United Airlines Holdings Inc United Airlines (UAL) reported its second-quarter results after the bell on Wednesday, and the numbers were solid — revenue and earnings both came in ahead of Wall Street's expectations. But shares slipped anyway, as fuel costs continue to cast a shadow over the airline industry.
United posted second-quarter revenue of $17.67 billion, beating the consensus estimate of $17.62 billion. Adjusted earnings came in at $1.99 per share, topping analyst estimates of $1.87 per share. Total operating revenue was up 16% year-over-year, with strength across several categories: Premium Cabin revenue rose 16%, Basic Economy was up 11%, Loyalty also climbed 11%, and Cargo surged 23%.
Capacity increased 3.5% year-over-year. TRASM (total revenue per available seat mile) was up 12.1%, while CASM (cost per available seat mile) rose 15.2%, reflecting higher input costs.
The company exited the quarter with $19.6 billion in total liquidity and $26.5 billion in total debt and finance lease obligations.
“Our results show why we have been investing in customer improvements throughout every cabin and winning brand-loyal customers,” said Scott Kirby, CEO of United Airlines. “United is built to thrive in every environment, and when oil prices spiked in March, we quickly and decisively acted to adjust our schedules, while simultaneously doubling down on our customer investments.”
Looking ahead, United guided for third-quarter adjusted earnings of $2.50 to $3.50 per share. For the full year 2026, the company expects adjusted earnings of $9 to $11 per share, compared to prior guidance of $7 to $11 per share. Analyst estimates currently call for $10.36 per share. United also said it expects adjusted capital expenditures of $7.5 billion this year.
But fuel remains the wild card. “Based on oil prices as of July 14, United expects nearly $6 billion in added fuel expense for full-year 2026 compared to the expectation at the start of the year,” the company said. That's a massive headwind, and it's likely why shares were down about 3.55% in after-hours trading, at $116.67 at the time of publication.
United executives will discuss the quarter in more detail on an earnings call set for 10:30 a.m. ET Thursday morning.
