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United Airlines

United Airlines (UAL) Q2 2026 Earnings

Reported Jul 15, 2026 at 4:00 PM ET · SEC Source

Q2 26 EPS

$1.99

BEAT +7.58%

Est. $1.85

Q2 26 Revenue

$17.67B

BEAT +0.54%

Est. $17.58B

vs S&P Since Q2 26

-2.2%

TRAILING MARKET

UAL -2.5% vs S&P -0.3%

Market Reaction

Did UAL Beat Earnings? Q2 2026 Results

United Airlines Holdings delivered a strong second quarter, posting adjusted diluted EPS of $1.99 against a Wall Street consensus of $1.85, a beat of 7.58%, while total operating revenue climbed 16.0% year-over-year to $17.67 billion, edging past the… Read more United Airlines Holdings delivered a strong second quarter, posting adjusted diluted EPS of $1.99 against a Wall Street consensus of $1.85, a beat of 7.58%, while total operating revenue climbed 16.0% year-over-year to $17.67 billion, edging past the $17.58 billion estimate. The headline figure, however, obscured a fierce undertow: aircraft fuel expense surged 84% year-over-year to $5.11 billion, representing the quarter's dominant headwind and pressuring margins even as robust pricing power, reflected in TRASM growth of 12.1% and yield gains of 12%, helped absorb the blow. Premium revenue rose 16%, cargo jumped 23%, and contracted business revenue surged 27%, underscoring broad demand resilience. United recovered roughly half of its elevated fuel costs in Q2 and expects to recover 80-90% in Q3 and the full amount by Q4 through yield management. With that trajectory in mind, management raised full-year 2026 adjusted EPS guidance to $9.00-$11.00 and set Q3 adjusted EPS guidance at $2.50-$3.50, reflecting confidence that demand strength will progressively offset what is shaping up to be nearly $6.00 billion in added annual fuel expense.

Key Takeaways

  • • Premium revenue up 16% year-over-year
  • • Cargo revenue up 23% year-over-year
  • • Loyalty revenue up 11% year-over-year
  • • Basic Economy revenue up 11% year-over-year
  • • Contracted business revenue up 27% year-over-year
  • • Yields up 12% year-over-year
  • • TRASM up 12.1% year-over-year
  • • Capacity up 3.5% year-over-year
  • • Economy cabin unit revenue up 12%, marking two consecutive quarters of positive growth

UAL Forward Guidance & Outlook

United raised full-year 2026 adjusted diluted EPS guidance to $9.00-$11.00 despite nearly $6 billion in anticipated added fuel costs. For Q3 2026, the company expects adjusted diluted EPS of $2.50-$3.50, assuming an all-in average fuel price of approximately $3.69 per gallon. The company expects Q3 and Q4 TRASM growth to exceed Q2's 12.1% year-over-year rate. United expects to recover 80-90% of fuel price increases in Q3 and 100% by Q4. Q4 capacity is expected to decline from current published schedules, and the company is prepared to further moderate near-term capacity if fuel remains elevated. Full-year adjusted total capital expenditures are expected at approximately $7.5 billion. The company is targeting an investment-grade credit rating in 2026.

24/7 Wall St

UAL YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

UAL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

UAL Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our results show why we have been investing in customer improvements throughout every cabin and winning brand-loyal customers. United is built to thrive in every environment, and when oil prices spiked in March, we quickly and decisively acted to adjust our schedules, while simultaneously doubling down on our customer investments. Our brand-loyal customers value their travel on United whether they are in Polaris or in Economy. Our network expansions, investment in Starlink, and innovations such as Relax Row are giving customers new reasons to choose United.”

— Scott Kirby, Q2 2026 Earnings Press Release

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