Airline will fly nonstop from ORD to 222 destinations, including 47 international and 175 U.S. cities – five new nonstops coming to midwestern destinations, reinforcing ORD’s position as the premier Midwest hub
United led major carriers in on-time ORD arrivals in 2025; travelers on the next largest competitor at ORD were nearly twice as likely to have their flight cancelled as United customers
Customer experience at ORD includes access to five United Club locations, in addition to a redesigned United Polaris Lounge, as well as a growing number of aircraft with seatback screens, larger overhead bins, Bluetooth connectivity and free Starlink Wi-Fi for MileagePlus members
To support the airline’s growth and continued focus on operational excellence, United plans to hire approximately 2,500 more people at ORD before the end of the year
CHICAGO, Jan. 27, 2026 /PRNewswire/ — United today announced it will reach 750 flights per day this summer from Chicago O’Hare International Airport (ORD), 200 more than its next largest competitor and the largest schedule ever flown by any airline operating here.
United Expects Biggest Summer Yet at Chicago O’Hare, Growing to Record 750 Flights Per Day
Throughout 2026, Chicago’s hometown airline will offer nonstop service to 222 destinations – more than any other airline at ORD, and 38 more than its next largest competitor – including 47 international cities across Europe, Asia and South America as well as 175 U.S. destinations. Starting as early as April, and on sale January 29, the airline is strengthening connectivity across the Midwest with five new routes from ORD to cities including:
Champaign/Urbana, Ill. (CMI) operated 4 times daily beginning April 30, 2026
Kalamazoo, Mich. (AZO) operated 4 times daily beginning April 30, 2026
Lansing, Mich. (LAN) operated 4 times daily beginning May 7, 2026
La Crosse, Wis. (LSE) operated 4 times daily beginning May 7, 2026
Bloomington/Normal, Ill. (BMI) operated 4 times daily beginning May 7, 2026
In late 2025, the airline also announced it would add flights to cities such as Santa Barbara, Calif. (SBA); Monterey, Calif. (MRY); Eugene, Ore. (EUG); Bristol/Tri-Cities, Tenn. (TRI), Erie, Penn. (ERI); Rochester, Minn. (RST); Wausau, Wis. (CWA); Marquette, Mich. (MQT), and more as part of its summer 2026 schedule.
In addition to enhancing connections between ORD and small and midsized communities, more than 80 cities will receive additional flights to give customers even more options from Chicago including popular travel destinations like Boston (BOS), Nashville (BNA), Los Angeles (LAX), San Francisco (SFO) and Dallas (DFW). United’s Chicago hub is expected to become the third largest hub operated by any airline in the U.S., and the airline’s summer schedule reinforces ORD’s role as the premier hub of the Midwest and a top global gateway following record passenger levels in 2025.
“We have spent the past decade building and executing a strategy that is focused on winning brand loyal customers by giving them more value when they fly United – and nowhere is that more apparent than in Chicago,” said United’s Vice President of ORD, Omar Idris. “This growth at O’Hare highlights our commitment to invest in our network, customers and hiring in the city we call home.”
United will also operate from ORD to Guadalajara, Mexico (GDL) daily from June 8 to June 27, providing service for large international soccer games. With this add, United will have non-stop service from Chicago to all 16 cities hosting large international soccer games in 2026.
“Illinois sits at the crossroads of global travel and commerce, with O’Hare Airport opening doors and opportunities for people across the country and around the world,” said Illinois Governor JB Pritzker. “The record-breaking expanded flight offerings from United Airlines planned for this coming summer at O’Hare demonstrates the company’s sustained commitment to growth in Illinois – boosting our economy, supporting jobs, and strengthening Chicago’s tourism and hospitality industries.”
Operational Excellence at ORD
United continues to focus on running a great operation at ORD – the airline led major carriers in on-time arrival in 2025 and last year, travelers on the next largest competitor at ORD were nearly twice as likely to have their flight cancelled as United customers. United averaged 541 daily departures from ORD in 2025, 31% more than the next largest competitor and flew more seats from Chicago than at any point in the last two decades.
To support the airline’s continued focus on operational excellence, United plans to hire another approximately 2,500 people at ORD before the end of the year.
ORD customers can expect a best-in-class experience with access to five United ClubSM locations, in addition to a redesigned United Polaris® lounge, as well as a growing number of aircraft with seatback screens, larger overhead bins, Bluetooth connectivity and free Starlink Wi-Fi for MileagePlus® members. The airline plans to fly more than 370 daily mainline departures during its summer schedule – a 20% increase from summer 2025.
Upleveling the Customer Experience
United invests heavily in creating a seamless, modern travel experience for customers, including a suite of technology enhancements that make every step of the journey easier, such as:
Connection Saver: In 2025, Connection Saver saved approximately one million potential missed connections, a 42% increase over 2024, including helping 240,000 passengers make their flight in Chicago. New app features offer customized turn-by-turn directions to connecting gates with estimated walk times, real-time flight status updates, tips for longer layovers, and notifications if United is holding a plane during a tight connection.
Starlink: Starlink brings seamless, gate-to-gate connectivity. In less than a year, United has equipped more than 300 aircraft with Starlink, the world’s fastest, most reliable Wi-Fi in the sky and is rolling out the service to its mainline feet. In January, 33% of departures at ORD were on a Starlink-equipped plane.
Bag drop shortcut: United travelers can skip the check-in line and drop off bags in under a minute at the designated bag drop shortcut location at the curb by checking bags in the app before arriving at the airport. And now, United is the only airline to offer bag drop shortcut with TSA PreCheck® Touchless ID, allowing ORD travelers who opt-in to drop off their bags in seconds by leveraging facial scanning technology. In 2025 at ORD, 1.25 million passengers dropped bags at Bag Drop Shortcut.
Facial Scanning Security: United offers customers at ORD the ability to use TSA PreCheck® Touchless ID to seamlessly drop off bags or make it through security in seconds. Since launching TSA PreCheck Touchless ID at ORD in 2024, more than 2.8 million customers have opted in to use the technology.
United mobile app: Delivers a wealth of local, valuable traveler information including Chicago-specific flight and bag tracking updates, intuitive ORD navigation with turn-by-turn directions from mode of transportation to the airport through to the gate, real-time United Club capacity levels and guidance on the closest club to departure gate, rideshare options, live weather data and much more.
