United Airlines reported its second-quarter 2025 earnings with adjusted earnings per share (EPS) of $3.87, slightly surpassing the FactSet consensus estimate of $3.84. The company posted operating revenue of $15.2 billion, a 1.7% increase year-over-year, but marginally below the estimated $15.33 billion. Passenger revenue stood at $13.84 billion, just under the $13.92 billion forecast, while revenue passenger miles reached 70.09 billion, missing the 70.81 billion estimate. Cost per available seat mile excluding fuel rose 2.1% year-over-year to 12.36 cents, and passenger revenue per available seat mile declined 4.5% year-over-year to 16.40 cents. United Airlines' pre-tax earnings were $1.2 billion, with an adjusted pre-tax margin of 11.0%. The airline raised its full-year adjusted EPS guidance to a range of $9.00 to $11.00, compared with the previous consensus of $9.92, reflecting a more cautious outlook amid ongoing revenue headwinds. The company noted a six-point surge in booking demand starting in early July, with supply growth expected by mid-August, and operational metrics hitting post-pandemic highs. For the third quarter, United Airlines expects adjusted EPS between $2.25 and $2.75, although Newark operations are anticipated to negatively impact revenue by about one percentage point. Separately, United Rentals reported second-quarter revenue of $3.94 billion, slightly above estimates, with adjusted EPS of $10.47 beating the $10.45 consensus. The company raised its full-year 2025 revenue outlook to between $15.8 billion and $16.1 billion from a prior range of $15.6 billion to $16.1 billion, and adjusted EBITDA guidance to $7.3 billion to $7.45 billion from $7.2 billion to $7.45 billion. Free cash flow guidance was also increased, underscoring a positive operational momentum.