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 one 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 released, 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 Nacella, and Executive Vice President and Chief Financial Officer, Mike Luskinen. 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 headwinds. 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 airlines 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 and 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 and yelled at me for being too loud. Something, by the way, that my wife Kathleen wholeheartedly agrees with Glenn on. At 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. On to you, Brett.

Thank you, Scott, and good morning. While 2025 presented a challenging macro backdrop for the industry, we remain laser-focused on the customer experience and on building brand loyalty. Continued investments in the travel experience, communication, and reliability helped us navigate disruption and deliver for our customers. Our strong net promoter scores for the year highlight the care and consistency built into the United Travel Experience. Despite the operational headwinds of the year, we finished 2025 with an almost three-point increase in our overall net promoter score. And during the month of November, amid an unprecedented government shutdown and a real-time flight reduction, we had the best NPS month in the company's history. This is a testament to our customer focus, decisive actions, and customer-friendly policies, and commitment to transparent communication, especially during disruptions. Toby will share in more detail the specific actions we took to produce these customer-friendly results. We also continue to innovate, and in the fourth quarter, we introduce new features and more personalized updates in our award-winning United app, including enhanced mobile bag tracking virtual gate real-time boarding updates and more detailed arrival information these enhancements are designed to improve transparency save customers time and provide clearer real-time communication at key moments of the journey with more than 85% of customers using the United app on the day of travel another one of our competitive advantages and we are confident that these investments are equally enhancing the united experience earning customer trust at every touch point and winning brand loyal customers on labor we are currently in active negotiations with four of our labor unions we look forward to reaching industry leading contracts with these groups and we'll share more when able we have a bright 2026 ahead of us and want to thank our employees for the important work they do every day i am proud to say they will be receiving over 700 million in well-deserved profit sharing for 2025. their resilience and shared commitment to our values and customers are what make united strong i now hand it over

to toby to discuss our operation thank you brett and i'm happy to join you all this on this morning's call at united we're proud of our no excuses culture and last year it was really put to the test as the United Operations Team confronted a wide array of challenges outside of our control. I'm so proud of how the team responded and delivered for our customers. Capitalizing on investment in our people, new tools, and other innovations allowed us to be nimble and react quickly to capacity directives from the FAA and to recover faster and stronger during other irregular operations than ever before. As a result, we had the highest seat completion factor in our history and number one of the big three-legged carriers in 2025. In fact, at O'Hare in 2025, we canceled at half the seat rate of our largest competitor. We flew a record 189 million passengers and ranked number one in Star D-Zero for the second year in a row. For the year United ranked number two in on-time departures and number two in cancellations, a United Express operation delivered 134 days of perfect completion. This is a remarkable performance in the face of the outside challenges that we face at Newark and staffing challenges at the ATC. Beginning in the early November, the FAA directed airlines to temporarily reduce departures at 40 major airports due to staffing and system constraints of the prolonged U.S. government We work closely with FAA leadership to swiftly implement the reductions, and we want to thank them for their partnership. At United, we were intentional with how we made these cuts. From the start, our priority was protecting the integrity of our network. We made a clear decision not to cut long-haul international and hub-to-hub fly-in. Those flights are the backbone of our network and aided in retaining connectivity and flexibility for our customers. We focused on direct reductions where we could minimize customer impact with a majority of cuts concentrated on regional fly-in and non-hub domestic routes with smaller, narrow-body aircraft. In many cases, that meant trimming frequency on routes where there were multiple daily options rather than eliminating connectivity altogether. Where we could, we consolidated flying in fewer departures with larger aircraft to move the same number of customers more efficiently and reducing further disruption. Even with these changes, total cancellations were only approximately 4% of departures during peak periods and had a minimal impact to our capacity in the quarter. Operationally, I'm very proud of how our team managed the rolling schedule changes were no strangers to managing through irregular operation and that has contributed to the speed and flexibility in which we respond to these situations. We published cancellations several days in advance to give peace of mind to our customers and directly communicated any changes through our app and website and focused on re-accommodating customers wherever possible as quickly as able. Notably, nearly 60% of our customers whose flights were canceled were rebooked within four hours of the original departure time. Any customers traveling during this period could request a refund, even if their flight ultimately operated, and that included non-refundable and basic economy tickets. It was the right thing to do. Thank you to each United employee who helped us successfully navigate these real-time schedule changes. We closed out the year on a high note. United delivered the best operation in the industry over the holidays, ranking number one in on-time departures and on-time arrivals. We canceled less than 1% of our flights during the holidays, and following the Caribbean airspace closure in the early 2026, we added 10% more seats over a three-day period to help customers return home, an outstanding way to close out the busy holiday season. 2025 is a year we should all be proud of, especially given the multiple headwinds united in the industry face. Running a strong operation sets the foundation for delivering on our financial commitments and it helps attract the brand-loyal customers that we speak so much about. Thank you again to our incredible team here at United, and I look forward to building on our momentum in 2026 together. Now to you, Andrew, to speak about the revenue environment.

