United Airlines (UAL) Q3 2026 earnings summary

Executive summary

• Record Q3 operating revenue of $17.875B, up 17.4% YoY, on capacity growth of 1.3%; GAAP pre-tax earnings were $1.311B and adjusted pre-tax earnings were $1.109B.

• Carried a record 49.5M revenue customers and had the lowest seat cancellation rate among the three largest U.S. airlines.

Financial highlights

• Net income was $1.029B, up 8.5% YoY; adjusted net income was $833M, down 8.4%. Diluted EPS was $3.14, up 8.3%; adjusted diluted EPS was $2.54, down 8.6%.

• Operating income was $1.446B, up 3.6% YoY; adjusted operating income was $1.231B, down 6.9%.

• Passenger revenue rose 17.6% to $16.241B; cargo revenue increased 22.9% to $529M and other operating revenue rose 12.9% to $1.106B.

• Operating expenses increased 18.8% to $16.429B; fuel expense rose 61.6% to $4.843B, a $1.8B increase YoY.

Outlook and guidance

• Q4 total operating revenue is expected to rise more than 20% YoY, accelerate from Q3 growth and set another record.

• Starlink availability is expected to reach 61% of the fleet by end-2026, 87% by June 1, and the full fleet by end-2027.

• Summer 2027 network expansion plans include 10 new international destinations; routes are subject to government approval.