聯合航空 (UAL) 2025 Q4 法說會逐字稿

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. (Operator Instructions)

早安，歡迎參加美國聯合航空公司控股公司2025年第四季及全年業績電話會議。我叫柯比，今天我將擔任你們的會議主持人。（操作說明）

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.

本次通話正在錄音，並受版權保護。請注意，未經本公司許可，不得對通話的任何部分進行錄音、轉錄或轉播。您的參與即表示您同意我們錄製本次通話。

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, Kristina Edwards, Managing Director of Investor Relations. Please go ahead.

如果您不同意這些條款，請直接掛斷電話。現在我將把演講交給今天的主持人，投資者關係總經理克里斯蒂娜·愛德華茲。請繼續。

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.

謝謝你，科爾比。各位早安，歡迎參加美聯航2025年第四季及全年業績電話會議。昨天，我們發布了盈利報告，可在公司網站ir.united.com上查閱。昨天發布的報告以及本次電話會議中的發言可能包含前瞻性陳述，這些陳述代表了公司目前的預期，並基於公司目前可獲得的資訊。許多因素可能導致實際結果與我們目前的預期有重大差異。

Please refer to our earnings release, Form 10-K and 10-Q and other reports filed with the SEC by United Airlines Holdings and United Airlines for a more thorough description of these factors. Unless otherwise noted, we will be stressing 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.

有關這些因素的更詳細說明，請參閱我們的收益報告、10-K 表格和 10-Q 表格以及聯合航空控股公司和聯合航空向美國證券交易委員會提交的其他報告。除非另有說明，否則我們將在本次電話會議中重點介紹非GAAP財務指標，歷史營運指標將不包括2020年至2022年疫情期間的數據。請參考我們獲利報告末尾的相關定義以及這些非GAAP指標與最直接可比較的GAAP指標的調節表。

Joining us in Houston today to discuss our results and outlook are our Chief Executive Officer, Scott Kirby; President, Brett Hart; Executive Vice President and Chief Operations Officer, Toby Enqvist; Executive Vice President and Chief Commercial Officer, Andrew Nocella; and Executive Vice President and Chief Financial Officer, Mike Leskinen. We also have other members of the executive team on the line and available for Q&A.

今天與我們一起在休士頓討論公司業績和展望的有：執行長 Scott Kirby；總裁 Brett Hart；執行副總裁兼營運長 Toby Enqvist；執行副總裁兼首席商務長 Andrew Nocella；以及執行副總裁兼財務長 Mike Leskinen。我們還有其他高階主管團隊成員在線，可以回答問題。

And now I'd like to flip the call over to Scott.

現在我想把電話交給史考特。

Thank you, Kristina, 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.

謝謝克里斯蒂娜，也謝謝今天所有到場的各位。 2025年充滿了許多不同尋常的挑戰，但美聯航的員工們秉持著不找藉口的企業文化，以客戶為中心，克服重重困難，出色地完成了各項工作。去年確實證明了過去十年我們在美聯航推行的打造收入多元化、品牌忠誠度高的航空公司的戰略不僅行之有效，而且在艱難時期也展現出了驚人的韌性。

The proof is in the numbers, and we expect to be the only US 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 airline than it was in the past.

事實勝於雄辯，我們預計將成為唯一一家克服重重困難，實現每股盈餘年增的美國航空公司。美聯航團隊確實是全球航空業最優秀的團隊，我為他們感到非常自豪。他們使今天的美聯航與過去相比發生了顯著變化。

Before turning to 2026, I want to wish all the best to a friend and an industry icon, Glen Hauenstein. My first real introduction to what has become modern successful airlines like Delta and United was at Continental in 1994 with Glen and Andrew Nocella as they were dismantling CALight and building the Newark and Houston hubs that we at United are now proud to call our own.

在展望 2026 年之前，我想祝我的朋友、行業偶像 Glen Hauenstein 一切順利。我第一次真正接觸到像達美航空和美聯航這樣如今成功的航空公司，是在 1994 年，當時我在大陸航空，和 Glen 和 Andrew Nocella 一起，他們正在拆除 CALight，並建造紐瓦克和休斯頓樞紐，而我們現在美聯航也為擁有這些樞紐而感到自豪。

I remember Glen once coming into the conference where I sat and yelled at me for being too loud. Something, by the way, that my wife, Kathleen, wholeheartedly agrees with Glen 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.

我記得有一次格倫走進我所在的會議室，對我大喊大叫，說我聲音太大了。順便說一句，在這一點上，我的妻子凱瑟琳完全同意格倫的觀點。我認為，在航空公司裡，最重要、最有影響力的工作是製定出色的商業策略，而一家大型現代化航空公司如果沒有一位商業巨星，就根本無法取得成功。

Glen and Andrew are simply in a separate league from all the other commercial minds around the globe. And Glen, 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.

Glen 和 Andrew 的才華與全球其他所有商業精英都相差甚遠。格倫，就我個人而言，考慮到聯合航空目前的良好發展勢頭，我只想說，你的退休時機堪稱完美。在經歷了穩健的 2025 年之後，2026 年對於美聯航來說將是與之前類似的一年，但行業背景要好得多。我們的計劃在過去十年中一直行之有效。雖然我們每年都會對其進行一些小的調整，但打造一家收入多元化、品牌忠誠度高的航空公司的核心理念始終不變。

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.

我們長期以來一直擁有正確的策略，而且美聯航團隊的整體執行力比世界上任何其他航空公司都要強。我為他們感到驕傲，也為我們繼續打造航空史上最好的航空公司而感到興奮。接下來輪到你了，布雷特。

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.

謝謝你，斯科特，早安。儘管 2025 年對該行業而言是一個充滿挑戰的宏觀環境，但我們仍然將重點放在客戶體驗和建立品牌忠誠度上。我們持續投資於旅行體驗、溝通和可靠性，幫助我們應對各種挑戰，並為客戶提供優質服務。我們今年的淨推薦值 (NPS) 非常高，這凸顯了美聯航旅行體驗中註重的關懷和一致性。儘管今年營運面臨諸多不利因素，但我們在 2025 年結束時，整體淨推薦值 (NPS) 仍提高了近 3 個百分點。

And during the month of November, amid an unprecedented government shutdown and real-time flight reductions, 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.

在 11 月份，儘管政府史無前例地停擺，航班也即時減少，但我們卻取得了公司歷史上最佳的 NPS 月份業績。這證明了我們以客戶為中心、採取果斷行動、奉行以客戶為中心的政策，以及在突發事件期間堅持透明溝通的承諾。Toby 將更詳細地分享我們為取得這些令客戶滿意的成果所採取的具體措施。

We've also continued to innovate, and in the fourth-quarter, we introduced 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.

我們也一直在不斷創新，在第四季度，我們在屢獲殊榮的 United 應用程式中推出了新功能和更個性化的更新，包括增強的行動行李追蹤、虛擬登機口、即時登機更新和更詳細的到達資訊。這些改進旨在提高透明度，節省客戶時間，並在旅程的關鍵時刻提供更清晰的即時溝通。

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 meaningfully enhancing the United experience, earning customer trust at every touchpoint 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 I want to thank our employees for the important work they do every day.

超過 85% 的乘客在出行當天使用美聯航應用程序，這是我們的另一個競爭優勢，我們相信這些投資正在切實提升美聯航的體驗，在每一個接觸點贏得客戶的信任，並贏得品牌忠誠的客戶。在勞工問題上，我們目前正在與四個工會進行積極談判。我們期待與這些集團達成行業領先的合同，如有更多消息，我們將及時分享。2026 年對我們而言是一個充滿希望的年份，我要感謝我們的員工每天所做的重要工作。

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 operations.

我很自豪地宣布，他們將在 2025 年獲得超過 7 億美元的應得利潤分成。他們的韌性和對公司價值觀和客戶的共同承諾，正是美聯航強大的原因。現在我把麥克風交給托比，讓他來討論我們的營運狀況。

Thank you, Brett, and I'm happy to join you all 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.

謝謝你，布雷特，我很高興今天早上能和大家一起參加電話會議。在美聯航，我們為我們不找藉口的文化感到自豪。去年，美聯航營運團隊面臨一系列我們無法控制的挑戰，這種文化真正經歷了考驗。我為團隊的回應速度和為客戶交付的成果感到無比自豪。

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 legacy carriers in 2025.

充分利用對員工、新工具和其他創新方面的投資，使我們能夠靈活應對美國聯邦航空管理局的運力指令，並在其他不尋常的運行中比以往任何時候都更快、更強大地恢復。因此，我們的座位完成率達到了公司歷史上的最高水平，並在 2025 年成為三大傳統航空公司中的第一名。

In fact, at O'Hare in 2025, we cancelled at half the seat rate of our largest competitor. We flew a record 189 million passengers and ranked number one in STAR D0 for the second year in a row. For the year, United ranked number two in on-time departures and number two in cancellations, and United Express operation delivered 134 days of perfect completion. This is a remarkable performance in the face of the outside challenges that we faced at Newark and staffing challenges at the ATC.

事實上，在 2025 年奧黑爾機場，我們的取消票價只有最大競爭對手的一半。我們運送了創紀錄的 1.89 億名乘客，並連續第二年在 STAR D0 排名中位列第一。在這一年中，美聯航在準點起飛方面排名第二，在航班取消方面也排名第二，而美聯航快運的運營實現了 134 天的完美完工。考慮到我們在紐瓦克面臨的外部挑戰以及空中交通管制中心的人員配備挑戰，這是一項了不起的成就。

Beginning in the early November, the FAA directed airlines to temporarily reduce departures at 40 major airports due to staffing and system constraints from the prolonged US government shutdown. We worked 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 flying.

