Earnings summaries and quarterly performance for United Airlines Holdings.
Executive leadership at United Airlines Holdings.
Scott Kirby
Detailed
Chief Executive Officer
CEO
AN
Andrew Nocella
Detailed
Executive Vice President and Chief Commercial Officer
BH
Brett Hart
Detailed
President
ML
Michael Leskinen
Detailed
Executive Vice President and Chief Financial Officer
TE
Torbjorn Enqvist
Detailed
Executive Vice President and Chief Operations Officer
Board of directors at United Airlines Holdings.
BH
Barney Harford
Detailed
Director
BN
Brian Noyes
Detailed
Director
EP
Edward Philip
Detailed
Chairman of the Board
ES
Edward Shapiro
Detailed
Director
JW
James Whitehurst
Detailed
Director
LW
Laysha Ward
Detailed
Director
MF
Matthew Friend
Detailed
Director
MH
Michele Hooper
Detailed
Director
MF
Michelle Freyre
Detailed
Director
RJ
Richard Johnsen
Detailed
Director
RB
Rosalind Brewer
Detailed
Director
WI
Walter Isaacson
Detailed
Director
Research analysts who have asked questions during United Airlines Holdings earnings calls.
BO
Brandon Oglenski
Barclays
7 questions for UAL
Also covers: AAL, ALGT, ALK +21 more
Conor Cunningham
Melius Research
7 questions for UAL
Also covers: AAL, ABNB, ALGT +16 more
JB
Jamie Baker
JPMorgan Chase & Co.
7 questions for UAL
Also covers: AAL, AER, AL +6 more
DV
David Vernon
Sanford C. Bernstein & Co., LLC
6 questions for UAL
Also covers: AAL, AUR, CNI +8 more
SG
Scott Group
Wolfe Research
6 questions for UAL
Also covers: AAL, ALGT, ALK +35 more
SK
Sheila Kahyaoglu
Jefferies
6 questions for UAL
Also covers: , AAL, AIR +36 more
AD
Andrew Didora
Bank of America
5 questions for UAL
Also covers: AAL, ALGT, ALK +8 more
Duane Pfennigwerth
Evercore ISI
5 questions for UAL
Also covers: AAL, ALGT, ALK +18 more
ML
Michael Linenberg
Deutsche Bank
5 questions for UAL
Also covers: AAL, ALGT, ALK +12 more
CO
Catherine O'Brien
Goldman Sachs
4 questions for UAL
Also covers: AAL, AER, AL +7 more
TF
Tom Fitzgerald
TD Cowen
4 questions for UAL
Also covers: ALK, CPA, JBLU +3 more
RS
Ravi Shanker
Morgan Stanley
3 questions for UAL
Also covers: AAL, ALGT, ALK +27 more
TF
Thomas Fitzgerald
TD Cowen
3 questions for UAL
Also covers: AAL, ALGT, ALK +8 more
AM
Atul Maheshwari
UBS Group AG
2 questions for UAL
Also covers: AAL, ALGT
Catie O’Brien
Goldman Sachs
2 questions for UAL
Also covers: AAL, DAL
CW
Chris Wetherbee
Wells Fargo & Company
2 questions for UAL
Also covers: ARCB, CNI, CP +8 more
Ravi Shankar
Morgan Stanley
2 questions for UAL
Also covers: ALK, AUR, CP +8 more
Stephen Trent
Citigroup Inc.
2 questions for UAL
Also covers: AAL, AER, AL +14 more
JG
John Godin
Citi
1 question for UAL
Also covers: BAH, BETA, CACI +1 more
JG
John Goedin
Citigroup
1 question for UAL
Also covers: HEI
JP
John Pletz
Crain's
1 question for UAL
LJ
Leslie Josephs
CNBC
1 question for UAL
Mary Schlangenstein
Bloomberg News
1 question for UAL
ML
Mike Lindenberg
Deutsche Bank
1 question for UAL
Also covers: DAL, JBLU, LTM +3 more
RS
Rajesh Singh
Reuters
1 question for UAL
SS
Savanthi Syth
Raymond James
1 question for UAL
Also covers: AAL, ACHR, ALGT +15 more
Thomas Wadewitz
UBS
1 question for UAL
Also covers: ALK, ARCB, CHRW +20 more
TW
Tom Wadewitz
UBS Group
1 question for UAL
Also covers: ARCB, CHRW, CNI +19 more
Recent press releases and 8-K filings for UAL.
