$UAL · United Airlines Holdings, Inc.
United Airlines reported Q3 2026 results with record total operating revenue of $17.9B (+17.4% YoY), GAAP diluted EPS of $3.14, and adjusted diluted EPS of $2.54. The company also issued Q4 2026 guidance for adjusted diluted EPS of $0.50–$1.50, with average fuel price per gallon expected at approximately $4.80, and full-year 2026 adjusted capital expenditures of ~$7.5B.
- Q3 total operating revenue of $17.9B, up 17.4% YoY, an all-time quarterly record
- Q3 GAAP diluted EPS of $3.14; adjusted diluted EPS of $2.54, within guidance range
- Q4 adjusted diluted EPS guidance of $0.50–$1.50, well below Q3's $2.54
- Q4 average fuel price per gallon expected at ~$4.80 vs. Q3's $3.90, a 23% sequential jump
- Starlink Wi-Fi installed on 640+ aircraft; fleet-wide availability expected by end of 2027
Extended-hours trading shows UAL at $95.87, down 1.94% from the regular close of $97.77, as the Q4 EPS guidance range of $0.50–$1.50 falls sharply below Q3's $2.54 adjusted EPS, driven by a projected $4.80/gallon fuel cost.
Record revenue growth collides with a brutal fuel-cost reality: Q4 EPS guidance implies a 40–80% sequential profit drop, testing whether United's premium-revenue strategy can outrun commodity headwins
United's 17% revenue growth and record unit revenue (+16% TRASM) outpaces typical legacy carrier results, but the sharp fuel-driven Q4 EPS guide-down mirrors industry-wide margin compression from elevated jet fuel prices that peers Delta and American also face.
Fuel expense surged 62% YoY in Q3, up $1.8B, and Q4 guidance assumes $4.80/gallon — a 23% sequential increase from Q3's $3.90 — exposing earnings to continued jet fuel volatility. CASM-ex rose 7.8% YoY, indicating non-fuel cost pressure.
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