從 11 月初開始，由於美國政府長期停擺導致人員配備和系統受限，美國聯邦航空管理局指示航空公司暫時減少 40 個主要機場的航班起飛。我們與美國聯邦航空管理局領導人密切合作，迅速落實了削減措施，我們感謝他們的合作。在美聯航，我們有意為之進行這些裁員。從一開始，我們的首要任務就是保護我們網路的完整性。我們明確決定不削減長途國際航班和樞紐到樞紐的航班。

Those flights are the backbone of our network and aided in retaining connectivity and flexibility for our customers. We focused on reductions where we could minimize customer impact with the majority of cuts concentrated on regional flying and non-hub domestic routes with smaller narrowbody 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 flights in fewer departures with larger aircraft to move the same number of customers more efficiently and reducing further disruption.

這些航班是我們航線網路的支柱，有助於維持我們客戶的連接性和靈活性。我們重點削減了對客戶影響最小的開支，大部分削減集中在區域航班和非樞紐國內航線，且主要使用小型窄體飛機。在許多情況下，這意味著減少每天有多個航班選擇的航線的飛行頻率，而不是完全取消航班連線。我們盡可能地將航班合併到更少的出發班次中，使用更大的飛機，以更有效率地運送相同數量的乘客，並減少進一步的干擾。

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.

即使做出這些改變，高峰期航班取消總量也僅佔出發量的約 4%，對我們本季的運能影響甚微。

Operationally, I'm very proud of how our team managed the rolling schedule changes. We're 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.

在營運方面，我為我們團隊應對不斷變化的日程安排感到非常自豪。我們對應對不正常運作並不陌生，這也有助於我們快速且靈活地應對這些情況。為了讓客戶安心，我們提前幾天公佈了取消訊息，並透過我們的應用程式和網站直接溝通任何變更，並盡可能盡快重新安排客戶的行程。

Notably, nearly 60% of our customers, who's flights were cancelled, were rebooked within four hours of the original departure time. Any customer traveling during this period could request a refund even if their flight ultimately operated, and that included nonrefundable and Basic Economy tickets. It was the right thing to do. Thank you to each United employees 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 cancelled less than 1% of our flights during the holidays.

值得注意的是，近 60% 的航班被取消的客戶在原定起飛時間後的四個小時內都重新預訂了航班。在此期間出行的任何乘客，即使航班最終正常起飛，也可以申請退款，這包括不可退款機票和經濟艙基本機票。這樣做是對的。感謝每一位美聯航員工，是你們的幫助讓我們成功應對了這些即時航班時刻表的變更。我們以優異的成績結束了這一年。假日期間，美聯航的營運效率位居業界第一，準點起飛及準時到達率均排名第一。假期期間，我們取消的航班不到1%。

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 and the industry faced. Running a strong operation sets the foundation for delivering on our financial commitments and helps attract the brand-loyal customers that we speak so much about.

2026年初加勒比海空域關閉後，我們在三天內增加了10%的座位，幫助乘客返回家園，這無疑是結束繁忙假日季的絕佳方式。 2025年是值得我們所有人驕傲的一年，尤其是在美聯航和整個產業面臨許多挑戰的情況下。穩健的營運是履行財務承諾的基礎，也是吸引我們一直強調的品牌忠誠客戶的關鍵。

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.

再次感謝美聯航的優秀團隊，我期待在2026年與大家一起再創佳績。現在請安德魯談談收入環境。

Thanks, Toby. 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.

謝謝你，托比。聯合航空本季營收成長 4.8%，達到 154 億美元，運力年增 6.5%。本季綜合TRASM下降1.6%。第四季是美聯航有史以來收入最高的季度。本季高級艙位的業績再次優於一般艙等。

Premium cabin revenue were up 12% year-over-year on a 7% more capacity. PRASM for premium cabin outperformed the main cabin by almost 10 points in Q4. Main cabin revenues were up 1% on a 6% more capacity for the quarter. For the year, premium revenues increased approximately 11%, while standard and Basic Economy revenues were down approximately 5%.

高級艙位收入年增 12%，運力成長 7%。第四季度，高級艙位的 PRASM 比主艙高出近 10 個百分點。本季主艙營收成長 1%，運力成長 6%。今年，高級收入成長了約 11%，而標準和基本經濟艙收入下降了約 5%。

We did see a nice bounce back in our international flying in Q4 after a challenging 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 -- were $1.8 billion to -- up 2.1% year-over-year. Loyalty revenues for 2025 were up 9%.

在經歷了充滿挑戰的第三季度之後，我們的國際航班在第四季度出現了良好的反彈。太平洋和大西洋表現良好，PRASM 在這兩個地區均轉正。另一方面，拉丁美洲又經歷了一個充滿挑戰的季度。2025 年貨運收入成長至 18 億美元，年增 2.1%。2025 年忠誠度收入成長了 9%。

Remuneration from global co-brands was up 12% for the year and 14% 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 bookings perspective but then dropped off sharply towards the back 3 of January and for the rest of the quarter. Based on what we've seen so far this year, bookings 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.

全球聯名品牌帶來的收益全年成長 12%，季增 14%。我們連續第三年新增了超過 100 萬張聯名卡。展望 2026 年第一季度，我們預期業績將逐年改善，所有地區的 RASM 都有可能實現年成長。從預訂量來看，去年開局非常強勁，但隨後在 1 月下旬及之後整個季度都急劇下降。根據我們今年迄今所看到的，預訂量和收益率都超過了去年強勁的開局，我們希望這種勢頭能夠繼續下去，這無疑可能會使我們的預測顯得有些保守。

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 seats continue to show some weakness. This main cabin weakness is due to unprofitable capacity offered by other large spill demand US carriers as ULCC capacity becomes less relevant.

我們也預計，2026 年上半年國內產能環境將相當有利，其他廠商長期無利可圖的少量產能將退出市場。然而，在第一季度，高端產品的收入持續領先，而標準主艙座位的收入則繼續表現疲軟。主艙疲軟是由於其他大型美國航空公司提供的運力無利可圖，而超低成本航空公司的運力則變得不那麼重要。

We also have a tailwind in Newark later this spring with operations running well. We expect Newark to give United a unique RASM tailwind versus the industry considering the events last spring. With the number of flights now limited to what the runways can accommodate, our customers can and are booking 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 bookings in the Caribbean. Yet, we still have a chance at positive Latin RASM depending on when concern dissipates.

今年春季晚些時候，我們在紐瓦克也將迎來順風，業務運作進展順利。考慮到去年春天的事件，我們預計紐瓦克將為美聯航帶來相對於業界獨特的 RASM 成長優勢。由於航班數量目前僅限於跑道所能容納的數量，我們的客戶可以而且正在充滿信心地預訂。為了糾正第三季和第四季出現的業績不佳情況，我們對第一季的拉丁美洲產能進行了積極的調整。然而，近期的地緣政治事件對加勒比地區的預訂量產生了明顯的負面影響。然而，我們仍然有機會獲得積極的拉丁語 RASM，這取決於擔憂何時消散。

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 US carriers that can say all their hubs are profitable in 2025, and these same two carriers are expected to represent the bulk of industry profits in the year.

聯合航空所有樞紐機場在第四季和2025年全年均再次獲利。一個完全獲利的樞紐框架使美聯航能夠在堅實的基礎上投資增加運力。我們認為，到 2025 年，只有兩家大型美國航空公司能夠保證其所有樞紐機場都實現盈利，而這兩家航空公司預計將佔據當年行業利潤的大部分。

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.

我們也認為，在芝加哥的三個航空樞紐中，只有美聯航的樞紐在 2025 年實現了盈利，我們預計它在 2026 年將再次實現盈利。今天，我還想談談我們 2026 年的商業重點，以推動更高的 RASM 和利潤率。

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-growing 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.

我們首要關注的重點是調整長程航線時刻表，增加季節性運力。國際旅行的需求高峰期已經從第二季和第三季蔓延到一年中的其他時間。由於這種轉變，我們預計美聯航國際運力成長最快的季度將是 2026 年第一季度，而第三季度的成長將微乎其微。2019 年，將各季度產能趨於平衡是不正確的，但現在是正確的。

A second focus will be enhanced merchandising of our growing 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.

第二個重點是加強我們不斷成長的產品線的銷售推廣。我們計劃透過這些變革來增加市場區隔和客戶選擇，我們將在 2026 年初宣布這些變革。這項措施包括對 united.com 進行十年來最大規模的重新設計。

Our third focus will be enhanced connectivity, and we will soon approach the connectivity goals we set in 2021 with the United Next Plan by 2027.

我們的第三個重點是增強互聯互通，我們很快就會實現我們在 2021 年透過「聯合下一步計畫」制定的互聯互通目標，目標是在 2027 年實現。

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 MileagePlus, 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 banking partners regarding core economics, but we still have plenty of ideas to boost growth in revenue in the meantime. And premiumization is our fifth focus in 2026. We've had this premium focus for almost eight years now.

因此，2025 年標誌著美聯航國內運力成長的巔峰，同時也標誌著美聯航「未來計畫」這一非常成功的階段的結束。我們的第四個重點是 MileagePlus，透過進一步區分真正的忠誠度計劃和其他人提供的獎勵計劃，來增強未來幾年的成長潛力。我們與銀行合作夥伴之間還有一份關於核心經濟效益的長期合同，但與此同時，我們仍然有很多想法來促進收入成長。而高端化是我們2026年的第五個重點。我們近八年來一直專注於高端市場。

And while our lead is now being followed by a range of other US carriers, it's United's 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 our widebody jets, including the new United Polaris Studio seats, 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 of our growth in '26.

