Outlook
1United Posts Q2 Results Above Wall Street Expectations and Raises Full-Year 2026 Adjusted EPS Guidance 1 Despite a Nearly $6 Billion Increase In Anticipated Fuel CostsGuidance raised
Results
Q2 diluted earnings per share were $2.46; Q2 adjusted diluted earnings per share 2 were $1.99
Outlook
2Full-year adjusted diluted earnings per share guidance 1 raised to $9.00 to $11.00Guidance raised
Results
Total operating revenue up 16% year-over-year; Total revenue per available seat mile up 12% year-over-year
Management commentary
Nose-to-tail investments propel revenue growth — and rising customer satisfaction scores — in every cabin; Starlink remains a standout, with 450 aircraft installed and nearly 1,000 expected by year end
Outlook
United continues to optimize its balance sheet and is targeting an investment-grade rating in 2026
Results
Systemwide on-time departure rate was best Q2 since 2021; Newark posts best-ever Q2 on-time departure results
CHICAGO, July 15, 2026 – United Airlines (UAL) today reported a second-quarter profit that exceeded expectations and is near the top-end of guidance.
United delivered pre-tax earnings of $1.0 billion, with a pre-tax margin of 5.8%.
Adjusted pre-tax earnings 2 were $843 million, with an adjusted pre-tax margin 2 of 4.8%.
Management commentary
"Our results show why we have been investing in customer improvements throughout every cabin and winning brand-loyal customers," said United CEO Scott Kirby.
"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."
Outlook
3Based on oil prices as of July 14 th , United expects nearly $6 billion in added fuel expense for full-year 2026 compared to the expectation at the start of the year.Guidance lowered
6In the second quarter fuel expense was up $2.3 billion, or 84% year-over-year and the Company recovered approximately half of this increase.
4In the third quarter the Company expects to recover approximately 80% to 90% of the increase, and 100% by the fourth quarter.
Yields were up 12% during the quarter, showing strong demand for United's product.
Results
Diverse revenue streams all contributed to this quarter's success and United's ongoing resilience: Premium revenue was up 16% compared to the second quarter of 2025, revenue from Basic Economy was up 11%, loyalty revenue was up 11% and cargo revenue was up 23%.
5Close-in demand remained robust with contracted business revenue up 27% in the quarter.
7The economy cabin continues to recover with unit revenue up 12%, marking two consecutive quarters of positive growth.
Management commentary
United is investing in customers throughout the aircraft, including the United Relax Row℠ across a row of United Economy®-class seats.
During the quarter United installed Starlink on its first widebody aircraft and Starlink is now installed on 450 United mainline and United Express aircraft.
United remains on track to bring Starlink to the whole fleet by the end of 2027 — ahead of its large U.S. competitors.
Starlink is free for MileagePlus® members and offers the fastest connectivity available for every customer on board.
Customer satisfaction scores on flights with Starlink are twice as high as other United flights.
Corporate events
United's first "Born to Explore" Airbus A321XLR is expected to enter domestic service this fall, and will be connecting the U.S. to international destinations by early next year.
Results
United employees delivered for customers throughout the quarter, which included the 10 highest-volume passenger days in United history including a company record for 640,717 customers flown on June 18.
United's second-quarter on-time departure rate was its best for the second quarter since 2021, and United achieved the lowest second-quarter seat cancellation rate in its history excluding the pandemic years 2020 and 2021.
Newark showed its full recovery from operational challenges a year earlier by posting its best-ever on-time departure results for a second quarter.
Corporate events
During the quarter, United raised $3.7 billion in new liquidity in private bank transactions at attractive rates to provide low cost insurance from geopolitical uncertainty and the possibility of an extreme spike in oil prices.
Once fuel prices moderate, United expects to use this cash to further strengthen the balance sheet by opportunistically paying down higher-cost debt and to fund new aircraft deliveries this year and next.
Since the beginning of the second quarter, the Company pre-paid approximately $1 billion of higher cost debt.
