in Q3, a new quarterly record, and flew its largest ever daily mainline schedule, with 2,940 daily flights carrying more than 427,000 passengers a day.
Next year, United aims to retain its status as the largest carrier across the Atlantic, with services to 46 cities planned for 2026.
The airline said it will continue to make significant investments in winning brand-loyal customers, including more than $1bn of investments in aircraft enhancements. These include Starlink installations, seatback screens and 25% more spend on food.
United also plans to invest an additional $1bn on improving the customer experience in 2026.
The airline’s long-term goal remains the delivery of double-digit margins, and its strategy remains centred on positioning itself as the “brand-loyal” airline of premium customers located in its hub cities.
It noted that increased capacity will play a role in this strategy, but at the same time, “not all capacity is created equal”.
United's push for brand loyalty aims to differentiate itself from rivals that it has branded “commodity airlines”, whose key selling points remain scheduling and price.
In 2026, United expects to hire 2,000 new pilots and 3,200 cabin staff. It noted that it received 27,000 applications from cabin crew hopefuls “in a few days” after advertising the positions.