United Airlines (UAL) reports lower Q3 earnings, despite revenue growth

United Airlines Holdings, Inc. (NYSE: UAL) reported mixed results for the third quarter of fiscal 2025 — revenues increased YoY, while adjusted earnings declined. However, earnings beat analysts’ estimates.

The aviation giant’s third-quarter earnings, excluding special items, decreased to $2.78 per share from $3.33 per share in Q3 2024, but exceeded Wall Street’s expectations. On an unadjusted basis, net income was $949 million or $2.90 per share in the September quarter, compared to $965 million or $2.90 per share in the year-ago quarter.

Operating revenue came in at $15.2 billion in the third quarter, compared to $14.84 billion in the comparable period of fiscal 2024. The company said customer investments are on track to total over $1 billion this year, focused on improving experience, product, and service. It expects to invest over $1 billion more in 2026.

“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,” said United Airlines’ CEO Scott Kirby.