Best Q1 in the last 5 years. Off the chart financial performance. United stopped short of pulling its full-year forecast Tuesday — leaving in place expectations issued in January for adjusted earnings per share of $11.50 to $13.50 — but said in a recession it will earn between $7 per share and $9 per share on an adjusted basis.

Domestic leisure is the worst performing. The LCCs will likely all lose money in 2025.

So we will make $4B this year if no recession and only $2.5B if a recession.

Capacity up 4.9% compared to first-quarter 2024.
Total operating revenue of $13.2 billion, up 5.4% compared to first-quarter 2024.
TRASM up 0.5% compared to first-quarter 2024.
CASM down 3.4%, and CASM-ex1 up 0.3%, compared to first-quarter 2024.
Pre-tax earnings of $0.5 billion, with a pre-tax margin of 3.6%; adjusted pre-tax earnings1 of $0.4 billion, with an adjusted pre-tax margin of 3.0%.
Net income of $0.4 billion; adjusted net income of $0.3 billion.
Diluted earnings per share of $1.16; adjusted diluted earnings per share of $0.91.
Average fuel price per gallon of $2.53.
Generated $3.7 billion of operating cash flow.
Generated $2.3 billion of free cash flow.
Ending available liquidity of $18.3 billion.
Total debt, finance lease obligations and other financial liabilities of $27.7 billion at quarter end.
Net leverage of 2.0x.
Year-to-date repurchased approximately $451 million of shares.