Key Points

• United Airlines said 2026 has started strongly, driven by robust demand for premium cabins, business travel and no-frills tickets, as the company reported fourth-quarter earnings.

• Alongside Delta Air Lines, United continues to generate the bulk of profits in the U.S. airline industry.

• United executives are scheduled to host a conference call with analysts at 10:30 a.m. ET on Wednesday.

United Airlines said Tuesday that it is positioned for potential record earnings in 2026, citing sustained travel demand and strong recent sales of premium seats, corporate travel and basic-economy fares.

The carrier forecast adjusted earnings per share of $12 to $14 for the full year, in line with Wall Street expectations of $13.16, according to analysts surveyed by LSEG. For the first quarter, United expects earnings of $1 to $1.50 per share, compared with analysts’ estimates of $1.13.

United joins rival Delta Air Lines in projecting the possibility of record profits this year. Together, the two carriers accounted for nearly all U.S. airline industry profits during the first nine months of 2025, highlighting their dominant market position. Other major airlines are expected to report earnings later this month.

In the fourth quarter, United’s unit revenue declined 1.6% from a year earlier. However, the airline said premium revenue climbed 9% in the quarter and 11% for the full year, reflecting growing demand for higher-priced seating. Sales of restrictive basic-economy tickets — designed to compete with ultra-low-cost carriers — increased 7% in the final quarter of 2025.

Like many airlines, United continues to prioritize revenue growth from higher-yield products, racing to introduce upgraded cabins and premium offerings that command higher fares.

Fourth-Quarter Results

For the quarter ending Dec. 31, United reported:

• Adjusted earnings per share: $3.10, exceeding expectations of $2.94

• Revenue: $15.4 billion, in line with forecasts

Fourth-quarter profit rose 6% year over year to $1.04 billion, or $3.19 per share, while capacity increased 6.5%compared with the same period in 2024. Excluding one-time items, adjusted earnings totaled $1.01 billion, or $3.10 per share.

United CEO Scott Kirby has expressed confidence in the airline’s long-term strategy, noting that customers continue to favor United’s product and network.

The company said the prolonged government shutdown during the fourth quarter reduced pretax earnings by approximately $250 million, largely due to air traffic controller shortages that caused delays and weakened bookings. Travel demand, however, rebounded as conditions stabilized.

For full-year 2025, United reported adjusted earnings of $10.20 per share, an 8% increase from the prior year, despite previously lowering its outlook. Adjusted net income for the year reached $3.5 billion, up 6% year over year.