United Airlines (UAL) stock rose on Wednesday after the company revealed a positive earnings report and a higher 2026 profit outlook. United reported resilient 2025 results with Q4 EPS of $3.10 and full-year EPS of $10.62 (slightly up vs. 2024) despite a $250 million pre-tax hit from the U.S. government shutdown and a $0.85 Newark headwind. Chief Executive Officer Scott Kirby said 2025 was “a proof point” for United’s strategy of building a “revenue-diverse, brand-loyal airline,” calling the model “remarkably resilient in tough times.”

Additionally, the airline company said it expects first-quarter 2026 adjusted earnings of $1.00 to $1.50 per share, with full-year adjusted EPS projected between $12.00 and $14.00. United also forecasted 2026 capital spending below $8 billion. United Airlines (UAL) stock is up 2% today but has been trading around break-even since the start of 2026.

United also discussed capital allocation and the balance sheet. Leskinen said United generated $2.7 billion of free cash flow in 2025 and expected a similar level in 2026 given higher aircraft deliveries. He said United paid down $1.9 billion of high-cost COVID-era debt in 2025, reduced total cost of debt to 4.7%, and ended the year with net leverage of 2.2x. United received five credit rating upgrades across Moody’s, S&P, and Fitch over the last 13 months and is “one notch below investment-grade” at all three agencies

Investors are watching closely for trends in premium versus basic economy travel and early-year booking patterns, as the first quarter typically sets the tone for U.S. carriers.