United’s Q2 cargo revenue up 4% despite EWR issues

United Airlines reported $430 million in cargo revenue for the second quarter, an increase of 3.8% from the corresponding period in 2024. United reported a 1.7% year-over-year increase in Q2 operating revenue to $15.2 billion but a 26.4% YoY decrease in net income to $973 million. The carrier “navigated through a volatile macro-period of unique, short-term issues,” specifically disruptions in Newark (EWR), N.J., Chief Executive Scott Kirby said on today’s earnings call. [caption id="attachment_415049" align="aligncenter" width="1920"] A United 777-300ER takes off. (Courtesy/United Airlines)[/caption] EWR, one of United’s hubs , struggled through air traffic control technology outages, FAA staffing shortages and construction on one of the airport’s three runways. These disruptions caused hundreds of canceled and delayed flights in Q2. However, all three runways are operational again, with the third runway reopening two weeks ahead of schedule in June. As for the tech outages, the FAA has laid a new fiber optic cable to improve EWR’s air traffic control communications. The FAA has said it will resolve all technical issues at EWR by October. 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Bill Act that U.S. President Donald Trump signed into law July 4 includes $12.5 billion to overhaul the country’s outdated air traffic control technology. The FAA has also implemented flight caps at EWR. Arrivals and departures will each be limited to thirty-four per hour through Oct. 25 on weekdays and limited to twenty-eight per hour during airport construction on weekends. EWR previously saw more than seventy arrivals and departures each hour. The issues at EWR affected Q2 margins by about 1.2 basis points, Chief Operations Officer Toby Enqvist said on today’s call. Enqvist expects Q3 margins to be down by about 1 basis point due to the issues but does not foresee the impact lingering into Q4. Jet fuel United had a Q2 fuel expense of $2.8 billion, down 11.4% YoY. Adjusted average fuel price was $2.34 per gallon, down 15.3% YoY, United reported. Jet fuel spot prices in the United States in April, May and June fell YoY. The average spot price for U.S. Gulf Coast jet fuel in Q2 was $1.98 per gallon , down 19.5% YoY, according to the Energy Information Administration . The carrier also reported in Q2: 885 million cargo revenue ton miles, down 0.6% YoY; Adjusted EBITDA of $2.5 billion, down 5.8% YoY; and Diluted earnings per share of $2.97, down 24.9% YoY. United Cargo transported 148,324 tonnes of cargo in Q2, including about 4,445 tonnes of medical shipments and more than 200 tonnes of military shipments, United reported in its Q2 financials. The carrier ended Q2 with 1,473 passenger aircraft in its fleet, thirty-one more than it had as of March 31 . United 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. Network United launched service to eight destinations in Q2: Bilbao, Spain (BIO); Dakar, Senegal (DSS); Faro, Portugal (FAO); Madeira Island, Portugal (FNC); Nuuk, Greenland (GOH); Palermo, Italy (PMO); Puerto Escondido, Mexico (PXM); and Ulaanbaatar, Mongolia (UBN). The carrier also announced three new international destinations in April: Adelaide, Australia (ADL), beginning Dec. 11; Bangkok (BKK), beginning Oct. 26; and Ho Chi Minh City, Vietnam (SGN), beginning Oct. 26. Looking ahead United suspended all flights to Tel Aviv (TLV) in mid-June amid attacks between Israel and Iran. The carrier intends to resume service to TLV on July 21, according to the earnings release. “In the past few weeks, the level of uncertainty has declined,” Kirby said. “The geopolitical situation in the Middle East appears to have stabilized. And, while tariffs are not yet certain , I think the market and most businesses have a much better read on how they'll manage.” Shares of United Airlines ( NASDAQ: UAL ) were up 3.11% from market open to $91.22 as of market close today. United has a market capitalization of $29.6 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 take advantage of the early-bird rate.

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