EarningsQ2 2026 Earnings Report
MX:UAL Q2 2026 EPS Results
Actual EPS$36.14
Consensus EPS$34.07
Beat/MissBeat by +$2.07
One Year Ago EPS$70.28
MX:UAL Q2 2026 Revenue Results
Actual Revenue$320.94B
Expected Revenue$320.00B
Beat/MissBeat by +$939.85M
YoY Revenue Growth+15.99%
Earnings Announcement Details
QuarterQ2 2026
Date04/21/2026
TimeAfter Close
Conference CallTuesday, April 21, 2026
MX:UAL Upcoming Earnings
United Airlines Holdings's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UAL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive operational and commercial performance: strong top-line growth, durable demand across leisure and corporate channels, improving premium and loyalty metrics, successful product investments (Starlink) and strengthened liquidity and balance sheet actions. These positives were offset by significant near-term cost pressures driven by volatile and elevated fuel prices, rising unit costs (CASM-Ex) from labor and other inflation, and some capacity and regulatory constraints at key hubs. Management communicated clear mitigation steps (fuel recovery through yield, capacity adjustments, targeted retirements and fleet refresh) and reiterated multi-year margin targets, indicating confidence in the company’s trajectory despite near-term headwinds.Company Guidance
Strong Revenue Growth
Total operating revenue up 16% year-over-year to $17.7 billion in Q2 2026; TRASM up 12.1% and load factors increased slightly, indicating robust demand.
Passenger Revenue and Regional PRASM Gains
Domestic passenger revenue up 20.3% with PRASM up 12.2%; International PRASM up 12% overall (Pacific PRASM +14%, Atlantic PRASM +12.1%, Latin PRASM +10.7%).
Premium and Main Cabin Pricing Momentum
Premium revenues up 16.4% and premium PRASM up 11.6%; Polaris & premium plus PRASM +13.6%; main cabin RASM positive and up 11.5% (second consecutive positive quarter).
Loyalty and Co-Brand Card Strength
Loyalty revenue up 11.3%; new co-branded credit card accounts reached a record level in Q2 (+22%) and Q2 card spend increased 14%; MileagePlus enrollments up 9%.
Cargo Outperformance
Cargo revenue grew 22.6% year-over-year in the quarter, driven primarily by yield improvements.
Operational Reliability and Customer Satisfaction
Carried 10 of the highest passenger days in company history (peak >640k on June 18); best second-quarter on-time departure rate since the pandemic and lowest second-quarter seat cancellation rate in company history; Newark ranked No. 1 in on-time arrivals for June; highest Q2 Net Promoter Score since the pandemic.
Starlink Rollout and Product Investment
Accelerated rollout of free Starlink Wi-Fi with ~450 aircraft equipped and expectation to approach ~1,000 Starlink-equipped aircraft by year-end; Wi-Fi satisfaction on Starlink aircraft reported as more than double scores of other Wi-Fi equipment.
Earnings, Margins and Balance Sheet Progress
Q2 EPS of $1.99 (high end of guidance $1.00–$2.00); Q2 pretax margin 4.8% despite fuel headwind; raised $3.7 billion of new debt at attractive fixed equivalent low-5% rates; ended quarter with $19.6 billion available liquidity; prepaid ~ $1 billion of higher-cost legacy debt; reiterated path to double-digit pretax margins by 2027 and mid-teens thereafter.
MX:UAL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed