United Airlines
has announced that it had another great year, ending 2024 with a Q4 that was ahead of its expectations as it continued to execute its ‘United Next’ plan.
Strong demand for all products
United Airlines said that its investments have set it apart from its competitors, with customers continuing to show that they prefer the airline and its brand, underpinned by strong demand for all of its products.
In Q4 2024, premium revenue was up 10% year-on-year (YoY), while corporate and basic economy income was up 7% and 20%, respectively. Other revenue streams also showed a strong performance during the quarter, including loyalty (up 12%) and cargo (30%).
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During the quarter, its operating revenues climbed 7.8% to $14.7 billion, while net income grew to $1 billion, resulting in diluted earnings per share (EPS) of $2.95.
For the full year, the carrier’s net income was $3.1 billion, with an adjusted net income of $3.5 billion. Full-year operating revenues were $57 billion, an increase of 6.2% YoY.
So far, 
Delta Air Lines
has been the only other major airline to announce its Q4 2024 and full-year results. On January 10, the airline said that its full-year revenue was also $57 billion, while net income was $3.9 billion (adjusted).
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Record year
Nevertheless, United Airlines pointed out that in 2024, it operated its largest-ever flight schedule and carried the most customers in its history, with the latter number being 173.6 million, a 5.3% increase YoY. It ended the year with 1,406 aircraft.
“Set the company record for most customers carried in a year at nearly 174 million system wide and an average of 4,340 daily flights, operating 145 more mainline flights per day compared to 2023.”
Its capacity, measured in available seat miles (ASM), was up 6.8% in 2024, while demand, measured in revenue passenger miles (RPM), grew 5.8% YoY. However, the average annual load factor fell slightly to 83.1%, which was 83.9% in 2023.
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United Airlines’ costs were up 5% YoY, with the relatively low increase being helped by lower fuel prices. While the cost per ASM (CASM) was 16.7¢, 1.7% lower than in 2024, its CASM excluding fuel (CASM-ex) was 4.6% higher, going from 12.03¢ to 12.58¢. The yearly average fuel price per gallon was $2.65, 12% lower than the average sum of $3.01 in 2023.
The airline also noted that it was the second among the eight largest US-based airlines in on-time departures and on-time arrivals, setting its record for on-time performance in February, September, and October. The first was Delta Air Lines.
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Robust demand in 2025
Looking ahead, the airline said that in 2025, it has seen robust demand trends in Q1, with domestic revenue per ASM (RASM) expected to grow YoY. International RASM should also see continued improvements, the company added.
Scott Kirby, the chief executive officer (CEO) of United Airlines, said that the carrier had a unique strategy coming out of the pandemic. Its employees have delivered for its customers, leading to a structurally and permanently changed industry, perhaps alluding to the shift for more premium services, with Kirby previously taking a cheeky stab at US-based low-cost carriers and the business model.
Photo: Vincenzo Pace | Simple Flying
“2024 was a strong year across the board for United as we’ve become the leading global airline and we enter 2025 with demand trends continuing to accelerate which puts us on the path to double-digit pre-tax margins.”
The only guidance United Airlines provided for 2025 was related to the adjusted diluted EPS, which should be between $0.75 and $1.25 in Q1 and $11.50 and $13.50 in 2025. Its adjusted total capital expenditures (CapEx), funds primarily used for aircraft acquisitions, should be less than $7 billion during the year.
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