# United Airlines (UAL) Q2 2026 earnings

Results filed 2026-07-15 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/ual/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/100517/000010051726000135/0000100517-26-000135-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total operating revenue | $17.7 billion | up 16.0% compared to second-quarter 2025 | GAAP |
| Net income | $805 million |  | GAAP |
| Diluted EPS | $2.46 |  | GAAP |
| Adjusted diluted EPS | $1.99 |  | non-GAAP |
| Operating income | $1,096 | (17.3)% vs. 2025 | GAAP |
| Operating margin | 6.2% | down 2.5 pts from 8.7% | GAAP |
| Operating cash flow | $1.6 billion |  | GAAP |
| Free cash flow | $322 million |  | non-GAAP |
| Adjusted pre-tax earnings | $843 million | adjusted pre-tax margin of 4.8% | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

1. **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.
2. **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%.
3. **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.
4. **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.
5. **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.

## 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.