United Airlines sees FY23 adjusted pre-tax margin 9%

Targeting adjusted pre-tax margin of 14% in 2026, based on demand returning to 2019 levels. United said in slides that will be presented on the Q4 earnings conference call that demand is different, but "we expect demand to grow at least to 2019 levels of industry revenue/GDP." United said that the current industry capacity outlook for 2023 is unachievable, similar to 2022. Global long-haul margins expected to grow in 2023 with industry capacity reset to 2019 levels, United added, adding that it is "uniquely prepared" for the post-pandemic operating environment.