United Airlines reported Q4 diluted earnings per share of $3.19 and adjusted diluted earnings per share of $3.10, both within or above initial guidance ranges. For full year 2025, the carrier delivered diluted EPS of $10.20, up 8% year-over-year, and adjusted diluted EPS of $10.62, marking the only U.S. airline to grow adjusted EPS in the period. Q4 operating revenue reached $15.4 billion, the highest quarterly revenue in company history, supporting full-year operating revenue of $59.1 billion, a 3.5% increase versus 2024. Pre-tax earnings for the year were $4.3 billion, with an adjusted pre-tax margin of 7.8%, and the airline generated $8.4 billion of operating cash flow and $2.7 billion of free cash flow.

United achieved its highest-ever weekly revenue in early January 2026, with the week ending January 4 setting a new flown-revenue record and the week ending January 11 delivering record ticketing volumes and business sales. These milestones reflect continued momentum in premium seat uptake and basic-economy ticket growth, which rose 9% and 7% respectively for the Q4 period compared to the prior year, underscoring robust demand across diverse fare classes.

In 2025 United flew a record 181 million passengers, ranked second among U.S. carriers for on-time departures, and achieved its lowest seat-cancellation rate ever. The airline operated more than 5,000 peak daily flights in summer 2025 and averaged 303 daily widebody departures, the highest in company history. United also set a fourth-quarter Net Promoter Score record, including its best monthly score in November, driven by proactive customer policies during the government shutdown and investments in new aircraft, infrastructure and digital tools such as expanded Starlink Wi-Fi installation and enhanced mobile app features.

Looking ahead, United expects adjusted EPS of $12 to $14 for 2026, in line with consensus analyst estimates, and forecasts Q1 EPS of $1.00 to $1.50 per share. The airline plans to take delivery of over 100 narrowbody and approximately 20 Boeing 787 widebody aircraft, the largest widebody intake by a U.S. carrier since 1988, to expand its international and domestic network. Capital return included $29 million of share repurchases in Q4 and $640 million for the full year, while year-end available liquidity stood at $15.2 billion against total debt of $25 billion and net leverage of 2.2x.