Financial Performance - 4Q25 net earnings were $262 million, with diluted EPS of $1.76, a 31% increase from 4Q24's $200 million and $1.34 EPS[1] - Annual net earnings for 2025 reached $895 million, up 21% from 2024's $737 million, with diluted EPS increasing from $4.95 to $6.01[1] - Net income for 2025 reached $899 million, representing a 14.7% increase from $784 million in 2024[38] - Net earnings applicable to common shareholders increased to $262 million in Q4 2025, up from $221 million in Q3 2025, representing an increase of 18.6%[35] - Net income for the quarter reached $263 million, compared to $222 million in the prior quarter, marking an 18.5% increase[37] Revenue and Income - Adjusted taxable-equivalent revenue for 4Q25 was $879 million, a 7.1% increase from the prior year, while adjusted noninterest expense rose 7.7% to $548 million[4] - Total noninterest income rose to $208 million in Q4 2025, compared to $189 million in Q3 2025, an increase of 10.0%[35] - Total noninterest income rose to $758 million in 2025, reflecting an increase of 8.3% compared to $700 million in 2024[38] - Customer-related noninterest income was $177 million in 4Q25, up 1% from 4Q24, while total noninterest income increased by 10% to $208 million[12] Loans and Credit Quality - Total loans and leases grew to $60.9 billion, a 3% increase from the previous quarter, with an annualized net loan and lease charge-off ratio of 0.05%[4] - The provision for credit losses was $6 million in 4Q25, significantly lower than $41 million in 4Q24, indicating improved credit quality[4] - The provision for loan losses for Q4 2025 was $6 million, down from $45 million in Q3 2025[41] - The ratio of nonperforming assets to loans and leases was 0.52% as of December 31, 2025, slightly down from 0.54% in the previous quarter[40] - The company reported net loan and lease charge-offs of $7 million for Q4 2025, with an annualized ratio of 0.05% to average loans[41] Deposits and Funding - Total deposits were $75.6 billion, down 1% from the previous quarter, while customer deposits (excluding brokered deposits) increased by 1% to $71.8 billion[4] - Total deposits rose to $75,644 million, an increase of 1.0% from $74,878 million in the previous quarter[36] - Total borrowed funds decreased by $206 million, or 4%, primarily due to a reduction in short-term advances[25] - Total liabilities stood at $81,810 million, a slight increase from $81,668 million in the previous quarter[36] Capital and Equity - The estimated Common Equity Tier 1 (CET1) capital ratio improved to 11.5%, up from 10.9% a year ago, reflecting strengthened capital position[4] - Total shareholders' equity increased to $7.18 billion, up 5% from $6.87 billion in the previous quarter and up 17% from $6.12 billion year-over-year[26] - Tangible book value per common share rose 21% to $40.79, indicating significant growth in shareholder equity[4] - Estimated common equity tier 1 (CET1) capital was $7.9 billion, an increase of 8% from $7.4 billion in the prior year, with a CET1 capital ratio of 11.5%, up from 10.9%[28] Expenses and Efficiency - Noninterest expense increased by $37 million, or 7%, compared to the prior year quarter, driven by a $20 million increase in marketing and business development expenses[15] - Adjusted noninterest expense rose by $39 million, or 8%, with an efficiency ratio of 62.3%, slightly up from 62.0%[16] - The efficiency ratio for Q4 2025 was 62.3%, compared to 59.6% in Q3 2025, indicating a decline in efficiency[35] - Noninterest expense (GAAP) for the three months ended December 31, 2025, was $546 million, an increase from $509 million in the same period of 2024[53] Assets and Investment - Total assets reached $88.990 billion as of December 31, 2025, compared to $88.533 billion at September 30, 2025, reflecting a growth of 0.5%[35] - Total investment securities decreased by $690 million, or 4%, to $18.1 billion, primarily due to principal reductions[17] - Total assets increased to $89,554 million as of December 31, 2025, compared to $88,823 million in 2024, reflecting a growth of 0.82%[45] - Total interest-earning assets amounted to $83,261 million with a net interest margin of 3.31% for the quarter, up from 3.28% in the prior quarter[44]

Exhibit 99.1 January 20, 2026 Fellow shareholders, | (in millions except per share data) | | Q4'24 | | Q1'25 | | Q2'25 | | Q3'25 | | Q4'25 | | Q1'26 Forecast | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | $ | 10,247 | $ | 10,543 | $ | 11,079 | $ | 11,510 | $ | 12,051 | $ | 12,157 | | Y/Y % Growth | | 16.0 % | | 12.5 % | | 15.9 % | | 17.2 % | | 17.6 % | | 15.3 % | | Operating Income | $ | 2,273 | $ | 3,347 | $ | 3,775 | $ | 3,248 | $ | 2,957 | $ | 3,906 | | Oper ...

