United Airlines (UAL) Reports Strong Q4 and Full-Year 2025 Financial Results
United Airlines (UAL) has announced its fourth-quarter and full-year 2025 financial results, showcasing performance that surpassed Wall Street expectations. The airline reported a diluted earnings per share (EPS) of $10.20 for the full year, reflecting an increase of 8% year-over-year, and an adjusted diluted EPS of $10.62. Furthermore, UAL expects to be the only U.S. airline to grow its adjusted EPS for 2025.
Record Revenue and Performance Metrics
In the fourth quarter, United Airlines achieved a remarkable revenue of $15.4 billion, marking the highest quarterly revenue in the company’s history and the highest quarterly unit revenue for 2025. The airline flew a record 181 million passengers throughout the year, ranking second in on-time departures with the lowest seat cancellation rate in its history.
Highlights from the fourth-quarter results include:
- Q4 diluted earnings per share of $3.19
- Adjusted diluted earnings per share of $3.10 within the guidance range of $3.00 to $3.50
- Operating revenue growth of 4.8% from Q4 2024
- Pre-tax earnings of $1.3 billion
Operational Excellence and Customer Loyalty
United Airlines has continued to enhance its customer experience, illustrated by its Net Promoter Score (NPS), which reached an all-time high in November 2025 despite a government shutdown. Notable improvements include the cancellation of fewer flights than any other U.S. network airline, as well as the reliance on updated aircraft technologies.
Key achievements for 2025 include:
- Record-low seat cancellation rates among major U.S. carriers
- More than 496,000 passengers carried on average daily
- Special promotions like full refunds during the government shutdown, which contributed to customer trust and satisfaction
Financial Summary and Future Outlook
For fiscal year 2025, UAL generated robust financial results, including:
- Pre-tax earnings of $4.3 billion and a pre-tax margin of 7.3%
- Total operating revenue of $59.1 billion, a year-over-year increase of 3.5%
- Operating cash flow of $8.4 billion and free cash flow of $2.7 billion
Looking ahead to 2026, United Airlines plans to further enhance its customer offering by introducing over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft, making it the U.S. airline with the most significant widebody aircraft deliveries in nearly four decades. The company also aims for substantial upgrades at its Washington Dulles and Houston hubs.
Conclusion
In summary, United Airlines (UAL) closed 2025 with strong earnings, operational efficiencies, and a clear path for growth in 2026. The airline's commitment to enhancing customer experience and maintaining financial robustness positions it favorably in the competitive aviation market.