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Company Research26 Mar 2024
Companies That Had Their IPO in 1989: The Calm Between the Storms
A look at the IPO landscape and market sentiment in 1989 as the markets enjoyed a period of relative calm between tumultuous times.
United Airlines
United Airlines (UAL) investor relations material
United Airlines Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
Delivered record Q4 revenue of $15.4B and full-year revenue of $59.1B, with full-year EPS of $10.62, up year-over-year despite significant headwinds.
Achieved record passenger volumes, lowest seat cancellation rate in company history, and led the industry in on-time departures and arrivals during the holidays.
Premium cabin and loyalty revenues outperformed, with premium up 12% in Q4 and loyalty up 9% for the year.
Set a company record for Net Promoter Score in Q4, with the highest-ever monthly NPS in November.
Maintained profitability across all hubs and continued to invest in customer experience and technology.
Financial highlights
Q4 EPS was $3.10, within guidance, and Q4 net income was $1.04B; full-year EPS reached $10.62, with $2.7B in free cash flow generated.
CASM-ex increased only 0.4% year-over-year for both Q4 and full year, reflecting strong cost control.
Premium cabin revenues rose 12% in Q4, while main cabin revenues increased 1% on 6% more capacity.
Cargo revenues grew 2.1% year-over-year, and global co-brand remuneration was up 12% for the year.
Repurchased $640M of shares in 2025, including $29M in Q4.
Outlook and guidance
Q1 2026 EPS expected between $1 and $1.50, a 37% improvement year-over-year at midpoint.
Full-year 2026 EPS guidance is $12–$14, implying over 20% growth and continued margin expansion.
Over 100 narrowbody and 20 widebody aircraft deliveries expected in 2026; CapEx to remain under $8B.
Targeting net leverage below 2x and investment-grade metrics by year-end 2026.
Expects to generate a similar level of free cash flow in 2026 as in 2025.
Quantify the long-term value of November's NPS gain
How will 2026 fleet expansion drive network profitability?
Detail operational tech's impact on customer retention
Chicago competitive response strategy
Future drivers of United's cost efficiency
Post-2026 capacity strategy and gauge focus
Partial view of Summaries dataset, powered by Quartr API
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Next United Airlines earnings date
Q1 202615 Apr, 2026
United Airlines
Next United Airlines earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
United Airlines Holdings Inc provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. It offers various travel products and services for travelers; loyalty program that enables customers to earn and redeem miles; and cargo transportation solutions for package delivery to full range of freight forwarding services. The company also sells frequent flyer miles to third-party companies; and provides air charter brokerage services that manage private jet travel on behalf of individuals and businesses.
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