United Airlines (UAL) Q4 2025 (USD): Adj. EPS 3.10 (exp. 2.93), Revenue 15.4bln (exp. 15.37bln)

Newsquawk Staff · 20 Jan 2026, 21:23 UTC

Guidance

2026 adj. EPS 12-14 (exp. 13.04).
FY adj. total capex
Generated USD 2.7bln in FCF in 2025, and expects to generate similar level of FCF in 2026.

Commentary

Customer-first policies, combined with impact to bookings and costs, led to about USD 250mln impact to pre-tax earnings in the quarter.
In 2026, plans to take delivery of over 100 narrowbody aircraft & about 20 Boeing 787 aircraft.

What it means

United Airlines reported strong Q4 2025 adjusted EPS, exceeding expectations, although revenue slightly missed consensus. The guidance for 2026 remains solid, with anticipated free cash flow and significant aircraft deliveries, indicating a focus on growth despite some headwinds from customer policies impacting earnings. This mix of beats and cautious guidance provides a nuanced perspective for investors in the airline sector.

What our latest note said

US Market Open, 6 Nov, 10:48 UTC · what it led with

APAC stocks were pressured; KOSPI slumped 6% following hefty losses in Samsung and SK Hynix.
USD is firmer against all G10 peers awaiting the US NFP report.

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