Source: United Airlines

  • Delivered FY25 diluted earnings per share of $10.20 up 8% year-over-year; adjusted diluted earnings per share1of $10.62 up year-over-year and expects to be the only U.S. airline to grow adjusted EPS1 for FY25
  • Q4 diluted earnings per share of $3.19; adjusted diluted earnings per share1 of $3.10 — within initial guidance range of $3.00 to $3.50
  • Q4 revenue of $15.4 billion was the highest quarterly revenue in United history and highest quarterly unit revenue for 2025
  • Flew a record 181 million passengers and ranked #2 in on-time departures for the year, with the lowest seat cancellation rate in company history
  • United continues to win brand-loyal customers with new and updated aircraft and investments in infrastructure and technology
  • Eclipsed 5,000 peak daily flights in summer 2025 and grew faster than any other U.S. airline in 2025 while setting a fourth-quarter company record for Net Promoter Score, including United’s highest-ever monthly NPS in November despite the government shutdown

United Airlines (UAL) has reported fourth-quarter and full-year 2025 financial results that exceeded Wall Street expectations and were within guidance. The airline’s diluted earnings per share of $10.20 and adjusted diluted earnings per share1 of $10.62 for 2025 rose versus 2024.

The company delivered full-year pre-tax earnings of $4.3 billion, with a pre-tax margin of 7.3%, and adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 7.8%. Total operating revenue for the year grew 3.5% year-over-year to $59.1 billion — the highest in United history. The company generated $8.4 billion of operating cash flow and $2.7 billion in free cash flow1 in 2025, and expects to generate a similar level of free cash flow2 in 2026.

“Our results are built on winning more and more brand-loyal customers — it’s clear they get the most value flying United,” said CEO Scott Kirby. “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.”

Customers continue to benefit from United’s growing, reliable operation. United canceled flights at the lowest per-seat rate among U.S. network airlines in 2025 while flying the largest mainline schedule in the airline’s history, carrying an average of more than 496,000 passengers daily. United’s 303 daily widebody departures in 2025 were the most in its history. United Express logged 134 days without a single cancellation during 2025, and Connection Saver saved more than one million potential missed connections during the year, a 42% increase over 2024.

United delivered strong fourth-quarter results despite challenges such as the government shutdown, as brand-loyal customers chose the United experience. Compared to the year ago period, diverse revenue sources continued to grow: premium revenue was up 9% for the fourth quarter and 11% for the full year, loyalty revenue was up 10% for the fourth quarter and 9% for the full year, and revenue from Basic Economy grew 7% for the fourth quarter and 5% for the full year. Strong revenue momentum has continued into 2026. The week ending January 4th was the highest flown revenue week in United history, and the week ending January 11th was the highest ticketing week and the highest week for business sales in United history.

The government shutdown in November provided an opportunity to do the right thing by our customers and further build their trust. United offered all customers a full refund — even if their flights weren’t canceled — and aggressively promoted that policy in customer communications including on a dedicated page on the corporate website, and within contact centers. Customers noticed: November was United’s highest-ever monthly Net Promoter Score. Our customer-first policies, combined with the impact to bookings and costs, led to an approximately $250 million impact to pre-tax earnings in the quarter.

Fast and free for MileagePlus® members, Starlink Wi-Fi is now installed on nearly all of the dual-cabin United Express fleet, more than 300 aircraft, with completion expected later this month. Starlink installations have begun on mainline aircraft and are expected to accelerate rapidly during 2026.

In 2026 United plans to enhance the customer experience as it plans to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft – more widebody aircraft in a year than any U.S. passenger airline since 1988. United plans to use these new aircraft to profitably expand its network, including its industry-leading international routes and growing domestic network. The airline also plans on making significant airport upgrades at its Washington Dulles and Houston hubs.