雖然我們的做法現在已被其他許多美國航空公司效仿，但正是美聯航的七個以商務為中心的樞紐決定了這一計劃，也正是我們期望能夠取得更大成功的原因。去年春天，我們宣佈為我們的寬體噴射機推出全新的升級版內飾，包括全新的 United Polaris Studio 座椅、帶門的 Polaris 座椅，以及對軟性產品進行無數其他升級。目前已有四架 Elevated 787 飛機準備在未來幾週內交付，我們預計在 2026 年剩餘時間內還將交付 16 架。這些飛機以及其他新交付的飛機將使我們的高端運力成長佔 2026 年成長的一半以上。

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 Signature Interior mods and Starlink installs are now moving at pace and will be completed in 2027, creating consistent premium product we hoped 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 as a much higher percentage of our growth equation.

我們期待在 2026 年看到更多創新產品和飛機發布。無論乘客的座位在哪裡，也無論他們支付多少費用，美聯航都在重新定義「優質服務」的含義。我們的 United Signature 內裝改裝和 Starlink 安裝目前正在快速推進，將於 2027 年完成，從而打造出我們在 2021 年宣布 United Next 時所期望的始終如一的優質產品。2027 年的一個快速但重要的展望是，我們將長期專注於計量。雖然 2026 年的重點不是計量，但 2027 年及以後，計量將成為我們成長方程式中更高比例的指標。

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 offer my thanks to the entire United team for a great but challenging 2025 and hand it off to Mike to talk about our financial results. Mike?

當然，我們在 2026 年的大部分商業重點領域都是為了使我們的產品去商品化，為消費者提供更多選擇，並贏得更多品牌忠誠客戶。我們很喜歡我們的計劃。未來幾年，我們將繼續專注於做同樣的事情。在此，我向整個聯合團隊表示感謝，感謝他們為2025年所做的貢獻，儘管這一年充滿挑戰，但意義非凡。現在，我將把發言權交給麥克，讓他來談談我們的財務表現。麥克風？

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 pretax earnings from the government shutdown.

謝謝你，安德魯。我們以優異的成績結束了 2025 年，第四季度每股收益為 3.10 美元，符合我們此前 3 美元至 3.50 美元的預期範圍，儘管政府停擺對我們的稅前利潤造成了 2.5 億美元的影響。

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, which was slightly up versus 2024 and despite a $0.85 headwind from our challenges at Newark.

2025年對航空業來說是充滿挑戰的一年。由於宏觀經濟波動和紐瓦克特有的挑戰，2025 年的每個季度都發生了重大事件，給盈利帶來了壓力，並進一步擴大了行業領先者和落後者之間的業績差距。我們在 2025 年全年每股收益為 10.62 美元，略高於 2024 年，儘管紐瓦克面臨的挑戰帶來了 0.85 美元的不利影響。

I expect we will be the only US 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.

我預計我們將是去年唯一一家每股收益成長的美國航空公司。這有力地證明了美聯航在高度不確定時期仍能高效運營，而業內大多數公司卻無法做到這一點。以品牌忠誠客戶為核心業務的航空公司，不僅利潤更高。它也更具韌性。

Our plan is working, and I'd like to thank the entire United team for their hard work in the face of all of 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.

我們的計劃正在奏效，我要感謝整個聯合團隊在面對所有這些挑戰時所付出的辛勤努力。我特別要感謝我們的第一線乘務員、飛行員和客戶服務代表。在政府停擺這一極其艱難的時期，你們服務了我們的客戶，使聯合航空獲得了歷史上最高的淨推薦值。

Over the last year, we've invested $1 billion 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.

過去一年，我們在客戶方面投入了 10 億美元，因此，客戶也注意到了這一點。從更大的俱樂部到免費的 StarLink Wi-Fi，聯合航空的產品供應以及進一步的細分市場不斷吸引越來越多的品牌忠誠客戶，從而推動了強勁的營收成長和更持久的收益。

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 CASM-ex year-over-year was up only 0.4%, bringing our full year 2025 CASM-ex 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.

我們之所以能夠對客戶進行投資，是因為我們採取了業界領先的措施，在核心業務中提高成本效益。第四季度，我們的 CASM-ex 年成長僅 0.4%，使得我們 2025 年全年 CASM-ex 也成長了 0.4%。我們預計這一業績將處於行業領先地位，並將繼續在 2026 年推動整個業務的效率提升。

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.

現在來展望一下前景。展望第一季度，我們預計每股收益將在 1 美元至 1.50 美元之間，按中間值計算，與去年第一季相比，收益將增長約 37%，利潤率也將同比增長。憑藉強勁的季度業績，我們預計 2026 年全年每股收益將在 12 美元至 14 美元之間。中點數值顯示，這代表超過 20% 的成長，意味著隨著我們朝著兩位數利潤率邁進，利潤率將繼續擴張。

Turning to the fleet. This year, we expect to take delivery of over 100 aircraft, 100 narrowbody aircraft and approximately 20 widebody aircraft. Accordingly, we expect our capital expenditures for the year to be less than $8 billion, consistent with the $7 billion to $9 billion multiyear CapEx guidance we provided back in 2024.

轉向艦隊。今年，我們預計將接收超過 100 架飛機，其中 100 架為窄體飛機，約 20 架為寬體飛機。因此，我們預計今年的資本支出將低於 80 億美元，這與我們早在 2024 年提供的多年期資本支出指引（70 億至 90 億美元）一致。

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.

在資產負債表上，獲得投資等級評級是我的首要任務，到 2025 年，我們在實現投資等級指標方面取得了實質進展。我們償還了 19 億美元的高成本新冠疫情時期債務，使我們的總債務成本降至 4.7%。年底我們的淨槓桿率為 2.2 倍。由於我們採取了去槓桿化措施，加上我們的盈利能力和行業分化，在過去的 13 個月裡，我們在穆迪、標普和惠譽的信用評級中獲得了五次上調。目前，美聯航在所有三家評級機構的評級都僅比投資級低一級，這是我們 25 年來的最高評級。

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 rating shortly thereafter and are committed to managing our balance sheet to achieve that goal. Free cash flow generation remains a key priority.

2026 年，我們計劃進一步實現目標，將淨槓桿率控制在兩倍以下，目標是在年底前達到投資等級指標。我們希望在此之後不久就能獲得投資等級評級，並致力於管理好我們的資產負債表以實現這一目標。創造自由現金流仍然是重中之重。

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%. And as we exit the decade, we continue to expect free cash conversion to expand to around 75%.

2025 年，我們產生了 27 億美元的自由現金流；鑑於飛機交付量增加，我們預計 2026 年將實現類似水準的自由現金流。中期內，我們預期自由現金流轉換率將維持在 50% 左右。隨著十年即將結束，我們繼續預期自由現金流轉換率將擴大到 75% 左右。

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.

關於股票回購，我們董事會也授權了 7.82 億美元。我們將繼續在維持投資等級信用評等和在市場機會出現時擇機買入股票之間取得平衡，希望這種情況能減少發生的頻率。 2025 年的業績證明，聯合航空能夠有效應對宏觀經濟波動和公司自身面臨的挑戰，同時保持穩健的獲利能力。我們的相對利潤率依然強勁，展望未來，我們將專注於持續擴大利潤率並實現兩位數的利潤率。

The industry continues to transform and competitive dynamics are evolving with 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 Kristina to kick off the Q&A.

產業持續轉型，競爭格局不斷演變，聯合航空牢牢佔據領先地位。綜上所述，美聯航已做好準備，迎接又一個成長和成功之年，這將為我們的員工、客戶和股東創造價值。現在回到克里斯蒂娜，開始問答環節。

Thank you, Mike. We will now take questions from the analyst community. (Operator Instructions) Colby, please describe the procedure to ask a question.

謝謝你，麥克。現在我們將接受分析師們的提問。（操作說明）科爾比，請描述提問的步驟。

(Operator Instructions)

（操作說明）

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

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 much -- most difficult comp of the quarter. So, if you could just talk about how things change throughout 1Q. I just think that you're going to be exiting at a much higher booking rate in March than you are right now. So, if you could just talk about that in general.

僅就企業差旅方面而言，您已經注意到，到目前為止，1 月份這方面表現非常強勁。而且我認為那其實是本季最難的比較題。所以，您能否談談第一季期間情況發生了哪些變化？我認為你們三月的預訂率會比現在高很多。所以，您能就此談談嗎？

Thanks, Conor. I think I agree with your conclusion. 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, 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.

謝謝你，康納。我同意你的結論。 2026年的開局確實非常強勁。但尤其值得一提的是，業務量已經大幅成長，而且勢頭非常強勁。我的看法是，回想一下 2025 年初，我們最初確實看到了強勁的業務量，但這些數字很快就下降了，2 月和 3 月的成長幅度僅為個位數。

This year, for the same early January week, business revenue is up high single digits and nearly 20% year over two So if current business volumes simply continue, you'll see year-over-year growth for the last two weeks of January for business up 12%, 13%, 14%. The further you push this math into February and March, the stronger it potentially gets. So, I think I agree with your conclusion. Well, it's still early in the year, but just -- we're off to a great start from a business point of view.

今年，在 1 月初的同一周，業務收入實現了接近兩位數的成長，較去年同期成長近 20%。因此，如果目前的業務量持續維持，那麼 1 月最後兩週的業務量將年增 12%、13% 和 14%。你越是把這個數學推算到二月和三月，它就越有可能變得有效。所以，我同意你的結論。雖然現在還只是年初，但從業務角度來看，我們已經取得了非常好的開局。

Okay. Great. And then, I mean, I know you 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 like rate of change or that flipping positive at some point later in the year?

