United Airlines (UAL) Q3 2026 Earnings
GAAP EPS of $3.14 includes $215 million of net special credits, primarily comprising $294 million of gains on aircraft sale-leaseback transactions, partially offset by $13 million of unrealized losses on investments and $20 million of debt extinguishment and modification fees. Net tax impact of $6 million on adjustments.
How Did UAL Stock React to Q3 2026 Earnings?
Did UAL Beat Earnings? Q3 2026 Results
No. United Airlines reported Q3 2026 earnings of $2.54 a share on Oct 20, 2026, missing the $2.59 consensus estimate by 1.9%. Revenue was $17.9B against a $17.9B estimate.
United Airlines Holdings posted a narrow miss on both top and bottom lines in Q3 2026, with adjusted diluted EPS of $2.54 falling short of the $2.59 consensus estimate by 1.88%, snapping a four-quarter streak of beating EPS expectations. Revenue of $17.88 billion, up 17.4% year-over-year, came in just 0.14% below the $17.90 billion consensus, though the underlying demand picture was broadly strong across passenger, cargo, and loyalty revenue streams. The primary culprit behind the earnings shortfall was a 62% surge in fuel expense, which jumped $1.85 billion year-over-year to $4.84 billion, compressing the adjusted pre-tax margin to 6.2% from 8.0% a year ago. GAAP EPS of $3.14 reflected $215 million in net special credits, largely driven by aircraft sale-leaseback gains. Looking ahead, United guided Q4 adjusted diluted EPS in a range of $0.50 to $1.50, projecting revenue growth above 20% year-over-year, with fuel cost assumptions remaining a significant variable for the quarter.
- 17.4% total operating revenue growth year-over-year driven by broad-based strength across all revenue streams
- TRASM up 15.9% year-over-year, representing best quarterly unit revenue growth since the pandemic
- Premium revenue up 17%, Basic Economy revenue up 16%, loyalty revenue up 17%, cargo revenue up 23%
- Contracted business revenue up 26% showing strong close-in demand across all industries
- Economy cabin unit revenue up 17% year-over-year for the third consecutive quarter of growth
- Record 49.5 million customers carried during Q3
- Starlink Wi-Fi emerging as meaningful competitive differentiator with customer service scores nearly double on equipped planes
- Capacity up only 1.3% enabling strong unit revenue performance
“Our employees met the challenge of our ever-changing environment and our results prove the resilience of focusing on building a brand-loyal airline for customers.”
United Airlines CEO, on the earnings call
What Is United Airlines's Outlook?
United expects Q4 2026 total operating revenue growth to accelerate versus Q3, projecting over 20% year-over-year increase, setting another record. Q4 adjusted diluted EPS is guided at $0.50 to $1.50, based on an assumed average fuel price of approximately $4.80 per gallon (Gulf Coast jet forward curve as of October 16, 2026). The company notes consensus fuel assumptions are approximately $0.45 lower than its own, representing approximately $1.00 per share in EPS impact. Q4 unit revenue growth is expected to accelerate versus Q3, while unit cost excluding fuel growth is expected to step down versus Q3. Full-year 2026 adjusted total capital expenditures are expected at approximately $7.5 billion. Q4 profit sharing accrual is expected between $50 million and $140 million. The company expanded its revolving credit facility to $5 billion and continues targeting an investment-grade credit rating. Net leverage stood at 2.4x at quarter end.
UAL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $17.9B | $15.2B | +17.4% |
| Operating Income | $1.4B | $1.4B | +3.7% |
| Net Income | $1.0B | $949.0M | +8.4% |
UAL Revenue by Segment
UAL Revenue by Geography
When Does United Airlines Report Next?
Figures from SEC filings and company reports. Not investment advice.