CHICAGO, IL — United Airlines has delivered third-quarter 2025 financial results that outperformed Wall Street forecasts, reporting pre-tax earnings of $1.3 billion and an 8.2% pre-tax margin. Adjusted pre-tax earnings reached $1.2 billion with an 8.0% margin, while diluted earnings per share stood at $2.90 and adjusted at $2.78, exceeding the upper end of prior guidance ($2.25-$2.75). Revenues grew 2.6% to $15.2 billion on 7.2% capacity expansion, though total revenue per available seat mile (TRASM) declined 4.3%.
The quarter highlighted diverse revenue streams, with premium cabin revenues up 6%, Basic Economy up 4%, cargo up 3%, and loyalty up 9% year-over-year. Operational highlights included the busiest summer schedule in company history, with over 48 million passengers and a record-low cancellation rate. These results demonstrate resilience in a volatile economic landscape, underpinned by brand loyalty fostered through over $1 billion in customer experience investments this year, with plans for an additional $1 billion 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 Scott Kirby, CEO of United Airlines.
In the SAF context, where major airlines like United have committed to billions of gallons in offtake agreements to comply with mandates such as CORSIA and U.S. blender tax credits, this financial strength is pivotal. United’s capacity to generate robust cash flows—projected free cash flow over $3 billion for 2025—enables sustained funding for SAF initiatives, which supports United’s long-term decarbonization roadmap and large existing SAF offtake portfolio. Stakeholders can anticipate accelerated procurement, as healthy margins reduce reliance on external financing for high-cost sustainable fuels, currently priced at premiums of 2-4x over conventional jet fuel per ICAO data.
However, industry-wide challenges like capacity oversupply and TRASM pressures could impact long-term SAF affordability if not managed. For suppliers and investors, United’s outlook—Q4 adjusted EPS of $3.00-$3.50 and record revenues—suggests opportunities for joint ventures in SAF production, leveraging the carrier’s hub network to distribute fuels efficiently and align with ReFuelEU’s blending targets.
Source: United Airlines via PRNewswire, “United Airlines Continues to Win Brand-Loyal Customers as Q3 Profit and Q4 Outlook Both Exceed Wall Street Expectations,” October 15, 2025.
