UAL Q2 2026 Earnings

Call Details

• Call Title: United Airlines Q2 2026 Earnings Call
• Date: July 16, 2026 at 2:30 PM UTC
• Management Team:
  • Kristina Edwards (Managing Director of Investor Relations)
  • Scott Kirby (Chief Executive Officer)
  • Brett Hart (President)
  • Andrew Nocella (Executive Vice President and Chief Commercial Officer)
  • Mike Leskinen (Executive Vice President and Chief Financial Officer)
  • Toby Enqvist (Chief Operations Officer)

Call Summary

Financial Performance

• Total operating revenue was $17.7B, up 16% year-over-year in Q2.
• TRASM increased 12.1% year-over-year in the quarter.
• Second quarter earnings per share were $1.99, which was at the high end of the prior guidance range of $1.00 to $2.00.
• Pre-tax margin for Q2 was 4.8% despite a stated $2.3B year-over-year headwind from fuel.
• CASM-X was up 6.1% year-over-year in Q2, driven by labor deals and capacity adjustments.
• Cargo revenue grew 22.6% year-over-year and loyalty revenue grew 11.3% year-over-year in Q2.
• United recaptured roughly 50% of the quarter's increase in fuel expense during Q2.

Guidance

• Q3 earnings per share are expected to be between $2.50 and $3.50 based on an all-in fuel price of approximately $3.69 per gallon.
• Full-year 2026 earnings per share guidance was tightened to a range of $9.00 to $11.00.
• Company changed its fuel guidance policy to reflect current fuel prices and noted recent fuel moves equal to a $1.12 EPS impact this month.
• At current prices, fuel is described as almost $6B higher for the year versus the starting outlook, and crack spreads are expected to remain elevated for the remainder of the year.
• Since early July fuel prices have increased 15% to 20%, and the updated guidance incorporates that increase.
• The company expects to recover 80% to 90% of the recent fuel increase in Q3 and full recovery by Q4 if prices revert to earlier levels.
• United stated it will no longer provide capacity guidance and will finalize Q4 capacity closer to the quarter after considering fuel and demand trends.