United Airlines Q4 and Full Year EPS Beat Wall Street Expectations, With Full Year EPS Up Year-Over-Year

United Airlines reported fourth-quarter and full-year 2025 financial results that exceeded Wall Street expectations and were within guidance. The airline's diluted earnings per share of $10.20 and adjusted diluted earnings per share1 of $10.62 for 2025 rose versus 2024.

Q4 2025 EPS:
- Diluted EPS: $3.19 (up 8.1% YoY)
- Adjusted diluted EPS: $3.10 (within guidance range of $3.00–$3.50)

Full-Year 2025 EPS:
- Diluted EPS: $10.20 (up 7.9% YoY)
- Adjusted diluted EPS: $10.62 (slightly above 2024)

Revenue:
- Q4: $15.4 billion (highest quarterly revenue in United’s history, +4.8% YoY)
- Full Year: $59.1 billion (+3.5% YoY, record high)

Profitability: - Q4 net income: $1
.0 billion
- Full-year net income: $3.4 billion
- Pre-tax margin: 7.3% (adjusted 7.8%)

Cash Flow:
- Operating cash flow: $8.4 billion
- Free cash flow: $2.7 billion
- Share repurchases: $640 million in 2025

Operational Achievements
- Flew a record 181 million passengers in 2025.
- Achieved lowest seat cancellation rate in company history.
- Ranked #2 in on-time departures among U.S. carriers.
- Expanded fleet: 82 new aircraft delivered, 119 retrofitted with Signature Interior.
- Premium seating reached 27.4 million seats, 12% of all flown seats.
- Introduced United Elevated interior for Boeing 787-9 with larger Polaris Studio suites.

Customer & Network Growth
- Premium revenue up 11% for the year.
- Loyalty revenue up 9% for the year.
- Added 13 new international destinations (Bangkok, Adelaide, Ho Chi Minh City, Tepic, etc.).
- Plans for 2026: new routes to Bari, Santiago de Compostela, Glasgow, Split, Seoul, and Reykjavik.
- Expanded collaborations: JetBlue (Blue Sky partnership), Lyft (MileagePlus rewards), and new debit rewards card.

Outlook
- Strong revenue momentum continues into 2026:
- Week ending Jan 4, 2026: highest flown revenue week in United history.
- Week ending Jan 11, 2026: highest ticketing and business sales week ever.
- Plans to take delivery of 100+ narrowbody aircraft and ~20 Boeing 787s in 2026.
- Significant airport upgrades planned at Washington Dulles and Houston hubs.

✅ In short: United Airlines delivered record revenue and EPS growth in 2025, beating Wall Street expectations, while strengthening customer loyalty, expanding its fleet, and setting up for continued growth in 2026.