United Airlines has reported better-than-expected financial results for the final quarter and full year of 2025, driven by strong demand from loyal customers and continued growth across its network.
The US carrier posted full-year earnings per share of $10.20, rising to $10.62 on an adjusted basis, up from 2024. Pre-tax profits reached $4.3bn, or $4.6bn after adjustments, giving the airline a pre-tax margin of up to 7.8%.
Annual operating revenue rose 3.5% to a record $59.1bn, the highest in United’s history. The airline also generated $8.4bn in operating cash flow and $2.7bn in free cash flow, and said it expects similar cash generation in 2026.
Chief executive Scott Kirby said the results reflected growing brand loyalty among customers. He described the fourth quarter as the highest-revenue period the airline has ever recorded and said strong momentum was continuing into the new year.
United carried an average of more than 496,000 passengers per day in 2025 while operating the largest mainline schedule in its history. The airline also recorded the lowest flight cancellation rate per seat among major US network carriers.
United Express completed 134 days without a single cancellation, while the airline’s Connection Saver technology helped prevent more than one million missed connections, up 42% on the previous year.
Fourth-quarter revenue rose 4.8% year on year to $15.4bn, despite disruption caused by a US government shutdown in November. United said the shutdown reduced pre-tax earnings by around $250m after it offered full refunds to customers, even when flights were not cancelled.
The airline said the move helped build customer trust, with November delivering its highest-ever monthly customer satisfaction score.
Premium and loyalty revenues continued to grow. Premium cabin revenue rose 11% for the full year, while loyalty programme income increased by 9%. United also reported record booking and ticketing weeks in early January, including the strongest business travel sales week in its history.
United said it is continuing to invest in customer experience and technology. Starlink satellite internet has now been installed on most United Express aircraft, with roll-out to mainline aircraft under way and set to accelerate in 2026.
Looking ahead, the airline plans to take delivery of more than 120 new aircraft in 2026, including around 20 Boeing 787 widebody jets. It said this would allow profitable expansion of both international and domestic routes, alongside major airport upgrades at its Washington Dulles and Houston hubs.
By the end of 2025, United had liquidity of $15.2bn and net leverage of 2.2 times, after repurchasing $640m of shares during the year.
