Chicago, January 20, 2026, 15:51 CST
United Airlines forecast stronger profits for the current quarter and for 2026 on Tuesday, saying demand for its pricier seats from corporate and high-income travelers remains solid. The carrier guided for adjusted earnings per share — which strip out special items — of $1 to $1.50 for the first quarter and $12 to $14 for the full year, after fourth-quarter adjusted earnings of $3.10 on revenue of $15.4 billion.
The outlook lands as investors look for signs that the premium push is still working, not just for United but across the sector. Delta Air Lines has leaned into premium cabins and loyalty revenue, and even low-cost airlines such as Southwest and Spirit have moved to add extra-legroom seating and upsell options.
Business air travel is also starting to rebound after a soft patch late last year, Citi analysts said, a shift that could lift results at network carriers that rely on higher-paying corporate travelers. The bank tied part of the late-2025 slowdown to disruptions around a U.S. government shutdown and a backlog of cancellations.
United said fourth-quarter revenue was the highest in the airline’s history at $15.4 billion, while net income was $1 billion. Pre-tax earnings were $1.3 billion and capacity rose 6.5% from a year earlier, it said. For full-year 2025, United reported operating revenue of $59.1 billion, operating cash flow of $8.4 billion and free cash flow of $2.7 billion, ending the year with $15.2 billion of liquidity and $25 billion of total debt.
“Our results are built on winning more and more brand-loyal customers,” Chief Executive Scott Kirby said in a statement. “This was the highest-revenue quarter in United’s history,” he added, pointing to momentum heading into 2026. PR Newswire
United said premium revenue rose 9% in the quarter and loyalty revenue climbed 10%, as it flew a record 181 million passengers in 2025. Capacity rose 6.5% while total revenue per available seat mile fell 1.6%, and the airline said a U.S. government shutdown in November cut about $250 million from quarterly pre-tax earnings. United also said it expects to take delivery of more than 120 aircraft and expand its network, while targeting adjusted earnings of $12 to $14 a share in 2026.
In an investor update, United pegged adjusted capital spending for 2026 at less than $8 billion and said it expects to accrue $45 million to $75 million for profit-sharing in the first quarter. Management is scheduled to discuss its outlook on an earnings call on January 21 at 9:30 a.m. CST.
But the plan depends on execution and a steady demand backdrop. In its risk disclosures, United flagged exposure to aircraft delivery delays or mandatory groundings, fuel price swings, airport disruptions and shifts in travel demand, among other uncertainties. United shares closed down 4.34% and were up 4.32% after hours, according to MarketScreener data.
