United Airlines reported fourth-quarter diluted earnings per share of $3.19, surpassing the consensus estimate of $2.96. Operating revenue reached $15.4 billion, slightly above the $15.39 billion forecast, marking the highest quarterly revenue in company history. Pre-tax earnings for the period were $1.3 billion, representing an 8.6% pre-tax margin. Capacity grew by 6.5% year-over-year, while total revenue per available seat mile declined 1.6%. Premium revenue rose 9% and loyalty revenue increased 10% during the quarter, driven by strong demand from higher-yield travelers.

For the full year, United delivered diluted earnings per share of $10.20, up 8% from 2024, and adjusted diluted earnings per share of $10.62. Total operating revenue climbed 3.5% to a record $59.1 billion. The airline generated $8.4 billion in operating cash flow and $2.7 billion in free cash flow, while ending the year with $15.2 billion of available liquidity and net leverage of 2.2x. United repurchased $640 million of shares over the course of the year and drove an adjusted pre-tax margin of 7.8%.

In 2025 United flew a record 181 million passengers and operated an average of 496,000 mainline passengers daily, with 303 widebody departures per day—both company highs. The airline achieved its lowest seat cancellation rate in history and ranked second among U.S. network carriers for on-time departures. Connection Saver initiatives prevented over one million missed connections, a 42% increase from 2024. Customer satisfaction peaked with United’s highest monthly Net Promoter Score in November, reflecting successful policies such as full refunds during service disruptions and accelerated investments in cabin interiors and Wi-Fi installations.

United projects adjusted earnings per share between $12 and $14 for 2026, supported by planned deliveries of over 120 new aircraft, including more widebody jets than any U.S. carrier has received in a single year since 1988. The airline plans significant network expansion across domestic and international routes and has outlined major airport infrastructure upgrades at key hubs. For the first quarter, management forecasts per-share earnings of $1.00 to $1.50, reflecting continued strength in premium markets and ongoing cost management efforts.