United Airlines Reports Q2 2025 Net Income of $973 Million, Revenue Up 1.7%

United Airlines Holdings, Inc. reported its financial results for the second quarter and first half of 2025, revealing a net income of $973 million for the three months ending June 30, a decrease of 26.4% from $1.3 billion in the same period last year. Total operating revenue for the quarter reached $15.2 billion, up 1.7% from $15.0 billion in the prior year, driven primarily by a 1.1% increase in passenger revenue, which totaled $13.8 billion. For the first half of 2025, net income was $1.4 billion, a 13.5% increase from $1.2 billion in the first half of 2024, with total operating revenue rising to $28.4 billion from $27.5 billion.

Operating expenses for the second quarter increased by 6.5% to $13.9 billion, compared to $13.1 billion in the previous year. The rise in expenses was attributed to higher salaries and related costs, which grew by 7.7% to $4.4 billion, and increased aircraft maintenance costs, which rose by 20.8% to $865 million. Conversely, aircraft fuel expenses decreased by 11.4% to $2.8 billion, reflecting a lower average price per gallon. The company also recorded special charges of $447 million related to labor contract ratification bonuses.

In terms of operational metrics, United Airlines reported a 4.1% increase in passenger counts, with 46.2 million passengers flown in the second quarter. Revenue passenger miles (RPMs) increased by 4.5% to 70.1 billion, while available seat miles (ASMs) rose by 5.9% to 84.3 billion, resulting in a passenger load factor of 83.1%. The company’s employee headcount increased by 5.0% to approximately 111,300 as of June 30, 2025.

Looking ahead, United Airlines remains focused on its strategic initiatives, including the United Next plan, which aims to expand market opportunities and enhance operational efficiency. The company has a robust liquidity position, with $15.6 billion in unrestricted cash and short-term investments as of June 30, 2025. United anticipates that its existing cash reserves, combined with cash generated from operations, will be sufficient to meet its liquidity needs over the next 12 months. However, the airline industry continues to face challenges such as rising inflation, labor market constraints, and fluctuating fuel prices, which could impact future performance.