United Airlines said it finished 2025 with higher profits, record revenue, and strong demand from premium and business travelers, and it expects that momentum to carry into 2026.
In results released on January 20, 2026, United reported fourth-quarter revenue of $15.4 billion, the highest quarterly total in company history. The airline said it earned $3.19 per share in the quarter, or $3.10 per share on an adjusted basis. For the full year, United posted diluted earnings per share of $10.20, up 8% from 2024, and adjusted earnings per share of $10.62.
CEO Scott Kirby credited “brand-loyal customers” choosing United, pointing to growth in higher-yield parts of the business. United said premium revenue rose 9% in the fourth quarter and 11% for the full year. Loyalty revenue, which includes sales tied to MileagePlus and co-branded credit card activity, increased 10% in the quarter and 9% for the year. Basic Economy also grew, up 7% in the quarter and 5% for the full year.
United said it flew a record 181 million passengers in 2025, ranked No. 2 in on-time departures for the year, and posted its lowest seat cancellation rate in company history. United Express went 134 days without a single cancellation, the airline said, and its “Connection Saver” tool helped prevent more than one million missed connections during the year.
Still, United acknowledged a major headwind in the fourth quarter: the federal government shutdown. The carrier said it took a roughly $250 million hit to pre-tax earnings, even as it offered full refunds to customers, including some whose flights were not canceled. United said that approach helped lift customer satisfaction, with November posting its highest-ever monthly customer satisfaction score.
Looking ahead, United said it expects adjusted earnings per share of $12 to $14 in 2026, with adjusted capital spending below $8 billion. The airline plans to take delivery of more than 100 narrowbody jets and about 20 Boeing 787s this year, a widebody intake it said would be the largest by any US passenger airline since 1988. United also plans major airport upgrades at its Washington Dulles and Houston hubs.
On the product side, United said Starlink Wi-Fi is now installed on nearly all of its dual-cabin United Express fleet, covering more than 300 aircraft, with completion expected later this month. Installations have also begun on mainline jets, and the carrier expects that pace to accelerate during 2026.
For the full year 2025, United said total operating revenue rose 3.5% from 2024 to $59.1 billion, the highest annual revenue in the company’s history.
