United Airlines (UAL) Q1 2026 Earnings
How Did UAL Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +4.84%.
Did UAL Beat Earnings? Q1 2026 Results
Yes. United Airlines reported Q1 2026 earnings of $1.19 a share on Apr 21, 2026, beating the $1.09 consensus estimate by 8.9%. Revenue was $14.6B against a $14.4B estimate.
United Airlines Holdings kicked off 2026 with a strong first quarter, posting adjusted diluted EPS of $1.19 against a consensus estimate of $1.09, a beat of 8.93%, while revenue climbed 10.6% year-over-year to $14.61 billion, edging past the $14.38 billion analysts had expected. The standout driver behind the results was broad-based demand strength across cabin classes and geographies, with premium revenue up 14%, business revenue up 14%, and international routes delivering outsized growth, particularly the Middle East, India, and Africa corridor, which saw passenger revenue rise 23.9%. That momentum helped absorb a meaningful headwind: fuel costs rose to $2.78 per gallon from $2.53 a year ago, a $340 million year-over-year increase in total fuel expense. Looking ahead, United guided full-year 2026 adjusted EPS of $7.00 to $11.00, with the outcome hinging largely on fuel, as the company expects to recover only 40-50% of fuel price increases in Q2, improving to 85-100% by Q4, while trimming capacity plans by five points for the remainder of the year.
- Premium revenue up 14% year-over-year
- Loyalty revenue up 13% year-over-year
- Business revenue up 14% year-over-year
- Basic Economy revenue up 7% year-over-year
- Positive PRASM growth in every region
- TRASM up 6.9% year-over-year
- Passenger load factor improved 2.4 points to 81.6%
- Capacity up 3.4% year-over-year
- Carried most passengers in a first quarter in company history
“These are results our employees can be proud of, and they show the resilience of our long-term strategy, even in the face of escalating fuel expense. Our strong financial position and success in winning brand-loyal customers enabled United to quickly make tactical adjustments to higher fuel prices while maintaining our long-term focus.”
United Airlines CEO, on the earnings call
What Was United Airlines's Outlook in Q1 2026?
For Q2 2026, United guides adjusted diluted EPS of $1.00–$2.00 with average aircraft fuel price per gallon of approximately $4.30. Full-year 2026 adjusted diluted EPS is guided at $7.00–$11.00 with adjusted total capital expenditures of less than $8 billion. The company expects to recover 40–50% of fuel price increases in Q2, 70–80% in Q3, and 85–100% in Q4. Capacity is targeted at flat to up approximately 2% year-over-year in both Q3 and Q4 2026, reflecting a 5-point reduction from the original plan. If fuel prices trend downward, the company expects to be in the upper half of guidance ranges; if fuel re-escalates, in the lower half. United expects delivery of more than 250 new aircraft by April 2028 and fleet-wide Starlink Wi-Fi by end of 2027. Q2 profit sharing accrual is expected between $50 million and $95 million.
UAL YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $14.6B | $13.2B | +10.6% |
| Operating Income | $997.0M | $607.0M | +64.3% |
| Net Income | $699.0M | $387.0M | +80.6% |
UAL Revenue by Segment
UAL Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.