United Airlines (UAL) 3Q 2025 earnings

United Airlines on Wednesday forecast higher-than-expected earnings for the fourth quarter after a rocky begin to 2025.

The carrier expects to earn between $3 and $3.50 a share for the last three months of the 12 months, compared with analysts’ estimate of $2.86 a share.

United has been expanding its flying capability, while its rivals have scaled back a few of their growth plans after a glut of flights weighed on fares this 12 months. The airline increased capability 7% within the third quarter over last 12 months. Unit passenger revenue for the three months ended Sept. 30 fell 3.3% for domestic travel and seven.1% for international. Sales from its lucrative loyalty program rose 9%.

CEO Scott Kirby on an earnings call on Thursday that the carrier expects earnings before interest, taxes, depreciation, and amortization from the loyalty program to double by the top of the last decade.

“We’re just starting to comprehend the total potential of the loyalty program,” he said.

In an interview last month, Kirby defended the airline’s growth plan and said the carrier was winning loyal customers through its network, latest technology like complimentary inflight Wi-Fi, refreshed cabins and latest lounges.

“Those investments over almost a decade, combined with great service from our people, have allowed United to win and retain brand-loyal customers, resulting in economic resilience even with macro economic volatility through the primary three quarters of the 12 months and significant upside because the economy and demand are improving within the fourth quarter,” Kirby said in a release Wednesday.

Still, for the third quarter, United beat earnings expectations, although its revenue fell wanting estimates.

Here’s what United Airlines reported for the quarter that ended Sept. 30 compared with what Wall Street was expecting, based on estimates compiled by LSEG:

• Earnings per share: $2.78 adjusted vs. $2.62 expected
• Revenue: $15.23 billion vs. $15.33 billion expected

United’s third-quarter revenue was $15.23 billion, up 2.6% from $14.84 billion last 12 months. Net income fell 1.7% to $949 million or $2.90 a share. Adjusting for one-time items including debt, amongst other things, United posted income of $909 million or $2.78 a share.

The carrier is vying with Delta Air Lines to win over more affluent travelers who splurge on seats, and it has expanded its global network with far-flung destinations like Greenland and Mongolia. United said within the third quarter, its premium-cabin revenue, which incorporates top notch and other, roomier seats, rose 6%. United’s sales from no-frills basic economy 4% 12 months over 12 months.

Within the spring and early summer, United and other carriers trimmed their earnings forecasts they made in the beginning of the 12 months, after passenger demand dipped amid on-again, off-again tariffs, and an oversupply of flights weighed on airfare.