United Airlines (UAL) · Transportation
United Airlines Q2 2026 earnings: summary, key numbers & outlook
Results filed 15 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
United Airlines reported Q2 2026 total operating revenue of $17.7 billion, up 16.0% compared to second-quarter 2025, with diluted earnings per share of $2.46 and adjusted diluted earnings per share of $1.99.
United's second quarter revenue rose 16% to $17.7 billion on 3.5% more capacity, as unit revenue (TRASM) climbed 12.1%. Fuel was the big drag: fuel expense rose $2.3 billion, or 84%, and the company recovered about half of that through higher fares. Net income was $805 million, down from $973 million a year ago, while adjusted earnings per share fell to $1.99 from $3.87.
Management raised its full-year adjusted EPS guidance to $9.00 to $11.00 and expects $2.50 to $3.50 for the third quarter, even though fuel costs are expected to be nearly $6 billion higher than planned at the start of the year. The main risk is fuel: United expects to recover 80% to 90% of the increase in the third quarter and 100% by the fourth, so volatile oil prices could move results either way.
Key numbers
- Total operating revenue · GAAP
- $17.7 billion
- Net income · GAAP
- $805 million
- Diluted EPS · GAAP
- $2.46
- Adjusted diluted EPS · non-GAAP
- $1.99
- Operating income · GAAP
- $1.1B
- Operating margin · GAAP
- 6.2%
- Operating cash flow · GAAP
- $1.6 billion
- Free cash flow · non-GAAP
- $322 million
up 16.0% compared to second-quarter 2025
(17.3)% vs. 2025
down 2.5 pts from 8.7%
| Segment or metric | Value | Change |
|---|---|---|
| TRASM | 12.1% | up compared to second-quarter 2025 |
| Capacity (ASMs) | 3.5% | up compared to second-quarter 2025 |
| CASM-ex | 6.1% | up compared to second-quarter 2025 |
| Average fuel price per gallon | $4.19 | up 79.4% from $2.34 |
| Cargo revenue | 23% | up vs. second quarter 2025 |
| Premium revenue | 16% | up vs. second quarter 2025 |
| Contracted business revenue | 27% | up in the quarter |
| Starlink aircraft installed | 450 aircraft | nearly 1,000 expected by year end |
Where each number comes from
- Total operating revenue: “Total operating revenue of $17.7 billion, up 16.0% compared to second-quarter 2025.”
- Net income: “Net income of $805 million; adjusted net income2 of $649 million.”
- Diluted EPS: “Diluted earnings per share of $2.46; adjusted diluted earnings per share2 of $1.99.”
- Adjusted diluted EPS: “Diluted earnings per share of $2.46; adjusted diluted earnings per share2 of $1.99.”
- Operating income: “Total operating expense | 16,576 | 13,911 | 19.2 | 30,187 | 26,516 | 13.8 Operating income | 1,096 | 1,325 | (17.3) | 2,093 | 1,932 | 8.3”
- Operating margin: “Operating income (GAAP) | $1,096 | $1,325 | (17.3) | $2,093 | $1,932 | 8.3 Special charges (credits) | (145) | 447 | NM | (534) | 340 | NM Adjusted operating income (Non-GAAP) | $951 | $1,772 | (46.3) | $1,559 | $2,272 | (31.4) Operating margin | 6.2% | 8.7%”
- Operating cash flow: “Generated $1.6 billion of operating cash flow. •Generated $322 million of free cash flow2. •Ending available liquidity3 of $19.6 billion.”
- Free cash flow: “Generated $1.6 billion of operating cash flow. •Generated $322 million of free cash flow2. •Ending available liquidity3 of $19.6 billion.”
- TRASM: “TRASM up 12.1% compared to second-quarter 2025.”
- Capacity (ASMs): “Capacity up 3.5% compared to second-quarter 2025.”
- CASM-ex: “CASM up 15.2%, and CASM-ex2 up 6.1%, compared to second-quarter 2025.”
- Average fuel price per gallon: “Average fuel price per gallon of $4.19. •Generated $1.6 billion of operating cash flow.”
- Cargo revenue: “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%.”
- Premium revenue: “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%.”
- Contracted business revenue: “Close-in demand remained robust with contracted business revenue up 27% in the quarter.”
- Starlink aircraft installed: “Starlink remains a standout, with 450 aircraft installed and nearly 1,000 expected by year end”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $17.7B | +16.0% | +21.0% |
| Operating income | $1.1B | −17.3% | +9.9% |
| Net income | $805.0M | −17.3% | +15.2% |
| Diluted EPS | $2.46 | −17.2% | +15.0% |
| Free cash flow | $267.0M | −71.3% | −91.5% |
| Operating margin | 6.2% | −2.5 pts | −0.6 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted diluted EPS | third quarter of 2026 | $2.50-$3.50 |
| Adjusted diluted EPS | full year 2026 | $9.00-$11.00 |
| Adjusted total capital expenditures | full year 2026 | approximately $7.5 billion |
| All-in average fuel price per gallon | third quarter of 2026 | approximately $3.69 |
| Profit sharing accrual | third quarter of 2026 | between $135 million and $220 million |
| Fuel cost recovery | third quarter of 2026 | 80% to 90% |
Key takeaways
Strong revenue growth was offset by fuel
Total operating revenue rose 16.0% to $17.7 billion, but fuel expense was up $2.3 billion, or 84% year-over-year. United recovered approximately half of this increase.
Earnings fell sharply from a year ago
Diluted EPS was $2.46 versus $2.97, and adjusted diluted EPS was $1.99 versus $3.87. Adjusted pre-tax margin was 4.8%.
Full-year EPS guidance raised despite fuel
Adjusted diluted EPS guidance is now $9.00 to $11.00, even with nearly $6 billion in added fuel expense expected for 2026.
Fuel recovery should reach 100% by Q4
United expects to recover 80% to 90% of the fuel increase in the third quarter and 100% by the fourth quarter of 2026.
Liquidity raised while debt is paid down
United raised $3.7 billion in new liquidity and pre-paid approximately $1 billion of higher cost debt. Ending available liquidity was $19.6 billion and net leverage was 2.2x.
Charts
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 |
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.
Data
| Q4 2024 | 10.2% |
| Q1 2025 | 4.6% |
| Q2 2025 | 8.7% |
| Q3 2025 | 9.2% |
| Q4 2025 | 9.0% |
| Q1 2026 | 6.8% |
| Q2 2026 | 6.2% |
| Q3 2026 | 8.1% |
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.
Questions
What were United Airlines' key results for Q2 2026?
Total operating revenue was $17.7 billion, up 16.0% year over year. Net income was $805 million, or $2.46 per diluted share, and adjusted diluted EPS was $1.99.
How did fuel costs affect United's second quarter?
Fuel expense rose $2.3 billion, or 84%, and the average fuel price was $4.19 per gallon. United recovered approximately half of the increase.
What is United's guidance for the rest of 2026?
United expects adjusted diluted EPS of $2.50 to $3.50 for the third quarter and $9.00 to $11.00 for the full year. It also expects about $7.5 billion of adjusted total capital expenditures in 2026.
How is United's balance sheet and cash position?
Ending available liquidity was $19.6 billion, and total debt, finance lease obligations and other financial liabilities were $26.5 billion. Trailing twelve months net leverage was 2.2x, and United is targeting an investment-grade rating in 2026.
How did demand and unit revenue trend?
TRASM rose 12.1% and yields were up 12%, with premium revenue up 16% and contracted business revenue up 27%. Management expects TRASM growth in both the third and fourth quarters to exceed the second quarter's.
Documents
SEC filing