The speed and favorable terms with which United raised this new capital demonstrates United's growing reputation among lenders as it makes progress toward an investment-grade rating this year.
Results
United Airlines Reports Second-Quarter 2026 Results
Second-Quarter Financial Results
Capacity up 3.5% compared to second-quarter 2025.
Total operating revenue of $17.7 billion, up 16.0% compared to second-quarter 2025.
TRASM up 12.1% compared to second-quarter 2025.
CASM up 15.2%, and CASM-ex 2 up 6.1%, compared to second-quarter 2025.
Pre-tax earnings of $1.0 billion, with a pre-tax margin of 5.8%; adjusted pre-tax earnings 2 of $843 million, with an adjusted pre-tax margin 2 of 4.8%.
Net income of $805 million; adjusted net income 2 of $649 million.
Diluted earnings per share of $2.46; adjusted diluted earnings per share 2 of $1.99.
Average fuel price per gallon of $4.19.
Generated $1.6 billion of operating cash flow.
Generated $322 million of free cash flow 2 .
Ending available liquidity 3 of $19.6 billion.
Total debt, finance lease obligations and other financial liabilities of $26.5 billion at quarter end.
Trailing twelve months net leverage 2 of 2.2x.
Key Highlights
Achieved the company's best customer satisfaction scores for a second quarter since 2021 and second best of all time as measured by the Net Promoter Score, with record-setting customer satisfaction rates across the check-in experience, food and beverage and inflight entertainment.
Achieved United's highest customer satisfaction score for WiFi since 2023, with more than 450 aircraft currently offering Starlink and nearly 1,000 expected by year-end.
Flights with Starlink achieved a customer satisfaction score for Wi-Fi over twice as high as other WiFi-operating aircraft.
Flew the largest domestic schedule in company history, serving 240 airports in the U.S. and Canada.
Corporate events
Launched Starlink Wi-Fi on United's first widebody transatlantic flight, marking the first of nearly 60 widebody aircraft expected to be equipped this year.
Results
In collaboration with DIRECTV, brought live sports streaming to passengers on select Starlink enabled aircraft throughout June and July — nearly 6,000 flights for a total of 128,000 viewing hours as of July 5.
Corporate events
Took delivery of United's first A321XLR aircraft, the first narrowbody featuring United's Elevated interior, including updated United Polaris® and United Premium Plus® seats, screens with Bluetooth connectivity at every seat, and a self-serve snack bar.
Increased MileagePlus credit and debit card holder benefits, allowing cardholders to earn even more miles, get redemption discounts of at least 10% on every United award flight they book, and have special access to additional inventory of lowest-priced award tickets.
Results
United Airlines Reports Second-Quarter 2026 Results
Management commentary
Customer Experience
Corporate events
Released first-of-its-kind digital TSA tracker on the United mobile app, providing estimated wait time updates and timely information on airport security lines at all U.S. hub airports.
Results
Saw the highest ever digital check-in usage rate at 87.7% and record high rate of customers bypassing the lobby at 48.7%, thanks to time-saving improvements like the new Premier Heavy Bag Self-Service, early bag drop solutions at Chicago O'Hare and expanded Touchless ID at kiosks throughout the network.
Corporate events
Introduced a new “base” fare option in premium cabins for long-haul international, transcontinental U.S. and select Hawaii flights, giving customers more choice of fares that include the benefits they value most.
Management commentary
Recognized for industry leading MileagePlus benefits, including a Best Airline Affinity Credit Card for Leisure award for the United Explorer Card and a special achievement award for outstanding loyalty program from Global Traveler.
Corporate events
Expanded collaboration with Lyft, allowing MileagePlus members to redeem airline miles for rides directly in the Lyft app—an industry first for airline and rideshare companies in the U.S.
Launched a dedicated Peacock channel on United's inflight entertainment system, including over 1,600 hours of exclusive content, helping United earn Best Airline Entertainment award at Rolling Stone 2026 Travel Awards.
