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United’s Kirby Says International Travel Demand Is Rebounding
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October 16, 2025
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7:16Now PlayingUnited Airlines Holdings Inc. expects brand-loyal flyers and demand for its premium seats to drive profit through the end of the year, maintaining momentum after reporting better-than-expected earnings for the third quarter.
The Chicago-based airline forecasts adjusted earnings per share in a range of $3 to $3.50 for the fourth quarter, United said on Wednesday. That’s ahead of the $2.82 average of analyst estimates compiled by Bloomberg.
The carrier also expects full-year results at the upper end of its guidance. In July, United predicted full-year adjusted EPS of $9 to $11.
United and rival Delta Air Lines Inc. have pushed their high-end offerings as they seek to differentiate themselves from budget carriers and cash in on resurgent demand for a more luxurious travel experience. That strategy has helped the major US airlines improve their finances after air travel plummeted earlier this year.
The shares fell 1.9% in premarket trading on Thursday. Some analysts pointing to lower yields, which could indicate premium demand nearing saturation. The stock has gained 7.2% so far this year, more than Delta, which is up 2%.
“Premium and loyalty revenue performed best, which doesn’t bode well for leisure airline results,” Bloomberg Intelligence analyst George Ferguson said in a note.
A revival in demand for basic economy fares, along with strong sales of premium tickets, drove United to adjusted earnings of $2.78 per share in the three months ending in September, the airline said, surpassing the $2.66 expected on average by analysts polled by Bloomberg.
Operating revenue for the third quarter of $15.23 billion fell just shy of the $15.28 billion Wall Street expected.
The carrier’s push to lure and retain picky passengers and investments in its fleet have provided a buffer against economic turmoil, with “significant upside as the economy and demand are improving in the fourth quarter,” Chief Executive Officer Scott Kirby said in a statement accompanying the results.
United said the fourth quarter is set to produce the highest total operating revenue for a single quarter in company history.
United’s premium revenue was up 6% compared to last year, while basic economy was up 4%, the carrier said. United had a consolidated load factor — the percentage of seats filled by paying passengers — of 84.4% in the quarter, lower than the 85.3% analysts were expecting. Delta reported a load factor of 86% last week.
Investors on an earnings conference call slated for Thursday will be eager for the airline’s comments on the US economy as well as its operations at Newark Liberty International Airport — one of United’s main international hubs — following system outages earlier this year. A labor agreement with the union representing flight attendants, which is expected to be reached next year, is another area of focus.
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