United Cargo revenue rises 3% in Q3 ‘despite macro volatility’

United Airlines moved more cargo in its third quarter than in any other Q3 in company history and saw a 3.2% year-over-year increase in cargo revenue to $431 million in the quarter. “We delivered strong third-quarter results despite macro volatility in the first nine months of the year and we now expect to grow earnings for the full year,” Chief Executive Scott Kirby said on today’s earnings call. [caption id="attachment_417013" align="aligncenter" width="1828"] (Courtesy/United Airlines)[/caption] The cargo included about 4,300 tonnes of medical shipments and nearly 120 tonnes of military shipments, United reported in its Q3 financials. United Airlines declined a Cargo Facts request for the exact tonnage of cargo moved in Q3. Working with rapid-response humanitarian relief organization Airlink , United transported more than 100 tonnes of cargo in support of twenty-five nonprofit organizations in Q3, according to the earnings report. The carrier also flew 117 responders to recovery efforts at eleven disaster zones. Operations at Newark Newark Airport (EWR), a United hub , faced air traffic control (ATC) technology outages, FAA staffing shortages and construction on one of the airport’s three runways in Q2. While all three runways are open again and the FAA implemented a short-term fix for ATC outages, the issues at EWR affected United’s bottom line in Q3. “Newark clearly had a substantial negative impact on Q3 of a little more than a point,” Chief Commercial Officer Andrew Nocella said on the call. The FAA laid a new fiber optic cable to improve EWR’s air traffic control communications in Q2 and has a long-term plan to revamp the aging ATC system. The One Big Beautiful Bill Act that U.S. President Donald Trump signed into law July 4 includes $12.5 billion to overhaul the country’s outdated ATC technology. The FAA will also maintain flight caps at EWR for another year, according to a Sept. 25 FAA order. “We are pleased with the FAA’s announcement that flights at Newark will be capped through October 2026 at seventy-two operations per hour, which better matches the capacity of the airport,” President Brett Hart said on the earnings call. Q3 results United reported a 2.6% year-over-year increase in Q3 operating revenue to $15.2 billion but a 1.7% YoY decrease in net income to $949 million. The carrier also reported in Q3: 890 million cargo revenue ton miles, up 1% YoY; Operating income of $1.4 billion, down 10.8% YoY; Adjusted EBITDA of $2.1 billion, down 10.6% YoY; and Diluted earnings per share of $2.90, unchanged from Q3 2024. United had a Q3 fuel expense of $3 billion, up 0.1% YoY. Adjusted average fuel price was $2.43 per gallon, down 5.1% YoY, United reported. The carrier consumed 1.2 billion gallons of jet fuel, up 5.4% YoY. Jet fuel spot prices in the United States in July, August and September fell YoY. The average spot price for U.S. Gulf Coast jet fuel in Q3 was $2.12 per gallon , down 3.3% YoY, according to the Energy Information Administration . The carrier ended Q3 with 1,486 passenger aircraft in its fleet, thirteen more than it had as of June 30 . United had plans to take delivery of seventy-one narrowbodies and ten widebodies in 2025, Chief Financial Officer Mike Leskinen said during the company’s Q4 2024 earnings call on Jan. 22. The airline has received fourteen aircraft from Airbus this year, according to Airbus’ 2025 deliveries report through Sept. 30, and forty-nine aircraft from Boeing this year, according to Boeing’s 2025 deliveries report through Sept. 30. Outlook United Airlines expects Q4 to have the highest total operating revenue for a single quarter in the company’s history, according to the earnings report. The carrier predicts diluted earnings per share in Q4 between $3 and $3.50. Shares of United Airlines ( NASDAQ: UAL ) were down 5.63 % from market open to $98.19 as of market close today. United has a market capitalization of $33.7 billion. Cargo Facts Symposium, the quintessential event for stakeholders and key leaders in the global freighter and air cargo industries, will take place Oct. 22-24 at the Grand Hyatt in Nashville . Learn more and register today to attend this key industry event. Cargo Facts LATAM 2026, the essential event for stakeholders in Latin America, will take place Feb. 10-12 at the Marquis Reforma in Mexico City. Learn more and register by Dec. 19 to take advantage of early-bird pricing.

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