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United Airlines Holdings 8-K Report, Financial Results (Jul 15, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 15, 2026
Period End
July 15, 2026
Security
UAL
In the record · 2016–202610-K1110-Q338-K265

UAL filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 265 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’17Apr ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed July 15, 2026. Cited figures are marked; the original filing is the authoritative source.

United Airlines Holdings, Inc. reported second-quarter 2026 results on July 15, 2026, with diluted earnings per share of $2.46a and adjusted diluted earnings per share of $1.99.

Total operating revenue was $17.7 billionb, up 16.0% year-over-year, with pre-tax earnings of $1.0 billion (5.8% pre-tax margin) and adjusted pre-tax earnings of $843 million (4.8% adjusted pre-tax margin). Net income was $805 million. Average fuel price per gallon rose to $4.19 from $2.34, and aircraft fuel expense increased 84.1% to $5.11 billion.

The company said it recovered about half of the second-quarter fuel increase and expects to recover 80% to 90% in the third quarter and 100% by the fourth quarter. The company raised its full-year 2026 adjusted diluted EPS guidance to $9.00 to $11.00c in an Investor Update furnished with the filing. It expects third-quarter 2026 adjusted diluted EPS of $2.50 to $3.50 and full-year adjusted total capital expenditures of approximately $7.5 billion.

The Investor Update states that fuel costs have increased $575 milliond since the beginning of July, or $1.12 per adjusted diluted share for the third quarter alone, and that guidance assumes a third-quarter all-in fuel price of about $3.69 per gallon. Balance sheet activity included raising $3.7 billion in new liquidity through private bank transactions, with the company stating it prepaid about $1 billion of higher-cost debt since the start of the second quarter.

Ending available liquidity was $19.6 billion, total debt and finance lease obligations were $26.5 billion, and trailing twelve-month net leverage was 2.2x. The company says it is targeting an investment-grade rating in 2026.

02—Key points

Key Highlights

  1. Q2 2026 diluted EPS of $2.46 (GAAP) and adjusted diluted EPS of $1.99, versus $2.97 GAAP diluted EPS in Q2 2025.
  2. Total operating revenue of $17.7 billion, up 16.0%; TRASM up 12.1% and PRASM up 12.5% year-over-year.
  3. Aircraft fuel expense rose 84.1% to $5.11 billion; average fuel price per gallon was $4.19 versus $2.34 a year earlier.
  4. Full-year 2026 adjusted diluted EPS guidance raised to $9.00 to $11.00; Q3 2026 guidance of $2.50 to $3.50.
  5. Ending available liquidity of $19.6 billion; free cash flow of $322 million in the quarter and net leverage of 2.2x.
  6. Raised $3.7 billion in new liquidity via private bank transactions and prepaid about $1 billion of higher-cost debt since the start of Q2.
  7. Operating cash flow of $1.6 billion in Q2; full-year 2026 adjusted total capital expenditures expected at about $7.5 billion.

03—Questions

Frequently Asked Questions

  1. How did United's second-quarter 2026 earnings compare with the prior year?

    Diluted EPS was $2.46 versus $2.97 in Q2 2025, and net income was $805 million versus $973 million. Adjusted diluted EPS was $1.99 versus $3.87 a year earlier. Total operating revenue grew 16.0% to $17.7 billion, but operating expense rose 19.2%, driven largely by fuel.

  2. What is United's outlook for fuel costs and fare recovery?

    The company expects to recover approximately 80% to 90% of the fuel price increase in Q3 2026 and 100% by Q4 2026. It assumes a Q3 all-in fuel price of about $3.69 per gallon based on the Gulf Coast jet forward curve as of July 14, 2026. The Investor Update states that the company expects to exceed the high end of its adjusted EPS guidance if fuel prices return to early July levels.

  3. What did United guide for 2026 earnings and capital spending?

    Full-year 2026 adjusted diluted EPS guidance is $9.00 to $11.00, and third-quarter adjusted diluted EPS is expected to be $2.50 to $3.50. Full-year 2026 adjusted total capital expenditures are expected to be approximately $7.5 billion. The company expects TRASM growth in Q3 and Q4 2026 to exceed the 12.1% growth reported for Q2.

  4. How is United's balance sheet and liquidity position?

    Ending available liquidity was $19.6 billion, cash and cash equivalents were $10.2 billion, and total debt, finance lease obligations and other financial liabilities were $26.5 billion at June 30, 2026. Trailing twelve-month net leverage was 2.2x. The company raised $3.7 billion of new liquidity in private bank transactions and is targeting an investment-grade rating in 2026.

  5. What drove the revenue growth in the quarter?

    Passenger revenue rose 16.4% to $16.1 billion, with consolidated yield up 12.1% and load factor at 83.4%. Cargo revenue rose 22.6%, and other operating revenue rose 7.7%. Premium revenue was up 16%, Basic Economy revenue up 11%, loyalty revenue up 11% and contracted business revenue up 27%, according to the Earnings Press Release.

04—Continue

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