United Airlines Holdings (UAL) Q3 2026 Earnings Report
MX:UAL Q3 2026 EPS Results
- Actual EPS
- MXN 47.73
- Consensus EPS
- MXN 48.28
- Beat/Miss
- Missed by -MXN 0.54
- One Year Ago EPS
- MXN 52.24
MX:UAL Q3 2026 Revenue Results
- Actual Revenue
- MXN 335.91B
- Expected Revenue
- MXN 336.26B
- Beat/Miss
- Missed by -MXN 353.40M
- YoY Revenue Growth
- +17.41%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/20/2026
- Time
- After Close
- Conference Call
- Tuesday, October 20, 2026
United Airlines Holdings's next earnings date is estimated for January 20, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was predominantly positive. United reported record Q3 revenue, strong pricing, broad revenue growth, operational improvements, market-share gains, substantial liquidity, and continued progress in loyalty, product, technology, and fleet initiatives. The main challenges were elevated fuel costs, a 6.2% pretax margin below the double-digit target, higher CASM ex, inflationary airport and distribution costs, lower expected fuel recapture, capacity uncertainty, and leverage of 2.4 turns. Management remained confident in United's strategy and long-term margin objectives despite these pressures.
United expects fourth quarter earnings per share to be between $0.50 and 1.50 assuming an all in fuel price per gallon of approximately $4.80, with CASM ex that will decelerate, TRASM accelerating compared to the third quarter, fuel recapture similar to the third quarter, and RASM and yields increase sequentially from Q3 to Q4; for 2027, it targets double digit pretax margins, 2-3% CASM ex, over 100 narrow body aircraft and about 2 wide body aircraft a month, more than 1 million new co brand accounts, total loyalty revenue increase hopefully in the mid teens, at least 14% or 15% consistently for the next few years or maybe even higher, 100% fuel recapture, and fuel prices over $4 for the full year, about $4.50 for Q1, $4.20 for Q2, drifting to $3.70 by 4 q at 2027; it expects Starlink on 87% of departures by June 1 and available fleet wide by the end of 27, completion of Starlink installation on all jets by the end of 27, and O'Hare capacity capped at 600 daily flights potentially well into 2028.
- Record Third-Quarter Revenue and Strong PricingQ3 revenue increased 17.4% year over year to a record $17.9 billion. TRASM increased 15.9%, yields increased 17%, and management said consumers and businesses have been accepting price increases.
- Premium and Nonpremium Revenue GrowthPremium revenue, including Economy Plus, increased 17% on a 2.5% capacity increase, with premium PRASM up 14.1%. Nonpremium revenue increased 18.4% on a 0.5-point capacity increase, with RASM up 17.8%.
- Business and Contracted Revenue MomentumBusiness revenue increased 22% in Q3, with yields up 15%. Contracted business revenue increased 26%, while premium load factors increased a little over half a point year over year and 3.6 points since 2019. Overall business load factor increased by almost a point.
- Leisure, Cargo, and Loyalty Revenue GrowthLeisure revenue increased 16%, with stronger year-over-year yield gains than business traffic. Cargo revenue increased 23%, primarily from yields. Loyalty revenue increased 17%, Chase remuneration increased 15%, and co-brand card portfolio spend increased 13%.
- Strong Loyalty Account Growth PlansUnited remains on pace to generate 1 million new co-brand accounts in 2026, described as a material increase from 2025. Management expects another 1 million accounts next year and hopes total loyalty revenue can increase in the mid-teens, at least 14% or 15% consistently for the next few years or possibly higher.
- Operational Reliability and Customer SatisfactionUnited ranked second in on-time departures for Q3 and ranked first among the seven largest U.S. carriers in July. It delivered its second-best third-quarter post-pandemic seat-cancellation rate in company history and ranked first among the three largest U.S. carriers for the quarter. Q3 NPS was the company's highest quarterly score since 2022, despite record passenger growth.
- Starlink Deployment Provides a Differentiated ProductAbout half of United departures are currently on Starlink-equipped aircraft. United expects Starlink to cover 61% of departures by the end of 2026, 87% by June 1, and the entire fleet by the end of 2027. Management said it is seeing evidence that Starlink motivates customers to choose United and described it as a meaningful RASM tailwind for 2027.
