Companies /Industrials

United Airlines Holdings Inc

NASDAQ: UAL Airlines
$108.35
▲ $3.72 (+3.56%) today
Markets closed · 2:15am ET

Q4 2025 Earnings

Reported Jan 20, 2026, 4:00pm ET · SEC source
$3.10
Beat +5.41%
EPS · est. $2.94
$15.4B
Beat +0.35%
Revenue · est. $15.3B
−3.0%
Trailing market
UAL vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Jan 20Jan 21report 4:00pm ETearnings+1.3%+1.1%
0+2%Jan 20Jan 21earnings+1.3%+1.1%
UAL +1.1%S&P 500 +1.3%
0+2%Jan 20Jan 21report 4:00pm ETearnings+1.7%+1.1%
0+2%Jan 20Jan 21earnings+1.7%+1.1%
UAL +1.1%NASDAQ +1.7%
−6%−3%0+3%Jan 20Jan 28report 4:00pm ETearnings+2.8%−6.4%
−6%−3%0+3%Jan 20Jan 28earnings+2.8%−6.4%
UAL −6.4%S&P 500 +2.8%
−8%−4%0+4%Jan 20Jan 28report 4:00pm ETearnings+4.6%−6.4%
−8%−4%0+4%Jan 20Jan 28earnings+4.6%−6.4%
UAL −6.4%NASDAQ +4.6%
+2.20%
Day of report
−0.50%
Next session
−5.45%
One week
−3.42%
30 days

S&P 500 over the same 30 days: −0.44%.

Did UAL Beat Earnings? Q4 2025 Results

United Airlines capped 2025 with a record-setting quarter, posting Q4 revenue of $15.40 billion, up 4.8% year-over-year and narrowly ahead of the $15.35 billion consensus, while adjusted diluted EPS of $3.10 beat the $2.94 estimate by 5.44%, all despite absorbing an estimated $250 million pre-tax headwind from November's government shutdown. The standout driver was the airline's increasingly diversified revenue base: premium revenue climbed 9% in the quarter, loyalty revenue rose 10%, and Basic Economy added 7%, collectively cushioning the 1.6% decline in total revenue per available seat mile as capacity expanded 6.5%. For the full year, United generated $59.07 billion in revenue and $3.49 billion in adjusted net income, records on both counts, while free cash flow reached $2.71 billion. As the company <a href="https://247wallst.com/investing/2025/12/09/united-chases-market-share-with-service-upgrades-as-delta-rewards-shareholders/">pursues aggressive market share gains</a> through fleet and service investment, management guided FY 2026 adjusted EPS to $12.00 to $14.00, with a comparable free cash flow target and over 120 aircraft deliveries expected next year.

Key Takeaways
  • Record quarterly revenue of $15.4 billion driven by brand-loyal customer growth
  • Premium revenue up 9% in Q4 and 11% for the full year
  • Loyalty revenue up 10% in Q4 and 9% for the full year
  • Basic Economy revenue grew 7% in Q4 and 5% for the full year
  • Capacity up 6.5% year-over-year in Q4
  • Record 181 million passengers carried in 2025
  • Lowest per-seat cancellation rate in company history
  • Highest quarterly RASM of 2025 in Q4
  • Record-high 27.4 million premium seats across fleet, 12% of all flown seats

“Our results are built on winning more and more brand-loyal customers — it's clear they get the most value flying United. This was the highest-revenue quarter in United's history and the highest quarterly RASM of the year providing strong revenue momentum that is continuing into 2026.”

United Airlines CEO, on the earnings call

Forward Guidance & Outlook

United guided Q1 2026 adjusted diluted EPS of $1.00 to $1.50 and FY 2026 adjusted diluted EPS of $12.00 to $14.00. Full-year 2026 adjusted total capital expenditures are expected to be less than $8.0 billion. The company expects to generate a similar level of free cash flow in 2026 as in 2025 (~$2.7 billion). Q1 2026 profit sharing accrual is estimated between $45 million and $75 million. Strong revenue momentum has continued into 2026, with record flown revenue, ticketing, and business sales weeks in early January. United plans to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 widebody aircraft in 2026, and plans significant airport upgrades at Washington Dulles and Houston hubs.

UAL YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$5.0B$10.0B$15.0B$14.7B$15.4BRevenue$1.5B$1.4BOperating Income$984.0M$1.0BNet Income
$0$5.0B$10.0B$15.0BRevenueOperating IncomeNet Income

UAL Revenue by Segment

Domestic Passenger$8.3B+2.0%
Atlantic Passenger$2.7B+14.2%
Pacific Passenger$1.6B+10.1%
Latin America Passenger$1.3B+0.5%
Other Operating Revenue$981.0M+9.1%
Cargo$490.0M−6.0%
MEIA Passenger

UAL Revenue by Geography

United States$8.3B+2.0%
Europe$2.3B+8.7%
Asia Pacific$1.6B+10.1%
Latin America$1.3B+0.5%
Middle East & Africa$410.0M+58.7%

Figures from SEC filings and company reports. Not investment advice.