好的。偉大的。而且，我的意思是，我知道你花了很多時間拓展業務，不再局限於主艙，而是涉足高端艙、公司艙以及你正在做的所有相關業務。但感覺我們一直——我的意思是，你指出主艙到 2026 年仍然存在一些問題。所以，您能否談談這一部分有可能如何轉為正面的一面？你是否假設會有任何類似的成長率，或者說今年稍後會出現轉正的情況？

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 and 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 more than you would otherwise expect to fly.

嗯，我覺得這是不可避免的。高級艙位已經連續四年推出。但我認為客艙和主艙的改善是必然的，這是一個非常簡單的等式。正是市面上其他航空公司提供的那些不獲利的運力，使得航班數量持續超出你的預期。

So we'll see how that all shakes out. I can't predict the timing. 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.

所以，我們拭目以待。我無法預測具體時間。但我認為，企業最終會停止做無利可圖的事。我們得看看什麼時候會發生。但我仍然看好，未來某個時候我們會看到主艙翻轉的良好表現。

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.

當這種情況發生時，這將極大地促進我們的利潤成長，對整個產業來說也是件好事。所以時間會證明一切，但我仍然樂觀地認為，在未來的某個時候，我們會朝著這個目標前進。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So Scott, maybe I'd like to get your thoughts on how you're thinking about some of the changes that are being discussed around the credit card ecosystem and kind of -- what that might mean for United as we look forward the next couple of years. If some of these changes are implemented, how do you think about what you can do to manage around it? And what are you and your partners thinking about as the most likely set of outcomes as far as whether it's the cap on interest rates or the credit card competition and what have you.

史考特，我想聽聽你對信用卡生態系統中正在討論的一些變化的看法，以及這些變化對未來幾年聯合航空可能意味著什麼。如果其中一些變化得以實施，您認為可以採取哪些措施來應對？那麼，您和您的伴侶認為最有可能出現的結果是什麼，例如利率上限、信用卡競爭等等？

Sure. I'll take the question. 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.

當然。我來回答這個問題。我認為這顯然是一個很好的、相關的問題。首先，我們一直就此事與 Chase 保持聯繫。顯然，Chase 是我們最大的聯名合​​作夥伴，我們經常就此問題與他們溝通。

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. MileagePlus co-brand holders tend to skew towards higher FICO 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.

我想說的是，雖然很多事情仍不明朗，但美聯航的業務組合當然會受到影響。但我們認為，它受到的影響會比幾乎所有人都小得多。MileagePlus 聯名卡持有者的信用評分往往較高，信用額度通常較低，損失率也較低。這些因素使我們與大多數非航空公司聯名計劃不同，甚至可能與許多其他航空公司聯名計劃大相徑庭。

We're going to let the banks sort this out. Interest rates and revolve rates are more of 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.

我們會讓銀行來處理這件事。利率和循環利率才是他們的專長。我們的目標是透過這個項目提供消費者喜愛的優質福利。所以，關於這個主題還有很多內容可以講。但我們感覺一切盡在掌握，無論未來發生什麼，我們都能做好準備。

Right. And then maybe just as a quick follow-up, you mentioned some additional stuff you might be able to do outside of the -- on top of the existing sort of agreements that you have with your card partners. Any more color you can give us in terms of kind of what that means in terms of specific changes or enhancements that you can drive the program in the near term outside of renegotiating the contract?

正確的。然後，作為後續的快速補充，您提到了一些您可以在現有與信用卡合作夥伴的協議之外做的其他事情。除了重新談判合約之外，您能否進一步說明一下，在近期內，您可以對該專案進行哪些具體的改進或提升？

Sure. I'll do my best. But first, I want to welcome Jarad Fisher to the team. Jarad is our new Head of MileagePlus. He has experience in credit cards, strong brands and airlines, which make him a perfect fit to lead MileagePlus into the next chapter. Richard and Luc 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 remuneration growth.

當然。我會盡力而為。但首先，我要歡迎 Jarad Fisher 加入團隊。Jarad 是我們新任 MileagePlus 負責人。他在信用卡、知名品牌和航空公司方面擁有豐富的經驗，這使他成為帶領 MileagePlus 進入下一個階段的完美人選。Richard 和 Luc 做得非常出色。正如您從我們新的信用卡成長統計數據中看到的那樣，正如我之前提到的，2025 年以及薪資成長也將如此。

I know I often talk about these changes at MileagePlus without a lot of details. But what I'll tell you is Jarad 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.

我知道我經常在 MileagePlus 上談到這些變化，但沒有提供太多細節。但我可以告訴你們的是，我和 Jarad 對此還有很多話要說，我們將在接下來的 10 週內發表一些聲明，以加速增長並採取我們能夠控制的措施。再過幾週，我想我就能給你一個滿意的答覆了。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Great quarter. Mike, maybe the first one is 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?

很棒的季度。麥克，也許第一個是給你的。即使考慮到你們在產品和體驗方面所做的投資，2025 年各季度的單位成本仍然非常出色。你正在駁斥那種認為這裡存在可變成本關係的觀點。那麼，您能否分析一下您目前做得對的地方，未來有哪些提高效率的機會，以及這些因素將如何影響 2026 年的成長？

Thanks, Sheila. And I'm very proud of our cost performance in 2025. I think it will prove to be industry-leading, as I said in my prepared remarks. Look, the cost efficiency in 2025 in the fourth-quarter, the strong operation forms the foundation. And so, a lot of credit goes to Toby and his team for driving that strong operation.

謝謝你，希拉。我對我們2025年的成本效益表現感到非常自豪。正如我在準備好的演講稿中所說，我認為它將被證明是行業領先的。你看，到 2025 年第四季度，成本效益將以強勁的營運為基礎。因此，托比和他的團隊功不可沒，他們推動了這項強而有力的營運。

Strong operation is a cost-efficient operation. But in addition to that, we are driving a real cultural efficiency here at United Airlines. And 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 industry-leading app, it drives a lot of automation for quicker check-in. It's customer-pleasing. It also takes some costs out, some variable costs out of our system.

穩健的營運就是高效率的營運。但除此之外，我們正在美聯航內部推動真正的文化效率提升。我舉幾個例子，以後我們可以再深入探討。例如，隨著我們不斷投資於行業領先的應用程序，它推動了許多自動化操作，從而加快了入住速度。它能讓顧客滿意。它還能降低我們系統中的一些成本，一些可變成本。

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 to 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.

我們也對全球採購組織進行了全面改革。我很高興地宣布，在改革的第一年，我們已經確定並實現了採購組織 1.5 億美元的年度節約，未來還有更多節約空間。最後，我們正在利用先進的技術來幫助模擬我們技術營運組織的需求。這將使技術人員的工作效率更高，停飛的飛機更少，整個機隊的生產效率也會更高。

So those are few examples. I'll tell you that there's more to come. This is a culture at United to drive 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.

以上是一些例子。我可以告訴你，後面還有更多精彩內容。這是美聯航為實現高效運作而營造的企業文化。我們將其中許多資金再投資於客戶，這有助於提高聯合航空的結構性獲利能力。謝謝你的提問。

And I just want to add on, mostly to compliment 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 efficiencies, something that we've talked about a little in the past. And credit to Mike, Brett and Jonathan Ireland, who's sitting in this room; Toby Enqvist, our Chief Operating Officer; and Jason Birnbaum, who runs technology for us. We culturally are great. But we've also made technology investments that I know do not exist at any other airline.

我還要補充一點，主要是為了讚揚團隊，我認為從投資者的角度來看，這是美聯航與世界上所有其他航空公司之間的區別點之一。我們在真正的核心成本效益方面是世界上最好的航空公司，這一點我們過去也稍微談到過。也要感謝坐在這裡的 Mike、Brett 和 Jonathan Ireland；我們的營運長 Toby Enqvist；以及負責我們技術工作的 Jason Birnbaum。我們的文化非常強大。但我們也進行了一些技術投資，我知道其他航空公司都沒有這些投資。

And that's the foundation, the culture and the technology, that drives core efficiency. We keep doing more, and Mike told you a bunch of the tactical things that have happened recently, but then we keep finding more. And one of my favorite stories was we finished the budget last year and finished the budget, and Toby came forward and said, I think we got chances to drive another $250 million out of that operation in core efficiency, nothing that impacts the customer but helps the airline actually run better and saves money. And there's no other Chief Operating Officer in the world that is doing that.

這就是推動核心效率的基礎、文化和技術。我們一直在做更多的事情，麥克也跟你講了一些最近發生的戰術性事情，但我們仍然不斷發現更多的事情。我最喜歡的故事之一是，去年我們完成了預算，托比站出來說，我認為我們有機會透過提高核心營運效率再節省 2.5 億美元，這不會影響客戶，但有助於航空公司更好地運營並節省資金。世界上沒有其他首席營運長這樣做。

They're all begging for more money in their budgets. Like this is real at United. I think we're going to drive cost for years to come that outperform the rest of the industry because what we're doing is real and it is not coming at the expense of employees or customers.

他們都在懇求預算中增加撥款。這在美聯隊是真的。我認為在未來幾年，我們將持續降低成本，超越行業其他企業，因為我們所做的一切都是實實在在的，而且不會以犧牲員工或客戶為代價。

That's great. And maybe if I could ask one on your fleet. You talked about '25 being a high watermark for growth, but you have 100 narrowbody deliveries plus 20 787s. So that's 10% growth by the end of '26, given you only show 20 retirements. Plus, you have the gauge benefit that accelerates in '26.

