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**Key Takeaways:**\n- **Revenue Growth**: Q3 revenue rose 2.6% to $15.2 billion, with premium cabins outperforming main cabins by 5 points.\n- **Cost Efficiency**: CASM-ex decreased 0.9%, driven by operational improvements and strategic investments.\n- **Earnings Outlook**: Full-year EPS expected to grow, with Q4 guidance of $3 to $3.50, positioning United as the only airline to grow earnings in 2025.\n- **Strategic Adjustments**: 2026 summer schedule will reduce peak capacity by ending the season a week early and cutting Red Eye flights by 15%.\n- **Loyalty Program Expansion**: Targeting a doubling of loyalty program EBITDA by the end of the decade through personalized experiences and technology.\n- **Operational Excellence**: Industry-leading on-time performance and lowest cancellation rate in a decade, supported by advanced tools and employee engagement.

**【CEO Summary Section】**
- United Airlines reported third-quarter revenue growth of 2.6% to $15.2 billion, driven by strong operational performance and strategic investments in customer experience.\n- CEO Scott Kirby emphasized the company's focus on brand-loyal customers, with premium cabin revenues up 6% year-over-year and PRASM outperforming the main cabin by 5 points.\n- The company expects to grow earnings for the full year, despite macroeconomic challenges, due to its resilient business model and disciplined cost management.\n- United plans to adjust its summer schedule in 2026 to reduce peak capacity, aiming to improve margins by ending the summer schedule a week early and reducing Red Eye flights by 15%.\n
**【CFO Financial Commentary】**
- Third-quarter EPS was $2.78, exceeding the top end of guidance and beating Wall Street expectations.\n- CASM-ex (cost per available seat mile excluding fuel) decreased by 0.9%, driven by operational efficiency and strategic cost control.\n- The company expects fourth-quarter EPS of $3 to $3.50, positioning it to be the only airline to grow earnings in 2025.\n- United is on track to generate over $3 billion in free cash flow for the year, with a focus on deleveraging and maintaining an investment-grade balance sheet.\n
**【Q&A Highlights】**
- **Premium Leisure Demand**: Andrew Nocella noted that premium leisure yields are exceeding traditional corporate yields in domestic markets, with Polaris load factors and sold-out flights signaling strong demand.\n- **Loyalty Program Expansion**: The company aims to double the EBITDA contribution of its loyalty program by the end of the decade, with investments in personalized experiences and technology.\n- **Fleet Strategy**: Michael Leskinen highlighted the acceleration of narrowbody deliveries from Boeing, with 2026 CapEx growth expected to support margin expansion.\n- **Operational Resilience**: Brett Hart highlighted United's lowest cancellation rate in a decade and industry-leading on-time performance, driven by advanced technology and employee tools.\n- **Government Shutdown Impact**: Executives acknowledged potential risks to bookings and operations from the ongoing government shutdown but noted the FAA's proactive measures to mitigate disruptions.

United Airlines (UAL)-16 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Income Tax Expense

Current Income Tax

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

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Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

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Diluted EPS from Discontinued Operations

UAL

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