United Airlines Holdings Inc. (UAL) delivered a strong finish to 2025, reporting fourth-quarter results Tuesday after the close that exceeded Wall Street's expectations and sent shares climbing in extended trading.
United Flies Past The Bar
The airline posted fourth-quarter revenue of $15.397 billion, barely edging past the consensus estimate of $15.396 billion. But the real story was on the bottom line, where United reported adjusted earnings of $3.10 per share, handily beating analyst estimates of $2.94 per share.
The results represented United's highest quarterly revenue ever, with particularly strong performance in its premium offerings. Premium cabin revenue jumped 9% year-over-year, while basic economy revenue climbed 7%. Loyalty revenue surged 10% compared to the prior year, though cargo revenue declined 6%. The quarter also delivered United's highest quarterly unit revenue for 2025.
"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," said CEO Scott Kirby.
The Numbers Behind The Flight
Capacity expanded 6.5% on a year-over-year basis. TRASM (total revenue per available seat mile) declined 1.6%, while CASM (cost per available seat mile) fell 0.3% year-over-year, showing modest cost discipline.
For the full year 2025, United generated $8.4 billion in operating cash flow and $2.7 billion in free cash flow. The company closed the year with $15.2 billion in total liquidity and $25 billion in total debt and finance lease obligations.
