United Posts Q2 Results Above Wall Street Expectations and Raises Full-Year 2026 Adjusted EPS Guidance¹ Despite a Nearly $6 Billion Increase In Anticipated Fuel Costs

About this update from United Airlines Holdings, Inc.

Q2 diluted earnings per share were $2.46; Q2 adjusted diluted earnings per share 2 were $1.99 Full-year adjusted diluted earnings per share guidance 1 raised to $9.00 to $11.00 Total operating revenue up 16% year-over-year; Total revenue per available seat mile up 12% year-over-year Nose-to-tail investments propel revenue growth — and rising customer satisfaction scores — in every cabin; Starlink remains a standout, with 450 aircraft installed and nearly 1,000 expected by year end United continues to optimize its balance sheet and is targeting an investment-grade rating in 2026 Systemwide on-time departure rate was best Q2 since 2021; Newark posts best-ever Q2 on-time departure results CHICAGO, July 15, 2026 /PRNewswire/ -- United Airlines (UAL) today reported a second-quarter profit that exceeded expectations and is near the top-end of guidance. United delivered pre-tax earnings of $1.0 billion, with a pre-tax margin of 5.8%. Adjusted pre-tax earnings2 were $843 million, with an adjusted pre-tax margin2 of 4.8%. "Our results show why we have been investing in customer improvements throughout every cabin and winning brand-loyal customers," said United CEO Scott Kirby. "United is built to thrive in every environment, and when oil prices spiked in March, we quickly and decisively acted to adjust our schedules, while simultaneously doubling down on our customer investments. Our brand-loyal customers value their travel on United whether they are in Polaris or in Economy. Our network expansions, investment in Starlink, and innovations such as Relax Row are giving customers new reasons to choose United." Based on oil prices as of July 14th, United expects nearly $6 billion in added fuel expense for full-year 2026 compared to the expectation at the start of the year. In the second quarter fuel expense was up $2.3 billion, or 84% year-over-year and the Company recovered approximately half of this increase. In the third quarter the Company expects to recover approximately 80% to 90% of the increase, and 100% by the fourth quarter. Yields were up 12% during the quarter, showing strong demand for United's product. Diverse revenue streams all contributed to this quarter's success and United's ongoing resilience: 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%. Close-in demand remained robust with contracted business revenue up 27% in the quarter. The economy cabin continues to recover with unit revenue up 12%, marking two consecutive quarters of positive growth.

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