United Airlines reported full-year and fourth-quarter 2024 financial results. The company had full-year pre-tax earnings of $4.2 billion, with a pre-tax margin of 7.3%; adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 8.1%. The company also achieved full-year diluted earnings per share of $9.45; adjusted diluted earnings per share1 of $10.61, at the better end of the 2024 guidance provided at the start of the year of $9.00 to $11.00.
In 2024, United continued strong execution on its United Next plan. The company’s investments have set United apart and customers continue to show more preference for the United brand with strong demand for all products: in the quarter premium revenue was up 10%, corporate revenue was up 7% and revenue from Basic Economy was up 20% year-over-year. Other revenue streams like loyalty and cargo had robust growth in the quarter with revenues up 12% and 30% year-over-year, respectively. Looking ahead to 2025 United sees strong demand trends in the first quarter with domestic RASM expected to turn solidly positive year-over-year, as well as continued improvement in international RASM.
For the full year, the company operated the most flights and carried the most customers in its history. United finished first in on-time performance at all seven of its U.S. hubs as a result of significant investments in its people, airports and technology, resulting in year-over-year improvement in customer satisfaction.
“United had a unique strategy coming out of COVID and our people have delivered for customers leading to a structurally and permanently changed industry,”
United Airlines CEO Scott Kirby
Full-Year Financial Results
- Pre-tax earnings of $4.2 billion, with a pre-tax margin of 7.3%; adjusted pre-tax earnings1 of $4.6 billion, with an adjusted pre-tax margin1 of 8.1%.
- Net income of $3.1 billion; adjusted net income1 of $3.5 billion.
- Diluted earnings per share of $9.45; adjusted diluted earnings per share1 of $10.61.
- Ending available liquidity2 of $17.4 billion.
- Total debt, finance lease obligations and other financial liabilities of $28.7 billion at year end.
- Net leverage1 of 2.4x.
- Generated $9.4 billion of operating cash flow.
- Generated $3.4 billion of free cash flow.
