Shares of United Airlines (NASDAQ:UAL) rose more than 3% in U.S. premarket trading on Wednesday after the carrier reported fourth-quarter profit and revenue that topped market expectations, helped by resilient demand from higher-yielding premium travelers.
For the quarter ended December, United delivered diluted earnings per share of $3.19, ahead of analysts’ consensus forecast of $2.96. Revenue came in at $15.4 billion, slightly above the $15.39 billion expected by the market.
“Our results are built on winning more and more brand-loyal customers,” chief executive Scott Kirby said in a statement, adding that the company’s strong revenue momentum has carried into the early part of 2026.
“This was the highest-revenue quarter in United’s history and the highest quarterly RASM of the year providing strong revenue momentum that is continuing into 2026,” Kirby said, referring to revenue per available seat mile, a key industry performance metric.
Looking ahead, United forecast adjusted earnings per share of between $12 and $14 for 2026, supported by plans to take delivery of more than 120 aircraft and further expand its route network.
The airline carried a record 181 million passengers in 2025. During the fourth quarter, premium revenue rose 9%, while loyalty-related revenue increased 10%. Capacity expanded by 6.5% in the period, although total revenue per available seat mile declined 1.6% year on year.
United also noted that a prolonged U.S. government shutdown, which ended in November, weighed on results and reduced quarterly pre-tax earnings by about $250 million.
For the full year 2025, diluted earnings per share increased 8% to $10.20, or $10.62 on an adjusted basis. United said it expects to be the only major U.S. airline to deliver growth in adjusted earnings per share for the year.
Analysts at BMO Capital Markets said in a note that they were “encouraged” by the update, arguing that the results point to “strong momentum” as the airline enters 2026.