United Airlines Holdings Inc ( UAL ) reported second-quarter financial results after the market close on Wednesday. Here’s a rundown of the report.

Q2 Earnings: United reported second-quarter revenue of $15.27 billion, missing the consensus estimate of $15.35 billion. The airline company reported second-quarter adjusted earnings of $3.87 per share, beating analyst estimates of $3.77 per share, according to Benzinga Pro.

Premium cabin revenue was up 5.6% year-over-year and basic economy revenue climbed 1.7%. Loyalty revenue was up 8.7% year-over-year and cargo revenue rose 3.8%.

Capacity was up 5.9% on a year-over-year basis. TRASM (total revenue per available seat mile) was down 4% while CASM (cost per available seat mile) increased 0.6% year-over-year.

United generated $2.2 billion in operating cash flow and $1.1 billion of free cash flow in the second quarter. The company ended the period with $18.6 in total liquidity and $27.1 billion in total debt and finance lease obligations.

“Our second-quarter performance was more proof that the United Next strategy is working. I am extremely proud of the team for executing a strong operation and navigating through a volatile macroeconomic period, while still growing earnings and pre-tax margin for the first half of the year,” said Scott Kirby, CEO of United Airlines.

“Importantly, United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August.”

Outlook: United lowered its full-year 2025 earnings outlook. The company now expects full-year earnings of $9 to $11 per share, down from prior guidance of $11.50 to $13.50 per share. Analysts are forecasting full-year earnings of $10.05 per share.

“Beginning in early July, United has seen a sequential six point acceleration in demand and a double-digit acceleration in business demand versus the second quarter. The airline attributes this to less geopolitical and macroeconomic uncertainty,” the company said.

United said it will provide guidance for the third quarter on its conference call Thursday at 10:30 a.m. ET.

UAL Price Action: United Airlines shares were down 1.37% in after-hours, trading at $87.20 at the time of publication on Wednesday, according to Benzinga Pro.

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