Fourth-Quarter Financial Results

  • Capacity up 6.5% compared to fourth-quarter 2024.
  • Total operating revenue of $15.4 billion, up 4.8% compared to fourth-quarter 2024.
  • Total Revenue Per Available Seat Mile (TRASM) down (1.6)% compared to fourth-quarter 2024.
  • CASM down (0.3)%, and CASM-ex1 up 0.4%, compared to fourth-quarter 2024.
  • Pre-tax earnings of $1.3 billion, with a pre-tax margin of 8.6%; adjusted pre-tax earnings1 of $1.3 billion, with an adjusted pre-tax margin1 of 8.5%.
  • Impact from the government shutdown was approximately $250 million of pre-tax earnings in the fourth-quarter 2025.
  • Net income of $1 billion; adjusted net income1 of $1 billion.
  • Diluted earnings per share of $3.19; adjusted diluted earnings per share1 of $3.10.
  • Average fuel price per gallon of $2.49.
  • Repurchased $29 million of shares in the fourth quarter 2025.

Full-Year Financial Results

  • Pre-tax earnings of $4.3 billion, with a pre-tax margin of 7.3%; adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 7.8%.
  • Net income of $3.4 billion; adjusted net income1 of $3.5 billion.
  • Diluted earnings per share of $10.20; adjusted diluted earnings per share1 of $10.62.
  • Ending available liquidity3 of $15.2 billion.
  • Total debt, including finance lease obligations and other financial liabilities of $25 billion at year end.
  • Net leverage4 of 2.2x.
  • Generated $8.4 billion of operating cash flow.
  • Generated $2.7 billion of free cash flow1.
  • Repurchased $640 million of shares in full year 2025.

Key Highlights

  • Operated the largest mainline schedule in company history in the fourth quarter and full year, carrying an average of over 496,000 passengers daily and averaging 303 widebody departures per day in 2025. United achieved its lowest seat cancel rate in history and had the lowest seat cancel rate of large network U.S. carriers.
  • In 2025 United added 82 new aircraft and updated 119 aircraft to its Signature Interior, bringing the total to 68% of its narrowbody fleet. The NPS for United’s Signature Interior is 10 points higher than on previous interiors.
  • United continued to expand premium offerings throughout 2025, with a record-high 27.4 million premium seats across its fleet, accounting for 12% of all flown seats in 2025. The airline announced United Elevated, its newest interior for the Boeing 787-9, featuring new United Polaris Studio℠ suites that are 25% larger than United Polaris® with privacy doors, ottoman for companions, 27-inch screens, and exclusive food and beverage offerings to elevate premium air travel, expected to be available in 2026.
  • Connection Saver saved more than one million potential missed connections in 2025, a 42% increase over 2024.
  • United and its leaders were recognized with more than 70 awards in 2025 for its industry-leading performance in customer experience, innovation, company culture and employment, including being named to Forbes’ 2026 list of America’s Best Companies and Newsweek’s America’s Most Trustworthy Companies.

Customer Experience

  • Achieved the highest fourth-quarter customer satisfaction score in United history as measured by Net Promoter Score, including its best November NPS ever, despite the government shutdown. For the full year, United achieved its highest NPS since 2022 among on-time passengers, including a seven-point increase in the check-in experience thanks to United’s investments in the lobby experience, improved kiosks and the United mobile app.
  • In May, announced United’s Blue Sky collaboration with JetBlue, and launched the ability to book across both airlines with miles in October 2025, with the ability to book with money expected in early 2026.
  • United announced its new MileagePlus Debit Rewards Card in November, offering additional ways to earn miles through spending and saving.
  • Launched a collaboration with ride-share app Lyft in the fourth quarter, allowing MileagePlus members to earn up to four miles per dollar spent on eligible rides.
  • During 2025, United enhanced its app with new features including a bag-tracking redesign, live activities on the day of travel, and additional connection information. By the fourth quarter, 85% of customers used the United app on their day of travel. More than half of customers who experienced a cancellation in the fourth quarter effectively resolved their issue using self-service and automated tools.
  • During 2025 United opened its fourth United Club℠ location in Denver and the second Club Fly location in Houston. Additionally, United re-opened a 50% larger United Polaris lounge at Chicago O’Hare and opened a new dining room at Newark’s Polaris Lounge for an improved premium international travel experience.
  • United brought TSA PreCheck Touchless ID to Washington Dulles and Houston and expanded usage in San Francisco and Chicago O’Hare in the fourth quarter for a more efficient customer experience. More than 3.5 million customers used this expedited feature in 2025.
  • United upgraded the inflight entertainment experience for customers by adding more than 450 hours of Spotify audio and video content and award-winning, hit series from Apple TV for free on 150,000+ seatback screens. The airline achieved its highest inflight entertainment customer satisfaction scores among on-time passengers.

