United Airlines beat earnings estimates despite a hit from the United States government shutdown, sending its shares up 3.3% after-hours.
Its revenue was a record US$15.40 billion, up 4.8% from one year ago and in line with LSEG estimates. Earnings per share were $3.10, dipping from $3.26 but besting estimates of $2.94.
"Our results are built on winning more and more brand-loyal customers — it's clear they get the most value flying United," said CEO Scott Kirby.
"This was the highest-revenue quarter in United's history and the highest quarterly RASM [revenue per available seat mile] of the year providing strong revenue momentum that is continuing into 2026.”
The U.S. 43-day government shutdown in October and November impacted pre-tax earnings by $250 million, the company said, due in part to refunds.
United’s passenger revenue was up 4.9% to $13.93 last quarter, while cargo revenue fell 6% to $490 billion. Other operating revenue rose 9.1% to $981 billion.
Premium revenue increased 9% year-over-year last quarter, loyalty revenue grew 10%, and Basic Economy class revenue rose 7%.
The airline carried 45.68 million passengers last quarter, climbing 3%, and a record 181 million passengers during 2025. Its capacity is up 6.5% year-over-year.
Operating income dropped 7.8% to $1.39 billion. Operating expenses increased by 6.2%, driven by growth in salary-related costs, fuel, and landing fees.
United projects earnings per share will be $1.00-1.50 in 2026’s first quarter, and $12.00-14.00 across the financial year.
United Airlines’ share price closed 4.3% lower at $108.57, before climbing 3.3% after-hours. Its market capitalisation is $35.15 billion.
