Corporate Participants
- Scott Kirby – Chief Executive Officer
- Mike Leskinen – Chief Financial Officer
- Kristina Munoz – Vice President, Investor Relations
Prepared Remarks
Kristina Munoz: Good morning, and welcome to United Airlines fourth quarter 2025 earnings call. Joining me are Scott Kirby, CEO, and Mike Leskinen, CFO.
Scott Kirby: United delivered exceptional results with revenue of $14.7 billion and EPS of $3.26. Our performance demonstrates the strength of our network, premium strategy, and operational excellence.
Premium revenue grew 12% year-over-year, outpacing main cabin. Polaris business class continues to see record demand with load factors above 85%. United Premium Plus is also performing exceptionally well on long-haul routes.
International revenue was particularly strong. Atlantic routes grew 15% on strong leisure and corporate demand. Pacific routes recovered further with Japan and Australia leading growth.
Mike Leskinen: Revenue grew 8% on 5% capacity growth. TRASM increased 2.8% driven by premium strength. CASM-ex was up 2.5%, well below inflation. Free cash flow was $2.1 billion, and we repurchased $800 million of stock.
Q&A Session
Analyst: Can you discuss capacity plans and demand outlook for 2026?
Scott Kirby: We plan mid-single digit capacity growth in 2026, focused on premium-heavy international routes. Demand trends remain strong, particularly in premium cabins. We are optimistic about the revenue environment.
Analyst: What is your view on industry capacity and competitive dynamics?
Scott Kirby: Industry capacity growth is moderating which supports a healthy revenue environment. Our focus on premium customers and network quality differentiates United. We are confident in our ability to outperform.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, we cannot guarantee that all information is complete or error-free. Please refer to the company's official SEC filings for authoritative information.