Thanks, Sobe. United's top-line revenues increased 4.8% to $15.4 billion in the quarter on a 6.5% increase in capacity year-over-year. Consolidated trasm for the quarter was down 1.6%. Q4 was United's highest revenue quarter ever. premium cabins outperformed main cabin once again in the quarter premium cabin revenue were up 12 year-over-year on a seven percent more capacity prasm for premium cabins outperformed the main cabin by almost 10 points in q4 main cabin revenues were up one percent on a six percent more capacity for the quarter for the year premium revenues increased approximately 11 while standard and and basic economy revenues were down approximately 5%. We did see a nice bounce back in our international flying in Q4 after a challenge in Q3. The Pacific and the Atlantic performed well with PRASM turning positive in both regions. Latin America, on the other hand, had yet another challenging quarter. Cargo revenues for 2025 were up 1.8 billion or 1.8 billion to 2.1% year-over-year. Loyalty revenues for 2025 were up 9 percent, remuneration from global co-brands was up 12 percent for the year and 14 percent for the quarter, and for the third year in a row we added over 1 million new co-brand cards. As we look to Q1 2026, we expect to see sequential improvement with the possibility that all regions have positive RASM year-over-year. Last year did start very strong from a Volkens perspective, but then dropped off sharply towards the back third of January and for the rest of the quarter. Based on what we've seen so far this year, Volkens and yields are outpacing the strong start from last year, and we're hopeful that the momentum will continue, which could admittedly cause our guidance to feel a bit conservative. We also expect the domestic capacity environment to be quite favorable for the first half of 2026, with small but meaningful amount of perennial unprofitable capacity by others leaving the market. However, in Q1, premium revenues continue to lead the way, while standard main cabin fees continue to show some weakness. This main cabin weakness is due to unprofitable capacity offered by other large, spill-demand U.S. carriers as ULCC capacity becomes less relevant. We also have a tailwind in Newark later this spring when operations run in well. We expect Newark to give United a unique RASM tailwind versus the industry considering the events last spring. But the number of flights now limited to what the runways can accommodate, our customers can and our bookend in confidence. We did make aggressive Latin capacity adjustments for Q1 to correct underperformance we saw in Q3 and Q4. However, recent geopolitical events are having a measurable negative impact on bookends in the Caribbean. in. Yet, we still have a chance at positive Latin RASM, depending on when concern dissipates. All United hubs were once again profitable in Q4 and for all of 2025. A fully profitable hub framework allows United to invest incremental capacity on a solid foundation. We think we're only one of two large U.S. carriers that can say all their hubs were profitable in 2025, and these same two carriers are expected to represent the bulk of industry profits in the year. We also believe that of the three airline hubs located in Chicago, only United's hub was profitable in 2025, and we expect it will be profitable again once again in 2026. Today, I also wanted to talk about our commercial focus points for 2026 to drive higher RASMs and margins. Our first focus will be new seasonal capacity shaping of our long-haul schedule. Peak demand for international travel has spread from the second and third quarters to other parts of the year as a result of this shift we expect the fastest grown quarter for united's international capacity to be q1 in 2026 with minimal growth in q3 flattening capacity across the quarters would have not been correct in 2019 but it is today a second focus will be enhanced merchandising of our grown product lineup we plan to increase segmentation and customer choices with our changes, which we'll announce in early 2026. This effort includes the largest redesign of United.com in a decade. Our third focus will be enhanced connectivity. We will soon approach the connectivity goals we set in 2021 with the United Next Plan by 2027. As a result, 2025 represents United's high watermark on domestic capacity growth as we draw this very successful part of the United Next Plan to an end. Our fourth focus will be mileage plus, enhancing the growth potential in the coming years via drawing a larger distinction between true loyalty programs and reward programs offered by others. We have a legacy contract that continues with our bank and partners regarding core economics, but we still have plenty of ideas to boost growth and revenue in the meantime. And premiumization is our fifth focus in 2026. We've had this premium focus for almost eight years now and while our lead is now being followed by a range of other u.s carriers it's united seven business-centric hubs that dictate this plan and why we expect to be more successful at it last spring we announced our new elevated interior for wide-body jets including the new united polaris studio seat polaris seats with doors along with countless other upgrades to the soft product four elevated 787s are now being prepared for delivery in the coming weeks and we expect 16 more for the remainder of 2026 these aircraft along with other new deliveries will result in our premium capacity growth accounting for more than half our growth in 26. we look forward to another innovative set of products and aircraft announcements in 2026. united is defining what premium means for all customers no matter where they sit or what they pay our united secure interior mods and starlink insults are now moving at pace and will be completed in 2027 creating consistent premium product we hope for when we announced United Next in 2021. A quick but important preview for 2027 is our long-term focus on gauge. While gauge is not a focus in 26 it will be in 27 and beyond is a much higher percentage of our growth equation. Most of our commercial focus areas in 26 of course ladder up to decommoditizing our product providing consumers with more choices and winning a higher share of brand loyal customers. We like our plan. We remain focused on doing more of the same in the coming years. With that, I'll offer my thanks to the entire United team for a great but challenging 2025 and headed off to Mike to talk about our financial results. Mike? Thanks, Andrew. We closed

