United Airlines Holdings Inc (NASDAQ:UAL) reported financial results for the fourth quarter after the market close on Tuesday. Here’s a look at the key details from the quarter.
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United Beats Analyst Estimates In Q4
United reported fourth-quarter revenue of $15.397 billion, beating the consensus estimate of $15.396 billion. The airline company reported fourth-quarter adjusted earnings of $3.10 per share, beating analyst estimates of $2.94 per share, according to Benzinga Pro.
Premium cabin revenue was up 9% year-over-year and basic economy revenue climbed 7%. Loyalty revenue was up 10% year-over-year, while cargo revenue fell 6%. Fourth-quarter revenue was the highest quarterly revenue in United history and highest quarterly unit revenue for 2025.
“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,” said Scott Kirby, CEO of United Airlines.
Capacity was up 6.5% on a year-over-year basis. TRASM (total revenue per available seat mile) was down 1.6% while CASM (cost per available seat mile) declined 0.3% year-over-year.
United generated $8.4 billion in operating cash flow and $2.7 billion of free cash flow in 2025. The company ended the year with $15.2 billion in total liquidity and $25 billion in total debt and finance lease obligations.
United Focuses On The Customer
United guided for first-quarter adjusted earnings of $1 to $1.50 per share. The company expects full-year 2026 adjusted earnings to be in the range of $12 to $14 per share. Adjusted capital expenditures are expected to be below $8 billion in 2026.
United said it plans to enhance the customer experience in 2026 as it expects to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft.
United will discuss its guidance for the first quarter and beyond on its conference call on Wednesday at 10:30 a.m. ET.
UAL Shares Move Higher After The Bell
UAL Price Action: United Airlines shares were up 4.28% in after-hours Tuesday, trading at $113.32 at the time of publication, according to Benzinga Pro.
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