Acquired Spirit AeroSystems in December underscoring commitment to safety, quality, and production stability
Revenue increased to $23.9 billion primarily reflecting 160 commercial deliveries
Earnings reflects $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction
Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion
Full Year 2025
Revenue of $89.5 billion and 600 commercial deliveries reflect the highest annual totals since 2018
Total company backlog grew to a record $682 billion, including over 6,100 commercial airplanes
Table 1. Summary Financial Results
Fourth Quarter
Full Year
(Dollars in Millions, except per share data)
2025
2024
Change
2025
2024
Change
Revenues
$23,948
$15,242
57 %
$89,463
$66,517
34 %
GAAP
Earnings/(loss) from operations
$8,777
($3,770)
NM
$4,281
($10,707)
NM
Operating margins
36.7
%
(24.7)
%
NM
4.8
%
(16.1)
%
NM
Net earnings/(loss)
$8,220
($3,861)
NM
$2,238
($11,829)
NM
Diluted earnings/(loss) per share
$10.23
($5.46)
NM
$2.48
($18.36)
NM
Operating cash flow
$1,331
($3,450)
NM
$1,065
($12,080)
NM
Non-GAAP*
Core operating earnings/(loss)
$8,519
($4,042)
NM
$3,236
($11,811)
NM
Core operating margins
35.6
%
(26.5)
%
NM
3.6
%
(17.8)
%
NM
Core earnings/(loss) per share
$9.92
($5.90)
NM
$1.19
($20.38)
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9 billion, reflecting improved operational performance and higher commercial delivery volume. GAAP earnings per share of $10.23 and core earnings per share (non-GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction, which increased earnings per share by $11.83. The company reported operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a record $682 billion primarily reflecting 1,173 Commercial Airplanes net orders in the year, with all three segments at record levels.
“We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead,” said Kelly Ortberg, Boeing president and chief executive officer. “We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be.”
Table 2. Cash Flow
Fourth Quarter
Full Year
(Millions)
2025
2024
2025
2024
Operating cash flow
$1,331
($3,450)
$1,065
($12,080)
Less additions to property, plant & equipment
($956)
($648)
($2,942)
($2,230)
Free cash flow*
$375
($4,098)
($1,877)
($14,310)
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
Operating cash flow was $1.3 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and Saint Louis sites.
Table 3. Cash, Marketable Securities and Debt Balances
Quarter End
(Billions)
4Q 2025
3Q 2025
Cash and investments in marketable securities1
$29.4
$23.0
Consolidated debt
$54.1
$53.4
1Marketable securities consist primarily of time deposits due within one year classified as “short-term investments.”
Cash and investments in marketable securities totaled $29.4 billion, compared to $23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion in proceeds associated with closing the Digital Aviation Solutions transaction and free cash flow generated in the quarter, partially offset by debt repayment associated with the acquisition of Spirit AeroSystems. Debt was $54.1 billion, up from $53.4 billion at the beginning of the quarter, primarily reflecting the acquisition of Spirit AeroSystems. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
Change
2025
2024
Change
Deliveries
160
57
181 %
600
348
72 %
Revenues
$11,379
$4,762
139 %
$41,494
$22,861
82 %
Loss from operations
($632)
($2,090)
NM
($7,079)
($7,969)
NM
Operating margins
(5.6)
%
(43.9)
%
NM
(17.1)
%
(34.9)
%
NM
Commercial Airplanes fourth quarter revenue of $11.4 billion and operating margin of (5.6) percent primarily reflect higher deliveries and improved operational performance. Results also include impacts associated with the acquisition of Spirit AeroSystems.
During the quarter, the 737 program increased the production rate to 42 per month and received approval from the Federal Aviation Administration to begin the final phase of 737-10 certification flight testing. The 787 program began transitioning production to eight per month and remains focused on stabilizing at that rate. In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027.
Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates. Commercial Airplanes delivered 160 airplanes and backlog included over 6,100 airplanes valued at a record $567 billion.
Defense, Space & Security
Table 5. Defense, Space & Security
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
Change
2025
2024
Change
Revenues
$7,417
$5,411
37 %
$27,234
$23,918
14 %
Loss from operations
($507)
($2,267)
NM
($128)
($5,413)
NM
Operating margins
(6.8)
%
(41.9)
%
NM
(0.5)
%
(22.6)
%
NM
Defense, Space & Security fourth quarter revenue of $7.4 billion and operating margin of (6.8) percent reflect stabilizing operational performance and higher volume. Results also include $0.6 billion of losses on the KC-46A program primarily driven by higher estimated production support and supply chain costs.
During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH-64E Apache helicopters, and delivered the first operational T-7A Red Hawk to the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space & Security grew to a record $85 billion, with 26 percent representing orders from customers outside the U.S.
Global Services
Table 6. Global Services
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
Change
2025
2024
Change
Revenues
$5,209
$5,119
2 %
$20,923
$19,954
5 %
Earnings from operations
$10,544
$998
NM
$13,474
$3,618
NM
Operating margins
202.4
%
19.5
%
NM
64.4
%
18.1
%
NM
Global Services fourth quarter revenue was $5.2 billion driven by higher government volume. Operating margin of 202.4 percent primarily reflects a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction.
Global Services secured record annual orders of $28 billion, including an award in the quarter for C-17 flight deck replacement from the U.S. Air Force, and ended the year with a record backlog of $30 billion.
Additional Financial Information
Table 7. Additional Financial Information
Fourth Quarter
Full Year
(Dollars in Millions)
2025
2024
2025
2024
Revenues
Unallocated items, eliminations and other
($57)
($50)
($188)
($216)
Earnings/(loss) from operations
Unallocated items, eliminations and other
($886)
($683)
($3,031)
($2,047)
FAS/CAS service cost adjustment
$258
$272
$1,045
$1,104
Other income, net
$201
$432
$1,125
$1,222
Interest and debt expense
($659)
($755)
($2,771)
($2,725)
Effective tax rate
1.2
%
5.7
%
15.1
%
3.1
%
Unallocated items, eliminations and other primarily reflects timing of allocations.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:
Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share
Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.