out 2025 on a high note and delivered fourth quarter earnings per share of $3.10 within our guidance range of $3 to $3.50, and that's despite a $250 million impact to our pre-tax earnings from the government shutdown. 2025 was a challenging year for the airline industry. Between macro volatility and idiosyncratic challenges at Newark, each quarter of 2025 experienced a material event that pressured earnings and further widened the performance gap between industry leaders and laggards. Our full year 2025 EPS came in at $10.62, cents, which was slightly up versus 2024 and despite an 85-cent headwind from our challenges at Nuer. I expect we will be the only U.S. airline to grow EPS last year. This is an incredible proof point of United's ability to execute through times of elevated uncertainty when most of the industry cannot. An airline with a business anchored by brand-loyal customers isn't only more profitable, it's also more resilient. Our plan is working and I'd like to thank the entire united team for their hard work in the face of all these challenges i'd particularly like to thank our frontline flight attendants pilots and customer service representatives through an extraordinarily difficult time during the government shutdown you served our customers leading to the highest net promoter scores in united's history over the last year we've invested a billion dollars in the customer and as a result customers are taking note. From larger clubs to free Starlink Wi-Fi, the United product offering as well as further segmentation continues to attract more and more brand loyal customers, driving strong top-line performance and more durable earnings. The investment in the customer has been enabled by our industry-leading efforts to drive cost efficiencies across the core business. In the fourth quarter, our CASMX year-over-year was up only 0.4%, bringing our full year 2025 CASMX up to 0.4% as well. We expect this performance to be industry-leading and will continue to drive efficiencies across the business in 2026. Now turning to the outlook. Looking to the first quarter, we expect earnings per share to be between $1 and $1.50, an approximately 37% earnings improvement versus the first quarter of last year at the midpoint, and margin expansion year over year. Building off a strong quarter for the full year 2026, we expect earnings per share to be between $12 and $14. At the midpoint, this represents over 20% growth and implies continued margin expansion as we march towards double-digit margins. Turning to the fleet, this year we expect to take delivery of over 100 aircraft, 100 narrow-body aircraft, and approximately 20 wide-body aircraft. Accordingly, we expect our capital expenditures for the year to be less than $8 billion, consistent with the $7 to $9 billion multi-year CapEx guidance we provided back in 2024. On the balance sheet, becoming investment-grade rated is a major priority of mine, and in 2025 we made meaningful progress towards investment grade metrics. We paid off $1.9 billion of our high-cost COVID-era debt and brought our total cost of debt down to 4.7%. Our net leverage at the end of the year was 2.2 times. As a result of our deleveraging efforts combined with our earnings power and industry bifurcation, we've received five upgrades to our credit ratings across Moody's, S&P, and Fitch over the last 13 months. United is now just one notch below investment grade at all three agencies, our highest ratings in over 25 years. In 2026, we plan to deliver further and target net leverage below two times with the intention of achieving investment grade metrics by year end. We're hopeful to achieve investment grade ratings shortly thereafter and are committed to managing our balance sheet to achieve that goal. free cash flow generation remains a key priority in 2025 we generated 2.7 billion in free cash flow and in 2026 we expect to deliver a similar level of free cash flow given higher aircraft deliveries in the medium term we expect free cash conversion to remain around 50 percent and as we exit the decade we continue to expect free cash conversion to expand to around 75 percent On the buyback, we have $782 million left in authorization from our board of directors. We will continue to balance our priority of being investment-grade with making opportunistic purchases of our shares when market opportunities present themselves, hopefully less frequently. 2025 proved United could effectively manage through macro volatility and company-specific challenges while also delivering resilient earnings. Our relative margins remain strong, and moving forward, our focus will be on continued margin expansion and achieving double-digit margins. The industry continues to transform, and competitive dynamics are evolving. We've united firmly in the lead. Taken together, United Airlines is positioned for another year of growth and success that will drive value to our employees, our customers, and our shareholders. Now back to Christina to kick off the Q&A. Thank you, Mike. We will now

take questions from the analyst community please limit yourself to one question and if needed one brief follow-up question as we hope to get to as many of you as possible colby please describe

the procedure to ask a question thank you the question and answer session will be conducted electronically if you'd like to ask a question please press star then the number one on your telephone keypad to raise your hand and enter the queue if you'd like to withdraw your question at any time, please press star one again. Please hold for a moment while we assemble our queue. Your first question comes from Connor Cunningham from Melius Research. Your line is open.

Hi, everyone. Thank you. Just on the corporate travel comments, you've noted a lot of strength there in January so far, and I actually think that's your most difficult comp of the quarter. So if you could just talk about how things change throughout one queue, I just think that you're going to be exiting at a much higher, you know, booking rate in March than you are right now. So

if you could just talk about that in general. Thank you. Thanks, Connor. I think I agree with your conclusion. You know, you know, 2026 has gotten off to a really, I think, very strong start. But in particular, business volumes have gotten off and are just really compelling. And the way I look at it is if you think back to early 2025, you know, we saw actually strong business volumes at first but those numbers quickly trailed off to be up just very low single digits in february and march this year for the same early january week business revenue is up high single digits and nearly 20 percent year over two so if current business volumes you know simply continue you'll see year-over-year growth for the last two weeks of january for business you know up 12 13 14 percent the further you push this math into february and march the stronger it potentially gets. So I think I agree with your conclusion. It's still early in the year, but we're off to a great start from a business point of view. Okay, great. And then,

I mean, I know you've spent a lot of time diversifying away from the main cabin and with all the premium and corporate and all that stuff that you're doing, but it just feels like we've been, I mean, you noted ongoing issues in the main cabin into 2026 so far. So if you could just talk about how that segment potentially flips to the positive? And are you assuming any sort of rate of change or that flipping positive at some point later in the year? Thank

you. Well, look, I think it's inevitable. Premium cabins are really on their fourth year in a row, but I do think it's inevitable that the coach cabin, the main cabin improves. And it's a really simple equation. It's the unprofitable capacity offered by others in the marketplace that continues to fly, you know, more than you otherwise expect to fly. So we'll see how that all shakes out. I can't predict the time in, but I do think eventually businesses stop doing unprofitable things. We'll have to see when that happens. But I remain bullish that we are going to see the performance of the main cabin flip at some point in the future. And when it does, that will be enormous fuel to our margin growth and be great for the industry itself. So time will tell, but I remain optimistic that we're on the course for that at some point in the future.

Appreciate it. Thank you. Your next question comes from David Vernon with Bernstein. Your line is

open hey good morning guys and uh thanks for taking the question so um scott maybe i'd like to get your thoughts on on how you're thinking about some of the changes that are being discussed around the credit card ecosystem um and what kind of what that might mean for united as we look uh for the next couple of years um if some of these changes are implemented you know how do you think about uh what you can do to manage around it and and what are you and your partners thinking about as the most likely set of outcomes as far as uh whether it's the cap on interest rates or the credit card competition, and act, what have you. Thanks.

Sure. I'll take the question. You know, I think it's a really good and relevant question, obviously. And first, we're in constant contact with Chase on the issue. Obviously, Chase is our largest co-brand partner, and we talk to them all the time on this issue. And what I'd say is, while much remains uncertain, of course, United's portfolio would be impacted. But in our view, it would be impacted a lot less than just about everybody else. You know, Mileage plus co-brand holders tend to skew towards higher FICA band ranges, often revolve at a lower rate, and have low loss rates. These factors make us different than most non-airline co-brand programs, and maybe even a lot different from a lot of other airline co-brand programs. We're going to let the banks sort this out. Interest rates and revolve rates are more their thing. Our focus is on providing amazing benefits via this program that our consumers love. so a lot more to come on this subject but we feel like we're on top of it and we will be ready for

whatever happens in the future all right thanks for that and then maybe just as a quick follow-up you mentioned some additional stuff you might be able to do outside of the the the the they're on top of the existing sort of agreements that you have with your card card partners any more color you can give us in terms of kind of you know what that means in terms of um specific uh changes or enhancements so you can drive to the program in the near term outside of renegotiating the

contract? Sure. I'll do my best. But first, I want to welcome Jared Fisher to the team. Jared's our new head of Mileage Plus. He has experience in credit cards, strong brands, and airlines, which make him a perfect fit to lead Mileage Plus into the next chapter. Richard and Luke have just done a great job. And as you can see from our new card growth stats that I said earlier in 2025, along with our remuneration growth. I know I often talk about these changes at Mileage Plus without a lot of details, but what I'll tell you is Jared and I will have a lot more to say about this, and we're going to say something within the next 10 weeks to accelerate growth and pull levers that we can pull that are in our control. So just a few more weeks, and I'll be able to, I think, answer that question sufficiently for you. All right. Thanks

