United Airlines Holdings, Inc.

Good morning and welcome to United Airlines Holdings Earnings Conference call for the fourth quarter and full year 2025. My name is Colby and I'll be your conference facilitator today. Following the initial remarks from management, we will open the lines for questions. All lines have been placed on mute to prevent any background noise. And if you'd like to ask a question at that time, please press star then the number one on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question at any time, please press star 1 again. Thank you. This call is being recorded and is copyrighted. Please note that no portion of the call may be recorded, transcribed, or rebroadcast without the company's permission. Your participation implies your consent to our recording of this call. If you do not agree with these terms, simply drop off the line. I will now turn the presentation over to your host for today's call, Christina Edwards, Managing Director of Investor Relations. Please go ahead.

Thank you, Colby. Good morning, everyone, and welcome to United's fourth quarter and full year 2025 earnings conference call. Yesterday, we issued our earnings release, which is available on our website at ir.united.com. Information in yesterday's release and the remarks made during this conference call may contain forward-looking statements, which represent the company's current expectations and are based upon information currently available to the company. A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release, Form 10-K and 10-Q, and other reports filed with the SEC by United Airlines Holdings and United Airlines for a more thorough description of these factors. Unless otherwise noted, we will be discussing our financial metrics on a non-GAAP basis on this call, and historical operational metrics will exclude pandemic years of 2020 to 2022. Please refer to the related definitions and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures at the end of our earnings release. Joining us in Houston today to discuss our results and outlook are Chief Executive Officer Scott Kirby, President Brett Hart, Executive Vice President and Chief Operations Officer Toby Inquist, Executive Vice President and Chief Commercial Officer Andrew Nocella, and Executive Vice President and Chief Financial Officer Mike Weskinen. We also have other members of the executive team on the line and available for Q&A. And now I'd like to flip the call over to Scott.

Thank you, Christina, and thank you to everyone for joining us today. 2025 had more than its fair share of unusual challenges, but the people of United did a truly remarkable job of living our no excuses culture, focusing on the customers and overcoming obstacles. Last year was really a proof point that the strategy we've had to build a revenue diverse, brand loyal airline at United for the last decade is not only working, but it's remarkably resilient in tough times as well. The proof is in the numbers, and we expect to be the only U.S. airline that managed to grow EPS year over year, despite all the headlines. The United team truly is the best in global aviation, and I'm very proud of them. They have made today's United a remarkably different airline than it was in the past. Before turning to 2026, I want to wish all the best to a friend and an industry icon, Glenn Hauenstein. my first real introduction to what has become modern successful airlines like delta united was at continental in 1994 with glenn and andrew nacella as they were dismantling cal light and building the newark and houston hubs that we in united are now proud to call our own i remember glenn once coming into the conference room where i sat yelled at me for being too loud something by the way that my wife kathleen wholeheartedly agrees with clinton had an airline I think the most important and impactful job is building a great commercial strategy, and a large modern airline simply cannot succeed without a commercial superstar. Glenn and Andrew are simply in a separate league from all the other commercial minds around the globe. And Glenn, on a personal level, given the momentum at United, I'll just say that your retirement timing is impeccable. After a solid year in 2025, 2026 sets up as more of the same at United, but with a much better industry backdrop. Our plan has been working for the last decade, and while we make minor adjustments to it every year, the core of building a great, revenue-diverse, brand-loyal airline remains the same. We've had the right strategy for a long time now, and the United team across the board is just better at executing than any other airline in the world. I'm proud of them and excited as we continue to build the best airline in aviation history.