United earned $59.1 billion operating revenue, highest in airline’s history

United Airlines (UAL) has reported fourth-quarter and full-year 2025 financial results that exceeded Wall Street expectations and were within guidance.

The airline’s diluted earnings per share of $10.20 and adjusted diluted earnings per share1 of $10.62 for 2025 rose versus 2024.

The company delivered full-year pre-tax earnings of $4.3 billion, with a pre-tax margin of 7.3%, and adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 7.8%.

Total operating revenue for the year grew 3.5% year over year to $59.1 billion — the highest in United history.

The company generated $8.4 billion of operating cash flow and $2.7 billion in free cash flow1 in 2025, and expects to generate a similar level of free cash flow2 in 2026.

“Our results are built on winning more and more brand-loyal customers — it’s clear they get the most value flying United,” said CEO Scott Kirby.

“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.”

Customers continue to benefit from United’s growing, reliable operation.

United cancelled flights at the lowest per-seat rate among U.S. network airlines in 2025 while flying the largest mainline schedule in the airline’s history, carrying an average of more than 496,000 passengers daily.

United’s 303 daily widebody departures in 2025 were the most in its history.

United Express logged 134 days without a single cancellation during 2025, and Connection Saver saved more than one million potential missed connections during the year, a 42% increase over 2024.

United delivered strong fourth-quarter results despite challenges, including the government shutdown, as brand-loyal customers chose the United experience.

Compared to the year ago period, diverse revenue sources continued to grow: premium revenue was up 9% for the fourth quarter and 11% for the full year, loyalty revenue was up 10% for the fourth quarter and 9% for the full year, and revenue from Basic Economy grew 7% for the fourth quarter and 5% for the full year. Strong revenue momentum has continued into 2026.

The week ending January 4th was the highest-revenue week in United history, and the week ending January 11th was the highest ticketing week and the highest week for business sales in United history.

The government shutdown in November provided an opportunity to do the right thing by our customers and further build their trust.

The carrier offered all customers a full refund — even if their flights weren’t cancelled — and aggressively promoted that policy in customer communications, including on a dedicated page on the corporate website, and within contact centres.

Customers noticed: November was United’s highest-ever monthly Net Promoter Score. Customer-first policies, combined with the impact on bookings and costs, resulted in an approximately $250 million reduction in pre-tax earnings in the quarter.

Fast and free for MileagePlus® members, Starlink Wi-Fi is now installed on nearly all of the dual-cabin United Express fleet, more than 300 aircraft, with completion expected later this month.

Starlink installations have begun on mainline aircraft and are expected to accelerate rapidly during 2026.

In 2026, United plans to enhance the customer experience as it takes delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft – more wide-body aircraft in a year than any U.S. passenger airline since 1988.

United plans to use these new aircraft to profitably expand its network, including its industry-leading international routes and growing domestic network.

The airline also plans on making significant airport upgrades at its Washington Dulles and Houston hubs.

Wole Shadare