United Airlines Holdings, Inc.

Shortcut’s reasoning.

The geography and traffic build estimates passenger revenue of $16,298.29m. Cargo contributes $523.84m and other revenue $1,083.95m, giving total revenue of $17,906.08m.

Operating expenses of $16,545.71m produce operating income of $1,360.37m. Net nonoperating expense of $118m gives GAAP pre-tax income of $1,242.37m; removing a $100m special credit gives adjusted pre-tax income of $1,142.37m.

A 23% adjusted tax rate produces adjusted net income of $879.6227137974588m. Dividing by 326.59999999999997m diluted shares gives adjusted EPS of 2.693272240653579, versus frozen normalized Street EPS of $2.59. The 75% beat probability is separate and does not multiply EPS.

The original forecast EPS was 2.747818915818373. A reviewed profit-sharing method change increased the expense from $128.01806568067346m to $151.15435673109437m. The $23.13629105042091m increase, after 23% tax and divided by diluted shares, explains the entire $0.05454667516479361 EPS reduction. The method interprets the higher tier cumulatively; that plan-period interpretation and the implied first-half base remain a disclosed limitation. The second repair and exact public export preserve all 140 scored EPS dependency cells.