Thanks again. Your next question comes from the line of Sheila Caglioglu with Jeffries. Your line

is open. Good morning, guys, and great quarter. Mike, maybe this first one's for you. The unit cost has been stellar across 2025 quarters, even in light of the investments you guys are making around the product, the experience, and you're debunking that sort of view that there's a variable cost relationship here. So maybe can you dissect what you guys are doing, right, what the opportunities are for efficiencies going forward, and how that plays into 2026 growth?

Thanks, Sheila. And I'm very proud of our cost performance in 2025. I think it'll prove to be industry-leading, as I said in my prepared remarks. Look, the cost efficiency in 2025, in the fourth quarter, the operation, the strong operation formed the foundation. And so a lot of credit goes to Toby and his team for driving that strong operation. Strong operation is a cost-efficient operation. But in addition to that, we are driving a real cultural efficiency here at United Airlines. I'll give a few examples, and we can talk more about it as time goes on. But a few examples are, as we continue to invest in the industry-leading app, it drives a lot of automation for quicker check-in. It's customer-pleasing. It also takes some variable costs out of our system. We've also overhauled our global procurement organization. And I'm really happy to say that through this first year of that overhaul, we've identified and delivered on $150 million in run rate savings in the procurement organization. And there's a lot, lot more to come. And then finally, we are using sophisticated technology to help model the demand for our tech ops organization. And that's leading to more productive technicians, fewer grounded aircraft, and a more productive fleet overall. So there's a few examples. I'll tell you that there's more to come. This is a culture at United to drive an efficient operation. We reinvest a lot of that in the customer, and it's helping to drive higher structural profitability for United. So thanks

for the question. And I at least want to add on, mostly to complement the team. I think this is, from an investor perspective, one of the differentiating points of United versus all the other airlines in the world. We are the best airline in the world at the real core cost efficiency, something we've talked about a little in the past. And credit to Mike, credit to Jonathan Ireland, who's sitting in this room, Toby Inquist, our chief operating officer, and Jason Birnbaum, who runs technology for us we've and we culturally are great but we've also made technology investments that I know do not exist at any other airline and that's the foundation that the culture and the technology that drives core efficiency you know we keep doing more Mike told you a bunch of the tactical things that happened recently but then we keep finding more and you know one of my favorite stories was you know we finished the budget last year and finished the budget, and Toby came forward and said, you know, I think we got chances to drive another $250 million out of that operation in core efficiency. Nothing that impacts the customer, that helps the airline actually run better and saves money. And there's no other chief operating officer in the world that is doing that. They're all begging for more money in their budgets. This is real at United. I think we're going to drive costs for years to come that outperform the rest of the industry, because what we're doing is real and is not coming at the expense

of employees or customers. That's great. And maybe if I could ask one on your fleet, you know, you talked about 25 being a high watermark for growth, but you have 100 narrowbody deliveries plus 2787. So that's 10% growth by the end of 26, given you only show 20 retirements. So, you know, plus you have the gauge benefit that accelerates in 26. How are you thinking about the guardrails, the capacity growth this year, and where in the network and the fleet plan you're

you're keeping a buffer there? Well, look, we're not going to give capacity guidance other than to tell you that, you know, our United Next plan has been working well. And this last past year was the high watermark. So we'll manage capacity as appropriate for demand. But that's the guidance

we're given today. And Sheila, regarding the 100 narrowbody deliveries, and it could be a little more, I mean, Boeing and Airbus have been doing a better job of repairing the supply chain that's been damaged from the pandemic. And so production rates are improving. If we get a few more than that, we're going to welcome that on the narrowbody side. That's going to help us up gauge more quickly. And the profitability of those new aircraft is really robust versus the aircraft that we can replace. And on the widebody front, it's a similar story. We expect 2787s in 2026. I think we'll take about that amount in future years as well. And that modernization of the widebody fleet is not just for growth, but it helps drive better profitability and better returns on capital for United going forward. So I feel really good about the CapEx profile and what it's going to do to

the financials. Great. Thank you. Your next question comes from the line of Katie O'Brien

with Goldman Sachs. The line is open. Hey, good morning, everyone. Thanks so much for the time. Andrew, I wanted to start with you and just dig in on higher thinking about the sequential trends by region underlying your 1Q EPS guidance, you know, is it fair to assume that most of the 250 million pre-tax hit was driven by lower domestic revenue? So, you know, just trying to understand, like, should we see the most sequential improvement in domestic? Obviously, you had really strong performance in some of the international regions the fourth quarter. So, so really just trying to get a sense of the relative improvement you're expecting between the four regions. Thanks.

Yeah, clearly in Q4, the larger hit was domestic. I wouldn't say international is zero from the government shutdown, but it was mostly domestic. As we look into 2026, we do have this Caribbean situation, which is impacting the numbers there. So I'm going to be careful what I say about the Caribbean. We still think it could be positive, but it's going to be close. But we are looking for sequential improvement everywhere. Clearly, the Atlantic is leading the way, which is great to see. We're growing a lot across the Atlantic. A lot of it is Israel, but we're still growing a lot across the Atlantic, and we think we've got the capacity equation really dialed in in that region, so we're really proud of that. The Pacific, I think, looks pretty darn good. South Pacific is not as good as the North Pacific. And domestically, you know, it's going to be another improvement, and what I'd say is premium cabins are leading the way not only domestically but across the entire network.