Operations

  • United Express® had a record-setting year, with 134 days of zero cancellations.
  • United’s operation at Chicago O’Hare in 2025 outperformed its largest competitor for on-time arrival rates and a lower cancellation rate.
  • In the fourth quarter, began operating out of the fifth additional gate at Chicago O’Hare assigned by the City of Chicago.
  • Finalized deployment of updated check-in kiosks at all stations in 2025 for a more efficient check-in process, cutting an average of one minute per customer for tasks such as check-in, bag check and boarding pass printing.
  • United purchased blended sustainable aviation fuel for use at Houston, Newark, and Washington Dulles airports in 2025, growing its SAF use to six hubs.

Network

  • United carried more than 181 million revenue passengers in 2025, beginning service on 29 domestic and Canadian routes and adding 13 new international destinations to its industry-leading network.
  • United continued to expand its industry-leading international network in 2025 including new flights that made it the only U.S. airline to serve Bangkok, Thailand; Adelaide, Australia; Tepic, Mexico; and Ho Chi Minh City, Vietnam.
  • Announced plans to inaugurate service to Bari, Italy; Santiago de Compostela, Spain; Glasgow, Scotland; and Split, Croatia in 2026. United also plans new routes from Newark to Seoul, South Korea; and Washington-Dulles to Reykjavik, Iceland.

Employees, Communities and Investments

  • Together with MileagePlus members, United donated nearly 32 million miles to non-profit organizations around the world in the fourth quarter, including organizations providing relief to areas affected by Typhoons Tino and Uwan and Hurricane Melissa.
  • In the fourth quarter, United carried 85 tons of aid and mobilized nearly 400 responders, providing $1.3 million in transportation savings to 49 NGOs globally, in addition to supporting 22 response and recovery programs in 14 countries including regions impacted by Hurricane Melissa and the Pacific Northwest floods. United also provided $225,000 to local food bank partners during the quarter.
  • More than 10,000 United employees volunteered more than 33,000 hours in 2025 through their business resource groups for employee development and community.
  • In 2025, United grew its Special Olympics Service Ambassador program to six of its hubs, with 24 active ambassadors supporting customers.
  • United Airlines Ventures, which invests in start-ups developing innovative technologies advancing the aviation industry, announced investments in aerospace companies JetZero and AstroMechanica and travel experience and customer engagement companies Dfinitiv and Mindtrip.

Earnings Call

UAL will hold a conference call to discuss fourth-quarter and full-year 2025 financial results, as well as its financial and operational outlook for the first-quarter 2026 and beyond, on Wednesday, January 21, 2026 at 9:30 a.m. CST/10:30 a.m. EST. A live, listen-only webcast of the conference call will be available at ir.united.com. The webcast will be available for replay within 24 hours of the conference call and then archived on the website.

Outlook

This press release should be read in conjunction with the company’s Investor Update issued in connection with this quarterly earnings announcement, which provides additional information on the company’s business outlook (including certain financial and operational guidance) and is furnished with this press release to the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The Investor Update is also available at ir.united.com. Management will also discuss certain business outlook items, including providing certain first quarter and full year 2026 financial targets, during the quarterly earnings conference call.

The company’s business outlook is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. Please see the section entitled “Cautionary Statement Regarding Forward-Looking Statements.”