Financial Performance - Revenue for Q4 2025 was $253 million, representing an 18% year-over-year growth[5] - Annualized Recurring Revenue (ARR) reached $852 million, growing 2% year-over-year on a constant currency basis[5] - Operating margin for Q4 2025 was 15%, with a non-GAAP operating margin of 38%[5] - Diluted earnings per share for Q4 2025 increased to $0.59 from $0.03 in the same quarter last year, a growth of 1,867%[5] - Full year revenue for 2025 was $977.8 million, a 30% increase compared to $753.4 million in 2024[7] - Net income for the full year 2025 was $73.1 million, up 7% from $68.4 million in 2024[7] - Total revenue for the three months ended November 30, 2025, was $252,666,000, representing an 18% increase compared to $214,961,000 for the same period in 2024[13] - Net income for the three months ended November 30, 2025, was $25,745,000, a significant increase of 2,145% from $1,147,000 in Q3 2024[13] - Earnings per share (EPS) for the three months ended November 30, 2025, was $0.60, compared to $0.03 in the same period last year, reflecting a 1,900% increase[13] Guidance and Projections - The company expects FY 2026 revenue guidance between $986 million and $1,000 million[8] - Diluted earnings per share guidance for FY 2026 is projected to be between $1.74 and $1.91[8] - Fiscal Year 2026 non-GAAP operating margin is projected to be between 39%[18] - Non-GAAP diluted earnings per share for Fiscal Year 2026 is expected to range from $5.82 to $5.96[19] - GAAP net income for Fiscal Year 2026 is forecasted to be between $75.8 million and $84.1 million[19] - Cash flows from operations (GAAP) for Fiscal Year 2026 are estimated to be between $263 million and $277 million[22] Cash and Assets - Cash and cash equivalents at the end of Q4 2025 were $95 million[6] - Cash and cash equivalents decreased to $94,807,000 as of November 30, 2025, from $118,077,000 a year earlier[14] - Total assets decreased to $2,457,658,000 as of November 30, 2025, from $2,526,966,000 in 2024[14] Expenses and Cash Flow - Operating expenses increased by 7% to $167,766,000 for the three months ended November 30, 2025, compared to $156,923,000 in the same period last year[13] - The company reported a net cash flow from operating activities of $62,798,000 for the three months ended November 30, 2025, compared to $19,651,000 in the same period last year[15] - Capital expenditures for the fiscal year ended November 30, 2025, were $5,702,000, slightly higher than $5,206,000 in 2024[15] Adjustments and Exclusions - Total adjustments for Fiscal Year 2026, including restructuring and stock-based compensation, are estimated at $220.7 million[19] - The company anticipates a non-GAAP effective tax rate of approximately 20% for Fiscal Year 2026[20] - The company excludes amortization of acquired intangibles to focus on core operating performance, with adjustments including preliminary estimates related to the valuation of intangible assets from Nuclia[28] - Stock-based compensation is excluded from operating plans as it is not controllable in the short term and can vary significantly[28] - Restructuring expenses are excluded to avoid distortion of trends in core operating results[28] - Acquisition-related expenses are excluded to provide a meaningful comparison of financial results to historical operations and peer companies[28] Revenue Metrics - Revenue growth rates are presented on a constant currency basis to account for fluctuations in foreign currency exchange rates, improving understanding of revenue results[28] - Annual Recurring Revenue (ARR) includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions, helping to mitigate revenue fluctuations[29] - The company calculates Net Retention Rate (NRR) by comparing ARR from the same customer cohort over a 12-month period, excluding new customers[34] - The company emphasizes that ARR is not a GAAP measure and should be viewed independently of revenue and deferred revenue[34] Legal and Operational Considerations - The company expects to incur ongoing legal and professional service expenses related to the MOVEit Vulnerability, which will impact operating expenses[28] - Forward-looking statements include expectations regarding future acquisition activity and financial guidance, with various risks that could impact actual results[35]

Financial Performance - For the year ended October 31, 2025, the company generated revenues of $398,734, reported a net loss of $7,282,133, and cash flows used in operating activities of $2,604,749[128] - For the year ended October 31, 2024, the company generated revenues of $213,204, reported a net loss of $9,626,797, and cash flows used in operating activities of $3,840,744[128] - As of October 31, 2025, the company had an accumulated deficit of $27,355,812[128] - The company has a history of operating losses, raising substantial doubt about its ability to continue as a going concern[128] - The company has incurred substantial net losses and negative cash flows from operating activities since inception, with expectations to continue incurring significant losses as exploration and appraisal programs proceed[143] Operational Risks - The company operates in a highly capital-intensive industry, and any sales of produced oil and gas may be insufficient to fund, sustain, or expand revenue-generating operations[137] - The company faces substantial uncertainties in estimating the characteristics