United Airlines Holdings (NYSE:UAL) shares took flight in after-hours trading Tuesday after the carrier posted the highest quarterly revenue in its history, overcoming a costly government shutdown to deliver a significant earnings beat.
The Chicago-based airline reported record operating revenue of $15.4 billion for the fourth quarter, a 5% increase year-over-year.
Adjusted earnings per share landed at $3.10, comfortably ahead of the $2.92 expected by Wall Street.
The record performance was fueled by a surge in "brand-loyal" travelers; premium cabin revenue jumped 9% in the quarter, while loyalty-driven revenue through MileagePlus rose 10%.
United flew a record 181 million passengers in 2025, solidifying its position as a dominant force in both domestic and long-haul international travel.
The results were particularly impressive given a $250 million pre-tax hit caused by the 43-day federal government shutdown in late 2025, which disrupted corporate bookings and domestic schedules.
United also navigated persistent operational hurdles at its Newark (EWR) hub, where FAA-mandated flight caps remained in place through the end of the year due to air traffic control staffing shortages.
Looking ahead, United issued confident 2026 guidance with an adjusted EPS range of $12 to $14, signaling that the "premiumization" of the airline industry is providing a durable tailwind even as labor and infrastructure costs rise.