Introduction to United Airlines’ Earnings Report

A United Airlines Boeing 767 passenger aircraft approaches Newark Liberty International Airport as trucks travel near the Port Jersey Container Terminal in Jersey City, New Jersey, on April 8, 2025. United Airlines maintained its full-year forecast on Tuesday but took an unusual step of offering a second forecast should the U.S. slip into a recession, calling the economy "impossible to predict." Either way, it expects to turn a profit.

First-Quarter Earnings

The carrier warned alongside its first-quarter earnings that a recession could drive down profits this year, but said booking trends are stable. The company left in place expectations issued in January for adjusted earnings per share of $11.50 to $13.50, but said that in a recession, it would expect to earn between $7 per share and $9 per share on an adjusted basis. "The Company’s outlook is dependent on the macro environment which the Company believes is impossible to predict this year with any degree of confidence," it said in a securities filing.

Flight Capacity and Demand

United Airlines said Tuesday that it plans to cut flights starting this summer to match disappointing domestic travel demand while bookings for pricier, international trips remain strong. The carrier plans to trim domestic capacity by about 4% starting in the third quarter. Rival Delta Air Lines is also slowing its growth plans this year. United Airlines CEO Scott Kirby said the airline "will continue to execute our multiyear plan that has allowed United to thrive in any demand environment." "It has given us industry-leading margins in the good times and we expect to expand our lead further in challenging economic times," he said in an earnings release.

Financial Performance

For the first quarter, United Airlines swung to a $387 million profit, or $1.16 a share, from a $124 million loss, or a loss of 38 cents per share, a year earlier. Adjusted earnings of 91 cents per share, which exclude one-time gains related to aircraft sale-leasebacks, outpaced Wall Street’s expectations of 76 cents per share. Unit revenue for domestic flights fell 3.9% from last year during the first quarter, while unit sales from international routes rose more than 5%. Revenue of $13.21 billion was up more than 5% from a year ago, and came in slightly below the $13.26 billion that analysts expected.

Outlook and Bookings

Future bookings over the past two weeks have been stable, the company said, adding that premium-cabin bookings are up 17% from the same point last year and international bookings are up 5%, though the carrier did not provide a figure on domestic coach-cabin demand. United Airlines said it expects to post second-quarter adjusted earnings per share of $3.25 to $4.25, in line with estimates, citing strong demand for premium-cabin bookings and international travel.

Key Financial Figures

Here is what United Airlines reported for the quarter that ended March 31 compared with what Wall Street was expecting:

• Earnings per share: 91 cents adjusted vs. 76 cents expected
• Revenue: $13.21 billion vs. $13.26 billion expected

Conclusion

The latest trend shows how profitable airlines such as United and Delta are capitalizing on demand from travelers willing to pay more for pricier seats and other higher-end products, even as economic concerns weigh on consumer sentiment. Delta last week said it could not reaffirm its full-year outlook, citing uncertainty in the market.

FAQs

Q: What is United Airlines’ forecast for the full year?
A: United Airlines maintained its full-year forecast but offered a second forecast in case of a recession, expecting to earn between $7 and $9 per share.
Q: How will United Airlines adjust its flight capacity?
A: The airline plans to cut flights starting this summer, trimming domestic capacity by about 4% starting in the third quarter.
Q: What are the key financial figures for United Airlines’ first quarter?
A: The airline reported adjusted earnings of 91 cents per share and revenue of $13.21 billion.
Q: How are bookings trending for United Airlines?
A: Future bookings have been stable, with premium-cabin bookings up 17% and international bookings up 5% from the same point last year.

Introduction to Citigroup’s Q1 Results

Citigroup on Tuesday posted first-quarter results that exceeded analysts’ estimates as the firm’s traders generated more revenue than expected. The bank said profit rose 21% to $4.1 billion, or $1.96 per share, on higher revenue and lower expenses from the year-earlier period.

Key Financial Highlights

Companywide revenue climbed 3% to $21.60 billion as the firm cited gains in its five major divisions. The key financial highlights include:

• Earnings: $1.96 per share vs. $1.85 per share LSEG estimate
• Revenue: $21.60 billion, vs. $21.29 billion expected

Performance of Trading Divisions

Citigroup’s fixed income traders generated $4.5 billion in revenue on heightened activity in markets for currencies and government bonds, 8% more than a year earlier and topping the $4.33 billion StreetAccount estimate. Equities traders saw revenue rise 23% to $1.5 billion, topping the $1.4 billion estimate, as "increased market volatility" and higher client activity led to more transactions.

CEO’s Comments and Market Context

CEO Jane Fraser said the bank was continuing to earn credibility with investors and that she remains focused on executing on her strategy, which includes a diverse set of businesses that "will perform in a wide variety of macro scenarios." She also seemed to address recent concerns about the U.S. economy that have surfaced as President Donald Trump sought to restructure deals with America’s trading partners. "When all is said and done, and longstanding trade imbalances and other structural shifts are behind us, the U.S. will still be the world’s leading economy, and the dollar will remain the reserve currency," Fraser said.

