United Airlines (UAL) Q4 2025 earnings summary

Executive summary

• Delivered record Q4 revenue of $15.4B and full-year revenue of $59.1B, with full-year EPS of $10.62, up year-over-year despite significant headwinds.

• Achieved record passenger volumes, lowest seat cancellation rate in company history, and led the industry in on-time departures and arrivals during the holidays.

• Premium cabin and loyalty revenues outperformed, with premium up 12% in Q4 and loyalty up 9% for the year.

• Set a company record for Net Promoter Score in Q4, with the highest-ever monthly NPS in November.

• Maintained profitability across all hubs and continued to invest in customer experience and technology.

Financial highlights

• Q4 EPS was $3.10, within guidance, and Q4 net income was $1.04B; full-year EPS reached $10.62, with $2.7B in free cash flow generated.

• CASM-ex increased only 0.4% year-over-year for both Q4 and full year, reflecting strong cost control.

• Premium cabin revenues rose 12% in Q4, while main cabin revenues increased 1% on 6% more capacity.

• Cargo revenues grew 2.1% year-over-year, and global co-brand remuneration was up 12% for the year.

• Repurchased $640M of shares in 2025, including $29M in Q4.

Outlook and guidance

• Q1 2026 EPS expected between $1 and $1.50, a 37% improvement year-over-year at midpoint.

• Full-year 2026 EPS guidance is $12–$14, implying over 20% growth and continued margin expansion.

• Over 100 narrowbody and 20 widebody aircraft deliveries expected in 2026; CapEx to remain under $8B.

• Targeting net leverage below 2x and investment-grade metrics by year-end 2026.

• Expects to generate a similar level of free cash flow in 2026 as in 2025.