那太棒了。或許我可以問問你們艦隊裡的一位成員。你曾說過 2025 年是成長的高峰期，但你交付了 100 架窄體飛機和 20 架 787 飛機。所以，假設只有 20 人退休，那麼到 2026 年底，成長率將達到 10%。此外，你還可以享受到 '26 加速的儀表優勢。

How are you thinking about the guardrails to capacity growth this year? And where in the network and the fleet plan, you're keeping a buffer there?

您認為今年產能成長的限制措施是什麼？在網路和車隊規劃中，你們的緩衝位置在哪裡？

Well, look, we're not going to give capacity guidance other than to tell you that 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 giving today.

嗯，你看，我們不會給出運力方面的指導，只能告訴你，我們的「聯合未來」計畫運作良好，而去年是運力達到頂峰的一年。因此，我們將根據需求適當管理產能，但這就是我們今天給予的指導意見。

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.

還有Sheila，關於那100架窄體飛機的交付。而且可能還會更多。我的意思是，波音和空中巴士在修復疫情破壞的供應鏈方面做得更好。因此，生產力正在提高。如果數量再多一些，我們非常歡迎窄體客機的加入。這將有助於我們更快地提升產能。與我們可以替換的飛機相比，這些新型飛機的獲利能力非常強勁。

And on the widebody front, it's a similar story. We expect 20 787s 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.

寬體車身方面，情況也類似。我們預計到 2026 年將有 20 架 787 飛機。我認為未來幾年我們也會收取差不多這個金額的費用。寬體機隊的現代化改造不僅是為了成長，而且有助於推動美聯航未來獲得更高的獲利能力和更好的資本回報。所以我對資本支出計劃及其對財務狀況的影響感到非常滿意。

Catie O'Brien, Goldman Sachs.

凱蒂‧歐布萊恩，高盛集團。

Andrew, I wanted to start with you and just dig in on how you're thinking about the sequential trends by region underlying your 1Q EPS guidance. Is it fair to assume that most of the $250 million pretax hit was driven by lower domestic revenue?

Andrew，我想先和你聊聊，深入了解你如何看待構成你第一季每股收益預期基礎的各個地區的連續趨勢。是否可以合理地假設，2.5億美元的稅前損失大部分是由國內收入下降造成的？

So 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 in the fourth-quarter. So, I'm really just trying to get a sense of the relative improvement you're expecting between the four regions.

所以，我只是想了解一下，我們是否應該在國內看到最顯著的持續改善？顯然，你們在第四季的一些國際地區取得了非常強勁的業績。所以，我其實只是想了解您預期這四個地區之間會有怎樣的相對改善。

Yes. 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.

是的。顯然，第四季受到的衝擊最大的是國內市場。我不會說政府停擺完全導致了國際貿易的停滯，但主要影響還是國內貿易。展望 2026 年，加勒比海地區的情況確實會對那裡的數據產生影響。所以，以後我會注意自己對加勒比海地區的言論。

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 dialled in in that region.

我們仍然認為結果可能是正面的，但會非常接近。但我們正在尋求各方面的循序漸進的改進。顯然，大西洋正在引領潮流，這令人欣喜。我們在大西洋彼岸發展迅速。很多成長來自以色列，但我們在大西洋彼岸的業務仍在快速成長。我們認為，我們已經真正掌握了該地區的產能平衡問題。

So we're really proud of that. Pacific, I think it looks pretty darn good. South Pacific is not as good as the North Pacific. And domestically, 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.

所以，我們為此感到非常自豪。太平洋，我覺得它看起來相當不錯。南太平洋不如北太平洋。國內方面，也將迎來另一次進步。我想說的是，高級艙位不僅在國內，而且在整個航空網絡中都處於領先地位。

Great. And Mike, maybe one for you on the '26 cost outlook. Obviously, I understand -- I'm not asking for guidance. But 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, on the '26 punch list, like what are the opportunities you're most excited about?

偉大的。麥克，或許你可以了解一下 2026 年的成本前景。我當然明白──我並不是尋求指導。但你剛才詳細介紹了今年讓你感到非常興奮的一系列事情，例如營運、採購等等，你們從系統中獲得了相當可觀的數字。我想問的是，在2026年的目標清單上，你最期待哪些機會？

Is it just following down some of these same paths? Like how should we think about the opportunity to cost out this year versus the great success you had in '25?

是不是只是沿著一些相同的道路走下去？我們該如何看待今年的投資機會與2025年取得的巨大成功之間的權衡呢？

Thanks, Catie, 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.

謝謝凱蒂的提問。我認為，持續強勁的營運是最重要的。我提到了全球採購。我們才剛起步。因此，你應該會看到這方面持續改進。

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.

然後，我們正在與由傑森·伯恩鮑姆領導的技術團隊合作，那裡有一些價值數億美元的重大機會。隨著我們逐步落實這些措施，我們將提供更多細節，但這是美聯航為提高效率而進行的永久性文化轉變。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

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 for this year ?

所以很明顯，你們的全年預算指南相當保守。我想你們在評論裡可能也暗示過這一點。我只是想了解一下，這是否像往常一樣保守？或者你認為有什麼理由讓 2026 年的政策更保守嗎？我只是想了解今年的全年指南中列出了多少起天災事件。？

Well, look, the way I would -- obviously, Scott said something last night about this, so it helps with the answer just a little bit, I suppose. But let's think about the process. We think carefully about all these forecasts and we're pretty consistent on how we approach it. We did our forecast for 2026 more than a few weeks ago. 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. And we focus less on refining it in Q2 and beyond because that's how we do the process.

嗯，你看，我的做法是——顯然，斯科特昨晚也談到了這件事，所以我想這對回答這個問題會有一些幫助。但我們不妨思考一下這個過程。我們會認真考慮所有這些預測，而且我們採取的方法也相當一致。我們早在幾週前就完成了 2026 年的預測。顯然，在新的一年到來之際，我們對其進行了完善，並在第一季集中精力進行完善，因為這就是我們目前的進展。在第二季及以後，我們減少了對它的改進，因為這就是我們做事的方式。

So we'll see how it goes. I'll just start off with the year has gotten off to a really great start. 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.

我們拭目以待。首先我想說的是，今年開局非常順利。考慮到我們目前在加勒比地區面臨的情況，國際實體看起來相當不錯，即使是加勒比地區也是如此。因此我們依然看好市場，目前商業需求看起來確實非常強勁，我們將拭​​目以待，看看這種勢頭能否持續下去。

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.

如果這種情況持續下去（我向你保證，我們認為這種情況正在發生，斯科特也肯定這麼認為），那麼我們的預測將會比通常情況下更加保守。但目前我只能說這麼多了。或許麥克想補充一些內容。

Ravi, I'd just say 2025 proved a year -- if we talk about acts of God in this industry, 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 8-Ks to update their guidance.

拉維，我只想說，2025 年證明了這是一個多麼糟糕的一年——如果我們在這個行業談論天災人禍，那我們真是遭了重創。這個行業遭受了重創。我為曼聯全年的成績感到無比自豪。我尤其為第四季感到自豪，因為當時政府停擺了。幾乎所有其他主要航空公司都必須發布 8-K 表格來更新其指導意見。

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.

我們依照原計劃完成了任務。這證明了美聯航是如何確保即使在不順利的時期也能履行我們的財務承諾的。2026年也不會例外。

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 this year kind of what's the timing on that? And what is the forum for that?

很有幫助。說到這裡，很明顯，你們即將達到 United Next 最初指導範圍的尾聲。我的意思是，2021年的時候，2026年似乎遙遙無期，但現在我們已經到了。那麼接下來我們能期待些什麼呢？例如，你們什麼時候會公佈下一批長期目標？顯然，今年的忠誠度提升幅度會比較小，具體時間安排是怎麼樣的呢？那應該在哪個論壇討論呢？

Ravi, I am thinking about that. And all of our quarterly calls and, frankly, when we go to conferences, 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 to free cash flow conversion of 75%, 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 the long-term targets at this time.

拉維，我正在考慮這件事。坦白說，我們所有的季度電話會議，以及我們參加的各種會議，都著眼於大局和長遠，這對我們大有裨益。制定長期目標並與投資者溝通至關重要。目前，我們致力於實現兩位數的利潤率、75%的自由現金流轉換率以及達到投資等級評級，這些是我們正在努力實現的長期目標。因此，我覺得我們目前在實現長期目標方面處於相當有利的位置。

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.

我還要補充一點，我們期待與大家分享接下來的發展。接下來會發生什麼，是我和整個商業團隊多年來一直在思考的問題，因為為了應對接下來的事情，我們需要有遠見卓識和深思熟慮地去落實。所以，我們期待在未來的某個時候與大家分享。但請放心，我認為我們在本十年後半段有很多非常棒的商業計劃和機會。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

Scott, I'm guessing the term CALite just got a few dozen more Google searches today than.

史考特，我猜想「CALite」這個詞今天在谷歌上的搜尋量比以往多了幾十次。

Well, you remember it without -- without searching.

嗯，你不用搜尋就能記住它。

Yes. No, I appreciated the comment. So Andrew, sorry, I'm just getting over a cold here. Andrew, in your prepared remarks and also to Conor a few minutes ago, you mentioned that some degree of unprofitable domestic flying out there is increasingly a function of hub-and-spoke peers as opposed to the usual domestic discounter suspects. 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.

