United Airlines shares rose on Wednesday after the carrier reported stronger results and raised its 2026 profit outlook during trading. The move followed the release of fourth-quarter and full-year results and updated guidance for next year.
The airline posted Q4 EPS of $3.10 and full-year EPS of $10.62, a slight increase versus 2024. These results came despite a roughly $250 million pre-tax hit from the U.S. government shutdown and a $0.85 per-share Newark headwind.
Scott Kirby said 2025 proved the company’s strategy, calling it “a proof point” and the model “remarkably resilient in tough times.” The comments emphasized revenue diversity and brand loyalty.
United expects first-quarter 2026 adjusted EPS of $1.00 to $1.50 per share and full-year adjusted EPS of $12.00 to $14.00. The airline also forecasted capital spending below $8 billion for 2026.
Leskinen said the airline generated about $2.7 billion of free cash flow in 2025 and expects similar cash flow in 2026. United paid down $1.9 billion of high-cost COVID-era debt, cut its total cost of debt to 4.7%, and ended the year with net leverage of 2.2x, while receiving five credit-rating upgrades and sitting one notch below investment-grade at each major agency.
Shares were up roughly 2% on Wednesday and have traded near break-even since the start of 2026. (Ed. note: The first quarter typically sets the tone for U.S. carriers, making early bookings and premium versus basic-economy trends closely watched.)
