United Delivers Record Quarter

United Airlines Holdings Inc. (UAL) posted financial results for the fourth quarter after Tuesday's closing bell, and the numbers tell a story about where airlines are making their money these days. The company reported revenue of $15.397 billion, just edging past the consensus estimate of $15.396 billion. More impressively, adjusted earnings came in at $3.10 per share, comfortably ahead of the $2.94 analysts were expecting, according to market data.

This wasn't just any quarter—it was the highest revenue quarter in United's history and delivered the strongest quarterly unit revenue for 2025. Premium cabin revenue climbed 9% year-over-year, while basic economy revenue was up 7%. The loyalty program continues to be a cash machine, with revenue up 10% compared to last year. Cargo revenue did slip 6%, but the strength elsewhere more than compensated.

"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.

The Numbers Behind The Flight

Capacity expanded 6.5% year-over-year as United put more planes in the air. Total revenue per available seat mile (TRASM) declined 1.6%, while cost per available seat mile (CASM) fell 0.3%—essentially keeping costs roughly in line with revenue pressures.

For 2025 as a whole, United generated $8.4 billion in operating cash flow and $2.7 billion in free cash flow. The company closed the year with $15.2 billion in total liquidity and $25 billion in total debt and finance lease obligations.

Looking Ahead To 2026

United's outlook suggests management expects the momentum to continue. The company guided for first-quarter adjusted earnings between $1 and $1.50 per share, with full-year 2026 adjusted earnings projected in the $12 to $14 per share range. Capital expenditures should come in below $8 billion this year.

The airline plans to enhance the customer experience throughout 2026, expecting to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft. United will provide more details on its first-quarter outlook and beyond during a conference call scheduled for Wednesday at 10:30 a.m. ET.

Market Reaction

United Airlines shares jumped 4.28% in after-hours trading Tuesday, reaching $113.32 following the earnings beat.