United Airlines (UAL) 4Q 2025 earnings

United Airlines on Tuesday said it could generate record earnings this year thanks to strong travel demand, with sales of premium seats, business travel and no-frills tickets robust in recent weeks.

The carrier expects adjusted earnings per share of between $12 and $14 this year, in line with the $13.16 analysts expected. For the first quarter, United forecast per-share earnings of $1 to $1.50, while analysts had estimated $1.13 a share.

United joined its rival Delta Air Lines in forecasting potential record earnings for the year. The two carriers accounted for almost all of the U.S. airline industry’s profit in the first nine months of 2025. Other airlines are set to report later this month.

United’s unit revenue fell 1.6% in the fourth quarter compared with last year. Still, United said premium revenue rose 9% in the fourth quarter and 11% for the full year over 2024. Restrictive basic-economy ticket sales, which compete with discount airlines, were up 7% in the last three months of 2025.

Most airlines are chasing revenue from higher-priced tickets like first class, racing to add in fresh, new cabins that command a premium.

Here is what United Airlines reported for the quarter that ended Dec. 31 compared with what Wall Street was expecting, based on estimates compiled by LSEG:

• Earnings per share: $3.10 adjusted vs. $2.94 expected
• Revenue: $15.4 billion vs. $15.4 billion expected

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

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

The longest-ever government shutdown, in the fourth quarter, hit pretax United results by $250 million, the company said. Air traffic controller shortages sparked delays and dented bookings but travel recovered, airline executives said.

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