Announced new menu items in collaboration with Chef's Table, the brand behind the Emmy award-winning Netflix series, bringing 30 new dishes from world-renowned chefs to United Polaris international business class travelers in August.
Results
Business Traveler awarded United best in Drinks Innovation and Business Class Red Wine and Champagne categories.
United achieved its best ever second quarter food and beverage customer satisfaction rate since 2021.
Corporate events
Launched WhatsApp as an automated customer service channel for use for customers in Brazil, India and Mexico.
Management commentary
Operations
Results
8Achieved the lowest second-quarter seat cancel rate in United history excluding the pandemic years 2020 and 2021.
Achieved the best on-time departure rate for a second quarter since 2021.
Offered the most available seat miles for a quarter among the largest U.S. carriers for the fourteenth quarter in a row.
In June, flew the 10 highest-volume days in company history, including a record of over 640,000 customers in a day, and achieved highest-ever passenger volume for a Memorial Day travel period.
United Airlines Reports Second-Quarter 2026 Results
Newark achieved its best on-time performance for a second quarter in United history while flying nearly 4.4 million departing passengers.
United transported nearly 347 million pounds of cargo – the most for a second quarter since 2020.
This includes more than 9 million pounds of medical shipments and 232,000 pounds of military shipments.
Network
Corporate events
Launched 27 new routes in the U.S. and Canada, including nine new domestic routes from Chicago-O'Hare.
Began service from New York/Newark to four new transatlantic destinations: Bari, Italy; Split, Croatia; Santiago de Compostela, Spain; and Glasgow, Scotland, and launched service between Washington/Dulles and Reykjavik, Iceland.
Began offering United customers the brand new 787-9 with Elevated interior on flights between San Francisco and Singapore and London.
The new premium configured aircraft features 99 total premium seats including 8 United Polaris Studio℠ suites and 56 United Polaris seats.
United announced plans to launch service later this year to five new destinations: Caracas, Venezuela; Cartagena, Colombia; Sapporo, Japan; St. Croix, U.S. Virgin Islands; and Tuxtla Gutierrez, Mexico.
Announced four new routes to existing destinations including Chicago to Tokyo-Narita; Washington/Dulles to Los Cabos, Mexico; Denver to Providenciales, Turks and Caicos; and Houston to Santo Domingo, Dominican Republic.
Management commentary
Employees, Communities and Investments
Corporate events
Unveiled a special 250th anniversary stars and stripes livery, honoring United's active-duty service members and veterans.
Results
United and its MileagePlus members donated nearly 16 million miles to nonprofits worldwide.
United employees volunteered nearly 15,000 hours, participating in amenity-kit upcycling, Make-A-Wish Wish Granter training, meal packing, and more.
Management commentary
Supported transport of hundreds of emergency responders and vital supplies into areas impacted by Typhoon Sinlaku.
Corporate events
Fulfilled the largest Make-a-Wish wish send-off in United history, sending 40 families to Orlando from Chicago, and hosting immersive events across the U.S. that generated more than 7 million miles to support Wish Kid's travel.
United provided travel support for over 600 athletes and Disabled American Veterans (DAV) staff members attending the National Disabled Veterans Winter Sports Clinic, an adaptive sports clinic for veterans.
Management commentary
Recognized as a leading employer and brand, earning a spot on LinkedIn's list of 10 best employers to grow a career in Chicago, TIME's first-ever World's Growth Leaders 2026 list and named one of America's High-Growth Companies for 2026 by Business Insider.
Corporate events
Became the first U.S. airline to begin recycling on all flights arriving at LAX from outside the U.S. and Canada, setting a precedent for international airline recycling.
United began recycling on domestic routes in 2010.
The Executives' Club of Chicago named CEO Scott Kirby "International Executive of the Year" and Government Affairs and Global Public Policy Executive Vice President Terri Fariello was named one of "Washington DC's 500 Most Influential People of 2026" by the Washingtonian.
Recognized at the Halo Awards for Best Emergency/Disaster Response Initiative for United's commitment to non-profit partnerships and employees who aid communities in need.
Outlook
Outlook
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