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Dec 31, 2025
United Airlines Q4 2025 Earnings Report
United Airlines reported record Q4 revenue and strong EPS, beating expectations despite external challenges.
Key Takeaways
United Airlines had a solid Q4 2025 with its highest quarterly revenue ever, driven by growing passenger numbers and brand loyalty. EPS came in strong, and operational efficiency improved with a record-low cancellation rate.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
United Airlines expects strong momentum into 2026, with continued fleet expansion, high demand, and improved customer experience.
Positive Outlook
- Record flown revenue and ticketing weeks early in January 2026
- Over 100 narrowbody and ~20 Boeing 787 aircraft deliveries planned in 2026
- Starlink Wi-Fi installations progressing fleet-wide
- Strong premium and loyalty revenue trends continuing
- Continued network expansion with new international and domestic routes
Challenges Ahead
- Approximately $250M Q4 hit from the government shutdown
- TRASM and PRASM both declined YoY
- Domestic load factor declined 1.1 pts YoY
- Free cash flow was negative in Q4
- Adjusted EPS for Q4 declined YoY
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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