United Airlines reported strong fourth-quarter and full-year 2025 results, exceeding expectations with record quarterly revenue and year-over-year EPS growth, driven by increased passenger volume and premium revenue expansion.
Full year 2025 diluted EPS of $10.20, up 8% year-over-year.
positiveQ4 2025 revenue of $15.4 billion, the highest quarterly revenue in United history.
positiveFlew a record 181 million passengers in 2025, with the lowest seat cancellation rate in company history.
positivePremium revenue up 9% for Q4 and 11% for the full year.
positiveLoyalty revenue up 10% for Q4 and 9% for the full year.
positiveQ4 TRASM (Total Revenue Per Available Seat Mile) down 1.6% compared to Q4 2024.
attentionQ4 CASM-ex (Cost Per Available Seat Mile excluding fuel) up 0.4% compared to Q4 2024.
attentionFree cash flow significantly decreased to $2.7 billion in 2025 from $4.3 billion in 2024.
negativeGovernment shutdown in November 2025 had an approximate $250 million impact on pre-tax earnings in the quarter.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
CEO Scott Kirby stated, 'Our results are built on winning more and more brand-loyal customers — it's clear they get the most value flying United.'
CEO Scott Kirby noted, '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 plans to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft in 2026, growing its network and making significant airport upgrades.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.