UAL JPM Industrials 2026

Call Details

• Call Title: JPM Industrials 2026 Conference - United Airlines
• Date: March 18, 2026 at 1:19 AM UTC
• Management Team:
  • Scott Kirby (Chief Executive Officer)
  • Andrew Nocella (Executive Vice President and Chief Commercial Officer)
  • Mike Leskinen (Executive Vice President and Chief Financial Officer)
  • Kristina Edwards (Managing Director of Investor Relations)

Call Summary

Strategic Commentary

• United retains an explicit multi-year goal of increasing margin by one point per year with a target of reaching low double-digit margins over time.
• United stated a company objective to fully offset the current increase in fuel expense, quantified as about $4.6B on an annual basis, by recovering equivalent revenue.
• The presentation and commentary were delivered on a non-GAAP basis as noted in the safe-harbor preface to the session.
• United emphasized a deliberate preference for capacity discipline over short-term share chasing when faced with sustained cost shocks.
• United highlighted a three-pillar resilience strategy composed of brand loyalty, core operational cost efficiency, and an improved balance sheet.
• United characterized the current environment as an opportunity to accelerate industry restructuring and widen the gap versus lower-brand, commoditized competitors.

Market / Industry View

• United reported that the first 10 weeks of the year produced the 10 biggest booking weeks in company history, with the last two weeks being the two largest.
• Booked yields moved sharply in recent weeks, with quoted booked-yield increases running between 15% and 20% in the most recent week.
• On a two-year CAGR basis United cited roughly 5% revenue growth, and noted that 2019-2025 U.S. inflation was over 25% while airfares were down 2%, creating a 27-point gap to recover.
• United expects March RASM to finish up approximately 14% versus prior period after being +8% at the end of February, and anticipates double-digit RASM in 2Q, subject to market conditions.
• United expects that if fuel prices remain high for an extended period, pricing and structural changes will accelerate industry profitability and favor brand-loyal carriers.
• Regional breakdowns for RASM/PRASM/TRASM and yields by market segment were not disclosed during the presentation.