What to look for when United Airlines (UAL) reports its Q4 2025 earnings results

Shares of United Airlines (NASDAQ: UAL) stayed red on Thursday. The stock has gained 15% over the past three months. The airline is scheduled to report its earnings results for the fourth quarter of 2025 on Tuesday, January 20, after the market closes. Here’s a look at what to expect from the earnings report:

Revenue

Analysts are projecting revenue of $15.37 billion for United in the fourth quarter of 2025, which indicates an increase of over 4% from the same period a year ago. In the third quarter of 2025, total operating revenue grew 2.6% year-over-year to $15.2 billion.

Earnings

UAL has guided for adjusted earnings per share to range between $3.00-3.50 in Q4 2025. Analysts are predicting EPS of $3.01, which implies a decline of 7% from the prior-year quarter. In Q3 2025, adjusted EPS decreased 16% to $2.78.

Points to note

United has remained resilient in a volatile macroeconomic environment, and in its last earnings report, the company had anticipated improvement in demand and momentum in revenue for the fourth quarter. The airline has been seeing strong demand for business and leisure travel. On its last earnings call, it said it expects unit revenue to meaningfully improve in Q4, with international outperforming domestic.

UAL is expected to benefit from its brand-loyal customer base. It continues to invest significantly to provide various benefits and improve services for customers. These investments are differentiating the company, creating brand-loyal customers and driving solid margins.

United’s diverse revenue sources offer another advantage. In Q3, premium cabin revenue rose 6%, with passenger unit revenue for premium cabins outperforming main cabin. Revenue from Basic Economy was up 4%. Loyalty revenue grew 9% YoY last quarter.

UAL’s cost reduction measures are expected to continue yielding benefits. In Q3, CASM-ex was down 0.9%. The airline continues to work on reducing cost through investments in technology. These investments are expected to help in driving efficiency and margins.