United Airlines Reports Q4 and Full-Year 2025 Results, EPS Rises Year-on-Year
United Airlines (UAL) has reported its fourth-quarter and full-year 2025 financial results, exceeding Wall Street expectations and landing within its guidance range. The airline posted diluted earnings per share (EPS) of $10.20 and adjusted diluted EPS of $10.62 for 2025, both higher than 2024.
For the full year, United delivered pre-tax earnings of $4.3 billion with a pre-tax margin of 7.3%, and adjusted pre-tax earnings of $4.6 billion with an adjusted pre-tax margin of 7.8%. Total operating revenue rose 3.5% year-on-year to $59.1 billion. United generated $8.4 billion in operating cash flow and $2.7 billion in free cash flow in 2025, and expects to deliver a similar level of free cash flow in 2026.
“Our results are built on winning more and more brand-loyal customers — it’s clear they get the most value flying United,” said CEO Scott Kirby.
“This was the highest-revenue quarter in United’s history and the highest quarterly RASM of the year providing strong revenue momentum that is continuing into 2026.”
Operational Performance and Customer Experience
United operated its largest mainline schedule in company history in 2025, carrying an average of more than 496,000 passengers per day. The airline recorded its lowest per-seat cancellation rate among U.S. network carriers during the year and averaged 303 daily widebody departures, both records for the company.
United Express reported 134 days without a single cancellation in 2025, while the airline’s Connection Saver tool helped prevent more than one million missed connections, a 42% increase over 2024.
United said it delivered a strong fourth-quarter performance despite the government shutdown in November. The airline noted that its customer-first policies during the disruption contributed to higher customer trust, though the shutdown resulted in an estimated $250 million impact on pre-tax earnings in the quarter.
Revenue Performance
United reported continued growth across several revenue categories compared to the prior-year period:
Premium revenue increased 9% in Q4 and 11% for the full year
Loyalty revenue increased 10% in Q4 and 9% for the full year
Basic Economy revenue increased 7% in Q4 and 5% for the full year
The airline said momentum has continued into early 2026, citing record flown revenue, ticketing activity, and business sales during the first two weeks of January.
Fleet, Network and Product Updates
United is continuing its onboard and operational upgrades, including the rollout of Starlink Wi-Fi. The airline said Starlink is now installed on nearly all of its dual-cabin United Express fleet, covering more than 300 aircraft, with completion expected later this month. Installations have also begun on mainline aircraft and are expected to scale during 2026.
In 2026, United plans to take delivery of more than 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft. The airline said it will use new aircraft deliveries to expand its network, including international routes and domestic growth. United also plans airport upgrades at its Washington Dulles and Houston hubs.
Fourth-Quarter 2025 Highlights
Capacity: Up 6.5% year-on-year
Total operating revenue: $15.4 billion, up 4.8%
TRASM: Down 1.6%
CASM: Down 0.3%; CASM-ex up 0.4%
Pre-tax earnings: $1.3 billion, margin 8.6%
Adjusted pre-tax earnings: $1.3 billion, margin 8.5%
Net income: $1.0 billion; adjusted net income $1.0 billion
Diluted EPS: $3.19; adjusted diluted EPS $3.10
Average fuel price: $2.49 per gallon
Share repurchases: $29 million in Q4
Full-Year 2025 Highlights
Pre-tax earnings: $4.3 billion, margin 7.3%
Adjusted pre-tax earnings: $4.6 billion, margin 7.8%
Net income: $3.4 billion; adjusted net income $3.5 billion
Diluted EPS: $10.20; adjusted diluted EPS $10.62
Liquidity: $15.2 billion at year-end
Total debt: $25 billion at year-end
Net leverage: 2.2x
Operating cash flow: $8.4 billion
Free cash flow: $2.7 billion
Share repurchases: $640 million in 2025
Earnings Call
United will hold a conference call to discuss its fourth-quarter and full-year 2025 results, along with its outlook for first-quarter 2026 and beyond, on Wednesday, January 21, 2026, at 9:30 a.m. CST / 10:30 a.m. EST. A live, listen-only webcast will be available via the company’s investor relations website, with a replay expected within 24 hours.
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