Q4 25 EPS
$3.10
BEAT +5.44%
Est. $2.94
Q4 25 Revenue
$15.40B
BEAT +0.34%
Est. $15.35B
vs S&P Since Q4 25
-22.9%
TRAILING MARKET
UAL -17.7% vs S&P +5.1%
Full Year 2025 Results
FY 25 EPS
$10.62
BEAT +1.29%
Est. $10.49
FY 25 Revenue
$59.07B
BEAT +0.09%
Est. $59.02B
Market Reaction
Did UAL Beat Earnings? Q4 2025 Results
United Airlines capped 2025 with a record-setting quarter, posting Q4 revenue of $15.40 billion, up 4.8% year-over-year and narrowly ahead of the $15.35 billion consensus, while adjusted diluted EPS of $3.10 beat the $2.94 estimate by 5.44%, all desp… Read more United Airlines capped 2025 with a record-setting quarter, posting Q4 revenue of $15.40 billion, up 4.8% year-over-year and narrowly ahead of the $15.35 billion consensus, while adjusted diluted EPS of $3.10 beat the $2.94 estimate by 5.44%, all despite absorbing an estimated $250 million pre-tax headwind from November's government shutdown. The standout driver was the airline's increasingly diversified revenue base: premium revenue climbed 9% in the quarter, loyalty revenue rose 10%, and Basic Economy added 7%, collectively cushioning the 1.6% decline in total revenue per available seat mile as capacity expanded 6.5%. For the full year, United generated $59.07 billion in revenue and $3.49 billion in adjusted net income, records on both counts, while free cash flow reached $2.71 billion. As the company pursues aggressive market share gains through fleet and service investment, management guided FY 2026 adjusted EPS to $12.00 to $14.00, with a comparable free cash flow target and over 120 aircraft deliveries expected next year.
Key Takeaways
- • Record quarterly revenue of $15.4 billion driven by brand-loyal customer growth
- • Premium revenue up 9% in Q4 and 11% for the full year
- • Loyalty revenue up 10% in Q4 and 9% for the full year
- • Basic Economy revenue grew 7% in Q4 and 5% for the full year
- • Capacity up 6.5% year-over-year in Q4
- • Record 181 million passengers carried in 2025
- • Lowest per-seat cancellation rate in company history
- • Highest quarterly RASM of 2025 in Q4
- • Record-high 27.4 million premium seats across fleet, 12% of all flown seats
UAL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
UAL Revenue by Segment
With YoY comparisons, source: SEC Filings
UAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our results are built on winning more and more brand-loyal customers — it's clear they get the most value flying United. 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.”
— Scott Kirby, Q4 2025 Earnings Press Release
UAL Earnings Trends
UAL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UAL EPS Trend
Earnings per share: estimate vs actual
UAL Revenue Trend
Quarterly revenue: estimate vs actual
UAL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.19 | — | $14.61B | +1.61% |
| Q4 25 BEAT FY | $2.94 | $3.10 | +5.44% | $15.40B | +0.34% |
| FY Full Year | $10.49 | $10.62 | +1.29% | $59.07B | +0.09% |
| Q3 25 BEAT | $2.67 | $2.78 | +3.98% | $15.23B | -0.43% |
| Q2 25 MISS | $3.88 | $3.87 | -0.22% | $15.24B | -0.61% |
| Q1 25 BEAT | $0.74 | $0.91 | +23.79% | $13.21B | +0.22% |