OpenNashEarnings

Transportation · Nasdaq: UAL

United Airlines earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 19 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

United reported Q3 total operating revenue of $17.9 billion, up 17.4% year over year, with diluted earnings per share of $3.14 and adjusted diluted earnings per share of $2.54.

United's third-quarter revenue hit a record $17.9 billion, up 17.4% from a year earlier, even though capacity grew only 1.3%. Revenue per available seat mile rose 15.9%, and premium, Basic Economy, loyalty and cargo revenue all grew by double digits. Fuel was the drag: fuel expense rose 61.6%, and adjusted diluted earnings per share fell 8.6% to $2.54, though GAAP diluted EPS rose to $3.14 on aircraft sale-leaseback gains.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$17.9B+17.4% y/yQ3 2026
Q4 2024: $14.7B (worked out from the annual figure)Q4 ’24$14.7BQ1 2025: $13.2BQ1 ’25$13.2BQ2 2025: $15.2BQ2 ’25$15.2BQ3 2025: $15.2BQ3 ’25$15.2BQ4 2025: $15.4B (worked out from the annual figure)Q4 ’25$15.4BQ1 2026: $14.6BQ1 ’26$14.6BQ2 2026: $17.7BQ2 ’26$17.7BQ3 2026: $17.9BQ3 ’26$17.9B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$14.7B *
Q1 2025$13.2B
Q2 2025$15.2B
Q3 2025$15.2B
Q4 2025$15.4B *
Q1 2026$14.6B
Q2 2026$17.7B
Q3 2026$17.9B
Diluted EPS (GAAP)$3.14+8.3% y/yQ3 2026
Q1 2025: $1.16Q1 ’25$1.16Q2 2025: $2.97Q2 ’25$2.97Q3 2025: $2.90Q3 ’25$2.90Q1 2026: $2.14Q1 ’26$2.14Q2 2026: $2.46Q2 ’26$2.46Q3 2026: $3.14Q3 ’26$3.14
Data
Q1 2025$1.16
Q2 2025$2.97
Q3 2025$2.90
Q1 2026$2.14
Q2 2026$2.46
Q3 2026$3.14

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin8.1%−1.1 pts y/yQ3 2026
Q4 2024: 10.2%Q4 ’2410.2%Q1 2025: 4.6%Q1 ’254.6%Q2 2025: 8.7%Q2 ’258.7%Q3 2025: 9.2%Q3 ’259.2%Q4 2025: 9.0%Q4 ’259.0%Q1 2026: 6.8%Q1 ’266.8%Q2 2026: 6.2%Q2 ’266.2%Q3 2026: 8.1%Q3 ’268.1%
Data
Q4 202410.2%
Q1 20254.6%
Q2 20258.7%
Q3 20259.2%
Q4 20259.0%
Q1 20266.8%
Q2 20266.2%
Q3 20268.1%
Free cash flow-$1.7B−580.5% y/yQ3 2026
Q4 2024: $549.0MQ4 ’24$549.0MQ1 2025: $2.5BQ1 ’25$2.5BQ2 2025: $930.0MQ2 ’25$930.0MQ3 2025: -$246.0MQ3 ’25-$246.0MQ4 2025: -$604.0MQ4 ’25-$604.0MQ1 2026: $3.1BQ1 ’26$3.1BQ2 2026: $267.0MQ2 ’26$267.0MQ3 2026: -$1.7BQ3 ’26-$1.7B
Data
Q4 2024$549.0M
Q1 2025$2.5B
Q2 2025$930.0M
Q3 2025-$246.0M
Q4 2025-$604.0M
Q1 2026$3.1B
Q2 2026$267.0M
Q3 2026-$1.7B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$14.7Bd$13.2B$15.2B$15.2B$15.4Bd$14.6B$17.7B$17.9B
Operating income$1.5Bd$607.0M$1.3B$1.4B$1.4Bd$997.0M$1.1B$1.4B
Operating margin10.2%4.6%8.7%9.2%9.0%6.8%6.2%8.1%
Net income$985.0Md$387.0M$973.0M$949.0M$1.0Bd$699.0M$805.0M$1.0B
Diluted EPS—$1.16$2.97$2.90—$2.14$2.46$3.14
Operating cash flow$2.2Bd$3.7B$2.2Bd$1.2Bd$1.3Bd$4.8B$1.6Bd$465.0Md
Capital expenditure$1.7Bd$1.2B$1.3Bd$1.5Bd$1.9Bd$1.7B$1.3Bd$2.1Bd
Free cash flow$549.0M$2.5B$930.0M-$246.0M-$604.0M$3.1B$267.0M-$1.7B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings