United Airlines reported fourth-quarter 2025 operating revenue of $15.4 billion, surpassing consensus estimates by roughly 0.35%, and delivered earnings per share of $3.10. This EPS figure marked a 5.4% beat over analyst projections, although it represented a 4% decline versus the prior year. Despite a government shutdown that trimmed pre-tax earnings by about $250 million, the carrier achieved its highest quarterly revenue in history, driven by premium services and loyalty program growth.

Corporate ticket sales finished the quarter at a high-single-digit percentage above year-ago levels, with premium cabin revenue rising 12% on a 7% capacity increase. Loyalty revenue grew 10% in Q4 and 9% for the full year as MileagePlus membership topped 130 million. By contrast, main cabin yield pressure persisted—main cabin revenue rose just 1% while capacity climbed 6%—highlighting continued softness among more price-sensitive leisure travelers.

To support sustained demand, United plans to take delivery of more than 120 new aircraft in 2026, including over 100 narrowbody jets and approximately 20 widebody Boeing planes. This influx will enable route network growth and greater frequency in key domestic and international markets, while providing flexibility to allocate capacity between high-yield premium services and lower-fare leisure offerings.

Analysts maintain a consensus price target of $134.94, implying more than 20% upside from current levels. Eight firms have issued buy or overweight ratings since the start of the year, with Citigroup at the high end forecasting $153. Analysts cite United’s ability to navigate volatile capacity dynamics, expand premium and loyalty revenue streams, and deliver margin improvement through 2026 as key drivers of potential rerating.