United Airlines (UAL) Q3 2026 Earnings Call: Revenue Rises 17.4% as Fuel Costs Weigh

Key Takeaways

• United Airlines reported Q3 2026 revenue of $17.9 billion, up 17.4% year over year. TRASM increased 15.9% and yield rose 17%, while passenger load factor declined modestly.
• Non-GAAP earnings per share were $2.54 and the pretax margin was 6.2%. A $1.8 billion year-over-year increase in fuel expense weighed on profitability.
• United said it recaptured 72% of the higher fuel expense through revenue. Management remains confident it can recover 100% of fuel-cost increases over time, but with a lag.
• Premium revenue, including Economy Plus, increased 17%, while nonpremium revenue rose 18.4%. Business, leisure, loyalty and cargo revenue grew 22%, 16%, 17% and 23%, respectively.
• Management guided for Q4 2026 EPS of $0.50 to $1.50, assuming an all-in fuel price of approximately $4.80 per gallon. TRASM is expected to accelerate and CASM ex-fuel to decelerate from Q3.
• United continues to target double-digit pretax margins, but management said achieving that goal in 2027 would probably also require at least one of three factors: lower fuel prices, lower industry capacity or continued industry willingness to trade load factor for yield.

Core Financial Data