United Airlines closed 2025 with financial results exceeding Wall Street expectations, confirming the strength of its strategy based on brand-loyal customers, capacity expansion, and sustained product improvement. With record operating revenue of USD 59.1 billion, the airline not only marked the best year in its history but also sent clear signals about how it plans to compete in 2026: more aircraft, longer range, and an increasingly differentiated experience.
Financial Results: Profitable Growth in a Complex Environment
United reported a full-year 2025 pre-tax profit of USD 4.3 billion, with a margin of 7.3%, which rises to 7.8% adjusted on pre-tax earnings of USD 4.6 billion. Net profit reached USD 3.4 billion, while diluted EPS stood at USD 10.20 (USD 10.62 adjusted), an improvement over 2024.
From a cash standpoint, the airline generated USD 8.4 billion in operating cash flow and USD 2.7 billion in free cash flow, a level it expects to repeat in 2026. Available liquidity at year-end was USD 15.2 billion, with total debt of USD 25 billion and a net leverage of 2.2x, figures that reinforce the narrative of financial discipline.
During 2025, United repurchased USD 640 million worth of shares, including USD 29 million in the fourth quarter alone.
Fourth Quarter: Record Revenue Despite an External Blow
4Q2025 closed with operating revenue of USD 15.4 billion, up 4.8% year-over-year, and capacity (ASMs) up 6.5%. TRASM fell 1.6%, while CASM decreased 0.3% (ex-fuel CASM +0.4%), reflecting contained cost pressure in an expansion context.
United earned USD 1.3 billion in pre-tax profit, with an 8.6% margin, despite a negative impact of approximately USD 250 million stemming from the November government shutdown. Even so, the quarter delivered USD 1 billion in net profit and diluted EPS of USD 3.19.
→ United Airlines Redefines Meal Service in Economy Class: Customers Can Preorder Before Their Flight
The average fuel price was USD 2.49 per gallon, a key factor in sustaining margins.
Strength of the Model: Premium, Loyalty, and Volume
Beyond the aggregate numbers, the revenue detail shows where United is gaining traction:
- Premium revenue: +9% in 4Q and +11% for the year.
- Loyalty revenue (MileagePlus): +10% quarterly and +9% annually.
- Basic Economy: +7% for the quarter and +5% for the year.
The momentum did not stop with the close of the fiscal year. The week ending January 4th was the highest flown revenue week in United’s history, and the week of January 11th set records for both ticket sales and corporate sales.
According to CEO Scott Kirby, “brand-loyal customers get the most value from flying United,” a statement backed by the highest quarterly RASM of the year and a positive dynamic extending into 2026.
Operations and Reliability: Unprecedented Scale
In 2025, United operated:
- Largest mainline schedule in its history
- More than 496,000 average daily passengers
- 303 daily widebody departures, the highest number ever for the company
The airline achieved its lowest recorded cancellation rate per seat, the lowest among major U.S. network carriers. In the regional segment, United Express went 134 days without a single cancellation.
Technological tools like Connection Saver prevented over one million missed connections, a 42% increase over 2024, reinforcing the perception of operational reliability.
Product and Experience: Wi-Fi, Cabins, and External Recognition
The focus on customer experience is reflected on several fronts:
- Starlink Wi-Fi, free for MileagePlus members, is already installed on nearly the entire dual-cabin United Express fleet (over 300 aircraft). Mainline installations have already begun and will accelerate in 2026.
- In 2025, 82 new aircraft were added and 119 were modernized with the Signature Interior, which now covers 68% of the narrowbody fleet. This interior records an NPS 10 points higher than the previous one.
- United flew 27.4 million premium seats, 12% of the total, a record for the company.
Furthermore, the airline unveiled United Elevated, its new cabin for the Boeing 787-9, featuring Polaris Studio: suites 25% larger, privacy doors, 27-inch screens, ottomans for companions, and exclusive gastronomic service. Its entry into service is planned for 2026.
Looking Ahead to 2026: Fleet, Network, and Hubs
United plans to receive in 2026 over 100 single-aisle aircraft and around 20 Boeing 787s, making it the U.S. airline incorporating the most widebodies in a single year since 1988. The goal is to expand profitably both the industry-leading international network and the domestic market.
This is complemented by significant investments in airport infrastructure, with planned improvements at its Washington Dulles and Houston hubs.
United’s 2025 results show an airline growing in scale without sacrificing reliability, monetizing the premium segment, and maintaining financial control while preparing for one of the largest fleet expansions in the U.S. industry.
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