These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers’ and/or our suppliers’ information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
The Boeing Company and SubsidiariesConsolidated Statements of Operations(Unaudited)
Twelve months ended December 31
Three months ended December 31
(Dollars in millions, except per share data)
2025
2024
2025
2024
Sales of products
$75,356
$53,227
$20,445
$11,901
Sales of services
14,107
13,290
3,503
3,341
Total revenues
89,463
66,517
23,948
15,242
Cost of products
(73,761)
(57,394)
(19,239)
(14,010)
Cost of services
(11,413)
(11,114)
(2,897)
(2,821)
Total costs and expenses
(85,174)
(68,508)
(22,136)
(16,831)
4,289
(1,991)
1,812
(1,589)
Income/(loss) from operating investments, net
25
71
(17)
12
General and administrative expense
(6,090)
(5,021)
(1,663)
(1,398)
Research and development expense, net
(3,615)
(3,812)
(964)
(836)
Gain on dispositions, net
9,672
46
9,609
41
Earnings/(loss) from operations
4,281
(10,707)
8,777
(3,770)
Other income, net
1,125
1,222
201
432
Interest and debt expense
(2,771)
(2,725)
(659)
(755)
Earnings/(loss) before income taxes
2,635
(12,210)
8,319
(4,093)
Income tax (expense)/benefit
(397)
381
(99)
232
Net earnings/(loss)
2,238
(11,829)
8,220
(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest
3
(12)
4
Net earnings/(loss) attributable to Boeing shareholders
2,235
(11,817)
8,220
(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period
345
58
86
58
Net earnings/(loss) attributable to Boeing common shareholders
$1,890
($11,875)
$8,134
($3,923)
Basic earnings/(loss) per share
$2.49
($18.36)
$10.59
($5.46)
Diluted earnings/(loss) per share
$2.48
($18.36)
$10.23
($5.46)
The Boeing Company and SubsidiariesConsolidated Statements of Financial Position(Unaudited)
(Dollars in millions, except per share data)
December 31 2025
December 31 2024
Assets
Cash and cash equivalents
$10,921
$13,801
Short-term and other investments
18,479
12,481
Accounts receivable, net
2,921
2,631
Unbilled receivables, net
9,158
8,363
Current portion of financing receivables, net
207
Inventories
84,679
87,550
Other current assets, net
2,301
2,965
Total current assets
128,459
127,998
Financing receivables and operating lease equipment, net
241
314
Property, plant and equipment, net of accumulated depreciation of $23,613 and $22,925
15,361
11,412
Goodwill
17,275
8,084
Acquired intangible assets, net
1,567
1,957
Deferred income taxes
107
185
Investments
1,048
999
Other assets, net of accumulated amortization of $1,014 and $1,085
4,177
5,414
Total assets
$168,235
$156,363
Liabilities and equity
Accounts payable
$13,109
$11,364
Accrued liabilities
27,141
24,103
Advances and progress billings
59,404
60,333
Short-term debt and current portion of long-term debt
8,461
1,278
Total current liabilities
108,115
97,078
Deferred income taxes
216
122
Accrued retiree health care
2,091
2,176
Accrued pension plan liability, net
4,287
5,997
Other long-term liabilities
2,432
2,318
Long-term debt
45,637
52,586
Total liabilities
162,778
160,277
Shareholders’ equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 – 20,000,000 shares authorized; 5,750,000 shares issued; aggregateliquidation preference $5,750
6
6
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued
5,061
5,061
Additional paid-in capital
21,441
18,964
Treasury stock, at cost – 227,562,889 and 263,044,840 shares
(28,029)
(32,386)
Retained earnings
17,252
15,362
Accumulated other comprehensive loss
(10,277)
(10,915)
Total shareholders’ equity/(deficit)
5,454
(3,908)
Noncontrolling interests
3
(6)
Total equity
5,457
(3,914)
Total liabilities and equity
$168,235
$156,363
The Boeing Company and SubsidiariesConsolidated Statements of Cash Flows (Unaudited)
Twelve months ended December 31
(Dollars in millions)
2025
2024
Cash flows – operating activities:
Net earnings/(loss)
$2,238
($11,829)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense
426
407
Treasury shares issued for 401(k) contributions
1,530
1,601
Depreciation and amortization
1,953
1,836
Investment/asset impairment charges, net
45
112
Gain on dispositions, net
(9,672)
(46)
777X and 767 reach-forward losses
5,283
4,079
Other charges and credits, net
264
528
Changes in assets and liabilities –
Accounts receivable
(95)
(37)
Unbilled receivables
(677)
(60)
Advances and progress billings
(723)
4,069
Inventories
(1,501)
(12,353)
Other current assets
155
(16)
Accounts payable
724
(793)
Accrued liabilities
1,341
1,563
Income taxes receivable, payable and deferred
115
(567)
Other long-term liabilities
(346)
(329)
Pension and other postretirement plans
(593)
(959)
Financing receivables and operating lease equipment, net
274
512
Other
324
202
Net cash provided/(used) by operating activities
1,065
(12,080)
Cash flows – investing activities:
Payments to acquire property, plant and equipment
(2,942)
(2,230)
Proceeds from disposals of property, plant and equipment
82
49
Acquisitions, net of cash acquired
(1,248)
(50)
Proceeds from dispositions
10,585
124
Contributions to investments
(51,938)
(13,856)
Proceeds from investments
46,628
4,743
Supplier notes receivable
(662)
(694)
Repayments on supplier notes receivable
2
40
Purchase of distribution rights
(9)
(88)
Other
1
(11)
Net cash provided/(used) by investing activities
499
(11,973)
Cash flows – financing activities:
New borrowings
165
10,161
Debt repayments
(3,621)
(8,673)
Common stock issuance, net of issuance costs
18,200
Mandatory convertible preferred stock issuance, net of issuance costs
5,657
Employee taxes on certain share-based payment arrangements
(34)
(83)
Dividends paid on mandatory convertible preferred stock
(331)
—
Other
58
(53)
Net cash (used)/provided by financing activities
(3,763)
25,209
Effect of exchange rate changes on cash and cash equivalents
40
(47)
Net (decrease)/increase in cash & cash equivalents, including restricted
(2,159)
1,109
Cash & cash equivalents, including restricted, at beginning of year
13,822
12,713
Cash & cash equivalents, including restricted, at end of year
11,663
13,822
Less restricted cash & cash equivalents, included in Investments
742
21
Cash & cash equivalents at end of year
$10,921
$13,801
The Boeing Company and SubsidiariesSummary of Business Segment Data(Unaudited)
Twelve months ended December 31
Three months ended December 31
(Dollars in millions)
2025
2024
2025
2024
Revenues:
Commercial Airplanes
$41,494
$22,861
$11,379
$4,762
Defense, Space & Security
27,234
23,918
7,417
5,411
Global Services
20,923
19,954
5,209
5,119
Unallocated items, eliminations and other
(188)
(216)
(57)
(50)