of its assets, which may lead to incorrect measures of size and quality[139] - The company is dependent on obtaining necessary permits for project development, which may result in delays and obstacles[131] - The company has permits for the HV-1, HV-2, HV-3A, and HV-4 wells, allowing for testing and production, but requires additional permits for long-term production[133] - The company’s drilling operations depend on independent contractors, and lack of rig availability may hinder operations[135] - The successful drilling of a well does not guarantee the commercial viability of a field, with various factors potentially rendering a field uneconomic[142] - The company faces operational and financial risks associated with drilling, including potential cost overruns and the unavailability of necessary equipment and services, particularly in California[148] - The development schedule of oil and natural gas projects is subject to delays and cost overruns, which may require additional capital that may not be available[164] - The company must successfully replace its petroleum reserves to maintain production levels, as current reserves will decline over time[156] Market and Regulatory Environment - A decline in global oil and natural gas prices could materially and adversely affect the company's revenue, profitability, and ability to finance planned capital expenditures[153] - The marketability of future oil and natural gas production will be influenced by numerous factors, including market fluctuations, proximity to processing facilities, and government regulations[160] - The company may face challenges in accessing appropriate equipment and infrastructure, which could hinder its ability to market oil and gas production[157] - The company is subject to numerous environmental, health, and safety regulations that may result in material liabilities and costs, potentially affecting financial condition and results of operations[166] - The company expects increasing regulatory scrutiny related to climate change and energy transition, which may constrain operations and demand for products[171] Financial Strategy and Capital Needs - The company anticipates substantial capital outlays and operating expenditures over the next several years, necessitating the raising of additional capital through private or public equity offerings, strategic alliances, or debt financing[149] - The company maintains insurance consistent with industry practices but is not fully insured against all risks, which could adversely impact financial results if significant accidents occur[169] - The company may incur substantial losses and liabilities from future oil and natural gas operations, with potential inadequate insurance coverage impacting financial condition[173] - The company periodically evaluates acquisitions, which require careful assessment of oil and gas reserves, future prices, and potential liabilities[174] - The integration of significant acquisitions may be difficult and could disrupt ongoing business activities, affecting overall performance[176] Corporate Governance and Compliance - The company faces increased legal and financial compliance costs due to public company requirements, which may divert management's attention from core business activities[177] - Changes in tax laws and regulations could materially affect the company's effective tax rate and overall financial condition[182] - The company’s amended and restated certificate of incorporation establishes exclusive forums for disputes, which may limit stockholders' options for legal recourse[184] - The company is subject to examination of tax returns by various authorities, and any increase in effective tax rates could adversely impact financial results[182] Stock Market and Investor Relations - The company's common stock began trading on the NYSE American in April 2023 following an initial public offering, with the stock currently listed under the symbol "TPET" [190] - The share price has experienced significant volatility, ranging from $60.00 to $0.74 on a post-reverse stock split basis since the IPO [196] - The company may face delisting from the NYSE American if it fails to meet continued listing requirements, which include maintaining a minimum stock price and public stockholder count [192] - If delisted, the common stock may be classified as a "penny stock," which could impose additional sales practice requirements on broker-dealers and limit liquidity [201] - The company does not intend to pay dividends on its common stock, meaning returns for investors will rely solely on stock price appreciation [209] - Inflationary pressures have led to increased costs for construction materials and labor, which may adversely affect project budgets and timelines [188] - The company is classified as an "emerging growth company," allowing it to avoid certain reporting requirements for up to five years, unless it exceeds specific revenue or market value thresholds [207] - The market price of the common stock may be influenced by various factors, including oil and gas prices, regulatory developments, and overall market conditions [205] - The company may incur additional costs if legal challenges arise regarding exclusive forum provisions in its corporate governance documents [187] - The potential for substantial losses exists due to the volatility of the stock price, which may not correlate with the company's actual operating performance [196]

