Jun 2026 (Q2 FY26) — Jul 16, 2026
United Airlines Q2 FY26 — Strong Revenue Growth Despite Fuel Headwinds
Read the full callUnited Airlines (UAL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
United Airlines earnings: last reported Thu, 16 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 17,672 | +16.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 6.2 | −2.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 805 | −17.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
25 of 30 judged targets kept · 37 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Flight attendant contract with the AFA | a ratified deal in 2026, early 2026 | Sep 2025 | On labor, we are pleased that our flight attendants ratified a new agreement in May. | Achieved |
| Full-year 2026 adjusted earnings per share | $12 to $14 | Dec 2025 | For the full year, we are tightening our guidance range to the high-end of our previous guide and expect earnings per share between $9 and $11. | Revised Up |
| Full-year 2026 consolidated RASM | double-digit increase in RASM | Mar 2026 | Demand remains robust as we expect both 3Q and 4Q RASM to grow faster than 2Q's 12% | On Track |
5 of United Airlines Holdings, Inc.'s 67 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 64 more targets are in the full ledger.
Claimed
- Q2 total operating revenues increased 16% year-over-year to $17.7 billion.
- TRASM was up 12.1% year-over-year, with minimal to no negative impact on demand from higher prices.
- New co-branded credit card accounts reached a record level, up 22% year-over-year.
- Contracted business revenues flown were up an impressive 27% year-over-year, with bookings up 30%.
- Q2 Adjusted EPS of $1.99 was at the high-end of the guidance range of $1 to $2.
Qualified
- A fuel price spike in July was equal to a $1.12 impact on EPS.
- Fuel remains almost $6 billion higher for the full year compared to the outlook at the start of the year.
- Q2 CASM-ex was up 6.1% year-over-year, reflecting pressure from labor deals and capacity reductions.
- Pressure on unit costs in the first half of the year, driven by close-in capacity adjustments, will remain a headwind for the remainder of the year.
Price
$95.6 −0.52% · −$0.5
Performance −3.6% 1Y
1Y: $99.14 on 17 Oct 2025 → $95.6. High $136.11 (26 Jun 2026), low $85.21 (30 Mar 2026).
- Previous close
- $96.1
- 52-week range
- $85.21 – $136.11
- One year
- −5.62%
Overview
- Symbol
- UAL
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 30 judged targets kept · 37 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Flight attendant contract with the AFA | a ratified deal in 2026, early 2026 | Sep 2025 | On labor, we are pleased that our flight attendants ratified a new agreement in May. | Achieved |
| Full-year 2026 adjusted earnings per share | $12 to $14 | Dec 2025 | For the full year, we are tightening our guidance range to the high-end of our previous guide and expect earnings per share between $9 and $11. | Revised Up |
| Full-year 2026 consolidated RASM | double-digit increase in RASM | Mar 2026 | Demand remains robust as we expect both 3Q and 4Q RASM to grow faster than 2Q's 12% | On Track |
Claimed
- Q2 total operating revenues increased 16% year-over-year to $17.7 billion.
- TRASM was up 12.1% year-over-year, with minimal to no negative impact on demand from higher prices.
- New co-branded credit card accounts reached a record level, up 22% year-over-year.
- Contracted business revenues flown were up an impressive 27% year-over-year, with bookings up 30%.
- Q2 Adjusted EPS of $1.99 was at the high-end of the guidance range of $1 to $2.
Qualified
- A fuel price spike in July was equal to a $1.12 impact on EPS.
- Fuel remains almost $6 billion higher for the full year compared to the outlook at the start of the year.
- Q2 CASM-ex was up 6.1% year-over-year, reflecting pressure from labor deals and capacity reductions.
- Pressure on unit costs in the first half of the year, driven by close-in capacity adjustments, will remain a headwind for the remainder of the year.
