United’s cargo revenue jumps 9.7% in Q1

United Airlines reported $429 million in cargo revenue for the first quarter of 2025, an increase of 9.7% from the corresponding period in 2024. Overall, the carrier reported its best Q1 results since the onset of the pandemic five years ago, United Chief Executive Scott Kirby said on today’s earnings call. United reported a 5.4% year-over-year increase in Q1 operating revenue to $13.2 billion. [caption id="attachment_417013" align="aligncenter" width="1828"] (Courtesy/United Airlines)[/caption] The carrier also reported in Q1: Adjusted EBITDA of $1.3 billion, up 49.5% YoY; Diluted earnings per share of $1.16, up from a loss of 38 cents in Q1 2024; and 889 million cargo revenue ton miles, up 4.3% YoY. United Airlines executives were pleased with the results and sanguine for the rest of the year but are keeping a close eye on global trade policies. “Despite a challenging macroenvironment, 2025 is off to a solid start,” United Airlines President Brett Hart said on today’s call. “We operate in a dynamic and evolving landscape. Global trade policies, including tariffs, are shaping that landscape. ... Broader economic uncertainties remain top of mind.” Chief Financial Officer Mike Leskinen said, “While we've seen stability in demand for the past six weeks, we also recognize that there's a real risk of the U.S. economy going into a recession.” Aircraft deliveries The carrier ended Q1 with 1,442 aircraft in its fleet, thirty-six more than it had as of Dec. 31, 2024. In the first quarter, United took delivery of its 1,000th mainline jet. United plans to take delivery of seventy-one narrowbodies and ten widebodies in 2025, Leskinen said during the company’s Q4 2024 earnings call on Jan. 22. Industry leaders have expressed concern that tariffs recently imposed by the United States and possible retaliatory tariffs could impede aircraft production, delivery and MRO. “We are closely monitoring the potential impact on the prices we would pay for aircraft,” Hart said. “As a reminder, Boeing accounts for the majority of our future total order book, and most of our Airbus 321neos are produced in Alabama. As such, we don't currently anticipate a meaningful direct impact from tariffs relating to aircraft purchases.” However, parts imported for Airbus’ Alabama production lines would be subject to tariffs, Kirby said on the earnings call. “I think it's way too early to be panicking and declaring a crisis,” Kirby said. “Aerospace is probably the No. 1 example of a successful high-tech manufacturing export powerhouse industry in the United States. And we are still in the early opening game of how this tariff [situation] is going to settle out. “I suspect by the time we get to the endgame, aerospace is going to be recognized as a clear winning proposition for the United States and things are going to work out," he said. The carrier will also retire twenty-one planes early, saving about $100 million on engine overhauls this year, Kirby said last month at the J.P. Morgan 2025 Industrials Conference. Share buyback United has repurchased about 5.6 million shares in 2025, as of April 10, at an average price of $80, Leskinen said. “We've built our buyback strategy around being opportunistic,” he said. “We believe this is precisely the right time to repurchase our shares at our current depressed valuation with approximately $1 billion left in authorization.” Shares of United Airlines ( NASDAQ: UAL ) were down 0.01% from market open to $66.99 as of market close today. United has a market capitalization of $21.7 billion. Register now for Cargo Facts EMEA, an essential regional event for industry stakeholders, on May 6-8 at the Shangri-La Bosphorus in Turkey.

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