United Airlines reported that corporate ticket sales in early 2026 were running at a high-single-digit percentage above levels seen a year earlier, a trend Chief Commercial Officer Andrew Nocella described as “pretty amazing.” This uplift in premium and business-class demand is expected to drive first-quarter earnings growth of approximately 37% versus the prior year, according to the company’s guidance. International and premium segments have become critical profit drivers as main-cabin domestic sales remain under pressure, with United forecasting continued momentum in business volumes throughout the coming months.

For the quarter ended December 31, United posted diluted earnings per share of $3.19, surpassing the consensus estimate of $2.96, while operating revenue reached $15.4 billion, modestly above the $15.39 billion analysts had forecast. The carrier carried a record 181 million passengers in 2025, reflecting a 6.5% capacity expansion during the fourth quarter. Despite a 1.6% decline in total revenue per available seat mile, strong premium performance—premium cabin revenue rose 9% year-over-year—and a 10% increase in loyalty revenue drove the beat. The company also disclosed a roughly $250 million pre-tax earnings impact from the late-year U.S. government shutdown.

United’s loyalty business delivered a 10% year-over-year revenue increase in the fourth quarter and 9% for the full year of 2025, as the MileagePlus program grew its membership base and achieved exceptionally low churn rates. Premium cabin capacity expanded 7%, with revenue up 12% year-over-year last quarter. Main-cabin revenue rose just 1% as capacity climbed 6%, underscoring management’s intent to eventually realign domestic seat supply with demand. Executives project that a future reduction in unprofitable main-cabin capacity will provide “enormous fuel” to margin growth across the industry.