The full ledger
Open United Airlines Holdings, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 67 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
United Airlines Holdings Q1 FY26 — Strong Yield Recovery Amidst High Fuel Prices
Read the full callDec 2025 (Q4 FY25) — Jan 21, 2026
United Airlines Q4 FY25 — Resilient Performance Amidst Headwinds, Strong Outlook for FY26
Read the full callEvery analysed call
United Airlines earnings calls (UAL)
Financials
What the filings say
Net profit, year on year: −17% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 14,843 | 14,695 | 13,213 | 15,236 | 15,225 | 15,396 | 14,608 | 17,672 |
| Expenses | 13,278 | 13,192 | 12,605 | 13,911 | 13,830 | 14,010 | 13,611 | 16,576 |
| Operating profit | 1,565 | 1,503 | 607 | 1,325 | 1,395 | 1,386 | 997 | 1,096 |
| Operating margin | 10.5% | 10.2% | 4.6% | 8.7% | 9.2% | 9.0% | 6.8% | 6.2% |
| Other income | -279 | -196 | -129 | -77 | -141 | -61 | -127 | -69 |
| Interest | 379 | 369 | 356 | 361 | 331 | 325 | 327 | 343 |
| Profit before tax | 1,286 | 1,307 | 478 | 1,248 | 1,255 | 1,325 | 870 | 1,026 |
| Tax rate | 25.0% | 24.6% | 19.0% | 22.0% | 24.4% | 21.2% | 19.8% | 21.5% |
| Net profit | 965 | 985 | 387 | 973 | 949 | 1,044 | 699 | 805 |
| EPS ($ per share) | 2.93 | — | 1.18 | 3 | 2.93 | — | 2.16 | 2.48 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 6,715 | 9,716 | 2,626 | 625 | 1,265 | 3,831 | 6,880 | 10,092 |
| Total liabilities | 38,982 | 41,080 | 53,588 | 63,146 | 60,462 | 61,780 | 61,408 | 61,166 |
| Fixed assets | 27,399 | 30,170 | 31,466 | 32,074 | 34,448 | 39,815 | 42,908 | 46,121 |
| Investments | 2,256 | 2,182 | 414 | 123 | 9,248 | 8,330 | 5,706 | 6,298 |
| Total assets | 49,024 | 52,611 | 59,548 | 68,175 | 67,358 | 71,104 | 74,083 | 76,448 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,164 | 6,909 | -4,133 | 2,067 | 6,066 | 6,911 | 9,445 | 8,431 |
| Cash from investing | -4,455 | -4,560 | 50 | -1,672 | -13,829 | -6,106 | -2,651 | -6,350 |
| Cash from financing | -1,501 | -1,280 | 12,957 | 6,396 | -3,349 | -1,892 | -4,182 | -4,945 |
| Net cash flow | 208 | 1,069 | 8,874 | 6,791 | -11,112 | -1,087 | 2,612 | -2,865 |
| Capital expenditure | -4,070 | -4,528 | -1,727 | -2,107 | -4,819 | -7,171 | -5,615 | -5,874 |
| Free cash flow | 2,094 | 2,381 | -5,860 | -40 | 1,247 | -260 | 3,830 | 2,557 |
UAL revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Passenger Ancillary Fees | 7% | 8% | — | — | — | — | 8% | 8% | — |
| Product and Service Other | 6% | 6% | 7% | 6% | 6% | 6% | 7% | 6% | +7.7% |
| Cargo and Freight | 3% | 4% | 3% | 3% | 3% | 3% | 3% | 3% | +22.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
89 filings between Dec 3, 2025 and Aug 25, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$53.41M
14 sales by 6 insiders
29% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 14
- Award — granted as compensation
- 29
- Option exercise — converted options into shares
- 23
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 gifts, 1 disposition to issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KIRBY J SCOTT | — | $37.74M | Jul 21, 2026 |
| Hart Brett J | — | $5.66M | Jul 28, 2026 |
| Gebo Kate | — | $4.22M | May 26, 2026 |
| Enqvist Torbjorn J | — | $2.40M | Jul 24, 2026 |
| Nocella Andrew P | — | $2.12M | Aug 25, 2026 |
| Leskinen Michael D. | — | $1.28M | Aug 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 25, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Sale | 5,000 | $585.0K |
| Aug 19, 2026 | SHAPIRO EDWARD Director | Gift | 50,000 | $0 |
| Aug 4, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Sale | 3,000 | $396.9K |
| Aug 3, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Sale 10b5-1 plan | 10,000 | $1.28M |
| Jul 28, 2026 | Hart Brett J President | Sale | 30,108 | $3.63M |
| Jul 28, 2026 | Gebo Kate EVP HR and Labor Relations | Gift | 4,968 | $0 |
