United Airlines Holdings Inc. reported first-quarter 2025 adjusted earnings per share (EPS) of $0.91, surpassing consensus estimates of $0.74. Revenue for the quarter was $13.21 billion, up 5.4% year-over-year but slightly below expectations. Net income stood at $387 million, with capacity up 4.9% and a load factor of 79.2%. United Airlines reported net leverage of 2.0x, available liquidity of $18.3 billion, and total debt and financial obligations of $27.7 billion. The airline issued dual profit forecasts for 2025, projecting adjusted EPS of $11.50 to $13.50 if the current environment remains stable, and $7.00 to $9.00 in the event of a recession. For the second quarter, United expects adjusted EPS between $3.25 and $4.25. FY25 capital expenditures are projected to be under $6.5 billion. Shares rose over 5% following the earnings release. United Airlines CEO Scott Kirby noted a 5% lower revenue run rate and warned of potential booking weakness, especially with bookings from Canada down 70% and from Europe down 20%. The company expects negative revenue per available seat mile (RASM) in the domestic market for Q2 and is monitoring the impact of tariffs and macroeconomic risks. American Express Company (AXP) reported first-quarter 2025 earnings per share of $3.64, beating analyst expectations of $3.47. Revenue reached $16.97 billion, a 7% year-over-year increase. Billed business was $387.4 billion, up 6% from a year earlier. Total expenses were $12.49 billion, and the company set aside $1.2 billion for credit losses. The net write-off rate was 2.1%. American Express maintained its full-year guidance for revenue growth of 8% to 10% and EPS of $15.00 to $15.50, with FY revenue guidance at $71.9 billion and FY EPS guidance at $15.25. US consumer spending was up 8%, and millennial spending rose 14%. Credit quality remained strong, with delinquency and write-off rates at or below 2019 levels. While airline-related spending slowed, categories such as restaurants and lodging remained steady.