United Airlines Q3 adjusted EPS of $2.78 beats guidance; Q4 outlook $3.00-$3.50
United Airlines Holdings reported third-quarter 2025 diluted earnings per share of $2.90 and adjusted diluted EPS of $2.78, above the top of its $2.25 to $2.75 guidance, on total operating revenue of $15.2 billion, up 2.6% year over year. The company guided to fourth-quarter 2025 adjusted diluted EPS of $3.00 to $3.50 and expects a meaningful year-over-year improvement in unit revenue, which supports earnings for shareholders.
Key points
- Q3 2025 pre-tax earnings were $1.3 billion, with a pre-tax margin of 8.2%; adjusted pre-tax earnings were $1.2 billion.
- Q3 total operating revenue rose 2.6% to $15.2 billion, while TRASM fell 4.3% and capacity rose 7.2%.
- Q4 2025 adjusted diluted EPS guidance is $3.00 to $3.50; management expects Q4 to be the highest total operating revenue quarter in company history.
- The company prepaid the remaining $1.5 billion MileagePlus bonds and repurchased about $612 million of shares year to date through September 30, 2025.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 15, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.