Total revenues
$89,463
$66,517
$23,948
$15,242
Earnings/(loss) from operations:
Commercial Airplanes
($7,079)
($7,969)
($632)
($2,090)
Defense, Space & Security
(128)
(5,413)
(507)
(2,267)
Global Services
13,474
3,618
10,544
998
Segment operating earnings/(loss)
6,267
(9,764)
9,405
(3,359)
Unallocated items, eliminations and other
(3,031)
(2,047)
(886)
(683)
FAS/CAS service cost adjustment
1,045
1,104
258
272
Earnings/(loss) from operations
4,281
(10,707)
8,777
(3,770)
Other income, net
1,125
1,222
201
432
Interest and debt expense
(2,771)
(2,725)
(659)
(755)
Earnings/(loss) before income taxes
2,635
(12,210)
8,319
(4,093)
Income tax (expense)/benefit
(397)
381
(99)
232
Net earnings/(loss)
2,238
(11,829)
8,220
(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest
3
(12)
4
Net earnings/(loss) attributable to Boeing shareholders
2,235
(11,817)
8,220
(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period
345
58
86
58
Net earnings/(loss) attributable to Boeing common shareholders
$1,890
($11,875)
$8,134
($3,923)
Research and development expense, net:
Commercial Airplanes
$2,202
$2,386
$545
$534
Defense, Space & Security
877
917
259
189
Global Services
125
132
34
29
Other
411
377
126
84
Total research and development expense, net
$3,615
$3,812
$964
$836
Unallocated items, eliminations and other:
Share-based plans
($49)
$171
($9)
$53
Deferred compensation
(182)
(114)
(32)
(14)
Amortization of previously capitalized interest
(92)
(93)
(28)
(23)
Research and development expense, net
(411)
(377)
(126)
(84)
Eliminations and other unallocated items
(2,297)
(1,634)
(691)
(615)
Sub-total (included in Core operating earnings/(loss))
(3,031)
(2,047)
(886)
(683)
Pension FAS/CAS service cost adjustment
784
811
196
203
Postretirement FAS/CAS service cost adjustment
261
293
62
69
FAS/CAS service cost adjustment
1,045
1,104
$258
$272
Total
($1,986)
($943)
($628)
($411)
The Boeing Company and SubsidiariesOperating and Financial Data(Unaudited)
Deliveries
Twelve months ended December 31
Three months endedDecember 31
Commercial Airplanes
2025
2024
2025
2024
737
447
265
117
36
767
30
18
10
3
777
35
14
6
3
787
88
51
27
15
Total
600
348
160
57
Defense, Space & Security
AH-64 Apache (New)
19
16
5
6
AH-64 Apache (Remanufactured)
42
34
14
10
CH-47 Chinook (New)
3
4
2
2
CH-47 Chinook (Renewed)
11
9
2
2
F-15 Models
9
14
2
4
F/A-18 Models
14
11
2
6
KC-46 Tanker
14
10
5
—
MH-139
9
6
3
3
P-8 Models
6
4
2
—
T-7A Red Hawk
—
2
—
1
Commercial Satellites
4
2
—
2
Total1
131
112
37
36
1Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions)
December 31 2025
December 31 2024
Commercial Airplanes
$567,290
$435,175
Defense, Space & Security
84,786
64,023
Global Services
29,720
21,403
Unallocated items, eliminations and other
411
735
Total backlog
$682,207
$521,336
Contractual backlog
$639,721
$498,802
Unobligated backlog
42,486
22,534
Total backlog
$682,207
$521,336
The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data)
Fourth Quarter 2025
Fourth Quarter 2024
$ millions
Per Share
$ millions
Per Share
Revenues
$23,948
$15,242
Earnings/(loss) from operations (GAAP)
8,777
(3,770)
Operating margins (GAAP)
36.7
%
(24.7)
%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment
(196)
(203)
Postretirement FAS/CAS service cost adjustment
(62)
(69)
FAS/CAS service cost adjustment
(258)
(272)
Core operating earnings/(loss) (non-GAAP)
$8,519
($4,042)
Core operating margins (non-GAAP)
35.6
%
(26.5)
%
Diluted earnings/(loss) per share (GAAP)
$10.23
($5.46)
Pension FAS/CAS service cost adjustment
($196)
($0.24)
($203)
($0.28)
Postretirement FAS/CAS service cost adjustment
(62)
(0.08)
(69)
(0.10)
Non-operating pension income
(49)
(0.06)
(108)
(0.15)
Non-operating postretirement income
(5)
(0.01)
(18)
(0.03)
Provision for deferred income taxes on adjustments 1
66
0.08
84
0.12
Subtotal of adjustments
($246)
($0.31)
($314)
($0.44)
Core earnings/(loss) per share (non-GAAP)
$9.92
($5.90)
Diluted weighted average common shares outstanding (in millions)
803.8
717.9
1The income tax impact is calculated using the U.S. corporate statutory tax rate.
The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data)
Full Year 2025
Full Year 2024
$ millions
Per Share
$ millions
Per Share
Revenues
$89,463
$66,517
Earnings/(loss) from operations (GAAP)
4,281
(10,707)
Operating margins (GAAP)
4.8
%
(16.1)
%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment
(784)
(811)
Postretirement FAS/CAS service cost adjustment
(261)
(293)
FAS/CAS service cost adjustment
(1,045)
(1,104)
Core operating earnings/(loss) (non-GAAP)
$3,236
($11,811)
Core operating margins (non-GAAP)
3.6
%
(17.8)
%
Diluted earnings/(loss) per share (GAAP)
$2.48
($18.36)
Pension FAS/CAS service cost adjustment
($784)
($1.03)
($811)
($1.26)
Postretirement FAS/CAS service cost adjustment
(261)
(0.34)
(293)
(0.45)
Non-operating pension income
(176)
(0.24)
(476)
(0.74)
Non-operating postretirement income
(19)
(0.02)
(73)
(0.11)
Provision for deferred income taxes on adjustments 1
260
0.34
347
0.54
Subtotal of adjustments
($980)
($1.29)
($1,306)
($2.02)
Core earnings/(loss) per share (non-GAAP)
$1.19
($20.38)
Diluted weighted average common shares outstanding (in millions)
762.3
646.9
1The income tax impact is calculated using the U.S. corporate statutory tax rate.
In a landmark collaboration, Taiwan-based luxury carrier STARLUX Airlines has partnered with visionary Japanese artist Hajime Sorayama to launch AIRSORAYAMA, turning two Airbus A350-1000 aircraft into flying masterpieces. This innovative project marks the first time Sorayama’s iconic metallic aesthetic has been realized on a fullscale commercial aircraft. The two AIRSORAYAMA aircraft are scheduled to enter service in Q3 2026.
The AIRSORAYAMA collaboration was unveiled today at a launch event at Tokyo’s Omotesando Hills—an iconic fashion and design landmark—where the vision came to life in an immersive art spacewith digital projections extending Sorayama’s metallic aesthetic across the walls and echoing the aircraft’s liquidmetal livery. In a highlight moment, Sorayama presented STARLUX Chairman K.W. Chang with a handsigned AIRSORAYAMA artwork, marking the project’s official launch.
Where Metal and Emotion Converge
Sorayama’s work explores the relationship between metal and emotion—transforming industrial materials into expressions of humanity. This philosophy aligns seamlessly with STARLUX’s brand spirit: aircraft may be machines of metal, but they carry human longing, connection, and discovery. Technology enables flight; emotion gives the journey meaning.