Comparison with Peers

JPMorgan Chase, Morgan Stanley, and Goldman Sachs each exceeded analysts’ estimates on a boom in equities trading revenue as the banks took advantage of volatility in the quarter. Shares of Citigroup have dropped 10% this year amid a broad sell-off in banks related to Trump’s tariff policies.

Market Reaction

Shares of the lender rose 3% following the announcement, indicating a positive market reaction to the results.

Conclusion

Citigroup’s first-quarter results demonstrate the bank’s ability to perform well in a volatile market environment. The strong performance of its trading divisions and the CEO’s confidence in the bank’s strategy are positive signs for investors. However, the bank’s shares have still been affected by broader market concerns related to trade policies.

FAQs

Q: What were Citigroup’s earnings per share for the first quarter?
A: $1.96 per share, exceeding the LSEG estimate of $1.85 per share.
Q: How did Citigroup’s revenue compare to expectations?
A: The company’s revenue of $21.60 billion was higher than the expected $21.29 billion.
Q: What was the performance of Citigroup’s fixed income traders?
A: They generated $4.5 billion in revenue, an 8% increase from the previous year and higher than the StreetAccount estimate.
Q: How did Citigroup’s shares react to the announcement?
A: They rose 3% following the release of the results.
Q: What is the outlook for the U.S. economy according to CEO Jane Fraser?
A: She believes that the U.S. will remain the world’s leading economy, and the dollar will remain the reserve currency, despite current trade imbalances and structural shifts.

In today’s polarized climate, political issues don’t stop at the front door of the workplace—they often walk in with your team.

From national policy changes to social justice movements and even company-level decisions on DEI or ESG initiatives, employees are increasingly tuned in to how their organization responds. While this engagement can be a sign of a passionate, values-driven workforce, it also requires careful navigation from leaders and HR professionals.

So what happens when politics enters the workplace? More importantly—how can employers manage employee expectations without compromising organizational focus or cohesion?

Let’s explore how to approach these sensitive moments with empathy, strategy, and leadership.

Why Politics Shows Up at Work

For many employees, especially younger generations, work is no longer just a job—it’s a space where values, purpose, and identity intersect. That means when political decisions or national events impact a particular group, policy, or right, employees often look to their employers for acknowledgment, clarity, or even advocacy.

Workplace politics may arise through:

• Questions about where a company stands on major social issues

• Disagreements among team members on current events

• Shifts in state or federal laws that impact workplace policies

• Internal initiatives tied to DEI, climate, or human rights

Ignoring these undercurrents can create tension or disengagement. Addressing them the wrong way can do the same. So what’s the middle ground?

1. Set Clear Expectations—Before Conflict Arises

Companies don’t need to take a stance on every issue, but they do need to be clear on how political or social matters will be handled internally.

• Outline respectful communication guidelines in your employee handbook or code of conduct.

• Train managers to navigate sensitive conversations with empathy and neutrality.

• Be transparent about what topics may be addressed in internal comms and which will remain off-limits.

The key is to create a culture where employees feel respected—even if their personal views differ.

2. Lead with Values, Not Reactions

When employees expect a response to political events, it’s often less about politics and more about values alignment.

Your company can stay grounded by asking:

• Does this issue relate to our mission or the well-being of our employees?

• Can we speak to this in a way that reinforces our organizational values?

• Is silence doing more harm than good in this situation?

It’s okay not to have all the answers. What matters is consistency and integrity in how you respond—or choose not to.

3. Support Psychological Safety for All Viewpoints

Creating an inclusive workplace also means allowing room for diverse perspectives. That includes employees who may feel uncomfortable with political conversations altogether.

To foster balance:

• Encourage active listening and respectful disagreement.

• Avoid tokenizing any one group to “speak on behalf” of an issue.

• Offer safe spaces like affinity groups, optional town halls, or anonymous surveys to process workplace culture.

The goal isn’t uniformity—it’s unity through mutual respect.

4. Provide HR Support and Communication Channels

When tension rises, employees need clear avenues for support. Make sure your HR policies and communication tools are equipped to:

• Address inappropriate behavior or discrimination

• Handle interpersonal conflict discreetly and fairly

• Offer resources like counseling or mediation when needed

A proactive HR team can de-escalate issues early and reinforce a healthy workplace culture.

5. Stay Aware of Legal Boundaries

Certain political expressions in the workplace—especially around labor rights, speech, or religious beliefs—may fall under legal protections. Others may not.

Leadership should stay informed about:

• Federal and state guidelines on political speech at work

• Employee rights related to organizing or advocacy

• Risks of perceived retaliation or bias

Consulting legal counsel can help your company create policies that are both lawful and people-centered.

Final Thoughts: Culture Over Politics

The question isn’t whether politics will enter the workplace—it’s how your organization chooses to respond.

By grounding your approach in clarity, communication, and core values, you can create a workplace culture where employees feel safe, heard, and focused—even when outside issues feel heavy.

Leaders don’t need to have all the answers, but they do need to lead with empathy and strategy. That’s how you manage expectations—and maintain trust—when the political meets the professional.