Subtext

United Airlines Holdings, Inc. UAL

SectorIndustrials
Transcripts41
Date range2015-04-23 – 2025-04-16
Calls charted41

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-10+0+10+192015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1 · Overall: +11.82015 Q2 · Overall: +8.02015 Q3 · Overall: +7.92015 Q4 · Overall: +12.02016 Q1 · Overall: +10.32016 Q2 · Overall: +5.12016 Q3 · Overall: +14.82016 Q4 · Overall: +10.82017 Q1 · Overall: +8.52017 Q2 · Overall: +7.32017 Q3 · Overall: +7.32017 Q4 · Overall: +9.02018 Q1 · Overall: +14.92018 Q2 · Overall: +11.42018 Q3 · Overall: +15.22018 Q4 · Overall: +6.92019 Q1 · Overall: +13.72019 Q2 · Overall: +11.42019 Q3 · Overall: +14.52019 Q4 · Overall: +7.82020 Q1 · Overall: -2.82020 Q2 · Overall: +3.02020 Q3 · Overall: +1.92020 Q4 · Overall: +4.12021 Q1 · Overall: +11.12021 Q2 · Overall: +11.12021 Q3 · Overall: +9.02021 Q4 · Overall: +0.52022 Q1 · Overall: +8.02022 Q2 · Overall: +1.52022 Q3 · Overall: +11.52022 Q4 · Overall: +3.62023 Q1 · Overall: +6.92023 Q2 · Overall: +5.72023 Q3 · Overall: +6.82023 Q4 · Overall: +6.62024 Q1 · Overall: +12.62024 Q2 · Overall: +5.42024 Q3 · Overall: +10.32024 Q4 · Overall: +16.72025 Q1 · Overall: +9.4
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-35-18+0+18+352015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1 · CEO: +12.62015 Q2 · CEO: +30.62015 Q3 · CEO: +7.22015 Q4 · CEO: +30.22016 Q1 · CEO: +13.62016 Q2 · CEO: +8.72016 Q3 · CEO: +21.42016 Q4 · CEO: +18.82017 Q1 · CEO: -1.32017 Q2 · CEO: +10.82017 Q3 · CEO: +9.42017 Q4 · CEO: +17.22018 Q1 · CEO: +12.42018 Q2 · CEO: +14.82018 Q3 · CEO: +21.92018 Q4 · CEO: +7.92019 Q1 · CEO: +27.72019 Q2 · CEO: +13.92019 Q3 · CEO: +13.42020 Q1 · CEO: +0.22020 Q2 · CEO: +7.92020 Q3 · CEO: +2.02020 Q4 · CEO: +9.22021 Q1 · CEO: +15.62021 Q2 · CEO: +21.92021 Q4 · CEO: +6.32022 Q1 · CEO: +7.12022 Q2 · CEO: -3.72022 Q3 · CEO: +10.42022 Q4 · CEO: +1.32023 Q1 · CEO: +9.02023 Q2 · CEO: +2.22023 Q3 · CEO: +12.12023 Q4 · CEO: +9.22024 Q1 · CEO: +20.92024 Q2 · CEO: +10.72024 Q3 · CEO: +14.72024 Q4 · CEO: +18.52015 Q1 · CFO: +20.02015 Q2 · CFO: +11.42015 Q3 · CFO: +10.72015 Q4 · CFO: +8.42016 Q1 · CFO: +17.42016 Q2 · CFO: +5.02016 Q3 · CFO: +18.02016 Q4 · CFO: +12.82017 Q1 · CFO: +13.82017 Q2 · CFO: +10.02017 Q3 · CFO: +10.72017 Q4 · CFO: +8.72018 Q1 · CFO: +20.92018 Q2 · CFO: +10.42018 Q3 · CFO: +15.02018 Q4 · CFO: +15.72019 Q1 · CFO: +6.82019 Q2 · CFO: +13.32019 Q3 · CFO: +12.72020 Q2 · CFO: -3.22021 Q2 · CFO: +12.92021 Q3 · CFO: +14.32021 Q4 · CFO: +0.82022 Q2 · CFO: +5.82022 Q3 · CFO: +17.82022 Q4 · CFO: +18.62023 Q1 · CFO: +7.72023 Q2 · CFO: +6.82023 Q3 · CFO: +6.22023 Q4 · CFO: +5.32024 Q1 · CFO: +14.52024 Q2 · CFO: +15.82024 Q3 · CFO: +6.12024 Q4 · CFO: +19.92025 Q1 · CFO: +9.