- Continued Product, Technology, and Airport InvestmentsUnited highlighted investments in new aircraft, seatback screens in every class, oversized bins, ConnectionSaver, its mobile app, expanded pilot training, hub facilities, clubs, and terminal projects. The Denver pilot training center can train up to 860 pilots per day using 86 flight-simulation devices, including 52 full-motion simulators.
- Hub and Network Expansion InitiativesUnited expects to open a new Washington Dulles concourse with 14 additional gates next month, open a transformed Houston Terminal B and its largest club in the Americas, and open new terminal facilities in Dallas in the following weeks. The company plans to reestablish JFK as a destination in 2027, complete United Next connectivity goals in its MidCon hubs by December 2027, and increase coastal gateway and international expansion efforts.
- Fleet Modernization and Premium Capacity GrowthUnited expects to take about two widebody aircraft per month and more than 100 narrowbody aircraft in 2027. Management said the deliveries will support fleet modernization and upgauging, including the MAX-10. United plans to grow premium capacity faster than main-cabin capacity as it introduces the A321neo and XLR at scale.
- Chicago Share Gains and Favorable Capacity ConstraintsUnited captured 50% of Chicago-based passenger revenue for the first time in Q2 2026 and reported share gains in all remaining United hub cities based on the latest DOT data. United expects O'Hare domestic industry capacity growth to be minimal beginning in Q2 2027, with United capped at 600 daily flights. Management said the current Chicago capacity headwind is expected to become a tailwind in April, while United's RASM premium to brand X is about 14 points and its CASM premium is better by 3 to 4 points.
- Tiered Fare Products Showing Strong Buy-Up RatesManagement said it is pleased with the launch of tiered products, which provide more customer options and have been beneficial for the airline. Buy-up rates were described as incredibly high, and United plans to continue refining the products and its redesigned united.com sales approach.
- Balance Sheet Liquidity and Debt ReductionUnited ended Q3 with $17.7 billion of liquidity, including its undrawn revolver, and paid down approximately $1 billion of debt. It raised $900 million of new debt at a fixed-rate equivalent in the low 5% range, increased its revolving credit facility from $3 billion to $5 billion, and extended the maturity to 2031. Management expects $18 billion of liquidity at year-end and said the liquidity changes should save approximately $70 million in annual interest and fees.
- Progress Toward Long-Term Margin and Credit GoalsManagement reaffirmed its goals of achieving double-digit pretax margins and an investment-grade credit rating. Executives said United's relative margin performance has been industry-leading and that the company remains focused on reaching double-digit pretax margins on a standalone basis.
- Improving RASM Seasonality and International MomentumManagement said Q3 made substantial progress toward reducing seasonal variation in RASM performance. It expects RASM and yields to increase sequentially from Q3 to Q4, with Latin America remaining strong and the Atlantic and Pacific expected to gain momentum. The company said a more seasonalized business should allow more year-round flying and create additional cost efficiencies.
- Strong Cargo Market, Particularly in AsiaManagement said the cargo environment remains strong, with Asia particularly strong. Because global long-haul capacity growth was minimal and cargo bellies were already relatively full, United focused on improving yields and expects cargo to remain an important part of the business.
MX:UAL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 20, 2027 | 2026 (Q4) | 23.26- | 58.26 | ― | ― |
| Oct 20, 2026 | 2026 (Q3) | 48.2847.73 | 52.24 | -8.63% (-4.51) | |
| Apr 21, 2026 | 2026 (Q1) | 20.2622.36 | 17.1 | 30.77% (+5.26) | |
| Apr 21, 2026 | 2026 (Q2) | 35.2537.40 | 72.73 | -48.58% (-35.33) | |
| Jan 20, 2026 | 2025 (Q4) | 55.0858.26 | 61.26 | -4.91% (-3.01) | |
| Oct 15, 2025 | 2025 (Q3) | 49.8752.24 | 62.58 | -16.52% (-10.34) | |
| Jul 17, 2025 | 2025 (Q2) | 71.6072.73 | 77.8 | -6.52% (-5.07) | |
| Apr 15, 2025 | 2025 (Q1) | 14.0917.10 | -2.82 | 706.67% (+19.92) | |
| Jan 21, 2025 | 2024 (Q4) | 57.0961.26 | 37.58 | 63.00% (+23.68) | |
| Oct 15, 2024 | 2024 (Q3) | 59.4862.58 | 68.59 | -8.77% (-6.01) |
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.
