United Airlines Records Pre-tax Earnings of $1.2 Billion in Q2

United Airlines today reported a second-quarter profit, ahead of Wall Street expectations, and grew both earnings and pre-tax margin in the first half of 2025 versus the first half of 2024.

The airline had second-quarter pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2%; and adjusted pre-tax earnings of $1.7 billion, with an adjusted pre-tax margin of 11.0%.

United also achieved diluted earnings per share of $2.97 and adjusted diluted earnings per share2 of $3.87, compared to guidance of $3.25 to $4.25. Total operating revenue grew 1.7% compared to the year-ago period to $15.2 billion.

Beginning in early July, United has seen a sequential 6 point acceleration in demand and a double-digit acceleration in business demand versus the second quarter. The airline attributes this to less geopolitical and macroeconomic uncertainty and has updated its full-year adjusted diluted earnings per share guidance to $9.00 to $11.00, underscoring the resilience of United's brand-loyal, revenue-diverse business model.

United's diverse sources of revenue contributed to its second-quarter results: Premium cabin revenue rose 5.6% year-over-year; revenue from Basic Economy rose 1.7% year-over-year; cargo revenue rose 3.8% year-over-year and loyalty revenue rose 8.7% year-over-year.

United's operational performance during the second quarter continued to lay a foundation for its overall success. Its consolidated on-time departures (D:00) were highest and seat cancellation rates were the airline's lowest for a second quarter since the pandemic, and hubs in Newark, Los Angeles, and San Francisco all achieved their best on-time departure for a second quarter since the pandemic.

In June, United posted a better on-time arrival rate at Newark Liberty International Airport (EWR) than all other major airlines at LaGuardia International Airport (LGA) and John F. Kennedy International Airport (JFK).

"Our second-quarter performance was more proof that the United Next strategy is working. I am extremely proud of the team for executing a strong operation and navigating through a volatile macroeconomic period, while still growing earnings and pre-tax margin for the first half of the year," said United CEO Scott Kirby.

"Importantly, United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August. The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year."

United's proactive schedule adjustments and close coordination with the FAA and the Port Authority of New York and New Jersey have restored Newark to its leading place in our operation, and customer demand there has returned to its historic range. The airline looks forward to resuming Tel Aviv service on July 21.

As part of the airline's broader strategy to pay down high-cost debt and strengthen its balance sheet, in July United repaid, solely using cash on hand, the remaining debt from a July 2020 transaction when it secured financing of $6.8 billion against its MileagePlus assets. This now leaves one of the most valuable loyalty programs in the world unencumbered.

At the end of the second quarter, United's trailing twelve months net leverage was 2.0x. The company remains focused on further strengthening its balance sheet and growing margins.