United Airlines Holdings, Inc. (UAL) Earnings
United Airlines Holdings, Inc. is expected to report next earnings on July 15, 2026 (in NaN days), with a consensus EPS estimate of $1.77. UAL has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +5.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.08 | $1.19 | +10.2% | $14.6B | +1.5% |
| Jan 20, 2026 | $2.93 | $3.10 | +5.8% | $15.4B | +0.2% |
| Oct 15, 2025 | $2.65 | $2.78 | +4.9% | $15.2B | -0.7% |
| Jul 16, 2025 | $3.81 | $3.87 | +1.6% | $15.2B | -0.8% |
| Apr 15, 2025 | $0.75 | $0.91 | +21.3% | $13.2B | -0.1% |
| Jan 21, 2025 | $2.89 | $3.26 | +12.8% | $14.7B | +2.0% |
| Oct 15, 2024 | $3.17 | $3.33 | +5.0% | $14.8B | +0.5% |
| Jul 17, 2024 | $3.93 | $4.14 | +5.3% | $15.0B | -0.4% |
| Apr 16, 2024 | $-0.54 | $-0.15 | +72.3% | $12.5B | +0.7% |
| Jan 22, 2024 | $1.69 | $2.00 | +18.3% | $13.6B | +0.6% |
| Oct 17, 2023 | $3.35 | $3.65 | +9.0% | $14.5B | +6.9% |
| Jul 19, 2023 | $3.99 | $5.03 | +26.1% | $14.2B | +0.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Scott Kirby congratulated the United team on a strong first quarter, mentioned building the number one brand loyal airline, and discussed preparing for jet fuel price increase by tripling cash balance, moving to top of industry in profit margins, and strengthening balance sheet. Also talked about goals to get to 100% pass-through and double-digit pre-tax margins next year, including need for yield increase, elasticity effect on demand, and targeting capacity flat to up 2% for 3Q and 4Q. • Brett Hart noted United carried a record number of passengers in Q1, navigated challenging environment with elevated weather and geopolitical disruptions, continued to rank first in on-time departures, improved self-service tools and disruption communications, reached tentative agreement with flight attendants, and celebrated 100th birthday. • Andrew Nsella discussed revenue environment, consolidated total operating revenue growth, strong business and premium demand, loyalty revenue growth, price increases, capacity adjustments, and various commercial initiatives including nested selling, base fares in premium cabins, new aircraft initiatives (Coastliner, XLR, CRJ 450, RelaxRow), and MileagePlus changes. • Mike Leskinen talked about resilient first quarter results with earnings per share within guidance range, pre-tax margin expansion, adjusting capacity due to fuel prices, updated full-year 2026 EPS guidance range, balance sheet progress including debt repayment and unsecured bond issuance, and generating free cash flow.
Guidance
• Expect second quarter EPS to be between $1 and $2, anchored by an all-in fuel average price of approximately $4.30 per gallon. • Full-year 2026 EPS guidance range widened to $7 to $11. • Expect to capture 40% to 50% of increased fuel cost in second quarter, 70% to 80% in third quarter, and 85% to 100% by fourth quarter. • If fuel prices remain on a downward trend, expect to be in upper half of guidance ranges; if fuel re-escalates, expect to be in lower half. • Target double-digit pre-tax margins as soon as next year.
Segment performance
Consolidated total operating revenue in Q1 increased 10.6% year-over-year to a record first quarter of $14.6 billion. Prasm increased by 6.9% year-over-year. All regions had positive prasm in the quarter. Premium demand remained strong, with Q1 premium revenues up 13.6% on 4.4% increase in capacity. Premium RASMs were up 8.9% year-over-year, leading main cabin by four points. Loyalty business continued to outperform and total loyalty revenue was up 13% in the quarter. Price increases in response to the increase in jet fuel have been significant and across the board, with global long-haul increases a bit stronger than domestic. We now expect Q3 and Q4 capacity to be flat to up approximately 2%.
Risks & headwinds
• Jet fuel prices are volatile and have doubled, which could impact financial results. • Industry stress events happen periodically, and while prepared, uncertainty remains. • Potential demand destruction due to elasticity effect of yield increases, though not seen yet. • Geopolitical disruptions and weather events can impact operations. • Uncertainty regarding Spirit Airlines potential bailout and its impact on the industry.
Analyst Q&A
Q: Jamie Baker from JP Morgan asked about envisioning United operating its own hub in Europe and if existing partnerships factor in, and also about Spirit potential bailout.
A: Scott Kirby said it's extremely unlikely to open a foreign hub, Star Alliance partnerships are great, and on Spirit, well-run airlines like United don't need bailouts and Spirit's business model is flawed.
Q: Connor Cunningham from Melius Research asked about how elevated fuel prices change management style and demand destruction.
A: Scott Kirby said they look at fuel prices daily, demand is hanging in strong, and they've proactively canceled flights. Mike Leskinen added they have a guidance policy of building in act of God scenarios.
Q: Ravi Shankar from Morgan Stanley asked about fuel visibility and plan B.
A: Mike Leskinen said they have good visibility for 4-5 weeks, price is issue in Europe and Asia, not availability in US.
Q: Scott Group from Wolf Research asked about why industry needs crisis to push yields and if hold higher yields.
A: Scott Kirby said most airline CEOs haven't spent time in revenue management, it's hard to raise fares, and likely pricing increases hold longer.
Q: Brandon Oglenski from Barclays asked about winning brand loyal share in Chicago O'Hare.
A: Scott Kirby said they've won brand loyal share, customers care about quality, and FAA order may limit growth but nothing changes brand loyalty.
Q: Andrew DeDora from Bank of America asked about maintenance cost and buyback.
A: Mike Leskinen said CASMX trends inversely with capacity, they'll continue to invest, and they balance buyback with getting to investment grade.
Q: Sheila Kayalu from Jefferies asked about capacity and cost management.
A: Scott Kirby said they'll watch demand and manage business to hit targets.
Q: Tom Fitzgerald from TD Cowan asked about margin uplift from commercial initiatives.
A: Andrew Nsella said initiatives are materially significant for future margins.
Q: Michael Linenberg from Deutsche Bank asked about revenue recapture confidence.
A: Andrew Nsella said they're confident in passing through fuel costs with capacity adjustments.
Q: John Godden from Citigroup asked about geographic fuel pass-through color.
A: Andrew Nsella said international pass-through better than domestic.
Q: Chris Weatherby from Wells Fargo asked about fuel pass-through retention.
A: Andrew Nsella said longer fuel prices stay, more likely retention.
Q: Duane Finningworth from Evercore ISI asked about mileage plan changes and contract timeline.
A: Andrew Nsella said mileage plan changes are motivating, and deal with Chase is ongoing.
Q: Michael Goldie from BMO Capital Markets asked about aircraft operating leverage and labor.
A: Mike Leskinen said new aircraft are financially advantageous, and they manage labor efficiently.
Q: Leslie Josephs from CNBC asked about Spirit bailout and demand geography.
A: Scott Kirby said Spirit's business model is flawed, no need for bailout, and demand is strong everywhere with strength in premium cabins.