United Airlines Holdings, Inc. (UAL Quick QuoteUAL - Free Report) reported solid fourth-quarter 2025 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate.

UAL's fourth-quarter 2025 adjusted earnings per share (EPS) (excluding 9 cents from non-recurring items) of $3.10 surpassed the Zacks Consensus Estimate of $2.98 but declined 4.9% on a year-over-year basis. The reported figure lies within the guided range of $3.00-$3.50.

Operating revenues of $15.4 billion outpaced the Zacks Consensus Estimate marginally by 0.1% and increased 4.8% year over year. Passenger revenues (which accounted for 90.4% of the top line) increased 4.9% year over year to $13.9 billion. UAL flights transported 45,679 passengers in the fourth quarter, up 3% year over year.

Cargo revenues fell 6% year over year to $490 million. Revenues from other sources rose 9.1% year over year to $981 million.

United Airlines Holdings Inc Price, Consensus and EPS Surprise

United Airlines Holdings Inc price-consensus-eps-surprise-chart | United Airlines Holdings Inc Quote

Despite challenges such as the government shutdown, UAL’s diverse revenue sources contributed to its fourth-quarter results. These include premium cabin revenues, which went up 9% year over year, revenue from Basic Economy (up 7% year over year), and loyalty revenues (up 10%). This steady positive pattern has continued into 2026. The week ending Jan. 4, 2026, witnessed the highest flown revenue week in United Airlines history, and the week ending Jan. 11, 2026, recorded the highest ticketing week and the highest week for business sales in United Airlines history.

UAL’s chief executive officer, Scott Kirby stated, "This was the highest-revenue quarter in United's history and the highest quarterly RASM of the year providing strong revenue momentum that is continuing into 2026."

Other Details of UAL’s Q4 Earnings Report

Below, we present all comparisons (in % terms) with the fourth quarter of 2024 figures unless otherwise stated.

Airline traffic, measured in revenue passenger miles, grew 5.9%. Capacity, measured in available seat miles, expanded 6.5%. Although traffic improved year over year, it failed to outpace capacity expansion. As a result, the consolidated load factor (percentage of seats filled by passengers) declined 0.4 points on a year-over-year basis to 81.9%. 

Consolidated passenger revenue per available seat mile (a key measure of unit revenues) inched down 1.4% year over year. Total revenue per available seat mile decreased 1.6% year over year. The average yield per revenue passenger mile fell 0.9% year over year to 20.41 cents. The average aircraft fuel price per gallon grew 3.6% year over year to $2.49. Fuel gallons consumed were up 5.4% year over year.

Operating expenses (on a reported basis) increased 6.2% year over year to $14 billion. Consolidated unit cost or cost per available seat mile, excluding fuel, third-party business expenses, profit-sharing and special charges, inched up 0.4% year over year to 12.94 cents.

UAL exited the fourth quarter with cash and cash equivalents of $5.94 billion compared with $6.73 billion at the prior-quarter end. Long-term debt, finance leases and other financial liabilities were $20.5 billion compared with $20.8 billion at the end of the prior quarter.

UAL repurchased $29 million of shares in the fourth quarter of 2025.

UAL’s Outlook

For first-quarter 2026, UAL anticipates adjusted EPS between $1.00 and $1.50. The Zacks Consensus Estimate of $1.07 lies within the guidance.

For 2026, UAL anticipates adjusted EPS between $12.00 and $14.00. The Zacks Consensus Estimate of $13.21 lies within the guidance.

Adjusted total capital expenditures for 2026 are anticipated to be less than $8 billion.

UAL’s Zacks Rank

Currently, UAL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q4 Performances of Other Transportation Companies

Delta Air Lines (DAL Quick QuoteDAL - Free Report) reported fourth-quarter 2025 earnings (excluding 31 cents from non-recurring items) of $1.55 per share, which beat the Zacks Consensus Estimate of $1.53. Earnings decreased 16.22% on a year-over-year basis due to high labor costs.

Revenues in the December-end quarter were $16 billion, beating the Zacks Consensus Estimate of $15.63 billion and increasing 2.9% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1.2% year over year to $14.6 billion. Revenue growth was impacted by about 2 points due to the government shutdown, mainly in the domestic segment, consistent with the company's disclosure last month.

J.B. Hunt Transport Services, Inc. (JBHT Quick QuoteJBHT - Free Report) reported fourth-quarter 2025 earnings of $1.90 per share, which surpassed the Zacks Consensus Estimate of $1.81 and improved 24.2% year over year.

Total operating revenues of $3.09 billion lagged the Zacks Consensus Estimate of $3.12 billion and were down 1.6% year over year. JBHT’s fourth-quarter revenue performance was hurt by a 2% and 4% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and Truckload (JBT), respectively, a 1% decrease in average trucks in Dedicated Contract Services (DCS), and a 7% and 2% decline in load volume in Integrated Capacity Solutions (ICS) and JBI, respectively. The decrease in revenue, excluding fuel surcharge revenue, was partially offset by a 15% increase in volume in JBT, a 1% uptick in productivity, excluding fuel surcharge revenue, in DCS, and an increase in revenue per load in ICS. Total operating revenue, excluding fuel surcharge revenue, decreased 2% year over year.