And Mike, maybe one for you on the 26 Cost Outlook, obviously not asking for guidance, but, you know, you just detailed a bunch of things that you were really excited about this year, the operation, the procurement, like there's some pretty big numbers that you guys have gotten out of the system. I guess, you know, on the 26 punch list, like what are the opportunities you're most excited Is it just following down some of these same paths? Like how should we think about the opportunity to cost out this year versus, you know, the

great success you had in 25. Thanks. Thanks, Katie, for the question. I think a continued strong operation, number one. I mentioned global procurement. We're just getting started there. So you should see continued improvements on that front. And then we're working with our technology team led by Jason Birnbaum. And there's some significant multi-hundred million dollar opportunities there. So we'll give you more details as we deliver on those. But this is a permanent cultural shift at United to drive efficiency. Thanks so much for the time.

Your next question comes from the line of Ravi Shanker with Morgan Stanley. Your line is open.

Great. Thanks. Morning, everyone. So it's pretty clear that your full year guide is quite conservative. I think you guys may have hinted at that in your comments as well. Just trying to get a sense of kind of, is this as conservative as it usually is, or do you see reasons to make it kind of even more conservative for 26 just trying to get a sense of how many acts of god are in that full year guide uh for this year well look the the way i would

obviously scott said something last night about this so it uh it helps with the answer just a little bit i suppose but let's think about the process you know we um think carefully about all these forecasts and we're pretty consistent on how we approach it um you know we did our forecast for 2026 uh more than a few weeks ago um and clearly as we refined it coming into the new year we focused on refining it in q1 because that's where we're at uh we focus less on refining it in q2 and beyond because that's how we do the process so we'll see how it goes you know i'll just start off with uh you know the year's gotten off to a really great start uh the international entities are looking pretty darn good even the caribbean considering the situation we're facing there. So we remain bullish. And business demand looks really pretty amazing right now. And we'll see if that continues. If all of that continues, which I assure you we think it is, and Scott definitely thinks it is, our forecast will prove to be more conservative than it usually is. But that's all I'll go with at this point. Maybe Mike wants to add to that.

Ravi, I'd just say 2025 proved the year. If we talk about acts of God in this industry, you know, we got walloped, the industry got walloped, and I'm incredibly proud of United's full-year results. I'm particularly proud of the fourth quarter, where we had a government shutdown, just about every other major airline had to issue 8Ks to update their guidance, and we delivered within our original guide. That is testament to how we guide at United Airlines to make sure that we deliver on our financial commitments, even in imperfect times. And 2026 will be no different.

Very helpful. And on that note, kind of obviously you guys are coming to the end of the United Next kind of original guidance range. I mean, 2026 seemed like an eternity away back in 21, but here we are. So what can we expect next in terms of like, when do we get the next set of long-term targets from you guys? Obviously, incremental loyalty to the future kind of, what's the timing

on that and what is the forum for that? Thank you. Hey, Ravi. I am thinking about that. And you know, all of our quarterly calls and frankly, when we go to conferences, we talk, I think we talk very big picture, very long term, which is serving us well. It is important that we have long term goals that we communicate with the investor base. At this point in time, our commitment to get to double digit margins, our commitment to get the free cash flow conversion of 75 percent, our commitment to get to investment grade, those are the longer-term benchmarks that we're fighting for. And so I feel like we're in a pretty good position around long-term targets

at this time. And I'll just add, we look forward to sharing what comes next. And what comes next is something that I've been thinking about and the entire commercial team has been thinking about for years. Because in order to prepare for what comes next, we need to put that into place with a lot of foresight and a lot of thought. So we look forward to sharing with all of you at some point in the future, but rest assured that we have a lot of, I think, really great commercial plans and opportunities for the latter part of this decade. Very good. Thanks, Emila.

Your next question comes from the line of Jamie Baker with J.P. Morgan. Your line is open.

Oh, good morning, everybody. Scott, I'm guessing the term Cal Light just got a few dozen more Google searches today that any point in the last. Well, you remember it. You remember it with that, Kel. Oh, yeah. No, I appreciated the comments. So, Andrew, sorry, I'm just getting over cold here. Andrew, in your prepared remarks and also to Connor a few minutes ago, you know, you mentioned that, you know, some degree of unprofitable domestic flying out there is increasingly a function of hub and spoke peers as opposed to the usual domestic discount or suspects. Now, Now, in the case of discounters, I think it was very reasonable to assume that a lot of that would go away, just given the staggering system-wide losses. But the difference with certain hub-and-spoke competitors that you referenced, you know, their returns are subsidized by loyalty and premium. So, you know, put differently, discounters had no choice but to back off, you know, as Scott likes to say, it's just math. But hub-and-spoke peers do have a choice. I'm curious if you agree with that and if you do does it influence your confidence that ultimately some of these competitors do call that loss

producing capacity yeah I think it's a really good question I think economic gravity is the same for all and money losing businesses need to figure that out and do something different and in this case you know I do think money losing routes or hubs should should ultimately be close I you know I have some experience in this. I've worked on closing a number of hubs in my career at different airlines, not at United, obviously. And these decisions are complicated and big. But ultimately, it was making rational capacity decisions and recognizing what makes money and what loses money kind of has led, at least United, to where we are today. And there's only one other airline, I think, that can say that all other hubs make money. And so I still have a lot of confidence. I just don't know when, but I have a lot of confidence that money losing flights will eventually exit the system, and airlines will move to what they do best, and the industry will be better off, and all the airlines will be better off. But I don't know when, and it may be a while, and they do have a lot longer runway than other airlines for all the reasons you said earlier. But, again, I'll go with economic gravity applies to all.

