United Airlines (UAL) stock rose early Wednesday after the airline posted a fourth quarter earnings beat, a week after rival Delta (DAL) saw premium and business travelers boost its results.
Chicago-based United posted record operating revenue of $15.4 billion after the bell on Tuesday, compared with estimates of $15.37 billion, per Bloomberg consensus. That was slightly higher than in Q3 and up nearly 5% compared to a year ago.
United reported adjusted earnings per share of $3.10 vs. $2.92 expected, with available seat miles coming in at 83.37 billion.
In terms of guidance, United sees 2026 adjusted earnings per share (EPS) in a range of $12 to $14, compared to estimates of $13.04 and adjusted capital expenditures of below $8 billion.
United shares climbed around 4% in premarket trading.
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“Our results are built on winning more and more brand-loyal customers — it’s clear they get the most value flying United,” CEO Scott Kirby said in a statement. “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.”
United said premium revenue was up 9% for the fourth quarter year over year and 11% for the full year, with loyalty revenue up 10% for the fourth quarter and up 9% for the full year. Revenue for United’s coach class, or Basic Economy, grew 7% for the fourth quarter and was up 5% for the full year.
A week ago, United rival Delta projected full-year adjusted EPS of $6.50 to $7.50, representing a whopping 20% year-over-year jump at the midpoint. Delta said growth will be driven by increased business from its higher-net-income clients in lieu of budget and economy travelers.
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Despite the growth, operational issues coming from the government shutdown earlier in the quarter were expected to hurt Q4 results, and United said the shutdown led to an approximately $250 million hit to pre-tax earnings. Delta also said it lost about $200 million in profits due to the shutdown, or around $0.25 in lost earnings per share, with more than 2,000 flights canceled.
The shutdown effect follows the other big operational issue affecting United this year — disruptions it faced at Newark Airport in New Jersey, one of United’s important hubs.
Last spring, Newark suffered through staffing shortages and air traffic control issues that caused serious delays and, in some cases, led to complete outages of the air traffic control system for brief periods of time.
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