UAL Q4 2025 Earnings

Call Details

• Call Title: United Airlines Holdings, Inc. Q4 2025 Earnings Call
• Date: January 26, 2026 at 3:30 PM UTC
• Management Team:
  • Kristina Edwards (Managing Director of Investor Relations)
  • Scott Kirby (Chief Executive Officer)
  • Brett Hart (President)
  • Toby Enqvist (Executive Vice President and Chief Operations Officer)
  • Andrew Nocella (Executive Vice President and Chief Commercial Officer)
  • Mike Leskinen (Executive Vice President and Chief Financial Officer)

Call Summary

Financial Performance

• United reported quarterly revenues increased 4.8% to $15.4B on a 6.5% increase in capacity year-over-year.
• Fourth quarter earnings per share were $3.10, which was within the company's $3.00 to $3.50 guidance range and noted as presented on a non-GAAP basis unless otherwise specified.
• Full year 2025 EPS was $10.62, which was slightly up versus 2024 despite an $0.85 per share headwind attributed to Newark-specific challenges.
• Cargo revenues for 2025 increased by $1.8B, representing up 2.1% year-over-year for the year.
• Consolidated tourism metric in the quarter was down 1.6% year-over-year as reported on the call.
• CASMAX year-over-year in the fourth quarter was up 0.4% and full-year 2025 CASMAX was also up 0.4% as stated by the company.

Guidance

• First quarter 2026 EPS was guided to $1.00 to $1.50, with the midpoint described as approximately a 37% improvement versus Q1 of last year.
• Full year 2026 EPS was guided to $12.00 to $14.00, with the midpoint described as greater than 20% year-over-year growth versus 2025.
• The company expects 2026 capital expenditures to be less than $8B and consistent with a previously disclosed $7B to $9B multi-year CapEx range.
• United expects to take delivery of over 100 narrowbody aircraft and approximately 20 widebody aircraft in 2026.
• Free cash flow for 2025 was $2.7B and the company expects similar free cash flow in 2026 given higher aircraft deliveries.
• Net leverage finished 2025 at 2.2x and the company targets net leverage below 2.0x in 2026 with the intention of achieving investment grade metrics by year end.