Available seat miles (ASMs) increased by 4.9%, indicating continued expansion of the airline's capacity. This expansion is a key component of United's growth strategy, aimed at capturing increased demand and expanding market share.

The company's business strategies, including the United Next plan, focus on expanding market and product opportunities, leading to growth in the scale of operations. This strategic focus is expected to continue driving future performance and market share gains.

United Airlines has entered into an agreement with Republic Airways to merge with Mesa Airlines. Upon the effective time of the merger, United's equity holdings in both Mesa and Republic Airways will be converted into shares of the new Surviving Entity.

The Chief Executive Officer and Chief Financial Officer have concluded that the company's disclosure controls and procedures were effective as of March 31, 2025. This indicates strong management oversight and adherence to regulatory requirements.

The company acknowledges the impact of significant operational challenges by third parties and supply chain constraints, which could affect the execution of its business strategies. This highlights the need for proactive risk management and contingency planning.

Interest expense decreased by $98 million, or 21.6%, primarily due to lower debt balances resulting from debt prepayments and scheduled amortization. This demonstrates effective debt management and contributes to improved profitability.

The airline industry is highly competitive, marked by significant competition with respect to routes, fares, airline capacity, schedules, services, products, customer service and frequent flyer programs.

Geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of the military conflict in the Middle East, as well as any escalation of the broader economic consequences of these conflicts beyond their current scope).

The monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions.

Passenger revenue increased across all geographic regions, with the Pacific region showing the highest growth at 8.9%. This indicates a strengthening competitive position in various markets.

The company's United Next plan focuses on expanding market and product opportunities, suggesting a proactive approach to enhancing its competitive position. The plan's success will be crucial in maintaining and growing market share.

The airline industry is highly competitive, marked by significant competition with respect to routes, fares, airline capacity, schedules, services, products, customer service and frequent flyer programs.

Aircraft maintenance materials and outside repairs decreased $42 million, or 5.4%, in the first quarter of 2025 as compared to the year-ago period, primarily due to lower volumes of engine overhauls.

The cost per available seat mile (CASM) decreased by 3.4% to 16.77 cents, compared to 17.36 cents in the prior year. This reduction in CASM indicates improved operational efficiency and cost management, contributing to the company's profitability.

The company acknowledges the impact of significant operational challenges by third parties and supply chain constraints, which could affect the execution of its business strategies. This highlights the need for proactive risk management and contingency planning.

United holds, through its corporate venture capital arm, United Airlines Ventures, Ltd., a 33% ownership interest in the Fund. The Fund is an investment vehicle designed to invest in start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with sustainable aviation fuel (SAF).

Other operating expenses increased $178 million, or 8.3%, in the first quarter of 2025 as compared to the year ago period, primarily due to an increase in flying activity, including increased costs for onboard catering and amenities, ground and cargo handling, airport lounge operations and passenger services, as well as expenditures related to employee uniforms and information technology projects and services.

Our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems.

The company repurchased approximately 4.0 million shares of UAL common stock for a total of approximately $0.4 billion as part of its share repurchase program. This indicates a commitment to returning capital to shareholders.

The company has substantial noncancelable commitments for capital expenditures, including the acquisition of certain new aircraft and related spare engines. This demonstrates a long-term investment in fleet modernization and expansion.

Interest expense decreased by $98 million, or 21.6%, primarily due to lower debt balances as a result of various debt prepayments and scheduled amortization. This reflects a strategic focus on deleveraging and improving financial flexibility.

United holds, through its corporate venture capital arm, United Airlines Ventures, Ltd., a 33% ownership interest in the Fund. The Fund is an investment vehicle designed to invest in start-ups developing technologies focused on decarbonizing aviation and its associated energy supply chains, including through research and production, and technologies associated with sustainable aviation fuel (SAF).

Costs, liabilities and risks associated with environmental regulation and climate change; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel.

Increasing privacy, data security and cybersecurity obligations or a significant data breach.

Changes in general economic conditions in the markets in which the Company operates, including an economic downturn or macroeconomic uncertainty leading to a decrease in demand for air travel or fluctuations in foreign currency exchange rates that may impact international travel demand.

Geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of the military conflict in the Middle East, as well as any escalation of the broader economic consequences of these conflicts beyond their current scope).

Increased Federal Aviation Administration oversight of the aircraft production process.