By the way, Jamie, I'm just going to, since Andrew talked about closing hubs, I'll say one of the things, just with my opening remarks about Andrew and Glenn being the two best in the world, they have each closed three hubs that I can count in my career. The most important thing for a successful commercial airline is know when to pull out of loss-making markets. It's emotionally hard to do. Very few people have the discipline to do it. it is the most important characteristic for somebody that's going to run a

network at any airline in the world and it's rare I appreciate that Scott and Andrew and then just a quick follow-up you know something Andrew I think you and I were discussing it in person not so long ago or maybe me and Patrick but you know the fact that many of your recent international editions were coming in at a margin premium to their geography, as opposed to a deficit that would hopefully rise over time. I'm curious if that's still the case, and if it is, how long can that continue, and should we assume that those premium margins get competed away over time, or are they sustainable, which would imply the broader geography also gets more profitable, holding

other inputs constant. Yeah, that's a very broad question. And look, I would say that there's nobody better in the world than Patrick than looking at these opportunities. And what we have found, which I think is contrary to normal, is that the fruit that we're picking off the tree after all these years continues to be excellent. In other words, we're able to find different opportunities because the world is getting smaller. The aircraft technology, obviously, with the 787 has changed. But most importantly, United is different today than it was a decade ago. And our differences in the attraction of brand loyal customers, as Scott often says, our product, everything we do has enabled us to add these new routes that couldn't have been done years ago and add them at higher margins than the bulk of what the airline has done. So it's a remarkable journey. And I think on the international front, we're frankly just getting started. New York, San Francisco, Washington, and L.A., when you combine all those together, going across the Pacific and the Atlantic, they're just amazing opportunities. And I think obviously you know that the A321XLR is being made for us and will arrive, and we're going to use that aircraft for its capabilities, not unlike Continental did 20-plus years ago with the 757. And I think we'll be the only airline to use the aircraft in a way that really does bring on a bunch of new markets. We're not trying to down gauge, over gauge wide body jets, for example. We're looking to expand our network and our scope and our depth. And there's just a lot more to come on this front. And so kudos to the whole United team. It is just an amazing achievement. And we look forward to seeing what our international network will look like a decade from now. That's great. Thanks, everybody.

Your next question comes from the line of Tom Fitzgerald with TD Cowan. Your line is open.

Hi, thanks very much for the time. I'm wondering if you could expand a little bit on the distinction between a loyalty program and a rewards program. You've commented on that a few times. I'd love to hear how investors should think about mileage plus being differentiated.

Sure. I think the most simple way to think about it is churn of members. People join our program and stay with it just about forever, and people grab and get our credit card and stay with it for a very, very long time period. So we have very little churn in our programs, and therefore we don't need to do extraordinary things to attract people to United. We've already done it with a great product, a great network, and rewards that they really want, which is travel. Like people really want a first-class seat or a Polaris seat to Tahiti as a reward. And all of the other programs out there tend to use constant bonus points and other benefits and have a lot of revolve around customers going in and out, switching credit cards, so on and so forth, often to game the systems. And I just think an airline program, and particularly the United program, is different. And as we approach the future, we should harness the power of that to figure out how we can make it even stickier and grow it faster, which is what we'll talk about in the next 10 or 12 weeks.

Okay, thanks. That's really helpful. And then just as a quick follow-up, it seems like an important monument that 2025 is a high watermark on domestic capacity growth. So maybe just remind investors how they should think about, you know, as you guys harvest some of the gains from achieving

your United Next investments. Thanks again for the time. Sure. In 2021, we announced United Next, and we announced the growth that would come from the connectivity. The growth was always the outcome of the connectivity. We weren't growing for growth's sake. I think that's really important. And I remember at the time, we did distinguish that not all growth is equal, which was really controversial back in 2021, because I think many thought it was. And I think we proved it was not. So as we've gone through the whole cycle of United Next, we are approaching our connectivity goals. We'll hit them in 2027, probably a year late, given some of the delivery delays we experienced from Boeing, but close on time in the grand scheme of things. And as we do that you know our hubs have reached this critical level um around 650 flights per day in our mid continent hubs with a lot of connectivity big banks and large airplanes that's exactly what we were contemplating so as we go forward past 2027 um you know we're going to be a lot more focused on gauge and and grow in our operation that way versus more flights we do think there's a point when hubs grow past 900 flights per day for example that the marginal economics become really challenging. You compete against yourself and you drive a lot of operational complexity, no matter how many runways you have available to fly from. So we really like our plan. It's based on moderate frequency levels and large aircraft. And I don't want to give too much of a preview for what comes next, but that was a good hint as to where we're going. But so that's the high watermark comment is related to all of that. And, you know, I'm glad to get back to folks to engage in 2027 and beyond. I think it's going to be very lucrative for the business.

Your next question comes from the line of Brandon Oglinski with Barclays. Your line is open.

Hey, good morning, and thanks for taking the question, and congrats to the team on what was a pretty good year in a tough environment. But Scott, and I don't mean to kiss up too much here, but I think a lot of folks on this call really appreciate your industry commentary, and a lot of your projections have been correct the last few years. Can we talk about just broader industry growth? Because if we look at revenue to GDP or even revenue growth last year was effectively flat versus GDP that was up, you know, three or 4% nominal or real. Do you think this signals that we're just like in a shrinking industry now or has Zoom taken over or has this really been, you know, too much low cost capacity and the industry just can't get

pricing? What's your prognosis? It's a supply problem. It's not a demand challenge. It's a supply problem and it's a supply problem. I'm not going to call it low cost capacity. It's a supply problem with spill carriers. And, you know, Andrew said it and I'll repeat it. It's like economic gravity ultimately wins. Doesn't win overnight. Ego usually beats economic gravity in the short term, but economic gravity always wins in the end. And, you know, I feel pretty optimistic um that even in this environment well i feel really good even in this environment how well united is doing the brand loyal strategy i thought was going to be successful i've been on this path with andrew for really for 20 years we switched airlines but we've been on this path for 20 years i thought it would be successful it is more successful than i thought like it is remarkable how much resilience we have in bad times or to competitive activities um and um and so that's good, but I look at some of the flying competitors and it's going to push north of negative 20% margins this year. You can do that for a little bit of time, but when the down... Actually, to be honest with you, I think the supply really comes out when the next downturn hits. The next downturn is going to make it extremely tense for airlines that are going into it with break-even-ish margins in good times. I think that's probably what it takes for the next kind of wave of supply so i think we'll do okay in main cabin between now and then we'll do well in premium i think to an earlier question you know we are targeting you know growing margins you know adjusted for any kind of anomalies that happen growing margins a point a year that means we got to make up a point from last year by the way and i think that takes us into you know the low double digits and then i think when the next downturn hits coming out on the other side of it and the supply comes out, we come out with mid-teens margins. So that's a long answer, but off the cuff, but that's what I think is going to happen. I appreciate the comment,

Scott. Thank you. Your next question comes from the line of Michael Lennenberg with Deutsche Bank.

