+0.3pt vLY
Millions of USD, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (USD cents) — the gap is unit profitability
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q2 2026 | ||||||
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 |
Raised FY2026 adjusted diluted EPS guidance to $9.00-$11.00, up from the $7-$11 range set in April, despite higher fuel.
Aircraft fuel expense rose 84.1% YoY to $5,110M at an average $4.19/gallon; United expects nearly $6bn of added fuel cost for FY2026 vs its start-of-year plan.
Total revenue rose 16.0% YoY to $17,672M with TRASM up 12.1% (20.25c vs 18.06c) and record revenue passengers of 48.7M.
Net income fell to $805M ($2.46 diluted EPS) from $973M ($2.97) a year earlier as the fuel spike cut operating margin to ~6.2% despite record revenue.
Cargo revenue grew ~23% YoY to $527M.
Ended the quarter with $19.6bn liquidity and trailing-twelve-month net leverage of 2.2x.
| Q2 2025 |
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
Premium revenue rose 14% and loyalty revenue 13% YoY, with positive PRASM growth in every geographic region.
Highest-revenue first quarter ever at $14.6B, up 10.6% YoY, as United emphasizes winning brand-loyal customers.
United Airlines Holdings