On January 22, 2026, Argus Research analyst John Staszak established a price objective of $135 for United Airlines, implying an 18.66% potential appreciation from recent trading levels of approximately $113.77. This projection reflects Argus’s view that the carrier’s current valuation underestimates its ability to capitalize on rising demand for premium travel and loyalty offerings over the next 12–18 months.

United Airlines reported fourth-quarter operating revenue of $15.4 billion, marking the highest quarterly revenue in its history and narrowly surpassing consensus estimates. Diluted earnings per share reached $3.19, beating the street by $0.23. Passenger capacity expanded 6.5% year-over-year, while premium cabin yields and loyalty revenue each grew by 9% and 10% respectively. Total revenue per available seat mile declined 1.6%, reflecting mix shifts, but unit costs excluding fuel improved by 0.4%.

During Q4, a U.S. government shutdown negatively impacted pre-tax earnings by approximately $250 million, driven by route suspensions and increased crew costs. Despite this setback, United maintained the lowest cancellation rate among major U.S. carriers, carried a record 181 million passengers in 2025, and achieved its best Net Promoter Score in November, underscoring strong customer loyalty and operational execution under stress.

United provided guidance for full-year 2026 adjusted earnings per share of $12.00 to $14.00, centering on a $13 midpoint. The airline plans to take delivery of over 120 new aircraft—including more than 20 widebodies—to support network expansion and premium product growth. Management highlighted targeted investments in its MileagePlus loyalty program, aiming for double-digit revenue growth in both loyalty and premium segments, underpinned by over 130 million members and strategic partnerships with ride-share and co-brand card issuers.