United Airlines (UAL) Q4 2025 earnings summary

Executive summary

• Delivered record Q4 revenue of $15.4B, up 4.8% year-over-year, and full-year revenue of $59.1B, with full-year EPS of $10.62, slightly up from 2024 despite significant headwinds.

• Achieved highest Net Promoter Scores in company history, with a nearly three-point annual increase and best-ever monthly NPS during November's government shutdown.

• Flew a record 181M passengers in 2025, with the lowest seat cancellation rate in company history and #2 in on-time departures.

• Navigated operational challenges, including FAA-mandated capacity reductions and a government shutdown, while maintaining industry-leading operational performance.

• Announced over $700M in profit sharing for employees for 2025.

Financial highlights

• Q4 EPS of $3.10, within guidance, despite a $250M pre-tax hit from the government shutdown.

• Full-year 2025 EPS of $10.62, up year-over-year, with United expected to be the only major U.S. airline to grow EPS.

• Free cash flow of $2.7B in 2025; net leverage reduced to 2.2x; cost of debt down to 4.7%.

• CASM-ex up only 0.4% for both Q4 and full year, reflecting strong cost discipline.

• Premium cabin revenues up 12% in Q4; main cabin revenues up 1% on 6% more capacity.

Outlook and guidance

• Q1 2026 EPS guidance: $1.00–$1.50, a 37% improvement year-over-year at the midpoint.

• Full-year 2026 EPS guidance: $12–$14, implying over 20% growth and continued margin expansion.

• Expecting over 100 narrowbody and 20 widebody aircraft deliveries in 2026; CapEx to remain below $8B.

• Targeting net leverage below 2x and investment-grade metrics by year-end 2026.

• Free cash flow expected to remain strong, with conversion rates rising toward 75% by decade's end.