| Jul 28, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Sale | 4,200 | $506.0K |
| Jul 28, 2026 | Gebo Kate EVP HR and Labor Relations | Gift | 4,968 | $0 |
| Jul 28, 2026 | Hart Brett J President | Gift | 7,461 | $0 |
| Jul 27, 2026 | Hart Brett J President | Option exercise | 21,521 | $1.67M |
| Jul 27, 2026 | Hart Brett J President | Tax withheld | 17,245 | $2.08M |
| Jul 25, 2026 | KIRBY J SCOTT Chief Executive Officer | Award | 71,347 | $0 |
| Jul 25, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Award | 21,404 | $0 |
| Jul 25, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Award | 24,971 | $0 |
| Jul 25, 2026 | Hart Brett J President | Tax withheld | 20,543 | $2.43M |
| Jul 25, 2026 | Hart Brett J President | Award | 46,375 | $0 |
| Jul 25, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Tax withheld | 9,594 | $1.13M |
| Jul 25, 2026 | Gebo Kate EVP HR and Labor Relations | Tax withheld | 7,901 | $934.5K |
| Jul 25, 2026 | KIRBY J SCOTT Chief Executive Officer | Tax withheld | 28,076 | $3.32M |
| Jul 25, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Tax withheld | 9,825 | $1.16M |
| Jul 25, 2026 | Gebo Kate EVP HR and Labor Relations | Award | 17,837 | $0 |
| Jul 25, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Tax withheld | 7,901 | $934.5K |
| Jul 25, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Award | 17,837 | $0 |
| Jul 24, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Sale | 20,000 | $2.40M |
| Jul 21, 2026 | KIRBY J SCOTT Chief Executive Officer | Sale | 159,321 | $18.81M |
| Jul 21, 2026 | KIRBY J SCOTT Chief Executive Officer | Option exercise | 159,321 | $9.35M |
| Jun 16, 2026 | KIRBY J SCOTT Chief Executive Officer | Sale 10b5-1 plan | 1,078 | $130.2K |
| Jun 15, 2026 | KIRBY J SCOTT Chief Executive Officer | Sale 10b5-1 plan | 48,303 | $5.86M |
| May 27, 2026 | Gebo Kate EVP HR and Labor Relations | Gift | 3,657 | $0 |
| May 27, 2026 | Gebo Kate EVP HR and Labor Relations | Gift | 3,657 | $0 |
| May 26, 2026 | Gebo Kate EVP HR and Labor Relations | Sale | 5,331 | $562.5K |
| May 26, 2026 | Gebo Kate EVP HR and Labor Relations | Sale | 34,669 | $3.65M |
| May 22, 2026 | Whitehurst James M Director | Option exercise | 2,410 | — |
| May 22, 2026 | Whitehurst James M Director | Disposition to issuer | 1,205 | $120.8K |
| May 1, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Sale | 7,000 | $631.3K |
| Feb 28, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Option exercise | 11,849 | $0 |
| Feb 28, 2026 | Nocella Andrew P EVP & Chief Commercial Officer | Option exercise | 12,067 | $0 |
| Feb 28, 2026 | KIRBY J SCOTT Chief Executive Officer | Tax withheld | 50,933 | $5.41M |
| Feb 28, 2026 | KIRBY J SCOTT Chief Executive Officer | Option exercise | 50,560 | $0 |
| Feb 28, 2026 | KIRBY J SCOTT Chief Executive Officer | Option exercise | 49,561 | $0 |
| Feb 28, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Tax withheld | 14,821 | $1.58M |
| Feb 28, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Option exercise | 8,286 | $0 |
| Feb 28, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Option exercise | 14,509 | $0 |
| Feb 28, 2026 | Enqvist Torbjorn J EVP & Chief Operations Officer | Option exercise | 14,105 | $0 |
| Feb 28, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Tax withheld | 10,642 | $1.13M |
| Feb 28, 2026 | KIRBY J SCOTT Chief Executive Officer | Option exercise | 29,314 | $0 |
| Feb 28, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Option exercise | 6,395 | $0 |
| Feb 28, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Option exercise | 10,579 | $0 |
| Feb 28, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Option exercise | 6,212 | $0 |
| Feb 28, 2026 | Leskinen Michael D. EVP & Chief Financial Officer | Option exercise | 838 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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