United Airlines Holdings Inc ( UAL ) reported financial results for the fourth quarter after the market closed on Tuesday. Here’s a look at the key metrics from the quarter.

Q4 Earnings: United Airlines reported fourth-quarter revenue of $14.7 billion, beating the consensus estimate of $14.4 billion. The airline company reported adjusted earnings of $3.26 per share, beating analyst estimates of $2.99 per share, according to Benzinga Pro.

Premium revenue was up 10% year-over-year, corporate revenue jumped 7% and basic economy revenue climbed 20% in the quarter. Loyalty and cargo revenues also experienced robust growth, up 12% and 30%, respectively.

Capacity was up 6.2% on a year-over-year basis. TRASM (total revenue per available seat mile) was up 1.6% while CASM (cost per available seat mile) fell 1.6%. United said it set a company record for number of passengers carried in a single quarter.

United generated $9.4 billion in operating cash flow and $3.4 billion in free cash flow in 2024. The airline company ended the quarter with $17.4 billion in total liquidity and $28.7 billion in total debt and finance lease obligations.

“United had a unique strategy coming out of COVID and our people have delivered for customers leading to a structurally and permanently changed industry,” said Scott Kirby, CEO of United Airlines.

“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.”  

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Outlook: United Airlines expects first-quarter adjusted earnings to be in the range of 75 cents to $1.25 per share versus estimates of 57 cents per share. United sees full-year 2025 adjusted earnings between $11.50 and $13.50 per share versus estimates of $12.85 per share.

“Looking ahead to 2025 United sees robust 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,” the company said.

Management will further discuss the quarter on a conference call with analysts and investors on Wednesday morning at 10:30 a.m. ET.

UAL Price Action: United Airlines shares were up 3.28% in after-hours, trading at $114.59 at the time of publication Tuesday, according to Benzinga Pro.