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United Airlines Holdings (UAL)
NASDAQ:UAL
Earnings Data
Report Date
Apr 21, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.3Last Year’s EPS
0.91Same Quarter Last Year
Strong Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes strong operational resilience, profitable hubs, disciplined cost control, robust loyalty and premium performance, and a solid balance-sheet trajectory (deleveraging, credit upgrades, free cash flow). Management acknowledged meaningful short-term headwinds (government shutdown, Newark issues, Latin America/Caribbean softness, main-cabin revenue pressure and competitive intensity in certain markets) but provided confident guidance and targets for 2026 while describing guidance as deliberate and conservative. On balance, the positives (EPS growth, record revenues, operational and cost achievements, loyalty strength, and improved leverage) materially outweigh the noted challenges, which are characterized as manageable and addressable in management's view.Company Guidance
Earnings Per Share Resilience and 2026 Guidance
Q4 EPS of $3.10 (within guidance $3.00–$3.50) and full-year 2025 EPS of $10.62, slightly up versus 2024 despite a $0.85 EPS headwind from Newark; Q1 2026 EPS guide $1.00–$1.50 (≈37% improvement vs prior-year quarter at midpoint) and full-year 2026 EPS guide $12–$14 (midpoint >20% growth).
Top-Line Growth and Record Quarterly Revenue
Consolidated fourth-quarter revenues of $15.4 billion, up 4.8% year-over-year on a 6.5% increase in capacity; Q4 reported as United's highest revenue quarter ever.
Premium and Loyalty Outperformance
Premium cabin revenue up ~12% in Q4 on ~7% more premium capacity; PRASM outperformed main cabin by ~10 points in Q4; premium revenues up ~11% for the year. Loyalty revenues increased ~9% in 2025; co-brand remuneration up ~12% for the year and ~14% for the quarter; added over 1 million new co-brand cards for the third consecutive year.
Operational Resilience and Reliability
Flew a record 189 million passengers in 2025; achieved the highest seat-completion factor in company history and ranked #1 seat completion among the big-3 legacy carriers; ranked #1 in on-time departures and arrivals over the holidays with under 1% cancellations during that period; United Express delivered 134 days of perfect completion; nearly 60% of customers affected by cancellations were rebooked within 4 hours.
Cost Discipline and Efficiency Gains
CASM-ex rose only ~0.4% year-over-year in Q4 and for full-year 2025, driven by operational efficiency, procurement savings (~$150 million run-rate identified), and technology-driven productivity improvements; management highlighted ongoing multi-hundred-million-dollar technology efficiency opportunities.
Stronger Balance Sheet and Cash Generation
Paid off $1.9 billion of high-cost COVID-era debt; net leverage at year-end 2025 was 2.2x with a target below 2.0x in 2026; total cost of debt ~4.7%; received 5 credit-rating upgrades in 13 months (one notch below investment grade across agencies); free cash flow of $2.7 billion in 2025 and expected to be similar in 2026; CapEx expected below $8 billion with >100 narrowbody and ~20 widebody deliveries planned.
Profitable Hubs and Network Strength
All United hubs were profitable in Q4 and for full-year 2025, enabling selective capacity investments; United stated its Chicago hub was profitable in 2025 while competitors in market were not.
Product & Digital Investments Paying Off
Invested $1 billion in the customer experience (United Next, Polaris upgrades, United Signature Interior, Starlink installs); 85% of customers use the United app on day of travel and new app features (mobile bag tracking, virtual gate, real-time boarding) were launched to boost NPS and customer loyalty; company will roll out a major united.com redesign in 2026.
UAL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
UAL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 20, 2026 | $108.57 | $110.96 | +2.20% |
Oct 15, 2025 | $104.05 | $98.19 | -5.63% |
Jul 17, 2025 | $91.22 | $92.25 | +1.13% |
Apr 15, 2025 | $67.00 | $66.99 | -0.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does United Airlines Holdings (UAL) report earnings?
United Airlines Holdings (UAL) is schdueled to report earning on Apr 21, 2026, After Close (Confirmed).
What is United Airlines Holdings (UAL) earnings time?
United Airlines Holdings (UAL) earnings time is at Apr 21, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is UAL EPS forecast?
UAL EPS forecast for the fiscal quarter 2026 (Q1) is 1.3.
