United Airlines Holdings (UAL) Revenue — Quarter Ended Sep 30, 2025
Revenue increased modestly compared with the same quarter last year but edged slightly lower than the immediately preceding quarter. The sequential decline follows a period of steady growth across recent quarters.
Key takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased modestly compared with the same quarter last year but edged slightly lower than the immediately preceding quarter. The sequential decline follows a period of steady growth across recent quarters.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$15.2B
Revenue reported for this quarter.
Quarter-over-quarter
-0.1%
Change from the immediately preceding quarter.
Year-over-year
+2.6%
Change from the comparable year-ago quarter.
Trailing four quarters
$58.4B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2024 | $14.7B | +7.8% |
| Mar 31, 2025 | $13.2B | +5.4% |
| Jun 30, 2025 | $15.2B | +1.7% |
| Sep 30, 2025 | $15.2B | +2.6% |
Revenue performance
Reported total operating revenue rose from the same quarter a year ago, driven by increases in passenger, cargo, and other operating revenue. However, the total declined slightly from the prior quarter.
Quarterly comparison
Compared with the immediately preceding quarter, revenue decreased marginally, reversing the upward trend seen in the prior two quarters. Year-over-year, revenue improved, continuing the positive trajectory from the prior year period.
What to watch
The slight quarter-over-quarter decline warrants attention even as year-over-year growth remains positive.