Financial Guidance - electroCore, Inc. provided preliminary financial guidance for the three and 12 months ended December 31, 2025[4] - The financial results are based on unaudited information and management estimates, subject to change[6] - The company cautioned that actual results may differ materially from the preliminary estimates provided[8] - Upcoming presentations will include these preliminary financial estimates for investor and analyst discussions[5] Audit and Review - The independent registered public accounting firm has not conducted an audit or review of these preliminary results[6] - The financial information is not deemed "filed" under the Securities Exchange Act of 1934[7] Risk Factors - Investors are advised to refer to the "Risk Factors" section of the Company's Annual Report for potential discrepancies in actual results[8] Forward-Looking Statements - The company has no obligation to publicly release updates on forward-looking statements unless required by law[8] Documentation - The press release and investor presentation are filed as Exhibits 99.1 and 99.2, respectively[11] - The report was signed by Joshua S. Lev, Chief Financial Officer, on January 20, 2026[15]

Financial Results - Mesa Royalty Trust announced its royalty income and income distribution for January 2026[5] - The press release detailing the financial results is attached as Exhibit 99.1[8] - The report was filed on January 20, 2026, under the Securities Exchange Act of 1934[2] - The financial statements and exhibits are not deemed incorporated by reference in any filing under the Securities Act of 1933[6] Company Information - The company is listed on the New York Stock Exchange under the trading symbol MTR[8] - The report was signed by Elaina Rodgers, Vice President of The Bank of New York Mellon Trust Company, N.A.[11] - The company is not classified as an emerging growth company[4] Market and Product Developments - The report does not indicate any new product developments or market expansions[6] - There is no mention of future guidance or performance outlook in the provided documents[6] - The company has not disclosed any merger or acquisition activities in this report[6]

Financial Performance - Net income for Q4 2025 was $86.4 million, a 31.7% increase from Q3 2025 and a 32.5% increase from Q4 2024[6]. - Diluted earnings per share for Q4 2025 reached $1.58, up 33% from Q4 2024 and up 32% from Q3 2025[7]. - Income before income tax for Q4 2025 was $107.6 million, compared to $79.4 million in Q4 2024[22]. - Net income for Q4 2025 was reported at $86,384, compared to $65,571 in Q3 2025, reflecting a 31.5% increase[28]. - Net income for the year ended December 31, 2025, was $276,603,000, a 22% increase from $227,242,000 in 2024[32]. - Basic earnings per common share rose to $5.06 for the year ended December 31, 2025, compared to $4.17 in 2024[32]. Asset and Loan Growth - Loans grew by $384.9 million, or 12% annualized, during Q4 2025, reaching a total of $13.70 billion[12]. - Total loans increased by 9% to $13,696,912,000 from $12,605,836,000 year-over-year[33]. - Total assets increased to $17,727,190, up from $17,584,199 in the previous quarter, representing a growth of 0.81%[24]. - Total assets increased by 2% to $17,727,190,000 from $17,351,643,000 year-over-year[31]. - Total loans net of unearned income reached $13,504,941, a slight increase from $13,205,775 in the previous quarter[38]. Deposits and Liquidity - Total deposits increased by $675.6 million, or 5%, year-over-year, totaling $14.22 billion in Q4 2025[13]. - Total deposits reached $14,219,034, an increase from $14,106,922 in the previous quarter, representing a growth of 0.79%[24]. - Liquidity remains strong with $1.63 billion in cash and cash equivalent assets, representing 9% of total assets[7]. Income and Expense Management - Net interest income for Q4 2025 was $146.5 million, compared to $123.2 million in Q4 2024, reflecting a significant year-over-year increase[22]. - Non-interest income increased by $6.9 million, or 78.2%, to $15.7 million in Q4 2025 from $8.8 million in Q4 2024[15]. - Non-interest expense decreased by $213,000, or 0.5%, to $46.7 million in Q4 2025 from $46.9 million in Q4 2024[16]. - The efficiency ratio improved to 28.78% in Q4 2025 from 35.54% in Q4 2024[16]. - Adjusted net interest income for the period was $162,212 million, compared to $144,093 million in the previous period, reflecting a growth of 12.8%[30]. Credit Quality - Non-performing assets to total assets were 0.97% for Q4 2025, up from 0.26% in Q4 2024[14]. - Annualized net charge-offs to average loans were 0.20% for Q4 2025, compared to 0.09% in Q4 2024[14]. - The allowance for credit losses increased to $171,683 thousand in Q4 2025 from $170,235 thousand in Q3 2025, reflecting a provision for credit losses of $8,130 thousand[35]. - Nonperforming loans to total loans ratio improved to 1.23% in Q4 2025 from 1.26% in Q3 2025, indicating better asset quality[35]. - The provision for credit losses decreased to $7,922 thousand in Q4 2025 from $9,463 thousand in Q3 2025, reflecting improved credit quality[37]. Market Expansion and Workforce - The company entered the Texas market with a new team of commercial bankers[7]. - The number of full-time equivalent employees increased by 36, or 5.7%, to 666 at December 31, 2025, compared to 630 at December 31, 2024[16].