是的。不，我很感謝你的評論。安德魯，不好意思，我還在感冒。Andrew，你在事先準備好的發言稿中，以及幾分鐘前對Conor說的話中都提到，國內航班出現一定程度的虧損，越來越受到樞紐輻射型航空公司的影響，而不是通常的國內廉價航空公司的影響。至於折扣店，考慮到整個系統巨額的虧損，我認為很合理地假設很多折扣店都會消失。

But the difference with certain hub-and-spoke competitors that you referenced, their returns are subsidized by loyalty and premium. So put differently, discounters had no choice but to back off. 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.

但與您提到的某些中心輻射式競爭對手不同的是，他們的回報是由忠誠度和溢價補貼的。換句話說，折扣商家別無選擇，只能退縮。正如斯科特常說的那樣，這只是數學問題。但中心輻射型操作員還是有選擇的。我很想知道你是否同意這種觀點。

And if you do, does it influence your confidence that ultimately some of these competitors do cull that loss-producing capacity?

如果是這樣，這是否會影響你對最終一些競爭對手會削減虧損產能的信心？

Yes. 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, I do think money-losing routes or hubs should ultimately be closed. I have some experience in this.

是的。我覺得這確實是個好問題。我認為經濟引力對所有企業都是一樣的，虧損的企業需要明白這一點，並採取不同的措施。在這種情況下，我認為虧損的航線或樞紐最終應該關閉。我在這方面有一些經驗。

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 of their hubs make money.

在我的職業生涯中，我曾在不同的航空公司參與過關閉多個樞紐機場的工作，顯然不包括美聯航，這些決定既複雜又重大。但歸根究底，正是做出理性的產能決策，並認識到哪些能賺錢哪些會賠錢，才使得聯合航空發展到今天的規模。我想，只有另一家航空公司可以說他們所有的樞紐機場都獲利。

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.

所以我仍然充滿信心，只是不知道具體時間，但我堅信虧損的航班最終會退出市場，航空公司將專注於他們最擅長的領域。這樣一來，整個產業都會受益，所有航空公司都會受益。但我不知道具體時間，可能還要一段時間。正如你之前所說，他們的跑道確實比其他航空公司長得多。但我再次強調，經濟引力適用於所有人。

And by the way, Jamie, I'm just going to -- since Andrew talked about closing hubs. So one of the things that just in my opening remarks about Andrew and Glen 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.

順便說一下，傑米，我只是想——因為安德魯談到了關閉樞紐。所以，在我開場白中提到的一點是，安德魯和格倫是世界上最優秀的兩個人。在我職業生涯中，據我所知，他們各自關閉了三個樞紐。對於一家成功的商業航空公司來說，最重要的是知道何時退出虧損市場。這在情感上很難做到。

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.

很少人能做到這種程度。對於任何航空公司的航線網路營運商來說，這是最重要的特質，而且這種特質非常罕見。

I appreciate that, Scott and Andrew. And then just a quick follow-up. Something, Andrew, I think you and I were discussing it in person not so long ago or maybe it was me and Patrick. But the fact that many of your recent international additions 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.

謝謝你們，斯科特和安德魯。然後還有一個簡短的後續問題。安德魯，我想不久前你和我當面討論過這件事，或者也可能是我和派崔克討論過。但事實上，你們最近引進的許多國際球員的薪資都高於其所在地區的薪資水平，而不是像預期的那樣存在薪資缺口，而且這種缺口有望隨著時間的推移而擴大。我很想知道現在情況是否仍然如此。

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?

如果真是如此，這種情況又能持續多久呢？我們是否應該假設這些溢價利潤會隨著時間的推移而被競爭所抵消？或者它們是否具有可持續性，這意味著在其他投入不變的情況下，更廣泛的地理區域也會變得更有利可圖？

Yes. 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.

是的。這是一個非常廣泛的問題。而且，我認為世界上沒有人比派崔克更適合把握這些機會。我們發現，這與正常情況相反，這麼多年過去了，我們從樹上摘下來的水果仍然品質優良。換句話說，因為世界變得越來越小，我們才能找到不同的機會。

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 attracting the 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.

很明顯，787飛機的技術已經改變了。但最重要的是，如今的曼聯與十年前已截然不同。正如斯科特經常說的那樣，我們在吸引品牌忠誠客戶方面的優勢，以及我們的產品和我們所做的一切，使我們能夠增加這些幾年前不可能實現的新航線，並且以比大多數航空公司更高的利潤率增加這些航線。這是一段非凡的旅程。而我認為，在國際方面，我們才剛起步。

New York, San Francisco, Washington and L.A., when you combine all those together going across the Pacific and the Atlantic, there's 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 unique 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 widebody jets, for example.

紐約、舊金山、華盛頓和洛杉磯，當所有這些城市跨越太平洋和大西洋匯聚在一起時，就會發現蘊藏著巨大的機會。而且我認為，很顯然，你們也知道A321XLR是為我們製造的，並且將會交付給我們。我們將利用這架飛機的獨特性能，就像大陸航空 20 多年前利用 757 飛機所做的那樣。我認為我們將是唯一一家以這種方式使用飛機，從而真正開拓眾多新市場的航空公司。例如，我們並不是想要縮小或擴大寬體噴射機的規格。

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.

我們正在尋求擴大我們的網路、範圍和深度。這方面還有很多後續進展。所以，向整個曼聯致敬。這真是一項了不起的成就。我們期待看到十年後我們的國際網絡會是什麼樣子。

Tom Fitzgerald, TD Cowen.

湯姆·菲茨杰拉德，TD Cowen。

I'm wondering if you could expand a little bit on the distinction between the loyalty program and rewards program. You commented on that a few times. I'd love to hear like how investors should think about MileagePlus being differentiated.

我想請您詳細解釋一下會員計劃和獎勵計劃之間的差異。你曾多次就此發表評論。我很想聽聽投資人應該如何看待 MileagePlus 的差異化優勢。

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 already have done it with a great product, a great network and rewards that they really want, which is travel.

當然。我認為最簡單的理解方式就是會員流失。人們加入我們的計畫後，幾乎會一直參與下去；人們拿到我們的信用卡後，也會長期使用。因此，我們的專案人員流動率很低，所以，我們不需要做任何特別的事情來吸引人們加入美聯航。我們已經憑藉優秀的產品、強大的網絡和他們真正想要的獎勵（即旅行）做到了這一點。

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.

好像人們真的想要一張頭等艙或北極星商務艙的機票去塔希提島作為獎勵似的。而其他所有類似的計劃都傾向於使用持續的獎勵積分和其他優惠，並且很大程度上依賴於顧客頻繁進出、更換信用卡等等，以此來鑽系統的空子。我覺得航空公司的會員計劃，尤其是美聯航的會員計劃，是不一樣的。展望未來，我們應該利用這種力量，思考如何讓它更具黏性，發展得更快，這就是我們將在接下來的 10 到 12 週內討論的內容。

Okay. 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 as you guys harvest some of the gains from achieving your United Next investments.

好的。這真的很有幫助。然後，我再快速補充一點。2025 年似乎是國內產能成長的一個重要里程碑。所以，或許應該提醒投資者，當你們從 United Next 的投資中獲得收益時，他們該如何思考。

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.

當然。2021年，我們發布了United Next，並宣布了互聯互通將帶來的成長。成長始終是互聯互通的結果。我們並非為了成長而成長。我認為這非常重要。

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 to on time in the grand scheme of things. And as we do that, our hubs have reached this critical level, around 650 flights per day in our mid-continent hubs with a lot of connectivity, big banks and large airplanes. It's exactly what we are contemplating.

我記得當時我們明確指出，並非所有的成長都是平等的，這在 2021 年引起了很大的爭議，因為我認為很多人認為成長是平等的。我認為我們已經證明事實並非如此。因此，隨著我們完成了 United Next 的整個週期，我們正在逐步實現我們的互聯互通目標。我們將在 2027 年實現這些目標，考慮到波音公司的一些交付延誤，可能會晚一年，但從長遠來看，也算接近按時完成。隨著我們不斷努力，我們的樞紐機場已經達到了一個關鍵水平，我們位於中大陸的樞紐機場每天大約有 650 個航班，擁有廣泛的連接性、大型銀行和大型飛機。這正是我們正在考慮的。

So as we go forward past 2027, we're going to be a lot more focused on gauge and growing our operation that way versus more flights. We do think there is 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.

因此，展望 2027 年以後，我們將更加重視規格，並以此方式發展我們的業務，而不是增加航班數量。我們認為，例如，當樞紐機場每天的航班數量超過 900 架次時，邊際經濟效益就會變得非常具有挑戰性。你正在和自己競爭，無論你有多少跑道可供飛行，你都會造成很多營運上的複雜性。我們非常喜歡我們的計劃。

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 I'm glad to get back to focused on gauge in 2027 and beyond. I think it's going to be very lucrative for the business.

它基於中等頻率水平和大型飛機。我不想過多劇透接下來的事情，但這確實暗示了我們將要去向何方。但是——所以——高水位線評論與所有這些都有關。我很高興能在 2027 年及以後重新專注於軌距問題。我認為這對公司來說將非常有利可圖。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

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, it was effectively flat versus GDP that was up 3% or 4% nominal or real. Do you think that signals that we're just like in a shrinking industry now?

祝賀團隊在如此艱難的環境下取得了相當不錯的成績。但是斯科特，我無意過度奉承你，但我認為參加這次電話會議的很多人都非常欣賞你對行業的評論，而且你過去幾年的很多預測都是正確的。我們能談談更廣泛的產業成長嗎？因為如果我們看去年的營收佔GDP的比重，甚至是收入成長率，就會發現它實際上與GDP持平，而GDP名目或實際成長率卻成長了3%或4%。你認為這是否意味著我們現在正身處一個不斷萎縮的行業？

Or has Zoom taken over? Or has this really been too much low-cost capacity in the industry just can't get pricing? What's your prognosis here?