Sorayama’s creative credo echoes STARLUX Airlines’ commitment to breaking away from conventional airline frameworks and embracing innovation. When STARLUX learned of Sorayama’s lifelong aspiration to create the world’s largest artwork, the decision was clear: transform the very symbol of human flight—the aircraft—into a flying masterpiece.
Inside the STARLUX AIRSORAYAMA Vision
True collaboration is like fighting side by side on a battlefield
Breaking convention, Sorayama named the project after himself, fusing “AIR” with his surname to create AIRSORAYAMA, a reflection of the deep significance he places on this partnership. He personally designed the “STARLUX AIRSORAYAMA” logo and key visual, underscoring his deep involvement. For him, a collaboration becomes meaningful only when artist and brand form a long-term creative partnership—a shared destiny rather than a one-off project.
The partnership began with a chance visit to Sorayama’s studio, where he and Chairman Chang—despite speaking different languages—immediately connected through a shared rebellious spirit and a belief in pursuing what has never been done before. A later visit to Narita Airport strengthened that bond. Watching aircraft take off and land, Chairman Chang realized that if Sorayama’s four decades of work revolve around silver and gold, then those colors should take center stage in the sky: one aircraft in silver with gold accents, the other in gold with silver—two flying masterpieces forming a dialogue in motion across the horizon.
The co-branded logo carries Hajime Sorayama’s signature surreal metallic aesthetic, transforming the “STARLUX AIRSORAYAMA” typography into a radiant, cold-metal texture. Every curve and every play of light evokes a vision of the future, lifting the mark beyond typography into a dynamic work of art defined by fluidity and mechanical tension. It is more than a reinvention of type—it is an avant-garde visual language rich in depth and futuristic expression.
The core visual combines his iconic robot with the aircraft set against a deep blue sky subtly incorporating STARLUX’s’ guiding emblem—the North Star. The “STARLUX” gold ring engraved on the robot’s leg becomes a symbolic link between Sorayama’s metallic aesthetics and the brand’s spirit. As the form soars through the clouds, refracted light adds depth and vitality. In an age of AI-generated imagery, Sorayama’s commitment to hand-drawing preserves the emotion and personal expression behind every metallic highlight.
Not Just an Aircraft, but a Skyborne Art Gallery Above the Clouds
STARLUX selected two next-generation Airbus A350-1000 aircraft as Sorayama’s new artistic medium. At 237 feet in length, each aircraft became the largest canvas of Sorayama’s six-decade career, fulfilling a dream he first envisioned 30 years ago—after seeing Jacques-Louis David’s The Coronation of Napoleon at the Louvre—to create the world’s largest artwork.
Over a three-year development process, Sorayama approached the aircraft as a sculptural form, reimagining the livery to enhance the A350-1000’s contours while meeting strict technical requirements. The project’s greatest challenge was color and finish: aviation safety requirements, carbon-fiber fuselage composition, and lightning protection constraints made mirror-like metallic finishes nearly impossible.
To achieve Sorayama’s signature cool, liquid-metal effect, STARLUX collaborated closely with Airbus and leading coatings manufacturer MANKIEWICZ. Abandoning solid color shades, they developed high-concentration special mica color shades and multi-coating techniques, successfully imparting the fuselage with the layered, fluid appearance of liquid metal. The result is a flowing, liquid-metal brilliance—without compromising safety or weight.
A Pair of Flying Sculptures and Art Beyond the Aircraft
Each aircraft features Sorayama’s iconic metallic finishes, with underbelly linework inspired by his classic “Mechanical Shark (SORAYAMA Shark)” motif—transforming the aircraft into a shark soaring through the sky. When viewed from the ground, the aircraft’s sharp, powerful lines create a striking visual impact as it ascends toward the horizon.
Individually, each stands as a complete flying masterpiece. Together, they become a pair of sculptures in motion at 30,000 feet—a traveling exhibition across the world’s skies. The AIRSORAYAMA experience will extend beyond the livery to include themed in-flight amenities, a safety video, and a series of co-branded merchandise, ensuring that the flying masterpiece experience permeates every stage of the journey.
The two aircraft are named STARLUX AIRSORAYAMA Silver (B-58553) and STARLUX AIRSORAYAMA Gold (B-58554) and are scheduled to enter service in Q3 2026.
The last 48 hours have been incredibly challenging for those flying through Winter Storm Fern, which continues to present travel challenges across the country. On behalf of everyone at American, I want to assure you it’s been all hands on deck to keep our operation moving.
Five of our nine hubs have been significantly impacted by this large and disruptive storm. Our largest hub at Dallas Fort Worth International Airport (DFW), which touches a significant number of the flights we operate each day, was hit particularly hard with record-setting conditions. Fern is also impacting cities that don’t typically have the infrastructure in place to manage these conditions, which in turn has led to staffing issues as team members plus vendor and federal partners struggle to make their way on the roads.
We are very sorry for the disruption this weather event has caused, and we thank our team members — many of whom are working overtime and are continuing to safely brave the weather — as they focus on taking care of as many customers as possible.
As you travel this week, we encourage you to check the American Airlines app and aa.com for the latest flight status and to take advantage of the additional flexibility we’ve offered by the travel alerts issued earlier for Winter Storm Fern.
Thank you for choosing American and for your patience as we work diligently to get you safely where you need to be.
Heather Garboden Chief Customer Officer, American Airlines
With Winter Storm Fern’s expected impact to the Charlotte, North Carolina, area, American Airlines added extra flights between Charlotte Douglas International Airport (CLT) and Chicago O’Hare International Airport (ORD) to help customers continue their journeys as winter weather impacts travel across the country.
In addition to the flexibility provided by the airline’s travel alert, American will add 3,000 additional seats on the airline’s CLT-ORD route on Saturday, Jan. 24. This latest increase builds on the more than 3,200 seats previously announced at the airline’s Dallas Fort Worth International Airport (DFW) hub, bringing total added capacity during Winter Storm Fern to more than 6,200 seats as the storm disrupts operations across much of American’s network.
By adding capacity at its second-largest hub, American is giving customers more options to connect onward and minimize possible disruptions caused by Winter Storm Fern.
The following flights are bookable by calling American’s Reservations team at 800-433-7300 in the United States and Canada.
AA40: Will depart CLT at 2:15 p.m. and arrive at ORD at 7:25 p.m.
AA71: Will depart CLT at 2:46 p.m. and arrive at ORD at 5:58 p.m.
AA54: Will depart CLT at 3 p.m. and arrive at ORD at 4:06 p.m.
AA129: Will depart CLT at 3:40 p.m. and arrive at ORD at 4:58 p.m.
AA130: Will depart CLT at 3:43 p.m. and arrive at ORD at 4:48 p.m.
