United Airlines Holdings Inc (NASDAQ:UAL, XETRA:UAL1) reported quarterly results that topped Wall Street expectations, buoyed by rising premium and loyalty revenues, and offered a robust outlook for 2026.
For the fourth quarter, the airline posted operating revenue of $15.4 billion and adjusted earnings per share of $3.10, exceeding analyst estimates of $15.37 billion and $2.96, respectively. Premium revenue rose 9% year-over-year, while loyalty revenue climbed 10%. The airline’s full-year adjusted EPS reached $10.62 on $59 billion in total revenue.
Despite challenges including a government shutdown impact of approximately $250 million and ongoing Boeing 787 delivery delays, United highlighted record passenger traffic and hub reliability. Net income for the quarter came in at $1 billion, with pre-tax earnings of $1.3 billion and a pre-tax margin of 8.6%.
CEO Scott Kirby described the period as the “highest-revenue quarter in United’s history,” noting momentum that he expects to continue into 2026.
Shares of United rose about 3% on Wednesday morning following the announcement.
Looking ahead, United projects adjusted EPS of $12 to $14 for 2026 and plans to expand its fleet with over 100 new narrowbody jets and roughly 20 Boeing 787 aircraft. The airline also expects capital expenditures below $8 billion and free cash flow similar to $2.7 billion for the prior year.
Other key metrics for the quarter included a 6.5% increase in capacity year-over-year, total available seat miles of 83.37 billion, and passenger miles of 68.25 billion. Total revenue per available seat mile declined 1.6%, while cost per available seat mile fell 0.3%, excluding one-time items.
Basic economy revenue increased 7% year-over-year, rounding out growth across United’s major revenue streams.