United Airlines Q4 and Full Year EPS Beat Wall Street Expectations

United Airlines (UAL) today 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.
The company delivered full-year pre-tax earnings of $4.3 billion, with a pre-tax margin of 7.3%, and adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 7.8%. Total operating revenue for the year grew 3.5% year-over-year to $59.1 billion — the highest in United history. The company generated $8.4 billion of operating cash flow and $2.7 billion in free cash flow1 in 2025, and expects to generate a similar level of free cash flow2 in 2026.