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

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.