AA105: Will depart CLT at 4:21 p.m. and arrive at ORD at 5:33 p.m.
AA101: Will depart CLT at 4:36 p.m. and arrive at ORD at 5:48 p.m.
AA53: Will depart CLT at 5 p.m. and arrive at ORD at 6:12 p.m.
AA92: Will depart CLT at 5:25 p.m. and arrive at ORD at 6:37 p.m.
AA85: Will depart CLT at 5:48 p.m. and arrive at ORD at 7 p.m.
AA84: Will depart CLT at 6:03 p.m. and arrive at ORD at 7:22 p.m.
AA41: Will depart CLT at 6:10 p.m. and arrive at ORD at 7:25 p.m.
AA44: Will depart CLT at 6:20 p.m. and arrive at ORD at 7:32 p.m.
AA46: Will depart CLT at 7 p.m. and arrive at ORD at 8:23 p.m.
AA52: Will depart CLT at 7:15 p.m. and arrive at ORD at 8:27 p.m.
AA64: Will depart CLT at 7:30 p.m. and arrive at ORD at 8:42 p.m.
AA58: Will depart CLT at 8 p.m. and arrive at ORD at 9:12 p.m.
All times listed are in local time.
A major weather impact to two-thirds of the continental United States this weekend with snow and ice:
Travel alerts
When severe weather or other uncontrollable events impact your flight and travel dates, you may be able to change your trip with no change fee.
We understand you may have questions about your upcoming travel. We’re working around the clock to care for you on your travel journey.
If your flight is impacted, we’ll reach out via email and app notifications.
JetBlue Airways, the largest carrier serving the Dominican Republic, has announced the launch of RD Orgullo que Eleva (DR Pride That Lifts), a campaign inviting customers to vote on the design of its first-ever aircraft livery inspired by the Dominican Republic. Created in collaboration with three Dominican artists, the initiative celebrates the country’s rich cultural identity and JetBlue’s more than two decades of connection and service there.
Drawing inspiration from national folklore, color, music, and cultural pride, the artists translated Dominican heritage into custom aircraft designs. Starting today through February 11, customers and fans can vote for their favorite. The selected livery will be revealed in February and featured on a JetBlue Airbus A320 later this spring.
To vote and learn more about the artists, visit VotaJetBlueRD.com.
Dominican pride by Dominican artists For its first Dominican Republic-inspired livery, JetBlue partnered with talented and renowned Dominican artists, reinforcing its commitment to supporting local talent and celebrating the country’s culture, traditions, and spirit. Each artist was compensated for their creative work, and while all three designs capture Dominican identity, one will be selected to take to the skies.
Willy Gómez: An art director, illustrator, and muralist with more than two decades of experience, Gómez’s work blends Neo-traditional and Art Nouveau influences while celebrating Latin culture. His bold, colorful design highlights music, nature, and coastal life.
Los Plebeyos: This Dominican design collective is known for its bold graphics and contemporary social lens. Their design draws from everyday Dominican life and folklore, incorporating playful illustrations of food, music, and family.
Lena Tokens: An internationally recognized illustrator, Tokens is known for blending surrealism, nature, and vibrant color. Her design incorporates the colors of the Dominican flag and features two people, representing the country’s traditions, creativity, and rhythm.
More than 20 years of commitment to the Dominican Republic JetBlue has served the Dominican Republic for nearly 22 years, beginning with Santiago as its first international destination. Today, the airline offers more seats between the U.S. and the Dominican Republic than any other carrier, operating from Santiago, Santo Domingo, Puerto Plata, and Punta Cana. This spring, JetBlue expects to average more than 30 daily departures, making travel easier for leisure, business, and family connections.
Beyond air service, JetBlue supports communities across the country through volunteerism, charitable partnerships, and JetBlue Foundation grants, including a five-year partnership with the Mariposa DR Foundation to expand educational opportunities for girls. As part of its long-standing partnership with the DREAM Project, JetBlue most recently supported book fairs held in El Mamón and La Unión last year, aimed at promoting early childhood literacy.
JetBlue continues to expand its network in the Dominican Republic, recently relaunching service between Fort Lauderdale and Santiago and introducing new service between Tampa and Punta Cana, strengthening connections with Florida.
Through continued growth, community investment, and cultural celebration, JetBlue remains committed to the Dominican Republic and its long-term success.
ONTARIO, Calif., Jan. 21, 2026 /PRNewswire/ — Ontario International Airport (ONT) today unveiled a striking new monument sign at Archibald Avenue and Airport Drive, marking a powerful visual statement of the airport’s transformation and its continued momentum as it celebrates a decade of local control.
Alan Wapner (second from right), President of the Ontario International Airport Authority (OIAA) Board of Commissioners, and Curt Hagman, Vice President of the Board, unveil the new monument sign at ONT.The new monument sign at Southern California’s Ontario International Airport.
The new monument replaces a narrow, understated sign that had greeted visitors since 1998 and ushers in a bold, modern landmark that reflects the renewed energy, pride and ambition of Southern California’s fastest-growing airport. Featuring the iconic “ONT” airport code in towering letters backed by sculpted mountain forms inspired by the nearby San Gabriel Mountains, the monument creates an unmistakable sense of arrival for travelers and visitors alike.
“For nearly three decades, our gateway sign quietly faded into the background,” said Alan D. Wapner, President of the Ontario International Airport Authority (OIAA) Board of Commissioners. “Today, we proudly unveil a monument that unmistakably declares who we are and where we are headed. This landmark reflects the power of local ownership and stands as a bold statement of ONT’s transformation –one that reaffirms our role as a premier Southern California and international gateway.”
Standing approximately 12 feet tall, each of the three “ONT” letters is crafted from durable sheet metal, with the full installation weighing more than eight tons. The monument stretches roughly 60 feet across at its widest point, anchored by a deep concrete foundation that ensures its permanence for generations to come. A series of LED light bars will illuminate the sign at night, with the ability to change colors for holidays, special events and community celebrations.
The unveiling comes as Ontario International Airport continues its yearlong celebration of the Decade of Local Control, which culminates this November, marking 10 years since ownership of the airport transferred to local leadership on November 1, 2016. That transition ignited a period of unprecedented growth, customer-focused innovation and regional economic impact, firmly reestablishing ONT as Southern California’s gateway of choice.
Designed and fabricated by Ontario-based Sign Industries, the monument reflects a close collaboration between airport leadership and local creative partners. The mountain backdrop is composed of multiple modular sections assembled on site, mirroring the layered peaks of the San Gabriel range and reinforcing ONT’s strong sense of place.
For visitors entering the airport campus, the new monument now delivers an unmistakable message: Ontario International Airport is no longer hidden in plain sight. It stands boldly as a source of regional pride and a beacon of the airport’s continued ascent.