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-27-13+0+13+272015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1 · Prepared remarks: +12.92015 Q2 · Prepared remarks: +7.52015 Q3 · Prepared remarks: +9.12015 Q4 · Prepared remarks: +12.82016 Q1 · Prepared remarks: +10.82016 Q2 · Prepared remarks: +5.32016 Q3 · Prepared remarks: +15.42016 Q4 · Prepared remarks: +12.12017 Q1 · Prepared remarks: +11.22017 Q2 · Prepared remarks: +8.92017 Q3 · Prepared remarks: +8.32017 Q4 · Prepared remarks: +9.02018 Q1 · Prepared remarks: +16.22018 Q2 · Prepared remarks: +11.62018 Q3 · Prepared remarks: +15.22018 Q4 · Prepared remarks: +8.72019 Q1 · Prepared remarks: +14.72019 Q2 · Prepared remarks: +13.12019 Q3 · Prepared remarks: +15.82019 Q4 · Prepared remarks: +8.52020 Q1 · Prepared remarks: -2.72020 Q2 · Prepared remarks: +3.32020 Q3 · Prepared remarks: +2.92020 Q4 · Prepared remarks: +9.82021 Q1 · Prepared remarks: +12.02021 Q2 · Prepared remarks: +11.62021 Q3 · Prepared remarks: +12.22021 Q4 · Prepared remarks: +2.92022 Q1 · Prepared remarks: +10.82022 Q2 · Prepared remarks: +4.42022 Q3 · Prepared remarks: +16.92022 Q4 · Prepared remarks: +3.82023 Q1 · Prepared remarks: +8.32023 Q2 · Prepared remarks: +9.92023 Q3 · Prepared remarks: +13.32023 Q4 · Prepared remarks: +7.02024 Q1 · Prepared remarks: +18.02024 Q2 · Prepared remarks: +18.72024 Q3 · Prepared remarks: +18.52024 Q4 · Prepared remarks: +23.32025 Q1 · Prepared remarks: +14.22015 Q1 · Q&A responses: +8.22015 Q2 · Q&A responses: +17.62015 Q3 · Q&A responses: +5.62015 Q4 · Q&A responses: +7.32016 Q4 · Q&A responses: +7.82017 Q1 · Q&A responses: -10.42017 Q2 · Q&A responses: -0.92017 Q3 · Q&A responses: -1.22018 Q1 · Q&A responses: +9.42018 Q2 · Q&A responses: +16.62018 Q3 · Q&A responses: +20.12018 Q4 · Q&A responses: -3.62019 Q1 · Q&A responses: +15.12019 Q2 · Q&A responses: +1.32019 Q3 · Q&A responses: +3.52020 Q2 · Q&A responses: +4.22020 Q3 · Q&A responses: -2.92020 Q4 · Q&A responses: +6.32021 Q1 · Q&A responses: +3.02021 Q3 · Q&A responses: -1.82021 Q4 · Q&A responses: -14.82022 Q1 · Q&A responses: -9.72022 Q2 · Q&A responses: +3.52022 Q3 · Q&A responses: +13.02022 Q4 · Q&A responses: +5.62023 Q1 · Q&A responses: +10.02023 Q2 · Q&A responses: +10.52023 Q3 · Q&A responses: +5.52024 Q1 · Q&A responses: +18.52024 Q2 · Q&A responses: +0.72024 Q3 · Q&A responses: +11.42024 Q4 · Q&A responses: +17.72025 Q1 · Q&A responses: +11.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-10.99$1.75$14.502015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1: $10.762015 Q2: $9.532015 Q3: $9.492015 Q4: $8.352016 Q1: $8.952016 Q2: $8.112016 Q3: $6.962016 Q4: $6.372017 Q1: $7.082017 Q2: $7.862017 Q3: $7.512017 Q4: $6.382018 Q1: $8.112018 Q2: $8.532018 Q3: $9.362018 Q4: $10.472019 Q1: $11.472019 Q2: $11.642019 Q3: $12.342019 Q4: $12.742020 Q1: $3.872020 Q2: $-9.232020 Q3: $-6.282020 Q4: $-4.732021 Q1: $-6.872021 Q2: $-5.282021 Q3: $-0.262021 Q4: $1.892022 Q1: $0.602022 Q2: $4.002022 Q3: $4.442022 Q4: $5.722023 Q1: $8.902023 Q2: $10.072023 Q3: $11.382023 Q4: $9.362024 Q1: $10.052024 Q2: $11.052024 Q3: $10.772024 Q4: $12.41

