United Airlines Posts Record Q4 Revenue as Premium Demand Lifts Earnings

United Airlines Holdings Inc. (NASDAQ: UAL) delivered a strong financial performance in the fourth quarter, reporting profit and revenue that exceeded Wall Street expectations, driven by robust demand from premium and loyalty customers. The airline also achieved the highest quarterly revenue in its history, reinforcing its positive momentum heading into 2026.

For the quarter ended December, United reported diluted earnings per share (EPS) of $3.19, surpassing analysts’ average estimate of $2.96. Total operating revenue climbed to $15.4 billion, narrowly beating the market consensus of $15.39 billion. Following the earnings announcement, United Airlines stock rose more than 4% in extended trading, reflecting investor confidence in the carrier’s outlook.

Chief Executive Officer Scott Kirby attributed the strong results to continued success in attracting and retaining brand-loyal customers. He noted that revenue strength has carried into early 2026, supported by record performance metrics. United confirmed that the quarter marked not only its highest revenue ever but also the highest quarterly revenue per available seat mile (RASM) of the year, signaling sustained pricing power despite industry capacity growth.

In its forward-looking guidance, United forecast adjusted EPS for 2026 in the range of $12 to $14. The airline plans to take delivery of more than 120 new aircraft as part of its fleet modernization strategy while expanding its global network to capture long-term growth opportunities.

Operationally, United flew a record 181 million passengers in 2025. During the fourth quarter, premium revenue increased 9% year over year, while loyalty revenue rose 10%, underscoring the strength of its diversified revenue streams. Capacity expanded by 6.5% during the quarter, although total revenue per available seat mile declined 1.6% compared with the prior year.

The company also disclosed that a U.S. government shutdown in November negatively affected results, reducing pre-tax earnings by approximately $250 million, despite contributing to improved customer satisfaction scores.

For full-year 2025, United reported diluted EPS of $10.20, up 8% year over year, while adjusted EPS reached $10.62. The airline stated it expects to be the only major U.S. carrier to grow adjusted earnings per share in 2025, reinforcing its competitive positioning in the airline industry.