Your line is open. Oh, yeah. Hey, good morning, everyone. Hey, just touching back on kind of what Jamie brought up, you know, I think the prevailing view is that domestic will be the best-performing geography in 2026, maybe domestic RASM, maybe profitability. But when I think about the fact that one of your competitors in Chicago is adding a lot of flights, and I've seen reports that they're already losing, I don't know, $700 or $800 million under their current schedule, is that going to be a drag on your domestic to the point that maybe it's transatlantic, maybe it's another geography that comes out on top? Or do you have maybe a diversified enough domestic network. I mean, you have a massive domestic network that will be more than overshadowed by strength in some of your other markets like Newark, for example, which is probably going to run very well in 2026. Well, thanks for the question, Mike. I was afraid we

were going to get through the call without addressing Chicago, so I'm happy to do it. And it's probably a good follow-up to the last question that I think I talked about. I know we're going to start with, you know, at United Airlines, we've been a decade-long strategy to build a brand loyal customer airline. That was all designed to get us out of the commoditized part of the industry where all that mattered was the schedule. And that meant focusing on the product, the technology, and service to get customers to choose us. That's been a really successful strategy. It didn't happen overnight. It really has been a decade in the making. But you can see the results. And we've had market share increases everywhere that we fly. In Chicago, to be specific, you know, in 2016, American actually had higher local market share with Chicago-based customers and higher share with business customers. In 2025, even after all the growth from our competitor, United now has a 22-point lead with Chicago-based customers in Chicago and a 38-point lead with the brand loyal business customers. um being a brand oil oil airline just really inoculates us mostly from that competitive activity and in fact in 2025 even with all that growth uh the chicago rasm outperformed the rest of the system by one percent um and we made a 500 million dollar profit by the way i think we probably would have made 600 million so it probably cost us about 100 million dollars but our competitor lost 500 million um even though they didn't start that really until may so bigger on a full-year basis as we get over 2026 there's another wave of growth coming for that competitor mostly that's going to wind up exactly the same as it did last year was one difference in 2025 American had a gate that means you know we watched it we could have responded we chose not to they're going to win three gates back at our expense when the analysis comes out later this year we knew that was going to happen we figured we'd just let it settle into a new normal and that would all be fine. But in 2026, we're drawing a line in the sand. We are not going to allow them to win a single gate at our expense in 2026. We're not trying to win gates. We're going to add as many flights as are required to make sure that we keep our gate count the same in Chicago. Look, we're just going to stay focused. We've had the right strategy at the whole network for a decade. We're going to keep doing it. It's a winning strategy. It's working. We're going to keep doing that in Chicago. For what it's worth, I think that we will likely grow our earnings. It certainly will make at least the same $500 million, I believe, and likely we'll still be able to grow our earnings in Chicago for the same reasons it worked last year. American, and we're pretty good at estimating this, is likely to push to about a billion dollars in losses in Chicago. But we're going to just stay focused on the strategy that's worked for the last decade. Our team is doing a great job taking care of

customers. It's working for us. Great. Great. Thanks for that long answer or comprehensive

answer, Scott. Your next question comes from the line of John Godden with Citigroup. The line is

open. Hey, guys. Thanks for taking my question. Scott, I was hoping you could revisit your thoughts on the shape of industry structure from here. We've seen M&A announced among some of the smaller carriers. There seems to be an expectation of more. I'm curious what you think equilibrium in the industry looks like. And second, obviously, when I think about your history, America West, U.S. Air, U.S. Air, American Airlines, you're no stranger to be a leader in M&A. Is there any scenario where United gets involved in M&A, considering we have what seems to be an accommodative

DOJ, which isn't always the case. Thanks. Well, I'm not good at resisting the bait, but I'm going to resist the M&A bait today. Bob Birkin is nodding appreciatively at me and not talking about that. But I think the structure of the industry is ultimately going to be low-cost carriers will shrink down to the niche that works for low-cost carriers. That is big user markets. And I don't know if they're going to liquidate, if they're going to merge, you know if they're just going to all shrink for sure but they're going to shrink down to the niche that works and that'll be good for them I think they can have solid margins but it's a much smaller niche than where they are today I think there's going to be two Randall Oil Airlines that for that's already the case you know I gave you the numbers in Chicago that game is over you know I realized that not everyone knew the game was on the game is over and when we have that big of a lead uh with customers like you just don't win it back because you'd have to have technology product services that were somehow better than united and somehow better than delta to even start um and you're a decade behind um and then i think the rest of it will be sort of you know finding places um where you know you can be big in other cities you know non-hubs of delta united and um and you can have a network that works and it's a little more commoditized but you know you a network that works and so you know i think that's what the structure um and it's an open question about whether consolidation helps us get to that structure but that's where the structure is going to end with consolidation or without all right thanks i won't i won't press it appreciate

the answer your next question comes from the line of scott group with wolf research your line is open

hey thanks uh thanks for squeezing me in um so last quarter i think you laid out an expectation and we should get at least a point of margin improvement a year. I think, Scott, you just said it again. I guess the high end of the guidance range gets you there. The midpoint would be less than a full point. So, I don't know, just at the end of the day, like, help us think about price costs this year, given the momentum you've got right now, the comps that come in Q2, Q3. Like, I would have thought this would have been the year where, like, it's a pretty clear, like, point of margin. Like, is it just the conservatism that maybe you've said a couple times, or are there other things we should be cognizant of? I don't know, labor, what's going on, Chicago? I don't know. Just help us understand, like, if this is the year we should be doing the full point of margin.

