# United Airlines (UAL) Q3 2026 earnings

Results filed 2026-10-20 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/ual/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/100517/000010051726000184/0000100517-26-000184-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total operating revenue | $17.9 billion | up 17.4% compared to third-quarter 2025 | GAAP |
| Net income | $1.0 billion | up 8.5% from a year ago | GAAP |
| Diluted earnings per share | $3.14 | up 8.3% from a year ago | GAAP |
| Adjusted diluted earnings per share | $2.54 | down 8.6% from a year ago | non-GAAP |
| Operating income | $1,446 | up 3.6% from a year ago | GAAP |
| Operating margin | 8.1% | down 1.1 pts from a year ago | GAAP |
| Net cash provided by operating activities | $465 | down from $1,218 million a year ago | GAAP |
| Free cash flow | $(1,843) | compared with $(153) million a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Passenger revenue | $16,241 | up 17.6% |
| Cargo revenue | 529 | up 22.9% |
| Other operating revenue | 1,106 | up 12.9% |
| TRASM growth | 15.9% | vs. third-quarter 2025 |
| CASM-ex growth | 7.8% | vs. third-quarter 2025 |
| Passengers carried (thousands) | 49,527 | up 2.4% |
| Average fuel price per gallon | $3.90 | up 60.3% |

## 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

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

## 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.