Exhibit 99.1 INTERACTIVE BROKERS GROUP ANNOUNCES 4Q2025 RESULTS GAAP DILUTED EPS OF $0.63, ADJUSTED1 EPS OF $0.65 GAAP NET REVENUES OF $1.64 BILLION, ADJUSTED NET REVENUES OF $1.67 BILLION GREENWICH, CT, January 20, 2026 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended December 31, 2025. Reported diluted earnings per share were $0.63 for the current quarter and $0.65 as adjusted. For the year-ago quarter, reported diluted earnin ...

Financial Performance - Net income for Q4 2025 was $125.6 million, or $1.49 per diluted share, consistent with Q3 2025[1][4] - The net income for the twelve months ended December 31, 2025, was $486,073,000, compared to $460,815,000 for the same period in 2024, reflecting a 5.4% increase[37] - Net income for Q4 2025 was $125,572,000, compared to $122,074,000 in Q4 2024, reflecting a growth of 2.0% year-over-year[44] - Net income for the three months ended December 31, 2025, was $125,572,000, a decrease of 1.1% from $127,466,000 in the previous quarter[47] Earnings and Revenue - Adjusted EPS increased by 8% year-over-year, with adjusted pre-provision net revenue (PPNR) at $174.0 million, down from $175.6 million in the prior quarter[3][4] - Earnings per share (diluted) for the twelve months ended December 31, 2025, was $5.67, compared to $5.28 in 2024, showing a 7.4% increase[37] - Earnings per share (diluted) for Q4 2025 was $1.49, an increase from $1.40 in Q4 2024, reflecting a growth of 6.4%[44] Loans and Deposits - Total loans reached $24.0 billion, up $361.9 million, or 2% from Q3 2025, with a linked-quarter annualized growth of 6%[5][6] - Total deposits were $29.3 billion, an increase of $620 million, or 2% from Q3 2025, with noninterest-bearing deposits comprising 35% of total deposits[7][10] - Total loans increased to $23,958,440,000 as of December 31, 2025, from $23,299,447,000 a year earlier, representing a growth of 2.8%[41] - Total deposits as of December 31, 2025, were $29,279,774,000, a slight decrease from $29,492,851,000 a year earlier[37] Interest Income and Expenses - Net interest income for Q4 2025 was $284.7 million, a 1% increase from Q3 2025, with a net interest margin (NIM) of 3.48%[14] - Noninterest income totaled $107.1 million, up 1% from the previous quarter, driven by higher service charges and other income[16][18] - Noninterest expense increased by 2% to $217.9 million, with personnel expenses remaining stable[19] - The average yield on total earning assets (TE) was 5.00% for the three months ended December 31, 2025, down from 5.14% a year earlier[55] Capital Ratios and Efficiency - The CET1 ratio was estimated at 13.66%, down 43 basis points from the prior quarter, while the total risk-based capital ratio was 15.46%, down 46 basis points[21] - The efficiency ratio improved to 54.93% in Q4 2025 from 54.46% in Q4 2024, indicating better cost management[37] - The efficiency ratio improved to 54.93% for the quarter, compared to 54.10% in the prior quarter, indicating better cost management[70] Credit Quality - The allowance for loan losses as a percentage of period-end loans was 1.28% as of December 31, 2025, down from 1.37% a year prior[37] - The provision for credit losses was $13,145,000 in Q4 2025, up from $11,912,000 in Q4 2024, indicating a cautious approach to potential loan defaults[44] - Nonaccrual loans increased to $106.87 million in Q4 2025 from $97.34 million in Q4 2024, representing 0.45% of total loans[63] - Net charge-offs for the twelve months ended December 31, 2025, totaled $52.459 million, an increase from $46.033 million in 2024[63]

