Short answer
United Airlines Holdings (UAL) filed its Q3 2025 10-Q quarterly report on Oct 16, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $15.2B (up 2.6% year over year) with net income of $948M.
Q3 2025 key financials · XBRL
- Revenue
- $15.2B
- +2.6% YoY · −0.1% QoQ
- Net income
- $948M
- −1.8% YoY · −2.7% QoQ
- Operating margin
- 9.2%
- EPS (diluted)
- $2.90
- +0.3% YoY · −2.0% QoQ
Source: XBRL data from the United Airlines Holdings (UAL) Q3 2025 10-Q on SEC EDGAR. USD.
United Airlines Holdings Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $15.23B Q3 2025, up 2.6% YoY from $14.84B Q3 2024, driven by 1.9% passenger revenue growth and 13.2% other revenue increase
- Operating income $1.40B Q3 2025, down 10.8% YoY from $1.57B; operating margin 9.2% vs 10.5% YoY (calculated from revenue and operating income)
- Best segment: Regional flying up ~10% capacity, regional capacity purchase expense up 5.3% ($35M); Worst: Yield fell 4.0%, PRASM down 5.0%, impacting passenger revenue unit economics
- Cash decreased by $2.08B YTD to $13.3B; operating cash flow stable at $7.15B; $4.8B increase in investing outflows mainly for short-term investments; $4.4B used in financing mainly debt repayments and $612M share buybacks YTD
- Management warns near-term volatility from operational challenges, inflationary pressures, labor, supply chain constraints, fuel price volatility; ongoing geopolitical and regulatory risks may impact demand and costs
Risk Factors
- No material changes in risk factors since 2024 Form 10-K reported
- Carried-forward risk: Exposure to volatile fuel prices impacting operating costs
- Carried-forward risk: Competitive pressure from low-cost carriers affecting market share
- Carried-forward risk: Regulatory compliance with FAA and DOT safety standards
- Carried-forward risk: Liquidity risk given $7.0B debt maturity schedule through next 24 months
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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