Forward P/E

-1.1236.2073.522015 Q12016 Q32018 Q12019 Q32021 Q12022 Q32024 Q12015 Q1: 6.332015 Q2: 5.392015 Q3: 6.112015 Q4: 7.052016 Q1: 6.572016 Q2: 5.292016 Q3: 7.322016 Q4: 11.452017 Q1: 9.632017 Q2: 9.872017 Q3: 8.212017 Q4: 9.882018 Q1: 8.732018 Q2: 8.502018 Q3: 9.552018 Q4: 8.252019 Q1: 7.082019 Q2: 7.622019 Q3: 7.312019 Q4: 6.972020 Q1: 5.532020 Q2: 5.532021 Q4: 21.962022 Q1: 68.372022 Q2: 9.482022 Q3: 8.652022 Q4: 7.012023 Q1: 4.852023 Q2: 5.302023 Q3: 4.032023 Q4: 4.442024 Q1: 4.282024 Q2: 4.482024 Q3: 4.922024 Q4: 7.37

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q4 tone ↑ +4.1 fwd EPS ↓ -1.14 Tone rose while the forward EPS estimate was cut.
  • 2016 Q3 tone ↑ +9.8 fwd EPS ↓ -1.14 Tone rose while the forward EPS estimate was cut.
  • 2017 Q1 tone ↓ -2.4 fwd EPS ↑ +0.71 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -3.4 fwd EPS ↑ +0.42 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -8.3 fwd EPS ↑ +1.12 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -2.3 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q4 tone ↓ -6.6 fwd EPS ↑ +0.40 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +5.7 fwd EPS ↓ -13.10 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↑ +7.0 fwd EPS ↓ -2.14 Tone rose while the forward EPS estimate was cut.
  • 2021 Q3 tone ↓ -2.1 fwd EPS ↑ +5.03 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -8.4 fwd EPS ↑ +2.15 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↑ +7.5 fwd EPS ↓ -1.29 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↓ -6.5 fwd EPS ↑ +3.39 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -7.9 fwd EPS ↑ +1.28 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -7.2 fwd EPS ↑ +1.00 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↑ +4.9 fwd EPS ↓ -0.29 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-16+9.4——View →
2024 Q42025-01-22+16.7$12.417.4View →
2024 Q32024-10-16+10.3$10.774.9View →
2024 Q22024-07-18+5.4$11.054.5View →
2024 Q12024-04-17+12.6$10.054.3View →
2023 Q42024-01-23+6.6$9.364.4View →
2023 Q32023-10-18+6.8$11.384.0View →
2023 Q22023-07-20+5.7$10.075.3View →