United Airlines reported fourth-quarter revenue of $15.4 billion, a new company record that exceeded consensus estimates by 0.35%. Earnings per share came in at $3.10, beating analyst forecasts by 5.4% despite a 4% year-over-year decline. Strong performance was driven by a 12% increase in premium cabin revenue (capacity +7%) and a high-single-digit percentage gain in corporate ticket sales, while main cabin revenue rose just 1% on a 6% capacity increase. High-income and business travelers accounted for the majority of the upside, offsetting softness in price-sensitive, lower-income segments.

To meet sustained demand, United plans to add more than 100 new narrowbody jets and approximately 20 Boeing widebody aircraft in 2026. The narrowbody acquisitions will support domestic and short-haul international routes, while the widebodies will expand capacity on transatlantic and Pacific corridors. Management expects the enlarged fleet to improve unit revenue in both main and premium cabins and provide flexibility to adjust capacity in line with evolving consumer mix.

United stock trades at a trailing price-to-earnings multiple of 11.14x, with a forward P/E near 8x, reflecting improving profitability expectations. A survey of 15 analysts yields a consensus price target of $134.94, implying over 21% upside from current levels. Price targets range from a low of $110 to a high of $153, with Citigroup leading the bulls. Eight analysts have raised estimates since the earnings release, citing resilient corporate volumes, loyalty program growth and margin expansion as key catalysts through 2026.