Key Highlights:

• Record Profitability: United achieved a record fourth-quarter profit, significantly exceeding expectations. "United Airlines Achieves Record Fourth Quarter Profit Well Ahead Of Expectations."
• Full-Year Success: The company's full-year pre-tax earnings were $4.2 billion, with a 7.3% pre-tax margin. Adjusted pre-tax earnings reached $4.6 billion with an 8.1% margin. “The company had full-year pre-tax earnings of $4.2 billion, with a pre-tax margin of 7.3%; adjusted pre-tax earnings of $4.6 billion, with an adjusted pre-tax margin of 8.1%.”
• EPS Guidance Beat: Adjusted diluted earnings per share (EPS) for the year came in at $10.61, at the higher end of the $9.00 to $11.00 guidance. "…adjusted diluted earnings per share of $10.61, at the better end of the 2024 guidance provided at the start of the year of $9.00 to $11.00."
• Revenue Growth: Total operating revenue for Q4 was $14.7 billion, up 7.8% year-over-year. "Total operating revenue of $14.7 billion, up 7.8% compared to fourth-quarter 2023."
• Improved Margins: Q4 pre-tax margin was up 3.2 points year-over-year, or 3.5 points on an adjusted basis. "Q4 pre-tax margin up 3.2 points year-over-year, 3.5 points on an adjusted basis."
• Net Income: Full-year net income was $3.1 billion ($3.5 billion adjusted).
• Strong Liquidity: The company ended the year with $17.4 billion in available liquidity. "Ending available liquidity of $17.4 billion."
• Debt: Total debt, finance lease obligations and other financial liabilities totaled $28.7 billion at year end, with a net leverage of 2.4x. "Total debt, finance lease obligations and other financial liabilities of $28.7 billion at year end. Net leverage of 2.4x."
• Cash Flow: United generated $9.4 billion of operating cash flow and $3.4 billion of free cash flow. "Generated $9.4 billion of operating cash flow. Generated $3.4 billion of free cash flow."