United Airlines issues $1 B 5.375% senior notes due 2031
UAL
Debt Issuance
- On February 2, 2026, United Airlines Holdings, Inc. issued $1,000,000,000 of 5.375% Senior Notes due March 1, 2031, guaranteed by United Airlines, Inc., under the Base Indenture dated May 7, 2013, as supplemented by the Sixth Supplemental Indenture dated February 2, 2026.
- The notes bear interest at 5.375% per annum, payable semi-annually on March 1 and September 1, beginning September 1, 2026.
- The issuer may redeem the notes before September 1, 2030 at the greater of 100% of principal or a make-whole amount, and thereafter at 100% of principal; upon a change of control triggering event, holders may require repurchase at 101% of principal.
- The Indenture includes covenants limiting liens on indebtedness and restricting mergers or transfers of assets, and contains customary events of default.
2 days ago
United Airlines expands ORD schedule with record 750 daily flights
UAL
New Projects/Investments
Hiring
- United will operate a record 750 daily flights from Chicago O’Hare this summer, 200 more than its nearest competitor.
- The summer network spans 222 nonstop destinations (47 international; 175 U.S.), 38 more than the next largest carrier at ORD.
- Five new Midwest routes to Champaign/Urbana (CMI), Kalamazoo (AZO), Lansing (LAN), La Crosse (LSE) and Bloomington/Normal (BMI) begin April–May 2026.
- In 2025, United led major carriers in on-time arrivals at ORD, averaged 541 daily departures (31% above its closest rival) and plans to hire 2,500 more staff at the airport this year.
Jan 27, 2026, 12:00 PM
United Airlines reports Q4 2025 results
UAL
Earnings
Guidance Update
Share Buyback
- Revenue rose 4.8% to $15.4 billion in Q4 while consolidated RASM declined 1.6%; premium cabin revenues increased 12% on 7% more capacity, outperforming main cabin by nearly 10 points
- Generated $2.7 billion in free cash flow in 2025 and expects a similar level in 2026; targets net leverage below 2× to achieve investment-grade by year-end and has $782 million of buyback authorization remaining
- All of United’s hubs were profitable in Q4 and for full-year 2025, making United one of only two large U.S. carriers to achieve this
- Outlined five 2026 commercial priorities: seasonal international capacity shaping, enhanced merchandising, connectivity expansion, MileagePlus loyalty growth, and premium product expansion
- Q1 2026 outlook reflects strong early bookings and yields, expecting sequential improvements and potential positive RASM across all regions
Jan 21, 2026, 3:30 PM
United Airlines Q4 2025 Earnings Summary
UAL
Earnings
Guidance Update
- Q4 top-line revenues rose 4.8% year-over-year to $15.4 billion; consolidated RASM declined 1.6%, with premium cabin revenues up 12% on 7% capacity growth.
- Q4 non-GAAP EPS was $3.10, in-line with guidance, and full-year EPS was $10.62 (up vs. 2024); Q1 2026 EPS guidance is $1.00–$1.50 and full-year 2026 is $12.00–$14.00.
- CASM-ex increased just 0.4% in Q4 and for full-year 2025, reflecting industry-leading cost discipline alongside $1 billion of customer investments.
- Generated $2.7 billion in free cash flow in 2025 and expect similar FCF in 2026; net leverage was 2.2x at year-end, targeting below 2x for investment-grade ratings.
- 2026 fleet deliveries include over 100 narrowbody and approximately 20 widebody aircraft, with capital expenditures under $8 billion.
Jan 21, 2026, 3:30 PM
United Airlines reports Q4 2025 results
UAL
Earnings
Guidance Update
- Q4 revenues rose 4.8% to $15.4 billion, Q4 EPS was $3.10, and full-year 2025 EPS was $10.62, making United the only U.S. carrier to grow EPS year-over-year.
- Q1 2026 EPS guidance is $1.00–$1.50 (≈ 37% improvement vs. Q1 2025 at midpoint); full-year 2026 EPS is guided to $12–$14 (midpoint > 20% growth).
- Cost efficiency: 2025 CASM-ex was up just 0.4% YOY (industry-leading); procurement overhaul delivered $150 million in run-rate savings, with more efficiency initiatives underway.
- Balance sheet & cash flow: net leverage ended at 2.2×, targeting < 2× and investment-grade by YE 2026; 2026 CapEx < $8 billion; 2025 free cash flow was $2.7 billion; $782 million of share buyback remains authorized.
Jan 21, 2026, 3:30 PM
United Airlines reports Q4 and full-year 2025 earnings
UAL
Earnings
Share Buyback
Guidance Update
- FY25 diluted EPS of $10.20 and adjusted diluted EPS of $10.62, both up year-over-year.