Scott, I love that you did the math, and trust me, we've done the math, too. This industry got hit by multiple asteroids last year. We want to make sure that we deliver on our financial commitments. We've given you very clear targets for the longer term, and we're going to deliver on those targets, the timing of which there's some uncertainty around. But the full-year guide was very deliberate. We're telling you that if current booking trends stay on this path, there's upside. You should think about that as you make your own estimates.

Thank you, guys.

Your next question comes from the line of Chris Weatherby with Wells Fargo. Your line is open.

Hey, thanks. Good morning, guys. Maybe, Mike, just following up on that question, as you think about unit costs as you go through 26, obviously there's labor dynamics that we have to factor in. We exclude that. Take a look at 2025. How good of a benchmark or sort of range is that for us to use as we think about the sort of ex-labor dynamics of unit costs for 2026? And then maybe zooming out a little bit, It sounds like you're still sort of have lots of opportunity in terms of managing cost efficiency as we move forward. So how big a story is this beyond 26?

Thanks, Chris, for the question. And, look, we're not going to give prasm guidance. We're not going to give chasm guidance. But we've been pretty clear about this is a new culture at United around cost management and discipline and driving efficiency. And let me remind you, we really have not benefited from gauge yet. That gauge benefit is still on the come. So 25 was a great year. we're going to work really hard to make 26, uh, an equally great year from a chasm standpoint. Um, and keep in mind some of the tailwinds, uh, we haven't even, we haven't really started to even benefit from.

Appreciate it. Thank you.

Your next question comes from the line of a tool by Ashwari with UBS. Your line is open.

Good morning. Thanks a lot for taking my question. First, just quickly, uh, do, uh, do you think there can be any meaningful tailwind from the soccer world cup? this year and if so is there anything that's assumed in the guide and any way to dimensionalize

how large that tailwind can be i'll take that look we're looking forward to it i'm sure some of us will attend a few games um i think the interesting thing we see is it creates uh which would be normally counter statistical traffic flows so it creates inbound uh into the u.s demand in june uh which is normally an outbound time period so uh quite frankly yeah i think that We do expect some upside from that. Given the broader macro trends, I'm not going to judge exactly how much that is, but we do think, you know, this particular sporting event will be a positive for United. There are other large sporting events that are not because they drive just leisure traffic and business traffic evaporates in those situations. This is not one of the situations. So we do expect some level of upside. But I want to caution you, it's still, given the size of United, I'm not sure it's all that meaningful, but it is positive.

Got it. That's helpful. And then second question, one kind of pushback that we get from longer term investors who want to deploy capital to airlines and to United is that how can industry capacity discipline persist as Boeing and Airbus ramp up deliveries from here? Headline numbers for last year is still pretty positive with respect to capacity growth. So how can that persist? What can you say to the comfort of those investors that capacity discipline can, in fact, persist in this wrap-up deliveries?

First, we never say those words. And I'm not even going to repeat them because that's not how we think, and we don't ever say those words. But what I think the limit on capacity is not about aircraft. It is engines. It is already engines. There's about 800 aircraft around the globe that are grounded with engines. We even have some. We bought tons of spare engines in advance, but we even have some that are going to be grounded this year for engines. The engine manufacturers are not going to catch up to the combination of the need for MRO, replacement engines, and new aircraft deliveries, in my view, until sometime next

decade. So engines are the constraint. Got it. That's very helpful, and good luck with the rest

of the year. We will now switch to the media portion of the call. If you would like to ask a question, please press star, then the number one on your telephone keypad to raise your hand and enter the queue. We please ask that you limit yourself to one question. Please hold for a moment while we assemble our queue. Your first question comes from the line of Leslie Josephs with CNBC.

Your line is open. Hi, good morning, everybody. Just wondering, can you please clarify what you meant about the Caribbean? This is an airspace closure in the beginning of the year. That's impacting bookings now in Q1. And you said that it was measurable. Could you provide some more detail on that and how much that might cost? And then second, your competitor in Atlanta was hinting at uh some segmentation at the front of the plane just wondering where united might be on that and is that uh you know could we see a stripped down uh business class or first class products maybe no seat assignment or something along those lines thanks hi leslie it's andrew

uh look on on the caribbean we're a pretty big airline in the caribbean uh and we're a small airline in the caribbean uh i'm just pointing out that uh there there's been a little bit of a book away from the Caribbean. I don't think it's measurable in the grand scheme of things when it comes to United Airlines, to be blunt. But demand has been impacted by the situation in Venezuela to some extent. We expect that to dissipate over time. And in fact, the last few days have been better than the first few weeks of the year. So I think we're in good shape on that front uh and look uh you know on on on cabin segmentation i you know i'll add that that's been very good for united airlines over the years as we invested in more premium products and a larger array of products out there so we're going to continue to do that the only you know more reasonable hint i'll give you is that we have a large redesign of united.com coming as we seek to do different things and how we sell products so we'll leave it to that and we'll talk to you sometime in the first quarter or second quarter about our overall strategies on merchandising.

Thanks. Your next question comes from John Pletz with Trains. Your line is open.

Thanks. Good morning. Scott, any color, additional color on Chicago? Drawing the line in the sand, does that mean you're going to add flights?

It does.

can you give me a little color on on on what scale you might be considering adding flights here

uh they will be the color will be they will be in the black while american is in the red

all right uh any any idea how much i guess is what i'm asking no

okay i think we're i think we're gonna have a scheduled load next week that'll

give you the answer. That concludes our question and answer session. I will now turn the call back over to Christina Edwards for closing remarks. Thanks, Colby, and thank you all for joining us

as we celebrate our 100 years here at United Airlines. Contact Investor Media Relations if

you have any further questions. Bye. Yeah. Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.