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United Airlines Holdings 8-K Report, Financial Results (Oct 20, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 20, 2026
Period End
October 20, 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 October 20, 2026. Cited figures are marked; the original filing is the authoritative source.

United Airlines Holdings, Inc. (UAL) reported third-quarter 2026 results on October 20, 2026, with total operating revenue of $17.9 billiona, up 17.4% year-over-year and a record for the quarter.

Pre-tax earnings were $1.3 billionb (pre-tax margin 7.3%), while adjusted pre-tax earnings were $1.1 billion (adjusted pre-tax margin 6.2%). Diluted EPS was $3.14 and adjusted diluted EPS was $2.54. Net income was $1.0 billion and adjusted net income was $833 million.

Fuel expense rose sharply, with aircraft fuel expense of $4.8 billionc up 61.6% and average fuel price per gallon of $3.90, up 60.3%. Total CASM rose 17.3%, while CASM-ex rose 7.8%. The company furnished an Investor Update with fourth-quarter 2026 guidance: adjusted diluted EPS of $0.50 to $1.50, an average aircraft fuel price of approximately $4.80 per gallon, and full-year 2026 adjusted total capital expenditures of approximately $7.5 billion.

Management said fourth-quarter unit revenue growth is expected to accelerate versus third quarter, and that every $0.01d change in fuel price equates to roughly 2.5 cents of quarterly EPS impact. The filing states that consensus assumes a fourth-quarter fuel price of approximately $4.35.

Balance sheet metrics show ending available liquidity of $17.7 billion, total debt, finance lease obligations and other financial liabilities of $26.4 billion, and trailing twelve-month net leverage of 2.4x. The company also stated that on October 16 it expanded its revolving credit facility, raising available liquidity from $3 billion to $5 billion.

02—Key points

Key Highlights

  1. Q3 2026 total operating revenue of $17.9 billion, up 17.4% year-over-year, an all-time quarterly record; TRASM up 15.9%.
  2. Q3 GAAP diluted EPS of $3.14 versus $2.90 in Q3 2025; adjusted diluted EPS of $2.54 versus $2.78 a year earlier (down 8.6%).
  3. Aircraft fuel expense rose 61.6% to $4.8 billion, with average fuel price of $3.90 per gallon versus $2.43 a year earlier.
  4. Q4 2026 guidance: adjusted diluted EPS of $0.50 to $1.50 and average fuel price of approximately $4.80 per gallon; company expects Q4 unit revenue growth to accelerate.
  5. Full-year 2026 adjusted total capital expenditures estimated at approximately $7.5 billion.
  6. Ending available liquidity of $17.7 billion; total debt and finance lease obligations of $26.4 billion; trailing twelve-month net leverage of 2.4x.
  7. Revolving credit facility expanded on October 16 from $3 billion to $5 billion of available liquidity; Q3 free cash flow (non-GAAP) was negative $1.8 billion.

03—Questions

Frequently Asked Questions

  1. How did United perform in the third quarter of 2026?

    United reported record Q3 total operating revenue of $17.9 billion, up 17.4% year-over-year. GAAP diluted EPS was $3.14 and adjusted diluted EPS was $2.54. Pre-tax earnings were $1.3 billion, with a 7.3% pre-tax margin, and adjusted pre-tax earnings were $1.1 billion, with a 6.2% adjusted margin.

  2. What is United's fourth-quarter 2026 earnings guidance?

    The Investor Update estimates adjusted diluted EPS of $0.50 to $1.50 for Q4 2026, assuming an average all-in fuel price of approximately $4.80 per gallon. The company states that every $0.01 change in fuel price equates to about 2.5 cents of EPS impact for the quarter, and that consensus assumes approximately $4.35 per gallon.

  3. How much did fuel costs affect United's results?

    Aircraft fuel expense was $4.8 billion in Q3 2026, up 61.6% from $3.0 billion in Q3 2025. Average fuel price per gallon was $3.90, compared with $2.43 a year earlier. The company said fuel prices remained volatile.

  4. What is United's liquidity and leverage position?

    Ending available liquidity was $17.7 billion at quarter end, and total debt, finance lease obligations and other financial liabilities were $26.4 billion. Trailing twelve-month net leverage was 2.4x. On October 16, the company expanded its revolving credit facility, raising available liquidity from $3 billion to $5 billion.

  5. What is the outlook for capital expenditures and revenue?

    The company estimates full-year 2026 adjusted total capital expenditures of approximately $7.5 billion. It expects fourth-quarter unit revenue growth to accelerate versus the third quarter, and unit cost excluding fuel to step down in Q4 versus Q3.

04—Continue

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