- Fourth-quarter revenue of $15.4 billion, a company record, with diluted EPS of $3.19 (adjusted $3.10).
- Full-year operating revenue of $59.1 billion (up 3.5%) and pre-tax earnings of $4.3 billion (7.3% margin), with adjusted pre-tax earnings of $4.6 billion (7.8% margin).
- Generated $2.7 billion in free cash flow and repurchased $640 million of shares in FY25; expects similar free cash flow in 2026.
Jan 20, 2026, 9:01 PM
United Airlines reports Q4 and full-year 2025 earnings
UAL
Earnings
- United Airlines reported Q4 2025 diluted EPS of $3.19 and adjusted diluted EPS of $3.10, within its guidance range.
- Full-year 2025 diluted EPS of $10.20 (up 8% YoY) and adjusted diluted EPS of $10.62, making United the only U.S. carrier to grow adjusted EPS in FY25.
- FY25 operating revenue of $59.1 billion (up 3.5% YoY) and record Q4 revenue of $15.4 billion, the highest quarterly revenue in United’s history.
- Generated $8.4 billion of operating cash flow and $2.7 billion of free cash flow in 2025, with pre-tax earnings of $4.3 billion (adjusted $4.6 billion) and a 7.3% pre-tax margin (adjusted 7.8%).
Jan 20, 2026, 9:00 PM
United Airlines warns extended US shutdown risks travel bookings decline
UAL
Demand Weakening
- United CEO Scott Kirby warns that the ongoing US government shutdown, now in its second month, threatens consumer confidence and may reduce ticket bookings if it persists.
- Despite TSA and air traffic controllers working without pay, low absenteeism and professionalism have kept operations stable, though travel demand concerns linger.
- In Q3, unit revenue fell 3.3% on domestic routes and 7.1% on international routes, partly due to Newark operational issues and added capacity.
- United is investing over $1 billion to improve customer experience, including plans to roll out SpaceX’s Starlink Wi-Fi by 2027.
- The airline forecasts a strong fourth quarter driven by rising demand and pricing power, and plans capacity adjustments in summer 2026 to bolster margins.
Oct 16, 2025, 8:08 PM
United Airlines reports Q3 2025 results
UAL
Earnings
Guidance Update
Share Buyback
- United reported Q3 revenue of $15.2 B (+2.6% YoY) on +7.2% capacity; EPS was $2.78, above guidance, and pre-tax margin 8%, with CASM-X down 0.9%.
- Q4 EPS guidance of $3.00–$3.50 and full-year EPS toward the upper half of $9–$11 range; United expects to be the only airline to grow earnings in 2025.
- Deployed first Starlink-equipped 737-800 and >50% of regional fleet, targeting full fleet rollout by 2027; continuing $1 B+ annual customer product investments to boost loyalty and service differentiation.
- Repurchased 377 aircraft from high-cost COVID leases, eliminated fixed coupons >6%; average debt cost <5%, S&P upgraded to BB+, and free cash flow >$3 B.
- Loyalty revenues +9% and co-brand remuneration +15%; premium cabin TRASM outperformed main cabin by five points, underpinning goal to double loyalty EBITDA.
Oct 16, 2025, 2:30 PM
United Airlines announces Q3 2025 results
UAL
Earnings
Guidance Update
Share Buyback
- United reported Q3 revenue of $15.2 billion (+2.6% YoY) on a 7.2% capacity increase; consolidated TRASM fell 4.3%, CASM ex was down 0.9%, pretax margin reached 8%, and EPS was $2.78, above guidance.
- Q4 EPS guidance is $3.00–$3.50, with expectations for the best revenue quarter and highest RASM of 2025; full-year EPS is tracking toward the top half of the $9–$11 range, positioning United as the only U.S. carrier to grow earnings in 2025.
- The airline continues to invest $1 billion annually in customer product enhancements—aircraft, clubs, food spend up 25%—and is deploying $1 billion for Starlink WiFi, with club investments doubled in 2025 and set to more than double in 2026.
- Operational resilience drove a Q3 record 48 million passengers carried, the lowest third-quarter cancellation rate ever, six of seven hubs ranked first or second for on-time departures, and a summer NPS increase of 7% vs. 2024.
- Balance sheet progress includes buying back 777 aircraft off expensive leases, achieving an average debt cost below 5%, an S&P upgrade to BB +, and expected free cash flow of over $3 billion, with net leverage targeted below 2×.
Oct 16, 2025, 2:30 PM
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