Financial Performance - Full-year diluted earnings per share (EPS) reached $10.20, an 8% increase year-over-year, with adjusted diluted EPS at $10.62[1] - Pre-tax earnings for the full year were $4.3 billion, with a pre-tax margin of 7.3%, and adjusted pre-tax earnings of $4.6 billion, with an adjusted pre-tax margin of 7.8%[11] - Net income for the year ended December 31, 2025, was $3,353 million, a 6.5% increase from $3,149 million in 2024[37] - Earnings per share (diluted) for Q4 2025 was $3.19, an 8.1% increase from $2.95 in Q4 2024[37] - Adjusted operating income for the year ended December 31, 2025, was $4,972 million, down 4.5% from $5,208 million in 2024[61] Revenue and Passenger Metrics - Q4 revenue was $15.4 billion, marking the highest quarterly revenue in United's history, with a 4.8% increase compared to Q4 2024[11] - United flew a record 181 million passengers in 2025, averaging over 496,000 passengers daily[2] - Passenger revenue for Q4 2025 was $13,926 million, a 4.9% increase from $13,275 million in Q4 2024[37] - Total operating revenue for the year ended December 31, 2025, reached $59,070 million, reflecting a 3.5% increase compared to $57,063 million in 2024[37] - Total passengers increased to 45,679 thousand in Q4 2025, up 3.0% from 44,344 thousand in Q4 2024[42] Operating Expenses and Costs - Operating expenses for Q4 2025 totaled $14,011 million, a 6.2% increase from $13,192 million in Q4 2024[37] - Salaries and related costs increased by 4.6% to $4,524 million in Q4 2025 compared to $4,325 million in Q4 2024[37] - Aircraft fuel costs rose by 9.2% to $2,923 million in Q4 2025 from $2,676 million in Q4 2024[37] - The average aircraft fuel price per gallon was $2.49 in Q4 2025, an increase of 3.6% from $2.40 in Q4 2024[55] Cash Flow and Capital Expenditures - United's operating cash flow for the year was $8.4 billion, with free cash flow of $2.7 billion, and similar free cash flow is expected in 2026[11] - Free cash flow for Q4 2025 was $(579) million, compared to $901 million in Q4 2024, reflecting a significant decline[58] - Adjusted capital expenditures for Q4 2025 were $1,916 million, a decrease of 19.5% from $2,384 million in Q4 2024[58] - The company had capital expenditures of $(5,874) million in 2025, compared to $(5,615) million in 2024, an increase of 4.6%[66] Debt and Assets - Adjusted total debt decreased to $32,094 million in 2025 from $34,866 million in 2024, a reduction of $2,772 million[59] - Total assets increased to $76,448 million as of December 31, 2025, compared to $74,083 million in 2024[63] - Cash and cash equivalents decreased to $5,942 million in 2025 from $8,769 million in 2024, a decline of $2,827 million[63] Special Charges and Gains - The company recorded a special charge of $561 million in 2025 related to labor contract ratification bonuses for employees[68] - The company reported net gains of $303 million on the sale of assets, primarily from aircraft sale-leaseback transactions[69] Tax and Interest - The effective tax rate for the year ended December 31, 2025, was 22.1%, down from 24.4% in 2024, due to a release of valuation allowance related to realized capital gains[71] - The company reported a decrease in interest expense by 12.1% to $324 million in Q4 2025 from $369 million in Q4 2024[37] Operational Efficiency - The airline achieved its lowest seat cancellation rate in history and had the lowest cancellation rate among large U.S. network carriers in 2025[10] - The government shutdown impacted pre-tax earnings by approximately $250 million in Q4 2025[11] - United plans to take delivery of over 100 narrowbody aircraft and approximately 20 Boeing 787 aircraft in 2026, the most widebody aircraft delivered in a year by any U.S. airline since 1988[6] Customer Satisfaction - United's Net Promoter Score (NPS) reached its highest-ever monthly score in November 2025, despite the government shutdown[4]