United Airlines (UAL) · Transportation
United Airlines Q3 2026 earnings: summary, key numbers & outlook
Results filed 20 Oct 2026 · Quarter ended 30 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
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.
For the fourth quarter, management expects revenue growth to accelerate, with an over 20% year-over-year increase, and guides adjusted diluted EPS to $0.50 - $1.50. That guidance assumes fuel of about $4.80 per gallon, and each $0.01 move changes earnings by roughly 2.5 cents per share. Fuel volatility is the main risk. Cash flow was weak in the quarter, with free cash flow of $(1,843) million as capital spending rose.
Key numbers
- Total operating revenue · GAAP
- $17.9 billion
- Net income · GAAP
- $1.0 billion
- Diluted earnings per share · GAAP
- $3.14
- Adjusted diluted earnings per share · non-GAAP
- $2.54
- Operating income · GAAP
- $1.4B
- Operating margin · GAAP
- 8.1%
- Net cash provided by operating activities · GAAP
- $465.0M
- Free cash flow · non-GAAP
- -$1.8B
up 17.4% compared to third-quarter 2025
up 8.5% from a year ago
up 8.3% from a year ago
down 8.6% from a year ago
up 3.6% from a year ago
down 1.1 pts from a year ago
down from $1,218 million a year ago
compared with $(153) million a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Passenger revenue | $16.2B | up 17.6% |
| Cargo revenue | $529.0M | up 22.9% |
| Other operating revenue | $1.1B | up 12.9% |
| TRASM growth | 15.9% | vs. third-quarter 2025 |
| CASM-ex growth | 7.8% | vs. third-quarter 2025 |
| Passengers carried | $49.5M | up 2.4% |
| Average fuel price per gallon | $3.90 | up 60.3% |
Where each number comes from
- Total operating revenue: “Capacity up 1.3% compared to third-quarter 2025. •Total operating revenue of $17.9 billion, up 17.4% compared to third-quarter 2025. •TRASM up 15.9% compared to third-quarter 2025.”
- Net income: “Pre-tax earnings of $1.3 billion, with a pre-tax margin of 7.3%; adjusted pre-tax earnings1 of $1.1 billion, with an adjusted pre-tax margin1 of 6.2%. •Net income of $1.0 billion; adjusted net income1 of $833 million.”
- Diluted earnings per share: “Diluted earnings per share of $3.14; adjusted diluted earnings per share1 of $2.54. •Average fuel price per gallon of $3.90.”
- Adjusted diluted earnings per share: “Diluted earnings per share of $3.14; adjusted diluted earnings per share1 of $2.54. •Average fuel price per gallon of $3.90.”
- Operating income: “Operating income (GAAP) | $1,446 | $1,395 | 3.6 | $3,539 | $3,328 | 6.4 Special charges (credits) | (215) | (73) | NM | (749) | 266 | NM Adjusted operating income (Non-GAAP) | $1,231 | $1,322”
- Operating margin: “Operating margin | 8.1% | 9.2% | (1.1) | pts. | 7.1% | 7.6% | (0.6) | pts. Adjusted operating margin (Non-GAAP) | 6.9% | 8.7%”
- Net cash provided by operating activities: “Net cash provided by operating activities (GAAP) | $465 | $1,218 | $6,874 | $7,145 | $8,160 | $9,370”
- Free cash flow: “Free cash flow (Non-GAAP) | $(1,843) | $(153) | $1,382 | $3,289 | $802 | $4,191”
- Passenger revenue: “Operating revenue: Passenger revenue | $16,241 | $13,815 | 17.6 | $45,507 | $39,512 | 15.2 Cargo revenue | 529 | 431 | 22.9”
- Cargo revenue: “Operating revenue: Passenger revenue | $16,241 | $13,815 | 17.6 | $45,507 | $39,512 | 15.2 Cargo revenue | 529 | 431 | 22.9”
- Other operating revenue: “Other operating revenue | 1,106 | 979 | 12.9 | 3,170 | 2,872 | 10.4 Total operating revenue | 17,875”
- TRASM growth: “Capacity up 1.3% compared to third-quarter 2025. •Total operating revenue of $17.9 billion, up 17.4% compared to third-quarter 2025. •TRASM up 15.9% compared to third-quarter 2025.”
- CASM-ex growth: “•CASM up 17.3%, and CASM-ex1 up 7.8%, compared to third-quarter 2025.”
- Passengers carried: “Passengers (thousands) (a) | 49,527 | 48,382 | 2.4 | 140,705 | 135,374 | 3.9”
- Average fuel price per gallon: “Diluted earnings per share of $3.14; adjusted diluted earnings per share1 of $2.54. •Average fuel price per gallon of $3.90. •Ending available liquidity2 of $17.7 billion.”
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 | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $17.9B | +17.4% | +1.1% |
| Operating income | $1.4B | +3.7% | +31.9% |
| Net income | $1.0B | +8.4% | +27.8% |
| Diluted EPS | $3.14 | +8.3% | +27.6% |
| Free cash flow | -$1.7B | −580.5% | — |
| Operating margin | 8.1% | −1.1 pts | +1.9 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted diluted earnings per share | fourth quarter 2026 | $0.50 - $1.50 |
| Total operating revenue growth year over year | fourth quarter 2026 | over 20% |
| Average all-in aircraft fuel price per gallon | fourth quarter 2026 | approximately $4.80 |
| Adjusted total capital expenditures (in billions) | full year 2026 | ~$7.5 |
| Profit sharing accrual | fourth quarter of 2026 | between $50 million and $140 million |
Key takeaways
Record revenue on only 1.3% capacity growth
Total operating revenue of $17.9 billion rose 17.4% while capacity was up 1.3%, and TRASM rose 15.9%.
Fuel costs erased most of the revenue gain
Aircraft fuel expense rose 61.6% to $4,843 million, and the average fuel price per gallon was $3.90 versus $2.43 a year earlier.
Adjusted EPS fell while GAAP EPS rose
Adjusted diluted EPS was $2.54, down 8.6%, while diluted EPS was $3.14, helped by special credits of $(215) million.
Fourth-quarter guidance hinges on fuel at $4.80
Adjusted diluted EPS is guided to $0.50 - $1.50, and every $0.01 change in fuel price equates to approximately 2.5 cents of EPS.
Cash flow weakened as investment rose
Third-quarter operating cash flow was $465 million and free cash flow was $(1,843) million; net leverage was 2.4x and liquidity $17.7 billion.
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's Q3 2026 revenue and earnings?
Total operating revenue was $17.9 billion, up 17.4%, and net income was $1.0 billion. Diluted EPS was $3.14 and adjusted diluted EPS was $2.54.
What is United's fourth-quarter 2026 guidance?
United guides Q4 adjusted diluted EPS to $0.50 - $1.50 and expects revenue growth of over 20% year over year. It assumes fuel of about $4.80 per gallon.
How much did fuel hurt United's results?
Fuel expense rose 61.6% to $4,843 million, up $1.8 billion from the third quarter of 2025. Adjusted pre-tax margin fell to 6.2% from 8.0%.
How did United's cash flow and balance sheet look?
Q3 operating cash flow was $465 million and free cash flow was $(1,843) million. Ending liquidity was $17.7 billion, and trailing twelve months net leverage was 2.4x.
What is United planning for capital spending and fleet?
Adjusted total capital expenditures are expected at about $7.5 billion for 2026. The fleet plan shows 1,166 mainline aircraft by year-end 2026, up from 1,143 at Q3.
Documents
SEC filing
Call recording
Call recording on YouTube ↗. Official replay ↗.