Delivered FY25 diluted earnings per share of $10.20 up 8% year-over-year; adjusted diluted earnings per share1 of $10.62 up year-over-year and expects to be the only U.S. airline to grow adjusted EPS1 for FY25
Q4 diluted earnings per share of $3.19; adjusted diluted earnings per share1 of $3.10 — within initial guidance range of $3.00 to $3.50
Q4 revenue of $15.4 billion was the highest quarterly revenue in United history and highest quarterly unit revenue for 2025
Flew a record 181 million passengers and ranked #2 in on-time departures for the year, with the lowest seat cancellation rate in company history
United continues to win brand-loyal customers with new and updated aircraft and investments in infrastructure and technology
Eclipsed 5,000 peak daily flights in summer 2025 and grew faster than any other U.S. airline in 2025 while setting a fourth-quarter company record for Net Promoter Score, including United’s highest-ever monthly NPS in November despite the government shutdown
CHICAGO, Jan. 20, 2026 /PRNewswire/ — United Airlines (UAL) today reported fourth-quarter and full-year 2025 financial results that exceeded Wall Street expectations and were within guidance. The airline’s diluted earnings per share of $10.20 and adjusted diluted earnings per share1 of $10.62 for 2025 rose versus 2024.
The company delivered full-year pre-tax earnings of $4.3 billion, with a pre-tax margin of 7.3%, and adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 7.8%. Total operating revenue for the year grew 3.5% year-over-year to $59.1 billion — the highest in United history. The company generated $8.4 billion of operating cash flow and $2.7 billion in free cash flow1 in 2025, and expects to generate a similar level of free cash flow2 in 2026.
“Our results are built on winning more and more brand-loyal customers — it’s clear they get the most value flying United,” said CEO Scott Kirby. “This was the highest-revenue quarter in United’s history and the highest quarterly RASM of the year providing strong revenue momentum that is continuing into 2026.”
Customers continue to benefit from United’s growing, reliable operation. United canceled flights at the lowest per-seat rate among U.S. network airlines in 2025 while flying the largest mainline schedule in the airline’s history, carrying an average of more than 496,000 passengers daily. United’s 303 daily widebody departures in 2025 were the most in its history. United Express logged 134 days without a single cancellation during 2025, and Connection Saver saved more than one million potential missed connections during the year, a 42% increase over 2024.
United delivered strong fourth-quarter results despite challenges such as the government shutdown, as brand-loyal customers chose the United experience. Compared to the year ago period, diverse revenue sources continued to grow: premium revenue was up 9% for the fourth quarter and 11% for the full year, loyalty revenue was up 10% for the fourth quarter and 9% for the full year, and revenue from Basic Economy grew 7% for the fourth quarter and 5% for the full year. Strong revenue momentum has continued into 2026. The week ending January 4th was the highest flown revenue week in United history, and the week ending January 11th was the highest ticketing week and the highest week for business sales in United history.
The government shutdown in November provided an opportunity to do the right thing by our customers and further build their trust. United offered all customers a full refund — even if their flights weren’t canceled — and aggressively promoted that policy in customer communications including on a dedicated page on the corporate website, and within contact centers. Customers noticed: November was United’s highest-ever monthly Net Promoter Score. Our customer-first policies, combined with the impact to bookings and costs, led to an approximately $250 million impact to pre-tax earnings in the quarter.
Fast and free for MileagePlus® members, Starlink Wi-Fi is now installed on nearly all of the dual-cabin United Express fleet, more than 300 aircraft, with completion expected later this month. Starlink installations have begun on mainline aircraft and are expected to accelerate rapidly during 2026.
In 2026 United plans to enhance the customer experience as it plans to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft – more widebody aircraft in a year than any U.S. passenger airline since 1988. United plans to use these new aircraft to profitably expand its network, including its industry-leading international routes and growing domestic network. The airline also plans on making significant airport upgrades at its Washington Dulles and Houston hubs.
Fourth-Quarter Financial Results
Capacity up 6.5% compared to fourth-quarter 2024.
Total operating revenue of $15.4 billion, up 4.8% compared to fourth-quarter 2024.
Total Revenue Per Available Seat Mile (TRASM) down (1.6)% compared to fourth-quarter 2024.
CASM down (0.3)%, and CASM-ex1 up 0.4%, compared to fourth-quarter 2024.
Pre-tax earnings of $1.3 billion, with a pre-tax margin of 8.6%; adjusted pre-tax earnings1 of $1.3 billion, with an adjusted pre-tax margin1 of 8.5%.
Impact from the government shutdown was approximately $250 million of pre-tax earnings in the fourth-quarter 2025.
Net income of $1 billion; adjusted net income1 of $1 billion.
Diluted earnings per share of $3.19; adjusted diluted earnings per share1 of $3.10.
Average fuel price per gallon of $2.49.
Repurchased $29 million of shares in the fourth quarter 2025.
Full-Year Financial Results
Pre-tax earnings of $4.3 billion, with a pre-tax margin of 7.3%; adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 7.8%.
Net income of $3.4 billion; adjusted net income1 of $3.5 billion.
Diluted earnings per share of $10.20; adjusted diluted earnings per share1 of $10.62.
Ending available liquidity3 of $15.2 billion.
Total debt, including finance lease obligations and other financial liabilities of $25 billion at year end.
Net leverage4 of 2.2x.
Generated $8.4 billion of operating cash flow.
Generated $2.7 billion of free cash flow1.
Repurchased $640 million of shares in full year 2025.
Key Highlights
Operated the largest mainline schedule in company history in the fourth quarter and full year, carrying an average of over 496,000 passengers daily and averaging 303 widebody departures per day in 2025. United achieved its lowest seat cancel rate in history and had the lowest seat cancel rate of large network U.S. carriers.
In 2025 United added 82 new aircraft and updated 119 aircraft to its Signature Interior, bringing the total to 68% of its narrowbody fleet. The NPS for United’s Signature Interior is 10 points higher than on previous interiors.
United continued to expand premium offerings throughout 2025, with a record-high 27.4 million premium seats across its fleet, accounting for 12% of all flown seats in 2025. The airline announced United Elevated, its newest interior for the Boeing 787-9, featuring new United Polaris Studio℠ suites that are 25% larger than United Polaris® with privacy doors, ottoman for companions, 27-inch screens, and exclusive food and beverage offerings to elevate premium air travel, expected to be available in 2026.
Connection Saver saved more than one million potential missed connections in 2025, a 42% increase over 2024.
United and its leaders were recognized with more than 70 awards in 2025 for its industry-leading performance in customer experience, innovation, company culture and employment, including being named to Forbes’ 2026 list of America’s Best Companies and Newsweek’s America’s Most Trustworthy Companies.
