United Airlines Holdings, Inc.

United reported second-quarter 2026 total operating revenue of $17.7 billion, up 16% year over year. Second-quarter EPS was $1.99, at the high end of its $1 to $2 guidance range, and pretax margin was 4.8%. CASM-ex rose 6.1% year over year. Revenue detail included TRASM up 12.1%, domestic passenger revenue up 20.3% with PRASM up 12.2%, international PRASM up 12%, cargo revenue up 22.6%, loyalty revenue up 11.3%, premium revenues up 16.4%, and main cabin RASM up 11.5%. Management said it recovered 50% of the increase in fuel expense in Q2, expects to recover 80% to 90% in Q3, and full recovery by Q4. It guided third-quarter EPS to $2.50 to $3.50 based on all-in fuel of approximately $3.69, and full-year EPS to $9 to $11. It also ended the quarter with $19.6 billion of available liquidity.

Scott Kirby framed the quarter as evidence that United’s brand-loyal strategy is working and that the industry has structurally changed. He emphasized that airfare increases are being driven by higher nonfuel costs such as airport fees, labor, and maintenance, not just fuel, and said United is seeing share gains and robust demand across the network. His tone was notably confident, with repeated comments that the business is more durable in both good times and shocks and that products like Starlink will further strengthen customer appeal.

Mike Leskinen said Q2 EPS of $1.99 and pretax margin of 4.8% came despite a $2.3 billion year-over-year fuel headwind. He highlighted 6.1% CASM-ex growth tied to labor deals and capacity reductions, and said United recaptured 50% of the fuel increase in the quarter, expects 80% to 90% recovery in Q3, and full recovery by Q4. He also said fuel is almost $6 billion higher for the year versus the company’s start-of-year outlook, full-year EPS guidance was tightened to $9-$11, and the company raised $3.7 billion of new debt at a fixed rate equivalent in the low-5% range, while ending with $19.6 billion of liquidity and having prepaid about $1 billion of higher-cost debt since the start of Q2.

Analysts focused on the expected RASM acceleration into Q3 and Q4, the path to free cash flow and investment grade, Starlink and new aircraft economics, loyalty monetization, and how capacity will be managed around fuel volatility and airport slot caps. Management said Q3 and Q4 RASM should exceed Q2, with strength across most regions, especially the Atlantic and Latin America, while cargo also remains strong. On capital allocation, management said it is focused on free cash flow conversion, targets net debt below 2 turns, and views the recent debt raise as a proactive, low-cost liquidity move. On operations and growth, United said Starlink is already seeing very strong customer response, the MAX 10 and premium narrowbody aircraft will improve economics, and capacity will be adjusted as needed in response to fuel and FAA-imposed constraints.