還是Zoom已經接管市場了？或者說，這真的是因為產業內低成本產能過剩，導致無法獲得合理定價？你覺得這例病例的預後如何？

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 still carriers. And Andrew said it and I'll repeat it, like economic gravity ultimately wins. It doesn't win overnight. Ego usually beats economic gravity in the short term. But economic gravity always wins in the end. And I feel pretty optimistic that even in this environment, well, I feel really good in this environment how well United is doing.

這是供應問題。這不是需求上的挑戰。這是供應問題，這完全是供應問題。我不會稱之為低成本產能。這是靜止載體的供應問題。安德魯說過，我也要重複一遍，那就是經濟引力最終會取得勝利。它不會一夜之間獲勝。短期內，自負通常能戰勝經濟法則。但最終經濟法則總會發揮作用。而且我感覺相當樂觀，即使在這種環境下，我對曼聯的表現也感到非常滿意。

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.

我原以為品牌忠誠度策略會成功。我和安德魯在這條路上已經走了20年了。我們換了航空公司，但我們在這條路上已經走了20年。我原以為會成功。比我想像的還要成功。

Like it is remarkable how much resilience we have in bad times or to competitive activities. 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 in the next downturn hits.

令人驚訝的是，我們在逆境中或面對競爭時，竟然展現出如此強大的韌性。那很好。但我觀察一些航空業競爭對手，發現今年它們的利潤率可能會超過負 20%。你可以這樣做一小會兒。但說實話，我認為下一次經濟衰退來臨時，供應才會真正釋放出來。

The next downturn is going to make it extremely tense for airlines that are going into it with breakeven-ish margins in good times. And so 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, we are targeting growing margins adjusted for any kind of anomalies that happen but growing margins a point a year.

下一次經濟衰退將使那些即使在經濟狀況良好時也只能勉強維持收支平衡的航空公司面臨極為嚴峻的情況。所以我認為，這大概就是下一波供應浪潮所需要的條件。所以我覺得從現在到那時，我們在經濟艙的消費應該沒問題，在高級艙的消費也會不錯。我認為，對於先前的問題，我們的目標是在考慮任何異常情況後，每年提高利潤率一個百分點。

That means we got to make up a point from last year, by the way. And I think that takes us into the low double digits. And 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.

順便說一句，這意味著我們得把去年失的一分補回來。我認為這樣一來，我們就進入了兩位數的低點。我認為，當下一次經濟衰退來臨時，市場恢復正常，供應恢復正常時，我們的利潤率將達到15%左右。所以，答案有點長，但這是我即興的想法，我認為這將會發生。

Michael Linenberg, Deutsche Bank.

麥可‧林伯格，德意志銀行。

Just touching back on kind of what Jamie brought up. 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 million or $800 million under their current schedule.

我只是稍微補充一下傑米剛才提到的內容。我認為普遍的觀點是，到 2026 年，國內市場將是表現最好的地區，可能是國內 RASM，也可能是獲利能力。但當我想到你們在芝加哥的一家競爭對手正在增加很多航班，而且我看到有報道稱，按照目前的航班計劃，他們已經損失了，我不知道，7億或8億美元。

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.

這是否會對你的國內業務造成拖累，以至於你不得不轉向跨大西洋業務，或者轉向其他地區，或者你已經擁有足夠多元化的國內業務網絡？我的意思是，你們擁有龐大的國內網絡，但你們在其他一些市場（例如紐瓦克）的實力將會完全掩蓋這個網絡的光芒，紐瓦克在 2026 年可能會運作得非常好。

Well, thanks for the question, Mike. I was afraid we'd 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 talked about. And I want to start with at United Airlines, we've been a decade-long strategy to build a brand-loyal customer airline.

謝謝你的提問，麥克。我擔心我們會在通話過程中忽略芝加哥的問題。所以我很樂意這樣做。這或許是對上一個問題的一個很好的後續探討。我想先談談美聯航，我們十年來致力於打造一家擁有品牌忠誠度的客戶航空公司。

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 in both focusing on the product, the technology and service to get customers to choose us. That has been a really successful strategy. It didn't happen overnight. It really has been a decade in the making.

這一切都是為了讓我們擺脫業界商品化的部分，在那個部分，一切都只重要，只有進度安排。這意味著我們要專注於產品、技術和服務，讓客戶選擇我們。那真是一個非常成功的策略。這並非一朝一夕就能發生的。這真的是醞釀了十年。

But you can see the results, and we've had market share increases everywhere that we fly. In Chicago to be specific, 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. Being a brand-loyal airline just really inoculates us mostly from that competitive activity. And in fact, in 2025, even with all that growth, the Chicago RASM outperformed the rest of the system by 1%, and we made a $500 million profit.

但你可以看到結果，我們飛往的每個地方，市場份額都得到了成長。具體來說，在芝加哥，2016 年，美國航空在芝加哥本地客戶和企業客戶的市佔率實際上更高。2025 年，即使競爭對手實現了所有成長，聯合航空在芝加哥的客戶中仍領先 22 個百分點，在品牌忠誠度高的企業客戶中領先 38 個百分點。作為一家品牌忠誠型航空公司，我們基本上可以免於這種競爭的影響。事實上，到 2025 年，即使經歷瞭如此大的成長，芝加哥 RASM 的表現仍然比系統其他部分高出 1%，我們獲得了 5 億美元的利潤。

By the way, I think we probably would have made $600 million. So it probably cost us about $100 million. But our competitor lost $500 million even though they didn't start that really until May, so bigger on a full year basis. As we enter 2026, there's another wave of growth coming from that competitor. Most of that's going to wind up exactly the same as it did last year.

順便說一句，我覺得我們本來可能賺到 6 億美元。所以這大概花了我們1億美元。但我們的競爭對手虧損了 5 億美元，儘管他們直到 5 月才真正開始虧損，所以全年計算虧損額更大。進入 2026 年，這家競爭對手將迎來新一輪成長。大部分結果最終都會和去年一樣。

It was one difference. In 2025, American added gates. That means 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.

這是其中一個不同之處。2025年，美國航空增加了登機口。也就是說我們看過了。我們本來可以做出回應。我們選擇不這樣做。今年稍後分析結果出來後，他們將從我們這裡贏回三個門。我們知道這會發生。我們覺得就讓它慢慢適應新的常態，一切都會好起來的。

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, but 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.

但到了 2026 年，我們將劃清界線。我們絕不會允許他們在 2026 年以我們的損失贏得任何一場比賽。我們並非要爭取登機口，而是要增加必要的航班數量，以確保我們在芝加哥的登機口數量保持不變。聽著，我們只要保持專注就好。十年來，我們在整個網路中一直奉行正確的戰略。我們會繼續這樣做。這是一個制勝策略。它奏效了。我們會在芝加哥繼續這樣做。恕我直言，我認為我們的收益可能會成長。

Certainly, we'll 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 $1 billion 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 and it's working for us.

我相信，我們至少能賺5億美元。而且，由於去年相同的原因，我們很可能仍然能夠在芝加哥實現獲利成長。美國航空（我們在這方面估計得相當準確）在芝加哥的損失可能會達到約 10 億美元。但我們會繼續專注於過去十年行之有效的策略。我們的團隊在服務客戶方面做得非常出色，這對我們來說很有利。

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

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?

史考特，我希望你能重新思考產業結構格局。我們看到一些規模較小的航空公司宣布了併購計畫。人們似乎期待更多。我很想知道你認為產業內的平衡狀態是什麼樣的？

And second, obviously, when I think about your history, America West-US Air, US 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 you have what seems to be an accommodative DOJ, which isn't always the case.

其次，很顯然，回顧貴公司的歷史，從美國西部航空到美國航空，再到美國航空，貴公司在併購領域一直處於領先地位。考慮到美國司法部似乎比較配合（這種情況並非總是如此），聯合航空是否有可能參與併購活動？

Well, I'm not good at resisting the bait but I'm going to resist the M&A bait today. Bob Rivkin is nodding appreciatively at me 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 leisure markets. And I don't know if they're going to liquidate, if they're going to merge, if they're just going to all shrink for sure.

嗯，我不太擅長抵擋誘惑，但我今天要抵擋住併購的誘惑。鮑伯·里夫金讚賞地點點頭，表示我沒有談論這件事。但我認為，最終行業結構將會是低成本航空公司萎縮到只剩下適合低成本航空公司的細分市場。這是一個巨大的休閒市場。我不知道他們會清算，還是會合併，或者一定會全部縮減規模。

But they're going to shrink down to the niche that works. And that will 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 brand-loyal airlines. That's already the case.

但他們最終會縮小規模，只專注於那些行之有效的市場區隔。那對他們來說是件好事。我認為他們可以獲得可觀的利潤，但這比他們現在所處的市場要小得多。我認為最終只會剩下兩家對特定品牌忠誠的航空公司。情況已經如此了。

I gave you the numbers in Chicago. That game is over. I realize that not everyone knew the game was on. The game is over. And when we have that big of a lead 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 and you're a decade behind.

我已經把芝加哥的數據給你了。比賽結束了。我知道並非所有人都知道比賽正在進行中。遊戲結束了。當我們擁有如此巨大的客戶領先優勢時，你根本不可能贏回這些客戶，因為你的技術、產品和服務必須比美聯航和達美航空更好才能重新開始，而你已經落後了十年。

And then I think the rest of it will be sort of finding places where you can be big in other cities, non-hubs of Delta or United, and you can have a network that works, and it gets a little more commoditized but you can have a network that works. And so I think that's what the structure. And it's an open question about whether consolidation helps us get to that structure. But that's what the structure is going to end with consolidation or without.