Customer Experience
Achieved the highest fourth-quarter customer satisfaction score in United history as measured by Net Promoter Score, including its best November NPS ever, despite the government shutdown. For the full year, United achieved its highest NPS since 2022 among on-time passengers, including a seven-point increase in the check-in experience thanks to United’s investments in the lobby experience, improved kiosks and the United mobile app.
In May, announced United’s Blue Sky collaboration with JetBlue, and launched the ability to book across both airlines with miles in October 2025, with the ability to book with money expected in early 2026.
United announced its new MileagePlus Debit Rewards Card in November, offering additional ways to earn miles through spending and saving.
Launched a collaboration with ride-share app Lyft in the fourth quarter, allowing MileagePlus members to earn up to four miles per dollar spent on eligible rides.
During 2025, United enhanced its app with new features including a bag-tracking redesign, live activities on the day of travel, and additional connection information. By the fourth quarter, 85% of customers used the United app on their day of travel. More than half of customers who experienced a cancellation in the fourth quarter effectively resolved their issue using self-service and automated tools.
During 2025 United opened its fourth United Club℠ location in Denver and the second Club Fly location in Houston. Additionally, United re-opened a 50% larger United Polaris lounge at Chicago O’Hare and opened a new dining room at Newark’s Polaris Lounge for an improved premium international travel experience.
United brought TSA PreCheck Touchless ID to Washington Dulles and Houston and expanded usage in San Francisco and Chicago O’Hare in the fourth quarter for a more efficient customer experience. More than 3.5 million customers used this expedited feature in 2025.
United upgraded the inflight entertainment experience for customers by adding more than 450 hours of Spotify audio and video content and award-winning, hit series from Apple TV for free on 150,000+ seatback screens. The airline achieved its highest inflight entertainment customer satisfaction scores among on-time passengers.
Operations
United Express® had a record-setting year, with 134 days of zero cancellations.
United’s operation at Chicago O’Hare in 2025 outperformed its largest competitor for on-time arrival rates and a lower cancellation rate.
In the fourth quarter, began operating out of the fifth additional gate at Chicago O’Hare assigned by the City of Chicago.
Finalized deployment of updated check-in kiosks at all stations in 2025 for a more efficient check-in process, cutting an average of one minute per customer for tasks such as check-in, bag check and boarding pass printing.
United purchased blended sustainable aviation fuel for use at Houston, Newark, and Washington Dulles airports in 2025, growing its SAF use to six hubs.
Network
United carried more than 181 million revenue passengers in 2025, beginning service on 29 domestic and Canadian routes and adding 13 new international destinations to its industry-leading network.
United continued to expand its industry-leading international network in 2025 including new flights that made it the only U.S. airline to serve Bangkok, Thailand; Adelaide, Australia; Tepic, Mexico; and Ho Chi Minh City, Vietnam.
Announced plans to inaugurate service to Bari, Italy; Santiago de Compostela, Spain; Glasgow, Scotland; and Split, Croatia in 2026. United also plans new routes from Newark to Seoul, South Korea; and Washington-Dulles to Reykjavik, Iceland.
Employees, Communities and Investments
Together with MileagePlus members, United donated nearly 32 million miles to non-profit organizations around the world in the fourth quarter, including organizations providing relief to areas affected by Typhoons Tino and Uwan and Hurricane Melissa.
In the fourth quarter, United carried 85 tons of aid and mobilized nearly 400 responders, providing $1.3 million in transportation savings to 49 NGOs globally, in addition to supporting 22 response and recovery programs in 14 countries including regions impacted by Hurricane Melissa and the Pacific Northwest floods. United also provided $225,000 to local food bank partners during the quarter.
More than 10,000 United employees volunteered more than 33,000 hours in 2025 through their business resource groups for employee development and community.
In 2025, United grew its Special Olympics Service Ambassador program to six of its hubs, with 24 active ambassadors supporting customers.
United Airlines Ventures, which invests in start-ups developing innovative technologies advancing the aviation industry, announced investments in aerospace companies JetZero and AstroMechanica and travel experience and customer engagement companies Dfinitiv and Mindtrip.
Earnings Call
UAL will hold a conference call to discuss fourth-quarter and full-year 2025 financial results, as well as its financial and operational outlook for the first-quarter 2026 and beyond, on Wednesday, January 21, 2026 at 9:30 a.m. CST/10:30 a.m. EST. A live, listen-only webcast of the conference call will be available at ir.united.com. The webcast will be available for replay within 24 hours of the conference call and then archived on the website.
SMYRNA, Tenn., Jan. 21, 2026 /PRNewswire/ — Contour Airlines is excited to announce new seasonal nonstop service from the City of Cape Girardeau Regional Airport (CGI) to Pensacola International Airport (PNS), starting May 6, 2026. This new route expands Contour’s growing seasonal network and provides travelers with convenient nonstop access to the Florida Gulf Coast during the peak spring and summer travel season.
Contour Airlines ERJ-135
This seasonal service strengthens regional connectivity while offering a comfortable and reliable travel experience. Flights will operate on Contour’s 30-seat regional jet, featuring extra legroom, complimentary snacks and beverages, and one free checked bag with every fare.
“We’re thrilled to continue expanding service to Pensacola and to make nonstop travel to the Gulf Coast accessible for Cape Girardeau residents,” said Ben Munson, President of Contour Airlines. “Whether traveling for a beach getaway or business, passengers can enjoy a stress-free experience without having to drive to a larger airport.”
Flight Schedule:
Destination
Destination
Departure Time
Arrival Time
Frequency
CGI
PNS
8:45 am
10:30 am
Wednesdays & Saturdays
PNS
CGI
11:10 am
12:55 pm
Wednesdays & Saturdays
“Adding nonstop service to Pensacola is a testament to our region’s growing demand for convenient, affordable air travel, and Contour’s commitment to meeting it,” said JoJo Stuart, City of Cape Girardeau Regional Airport Manager. “This route makes CGI one of the only regional airports offering three destinations, strengthening connectivity, supporting local economic growth, and reinforcing Cape Girardeau’s position as a true travel hub for Southeast Missouri.”
Pensacola International Airport officials also expressed enthusiasm for the new service. “We’re excited to welcome Contour Airlines’ new seasonal nonstop service connecting Pensacola and Cape Girardeau,” said Matt Coughlin, Executive Director of Pensacola International Airport. “This route creates new travel opportunities for passengers in both communities—making it easier for Northwest Florida residents to access southeastern Missouri, while also welcoming visitors to Pensacola’s beautiful beaches, vibrant culture, and growing business community. We’re proud to continue strengthening regional connectivity through strategic airline partnerships like Contour”.
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