United Airlines (UAL) Q4 2025 earnings

United Airlines Emirates Airlines said on Tuesday it could post record profits this year thanks to strong travel demand, with sales of premium seats, business travel and cheap tickets rising in recent weeks.

The carrier expects adjusted earnings per share to range between $12 and $14 this year, in line with analysts’ expectations of $13.16. In the first quarter, United expected earnings per share to range from $1 to $1.50, while analysts estimated $1.13 per share.

United joined their rival Delta Airlines In forecasting potential record profits for this year. The two companies accounted for almost all of the US airline industry’s profits in the first nine months of 2025. The other airlines are scheduled to report later this month.

United’s unit revenue fell 1.6% in the fourth quarter from a year ago. However, United said premium revenue rose 9% in the fourth quarter and 11% for the full year compared with 2024. Sales of restricted basic economy tickets, which compete with discount airlines, rose 7% in the last three months of 2025.

Most airlines seek to generate revenue from higher-priced tickets such as first class, and are racing to add new, modern cabins that command a premium.

Here’s what United Airlines reported for the quarter ending December 31 compared to what Wall Street was expecting, based on estimates compiled by LSEG:

• EPS: $3.10 was revised from $2.94 expected
• profit: $15.4 billion versus $15.4 billion expected

The carrier’s fourth-quarter earnings rose 6% from a year earlier to $1.04 billion, or $3.19 per share, while capacity rose 6.5% from the same period in 2024. After adjusting for one-time items, United reported earnings of $1.01 billion, or $3.10 per share.

United CEO Scott Kirby expressed confidence in the airline’s growth plan, saying in an interview with CNBC last year that “customers are choosing us.”

The longest government shutdown on record in the fourth quarter hurt United’s pretax results by $250 million, the company said. A shortage of air traffic controllers has led to delays and affected bookings, but travel has rebounded, airline executives said.

United reported full-year 2025 adjusted earnings of $10.20 per share, up 8% year over year, after the carrier previously lowered its forecast for the year. The airline also reported adjusted net income of $3.5 billion for the year, an increase of 6% from the previous year.