然後我認為剩下的部分就是找到在其他城市（非達美航空或美聯航的樞紐城市）發展壯大的地方，建立一個有效的網絡，雖然這會變得更加商品化，但你可以擁有一個有效的網絡。所以我覺得這就是它的結構。至於合併是否能幫助我們實現這個結構，目前仍是一個懸而未決的問題。但無論是否進行合併，最終的結構都會如此。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So last quarter, I think you laid out an expectation 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 cost this year given the momentum you've got right now, the comps that come in Q2, Q3.

所以上個季度，我認為您提出了一個預期，即我們每年至少應該獲得一個百分點的利潤率提升。史考特，我覺得你又說了一遍。我想，導引範圍的高端就能達到目的。中點將小於1分。所以，我不知道，歸根結底，鑑於你們目前的勢頭，以及第二季和第三季的同店銷售情況，請你們幫我們思考一下今年的價格成本。

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 said a couple of times? Or are there other things we should be cognizant of, I don't know, labor, what's going on in Chicago? I don't know. Just help us understand like if this is the year we should be doing the full point of margin.

我以為今年會是分水嶺，差距會非常明顯。是不是就是你偶爾提到的那種保守主義？或者還有其他我們應該注意的事情嗎？比如說，勞工問題，芝加哥正在發生的事？我不知道。請幫我們理解一下，今年是否應該實施全額利潤率。

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.

史考特，我很高興你做了計算。相信我，我們也算過帳了。去年，這個產業遭受了多顆小行星的撞擊。我們希望確保履行我們的財務承諾。我們已經為你們設定了非常明確的長期目標，我們將實現這些目標，但實現的具體時間尚不確定。

But the full year guide was very deliberate. We're telling you that if current booking trends stay on this path, there's upside. And you should think about that as you make your own estimates.

但這份全年指南是經過深思熟慮的。我們想告訴大家的是，如果目前的預訂趨勢繼續保持下去，那麼前景是光明的。你在進行估算時應該考慮到這一點。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

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. If 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 sort of ex labor dynamics of unit cost for 2026? And then maybe just zooming out a little bit. It sounds like you 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?

或許吧，麥克，我只是想就那個問題做個後續說明。當你考慮 2026 年的單位成本時，顯然，我們必須考慮勞動動態因素。如果我們排除這種情況，看看 2025 年，當我們考慮 2026 年單位成本的無人工因素動態時，這個基準或範圍對我們來說有多好？然後或許可以稍微拉遠鏡頭。聽起來，隨著​​我們不斷前進，你們在成本效益管理方面仍然有很多機會。那麼，這件事在2026年之後究竟有多大影響力呢？

Yes. Thanks, Chris, for the question. And look, we're not going to give PRASM guidance. We're not going to give CASM guidance. But we've been pretty clear about this is a new culture at United around cost management and discipline and driving efficiency.

是的。謝謝克里斯的提問。而且，我們不會提供 PRASM 指導。我們不會向CASM提供指導。但我們已經非常明確地表明，這是美聯航圍繞成本管理、紀律和提高效率而建立的新文化。

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 an equally great year from a CASM standpoint. And keep in mind, some of the tailwinds we haven't really started to even benefit from.

讓我提醒各位，我們實際上還沒有真正從計量標準中受益。這種指標帶來的好處仍在醞釀中。所以2025年是個很棒的年份。我們將努力讓 2026 年從 CASM 的角度來看也成為同樣輝煌的一年。請記住，有些順風我們甚至還沒有真正開始從中受益。

Atul Maheswari, UBS.

阿圖爾‧馬赫什瓦里，瑞銀集團。

First, just quickly, 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?

首先，請快速回答一下，您認為今年的世界盃足球賽能帶來任何實質的利好因素嗎？如果是這樣，指南中是否有任何假設，以及是否有任何方法可以衡量這種順風能有多大？

I'll take that. Look, we're looking forward to it. I'm sure some of us will attend a few games. I think the interesting thing we see is it creates what would be normally countercyclical traffic flows. So it creates inbound into the US demand in June, which is normally an outbound time period. So quite frankly, yes, 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 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.

我接受。我們很期待。我相信我們當中有些人會去看幾場比賽。我認為有趣的是，它造成了通常會出現的反週期交通流量。因此，這導致6月份美國出現了進口需求，而6月份通常是出口高峰期。坦白說，是的，我認為我們確實預期會從中獲得一些好處。考慮到宏觀趨勢，我不會準確判斷具體金額是多少。但我們認為這項體育賽事對曼聯來說將是件好事。還有一些大型體育賽事並非如此，因為它們只會帶來休閒客流，而商務客流在這些情況下會消失。

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.

這並非其中一種情況。所以我們確實預期會有一定的上漲空間。但我要提醒你，考慮到聯合航空的規模，我不確定這是否真的意義重大，但這的確是件好事。

Got it. That's helpful. And then second question, one point of push back 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? Like headline numbers for last year is still pretty positive with respect to capacity growth. So how can that persist?

知道了。那很有幫助。第二個問題是，長期投資者希望將資金投入航空公司和美聯航，但他們提出的一個反對意見是，隨著波音和空中巴士逐步增加交付量，產業產能紀律如何得以維持？去年整體數據依然顯示產能成長情勢良好。那麼，這種情況怎麼會持續下去呢？

Like what can you say to give comfort to those investors that capacity discipline can, in fact, persist [against] ramp-up deliveries?

那麼，您該如何向投資者解釋，產能紀律實際上可以持續下去，從而避免產能提升帶來的損失呢？

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.

首先，我們從來不說那些話，我甚至不會重複那些話，因為我們不是那樣想的，我們也從來不說那些話。但我認為，容量的限制並非源自於飛機。是引擎。它已經是引擎了。全球約有 800 架飛機因引擎故障而停飛。

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 due 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.

我們甚至還有一些——我們提前購買了大量的備用發動機，但今年我們甚至還有一些發動機要停飛。在我看來，由於MRO更換引擎的需求以及新飛機的交付，引擎製造商要趕上需求，至少要等到下一個十年。所以，引擎是限制因素。

We will now switch to the media portion of the call. (Operator Instructions)

現在我們將切換到電話會議的媒體環節。（操作說明）

Leslie Josephs, CNBC.

萊斯利·約瑟夫斯，CNBC。

Just wondering, can you please clarify what you meant about the Caribbean? This is the 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 some segmentation at the front of the plane.

請問您能否詳細說明您提到的加勒比地區是什麼意思？這是年初空域關閉造成的，目前正影響著第一季的預訂量。你說過它是可以衡量的。您能否提供更多細節以及大概費用是多少？其次，你在亞特蘭大的競爭對手暗示飛機前部可能會進行一些區域劃分。

Just wondering where United might be on that? And is that -- could we see a stripped-down business class or first-class products, maybe no seat assignment or something along those lines?

想知道美聯航對此持什麼立場？那麼，我們是否會看到簡化版的商務艙或頭等艙產品，例如不分配座位之類的呢？

Leslie, it's Andrew. Look, on the Caribbean, we're a pretty big airline in the Caribbean and we're a small airline in the Caribbean. I'm just pointing out that 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.

萊斯利，我是安德魯。你看，在加勒比海地區，我們是一家相當大的航空公司，而在加勒比海地區，我們又是一家小型航空公司。我只是想指出，這本書的內容已經和加勒比海地區有所疏離。坦白說，就美聯航而言，我認為這在整體上是無法衡量的。但委內瑞拉局勢在某種程度上影響了需求。

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. And look, on cabin segmentation, 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.

我們預計這種情況會隨著時間而消散。事實上，最近幾天的情況比今年前幾週好得多。所以我覺得我們在這方面情況不錯。關於客艙細分，我想補充一點，多年來，隨著我們投資更多高端產品和更廣泛的產品系列，這對美聯航來說一直非常有利。所以我們會繼續這樣做。

The only 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 on 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.

我唯一能給你的更合理的提示是，我們將對 united.com 進行大規模的重新設計，因為我們正在尋求改變產品銷售方式。所以我們先說到這裡，我們會在第一季或第二季找時間跟你們談談我們整體的商品銷售策略。

John Pletz, Crain's.

John Pletz，《克萊恩商業周刊》。

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

史考特，關於芝加哥還有什麼補充資訊嗎？劃清界限，是不是代表你們要增加航班？

It does.

確實如此。

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

您能否簡要說明一下您計劃在這裡增加航班的規模？

They will be -- the color will be they will be in the black while American is in the red.

他們會——顏色會是——他們會是黑色，而美國隊會是紅色。

All right. And any idea of how much, I guess, is what I'm asking.

好的。我想問的是，大概是多少？

No. I'm not going to announce that today. I think we're going to have a scheduled load next week that will give you the answer.

不。我今天不會宣布這件事。我認為我們下週會有一次計劃內的裝載作業，屆時就能給你答案了。

That concludes our question-and-answer session. I will now turn the call back over to Kristina Edwards for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給克里斯蒂娜·愛德華茲，請她作總結發言。

Thanks, Colby, and thank you all for joining us as we celebrate our 100 years here at United Airlines. Contact Investor and Media Relations if you have any further questions. Bye.

謝謝柯比，也謝謝各位與我們一起慶祝美聯航成立100週年。如有任何疑問，請聯絡投資者及媒體關係部門。再見。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝各位女士、先生。今天的會議到此結束。您現在可以斷開連線了。